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Code · REGISTER · 2008-05-09 · SECURITIES AND EXCHANGE COMMISSION · Notices

Notices. Amendment 5

15,815 words·~72 min read·/register/2008/05/09/08-1246

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BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57770; File No. SR-Amex-2008-37] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Roll-Out of the Amex Book Clerk Program May 2, 2008. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 1 and Rule 19b-4 thereunder, 2 notice is hereby given that on May 1, 2008, the American Stock Exchange LLC (“Exchange” or “Amex”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been substantially prepared by the Exchange.
The Exchange has designated this proposal as non-controversial under section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b-4(f)(6) thereunder, 4 which renders the proposed rule change effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b-4(f)(6). I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange seeks to extend the implementation period of the Amex Book Clerk (“ABC”) program from May 2, 2008 through December 31, 2008.
The text of the proposed rule change is available on the Exchange's Web site ( *http://www.amex.com* ), at the Exchange's principal office, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change.
The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Commission recently approved the Exchange's proposed rule change
(1)to eliminate the obligation and ability of an Exchange options specialist to act as an agent in connection with orders in his or her assigned options classes; and
(2)to amend certain Exchange rules relating to the operation of the ABC program. 5 5 *See* Securities Exchange Act Release No. 56804 (November 16, 2007), 72 FR 66002 (November 26, 2007) (SR-Amex-2006-107) (“ABC Proposal”). Exchange Rule 995-ANTE originally provided that the roll-out of the ABC Proposal would occur over a six-month period ending on May 1, 2008. The Exchange herein proposes an extension of the roll-out period commencing on May 2, 2008 and ending on December 31, 2008. The Exchange submits that complexities associated with a proposed transaction with NYSE Euronext, Inc. have caused a delay in the original ABC Proposal roll-out schedule. The Exchange believes that an extension of the roll-out of the ABC Proposal through December 31, 2008 will allow the Exchange to complete the implementation and roll-out of the ABC Proposal in a reasonable and measured manner. As set forth in the ABC Proposal and the Exchange's Regulatory Circular 2008-03 (January 23, 2008), during the roll-out period, options specialists who continue to operate the customer limit order book will continue to be subject to the same agency obligations as are currently provided under Amex Rules 950-ANTE(l) and 958-ANTE(e). 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with section 6(b) 6 of the Act in general and section 6(b)(5) 7 in particular in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, and processing of information with respect to facilitating transactions in securities, to remove impediments to and perfect the mechanisms of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the proposed rule change is not designed to permit unfair discrimination between customers, issuers, brokers and dealers. 6 15 U.S.C. 78f. 7 15 U.S.C. 78f(b)(5). B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has designated the proposed rule change as one that:
(1)Does not significantly affect the protection of investors or the public interest;
(2)does not impose any significant burden on competition; and
(3)does not become operative for 30 days from the date of filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest. 8 Therefore, the foregoing rule change has become effective pursuant to section 19(b)(3)(A) of the Act 9 and subparagraph (f)(6) of Rule 19b-4 thereunder. 10 The Exchange has asked the Commission to waive the operative delay to permit the extension of the implementation period of the ABC program to become operative prior to the 30th day after filing, in order to allow the implementation period to continue without interruption. 8 In addition, Rule 19b-4(f)(6)(iii) requires a self-regulatory organization to provide the Commission with written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. 17 CFR 240.19b-4(f)(6)(iii). The Exchange has fulfilled this requirement. 9 15 U.S.C. 78s(b)(3)(A). 10 17 CFR 240.19b-4(f)(6). The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest and will allow the Exchange to extend the roll-out of the ABC program, which expired on May 1, 2008, without interruption. 11 Therefore, the Commission designates the proposal operative upon filing. 11 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate the rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission's Internet comment form ( *http://www.sec.gov/rules/sro.shtml* ); or • Send an e-mail to *rule-comments@sec.gov.* Please include File No. SR-Amex-2008-37 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-Amex-2008-37. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commissions Internet Web site ( *http://www.sec.gov/rules/sro.shtml* ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-Amex-2008-37 and should be submitted on or before May 30, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 12 12 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E8-10340 Filed 5-8-08; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57775; File No. SR-FINRA-2007-035] Self-Regulatory Organizations: Financial Industry Regulatory Authority, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change and Amendment No. 1 Relating to Options Supervision Requirements May 5, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 1 and Rule 19b-4 thereunder, 2 notice is hereby given that on December 18, 2007, Financial Industry Regulatory Authority, Inc. (“FINRA”) (f/k/a National Association of Securities Dealers, Inc. (“NASD”)) filed with the Securities and Exchange Commission (“Commission”) and amended on April 17, 2008 3 the proposed rule change as described in Items I and II below, which Items have been substantially prepared by FINRA. This order provides notice of the proposed rule change as modified by Amendment No. 1 and approves the proposed rule change as amended on an accelerated basis. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 Amendment No. 1 to SR-FINRA-2007-035 replaced and superseded the original rule filing filed on December 18, 2007. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing to amend NASD Rule 1022 (Categories of Principal Registration), NASD Rule 2220 (Options Communications with the Public) and NASD Rule 2860 (Options) to eliminate the requirement for separate designations of Senior Registered Options Principal (“SROP”) and Compliance Registered Options Principal (“CROP”) and require a member to integrate the responsibility for supervision of its public customer options business into its overall supervisory and compliance program. Below is the text of the proposed rule change. Proposed new language is in italics; proposed deletions are in brackets. 1022. Categories of Principal Registration
(a)through
(e)No Change.
(f)Limited Principal—Registered Options and Security Futures
(1)Every member of [the Association] *NASD* that is engaged in, or that intends to engage in transactions in security futures or [put or call] options with the public shall have at least one Registered Options and Security Futures Principal who shall have satisfied the requirements of this subparagraph. [As to options transactions, each member shall also designate a Senior Registered Options Principal and a Compliance Registered Options Principal in accordance with the provisions of Rule 2860(b)(20) and identify such persons to the Association.] Every person engaged in *the supervision of options and security futures sales practices, including a person designated pursuant to Rule 3010(a)(2)* [the management of the day-to-day options or security futures activities of a member] shall [also] be registered as a Registered Options and Security Futures Principal.
(2)through
(5)No Change.
(g)through
(h)No Change. 2220. Options Communications with the Public
(a)No Change.
(b)Approval by [Compliance] *a* Registered Options *and Security Futures* Principal and Recordkeeping All advertisements, sales literature (except completed worksheets), and educational material issued by a member or member organization pertaining to options shall be approved in advance by [the Compliance Registered Options Principal or designee] *a Registered Options and Security Futures Principal designated by the member's written supervisory procedures.* Copies thereof, together with the names of the persons who prepared the material, the names of the persons who approved the material and, in the case of sales literature, the source of any recommendations contained therein, shall be retained by the member or member organization and be kept at an easily accessible place for examination by [the Association] *NASD* for a period of three years.
(c)through
(d)No Change. 2860. Options
(a)No Change.
(b)Requirements
(1)through
(15)No Change.
(16)Opening of Accounts
(A)through
(D)No Change.
(E)Uncovered Short Option Contracts Each member transacting business with the public in writing uncovered short option contracts shall develop, implement and maintain specific written procedures governing the conduct of such business which shall include, at least, the following:
(i)through
(ii)No Change.
(iii)Designation of [the Senior Registered Options Principal and/or Compliance Registered Options Principal] * a specific Registered Options and Security Futures Principal(s)* as [the person] responsible for approving customer accounts that do not meet the specific criteria and standards for writing uncovered short option transactions and for maintaining written records of the reasons for every account so approved;
(iv)through
(v)No Change.
(17)No Change.
(18)Discretionary Accounts
(A)Authorization and Approval
(i)No Change.
(ii)[The Senior Registered Options Principal] *Each firm shall designate specific Registered Options and Security Futures Principals to review discretionary accounts. A Registered Options and Security Futures Principal other than the Registered Options and Security Futures Principal who accepted the account* shall review the acceptance of each discretionary account to determine that the Registered Options *and Security Futures* Principal accepting the account had a reasonable basis for believing that the customer was able to understand and bear the risk of the strategies or transactions proposed, and shall maintain a record of the basis for such determination. [Each discretionary order shall be approved and initialed on the day entered by the branch office manager or other Registered Options Principal, provided that if the branch office manager is not a Registered Options Principal, such approval shall be confirmed within a reasonable time by a Registered Options Principal. Each] *Every* discretionary order shall be identified as discretionary on the order at the time of entry. Discretionary accounts shall receive frequent appropriate supervisory review by [the Compliance Registered Options Principal] *a Registered Options and Security Futures Principal who is not exercising the discretionary authority.* The provisions of this subparagraph
(18)shall not apply to discretion as to the price at which or the time when an order given by a customer for the purchase or sale of a definite number of option contracts in a specified security shall be executed, *except that the authority to exercise time and price discretion will be considered to be in effect only until the end of the business day on which the customer granted such discretion, absent specific, written contrary indication signed and dated by the customer. This limitation shall not apply to time and price discretion exercised in an institutional account, as defined in Rule 3110(c)(4), pursuant to valid Good-Till-Cancelled instructions issued on a “not held” basis. Any exercise of time and price discretion must be reflected on the order ticket.* *(iii) Any member that does not utilize computerized surveillance tools for the frequent and appropriate review of discretionary activity must establish and implement procedures to require specific Registered Options and Security Futures Principals who have been designated to review discretionary accounts to approve and initial each discretionary order on the day entered.*
(B)through
(C)No Change.
(19)No Change.
(20)Supervision of Accounts
(A)Duty to Supervise[; Senior Registered Options Principal] [Every member shall develop and implement a written program providing for the diligent supervision of all of its customer accounts, and all orders in such accounts, to the extent such accounts and orders relate to options contracts, by a general partner (in the case of a partnership) or officer (in the case of a corporation) of the member who is a Registered Options Principal and who has been specifically identified to the Association as the member's Senior Registered Options Principal. A Senior Registered Options Principal, in meeting his responsibilities for supervision of customer accounts and orders, may delegate to qualified employees (including other Registered Options Principals) responsibility and authority for supervision and control of each branch office handling transactions in option contracts, provided that the Senior Registered Options Principal shall have overall authority and responsibility for establishing appropriate procedures of supervision and control over such employees. Every such member shall also develop and implement specific written procedures concerning the manner of supervision of customer accounts maintaining uncovered short option positions and specifically providing for frequent supervisory review of such accounts.] * Each member that conducts a public customer options business shall ensure that its written supervisory system policies and procedures pursuant to Rules 3010, 3012, and 3013 adequately address the member's public customer options business. * [(B) Compliance Registered Options Principal] [Every member shall designate and specifically identify to the Association a Compliance Registered Options Principal (CROP), who may be the Senior Registered Options Principal, who shall have no sales functions and who shall be responsible to review and to propose appropriate action to secure the member's compliance with securities laws and regulations and Association Rules in respect of its options business. The CROP shall regularly furnish reports directly to the Compliance officer (if the CROP is not himself the Compliance officer) and to other senior management of the member. The requirement that the CROP have no sales functions shall not apply to a member that has received less than $1,000,000 in gross commissions on options business for either of the preceding two fiscal years or that currently has ten or fewer registered representatives.] [(C)] *(B)* Branch Offices No branch office of a member shall transact an options business unless the principal supervisor of such branch office accepting options transactions has been qualified as either a Registered Options *and Security Futures* Principal or a Limited Principal—General Securities Sales Supervisor; provided that this requirement shall not apply to branch offices in which no more than three registered representatives are located, so long as the options activities of such branch offices are appropriately supervised by either a Registered Options *and Security Futures* Principal or a Limited Principal—General Securities Sales Supervisor. [(D)] *(C)* Headquarters Review of Accounts Each member shall maintain at the principal supervisory office having jurisdiction over the office servicing customer accounts, or have readily accessible and promptly retrievable, information to permit review of each customer's options account on a timely basis to determine:
(i)The compatibility of options transactions with investment objectives and with the types of transactions for which the account was approved;
(ii)The size and frequency of options transactions;
(iii)Commission activity in the account;
(iv)Profit or loss in the account;
(v)Undue concentration in any options class or classes, and
(vi)Compliance with the provisions of Regulation T of the Federal Reserve Board.
(21)through
(24)No Change.
(c)No Change. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, FINRA included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item III below. FINRA has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose FINRA is proposing to amend its options rules to integrate the responsibility for supervision of a member's public customer options business into its overall supervisory and compliance program. The proposed rule change is substantively similar to recent amendments to the rules of the Chicago Board Options Exchange (“CBOE”), which were approved by the Commission. 4 As part of these changes, FINRA proposes to eliminate the requirement that a firm must designate a SROP and CROP to be responsible for the overall supervision and compliance programs, respectively, for a member's public customer options activities. FINRA believes that the supervisory and compliance function of a member's public customer options activities would be better integrated into the matrix of a firm's overall supervisory and compliance functions rather than separately vested in a SROP and CROP. 4 *See* Securities Exchange Act Release No. 56971 (December 14, 2007), 72 FR 72804 (December 21, 2007) (Approval Order for File No. SR-CBOE-2007-106). FINRA does not believe that eliminating the SROP and CROP requirements would lead to a reduction in supervision, as firms have an obligation to designate an appropriately registered principal(s) to supervise their public customer options activities pursuant to NASD Rule 3010(a)(2). 5 The proposed rule change would provide firms greater flexibility to incorporate supervision into existing, firm-wide supervisory structures. 5 NASD Rule 3010(a)(2) requires that members designate “an appropriately registered principal(s) with authority to carry out the supervisory responsibilities of the member for each type of business in which it engages for which registration as a broker/dealer is required.” The proposed rule change would amend NASD Rule 1022 (Categories of Principal Registration) to delete the reference to the SROP and CROP and clarify that if a person is engaged in the supervision of options and security futures sales practices, including a person designated pursuant to NASD Rule 3010(a)(2), then such person must be registered as a Registered Options and Security Futures Principal (“ROSFP”). The proposed rule change also makes a few technical changes. All references to “Registered Options Principal” would be changed to “Registered Options and Security Futures Principal” to reflect the change in title when rules governing security futures were adopted. 6 All references to “the Association” would be changed to “NASD” for ease of reference while the rules continue to be part of the legacy NASD rulebook until such time as the legacy NASD and incorporated NYSE rules are consolidated into the FINRA rule book when all references to “NASD” will be changed to “FINRA.” Finally, all references to “put and call” would be deleted before options and “options” will mean all types of options. 6 *See* Securities Exchange Act Release No. 46663 (October 15, 2002), 67 FR 64944 (October 22, 2002) (Approval Order for File No. SR-NASD-2002-040). The proposed rule change would amend NASD Rule 2220(b) (Options Communications with the Public) to delete the reference to the CROP and instead require that all advertisements, sales literature (except completed worksheets), and educational material issued by a member or member organization pertaining to options be approved in advance by a ROSFP designated by the member's written supervisory procedures. In addition, the proposed rule change would amend NASD Rule 2860 (Options) in several respects. First, paragraph (b)(16)(E)(iii) would be amended to delete the reference to the SROP and CROP and require that a specific ROSFP(s) be designated to be responsible for approving customer accounts that do not meet the specific criteria and standards for writing uncovered short option transactions and for maintaining written records of the reasons for every account so approved. The proposed rule change would allow members the flexibility to assign this responsibility, which currently rests with the SROP and/or CROP, to a specific ROSFP(s). Second, the proposed rule change would amend paragraph (b)(18) and the treatment of options discretionary accounts. Specifically, under the proposed rule change, each firm would be required to designate specific ROSFPs to review discretionary accounts. 7 A ROSFP other than the ROSFP who accepted the account would review the acceptance of each discretionary account to determine that the ROSFP accepting the account had a reasonable basis for believing that the customer was able to understand and bear the risk of the strategies or transactions proposed and must maintain a record of the basis for such determination. 7 Under the existing rule, the SROP must review the acceptance of each discretionary account and the CROP must perform frequency supervisory review of such accounts. In addition, the proposed rule change would eliminate the requirement in paragraph (b)(18) that discretionary options orders be approved and initialed on the day of entry by the branch office manager or authorized Registered Options Principal (“ROP”) or confirmed within a reasonable time by a ROP if the branch office manager is not a ROP, if a firm uses computerized surveillance tools. Under the proposed rule change, discretionary orders would be required to receive frequent appropriate supervisory review by a ROSFP who is not exercising discretionary authority (instead of a CROP) and be reviewed in accordance with a member's written supervisory procedures. The proposed rule change would ensure that supervisory responsibilities are assigned to specific ROSFP-qualified individuals, thereby enhancing the quality of supervision. Firms that do not use computerized surveillance tools for the frequent and appropriate review of discretionary activity would be required to establish and implement procedures to require ROSFPs who have been designated to review discretionary accounts to approve and initial each discretionary order on the day entered. FINRA believes that any member that does not use computerized tools for the frequent and adequate surveillance of options discretionary account activity should continue to be required to perform the daily manual review of discretionary orders. Paragraph (b)(18) also would be revised to limit the duration of the time and price discretionary authority to the end of the business day on which the customer granted such discretion, absent specific written contrary indication signed and dated by the customer. The limitation would not apply to time and price discretion exercised in an institutional account, as defined in NASD Rule 3110(c)(4), pursuant to valid Good-Till-Cancelled instructions issued on a “not held” basis. The proposed rule change would require any exercise of time and price discretion to be reflected on the order ticket. The proposed rule change mirrors the limitations to discretionary authority provided in NASD Rule 2510(d). FINRA believes that it is appropriate to have consistent treatment of discretionary orders for options as for all other securities. Third, the proposed rule change would amend paragraph (b)(20) to delete references to a supervision process involving a SROP and CROP, and instead would require each member that conducts a public customer options business to ensure that its written supervisory system policies and procedures pursuant to NASD Rules 3010, 3012, and 3013 adequately address the member's public customer options business. Although the proposed rule change would eliminate entirely the positions and titles of the SROP and CROP, a member would still be required pursuant to NASD Rule 3010(a)(2) to designate “an appropriately registered principal(s) with authority to carry out the supervisory responsibilities of the member for each type of business in which it engages for which registration as a broker/dealer is required,” which would include designating a ROSFP to supervise a member's public customer options activities. FINRA will announce the effective date of the proposed rule change in a *Regulatory Notice* to be published no later than 60 days following Commission approval. The effective date will be no later than 30 days following publication of the *Regulatory Notice* announcing Commission approval. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act, 8 which requires, among other things, that FINRA rules must be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. FINRA believes that the supervisory and compliance function of a member's public customer options activities would be better integrated into the matrix of a firm's overall supervisory and compliance functions rather than separately vested in a SROP and CROP. 8 15 U.S.C. 78o-3(b)(6). B. Self-Regulatory Organization's Statement on Burden on Competition FINRA does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission's Internet comment form ( *http://www.sec.gov/rules/sro.shtml* ); or • Send an e-mail to *rule-comments@sec.gov.* Please include File Number SR-FINRA-2007-035 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-FINRA-2007-035. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site ( *http://www.sec.gov/rules/sro.shtml* ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filings also will be available for inspection and copying at the principal office of FINRA. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-FINRA-2007-035 and should be submitted on or before May 30, 2008. IV. Commission Findings The Commission has carefully reviewed the proposed rule change and finds that it is consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities association. 9 In particular, the Commission believes that the proposed rule change would help to better integrate the supervisory and compliance functions of a firm's public customer options activities into the firm's overall supervisory and compliance functions, thereby eliminating any uncertainty about where supervisory responsibility lies. Therefore, the Commission finds that the proposed rule change is consistent with Section 15A(b)(6) of the Act, 10 which requires, among other things, that FINRA rules be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. 9 In approving the proposed rule change, the Commission considered the proposal's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 10 15 U.S.C. 78o-3(b)(6). The Commission also finds good cause to approve the proposed rule change prior to the thirtieth day after the date of publication of notice of filing of the amendment in the **Federal Register** . The proposed rule change is substantially similar to recent CBOE rule amendments concerning options supervision, which were approved by the Commission. 11 The Commission believes that approving the proposed rule change will simplify firms' compliance, and is consistent with the public interest and the investor protection goals of the Act. Finally, the Commission finds that it is in the public interest to approve the proposed rule change as soon as possible to expedite its implementation. 11 *See* Securities Exchange Act Release No. 56971 (December 14, 2007), 72 FR 72804 (December 21, 2007) (Approval Order for File No. SR-CBOE-2007-106). Accordingly, the Commission believes good cause exists, consistent with Sections 15A(b)(6) and 19(b) of the Act, 12 to approve the proposed rule change on an accelerated basis. 12 15 U.S.C. 78o-3(b)(6), and 78s(b). V. Conclusion *It is therefore ordered,* pursuant to Section 19(b)(2) of the Act, 13 that the proposed rule change (File No. SR-FINRA-2007-035), as modified by Amendment No. 1, be, and hereby is, approved on an accelerated basis. 13 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 14 14 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E8-10339 Filed 5-8-08; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57777; File No. SR-ISE-2008-25] Self-Regulatory Organizations; International Securities Exchange, LLC; Order Approving Proposed Rule Change, as Modified by Amendment No. 1, Relating to the Rescission of the “No MPM” Order Type May 5, 2008. On March 5, 2008, the International Securities Exchange, LLC (“ISE”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”), 1 and Rule 19b-4 thereunder, 2 a proposed rule change to amend its rules governing ISE Stock Exchange to rescind the “No MPM” order type. On March 17, 2008, ISE filed Amendment No. 1 to the proposed rule change. The proposed rule change, as modified by Amendment No. 1, was published for comment in the **Federal Register** on April 1, 2008. 3 The Commission received no comment letters on the proposed rule change. This order approves the proposed rule change, as modified by Amendment No. 1. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 *See* Securities Exchange Act Release No. 57557 (March 26, 2008), 73 FR 17386. The best bids and offers on the ISE Stock Exchange are displayed to the marketplace on a continuous basis. In addition, the ISE offers incoming orders an opportunity to receive price improvement at the midpoint of the National Best Bid or Offer (“NBBO”) through its MidPoint Match (“MPM”) process. Specifically, before executing incoming orders against the ISE's displayed bid or offer, the system checks MPM to see if there is contra-side interest that can provide price improvement. However, under ISE's current rules, Equity Electronic Access Members may specify on orders that they do not want the orders to execute against MPM interest, thereby denying such orders the opportunity for price improvement. The Exchange proposes to amend Rules 2104 and 2106 to eliminate the “No MPM” order type, and to clarify in Rule 2107 that all inbound orders will be exposed to MPM interest and be afforded price improvement, when available, before executing against the ISE's displayed quotations. The Exchange also proposes to amend Rule 2129 to clarify that MPM is a process by which ISE members may receive an execution price that is at the midpoint of the NBBO. After careful review, the Commission finds that the proposed rule change is consistent with the Act and the rules and regulations thereunder applicable to a national securities exchange. 4 Specifically, the Commission finds that the proposed rule change is consistent with Section 6(b)(5) 5 of the Act, which requires that, among other things, the rules of an exchange be designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. The Commission believes that exposing all inbound orders to MPM interest should afford such orders an opportunity for price improvement by providing customers the opportunity to interact with an additional source of liquidity. 4 In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 5 15 U.S.C. 78(f)(b)(5). *It is therefore ordered* , pursuant to Section 19(b)(2) of the Act, that the proposed rule change (SR-ISE-2008-25), as modified by Amendment No. 1, be, and it hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 6 6 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E8-10372 Filed 5-8-08; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57776; File No. SR-NYSEArca-2008-43] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees and Charges for Exchange Services May 5, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 1 and Rule 19b-4 thereunder, 2 notice is hereby given that on April 22, 2008, NYSE Arca, Inc. (“NYSE Arca” or “Exchange”), through its wholly owned subsidiary NYSE Arca Equities, Inc. (“NYSE Arca Equities”), filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I, II, and III below, which Items have been substantially prepared by the Exchange. NYSE Arca has filed the proposal pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b-4(f)(2) thereunder, 4 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b-4(f)(2). I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the section of its Schedule of Fees and Charges for Exchange Services (“Fee Schedule”) that applies to orders submitted by ETP Holders. 5 While changes to the Fee Schedule pursuant to this proposal will be effective upon filing, the changes will become operative on May 1, 2008. The text of the proposed rule change is available at NYSE Arca, the Commission's Public Reference Room, and *http://www.nyse.com.* 5 *See* NYSE Arca Equities Rule 1.1(n). II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the Fee Schedule as it applies to ETP Holders as follows: *Rebates on non-displayed Mid-Point Passive Liquidity Orders (“MPLs”).* All customers will receive a rebate of $0.0010 per share for MPLs in securities listed on the New York Stock Exchange LLC (“NYSE”) posted to the Book. Customers that provide more than 30 million average daily share volume per month in NYSE-listed securities will receive a rebate of $0.0015 per share for MPLs posted to the Book. The MPL is an undisplayed limit order that offers price improvement to customers by executing at the mid-point of the National Best Bid and Offer. *New price tier in NYSE-listed securities.* Customers who provide 40 million average daily share volume per month will be charged a take fee of $0.0029 per share in NYSE-listed securities. This is a reduction from the take fee of $0.003 currently charged when taking NYSE-listed shares from the Book. Customers who provide 30 million average daily share volume per month will be charged a routing fee of $0.0008 per share for orders routed to NYSE (a reduction from the $0.001 per share otherwise charged for orders routed to NYSE) and will continue to pay $0.0030 per share for orders routed to other exchanges. *Elimination of rebate cap.* To reward active liquidity providers, the Exchange will eliminate the current rebate cap of 100 million daily average shares per month in NYSE-listed securities and 75 million daily average shares per month in securities listed on The NASDAQ Stock Market LLC (“Nasdaq”). *Increased routing fees in Nasdaq-listed securities.* In response to recent fee increases by Nasdaq, the Exchange will increase its routing fee in Nasdaq-listed securities from $0.0026 to $0.0029 per share for:
(i)Customers who transact an average daily share volume per month greater than 60 million shares (including transactions that take liquidity, provide liquidity, or route to away market centers) and provide liquidity an average daily share volume per month greater than 30 million shares, and
(ii)customers who transact an average daily share volume per month greater than 30 million shares (including transactions that take liquidity, provide liquidity, or route to away market centers) and provide liquidity an average daily share volume per month greater than 15 million shares. The Exchange will also renumber certain footnotes contained within the Fee Schedule. While changes to the Fee Schedule pursuant to this proposal will be effective upon filing, the changes will become operative on May 1, 2008. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act, 6 in general, and with Section 6(b)(4) of the Act, 7 in particular, in that it is intended to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and other persons using its facilities. The Exchange believes that the proposed fees and credits are reasonable. The proposed rates are part of the Exchange's effort to attract and enhance participation on the Exchange, by offering increased credits and decreased fees where certain volume thresholds are satisfied. The Exchange also believes that the proposed changes to the Fee Schedule are equitable in that they apply uniformly to our Users. The increased routing fee in Nasdaq-listed securities seeks to recoup increased routing expenses resulting from Nasdaq fee increases. 6 15 U.S.C. 78f. 7 15 U.S.C. 78f(b)(4). B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Written comments on the proposed rule change were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act 8 and subparagraph (f)(2) of Rule 19b-4 thereunder 9 because it establishes or changes a due, fee, or other charge applicable only to a member imposed by the self-regulatory organization. Accordingly, the proposal is effective upon Commission receipt of the filing. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. 8 15 U.S.C. 78s(b)(3)(A)(ii). 9 17 CFR 240.19b-4(f)(2). IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission's Internet comment form ( *http://www.sec.gov/rules/sro.shtml* ); or • Send an e-mail to *rule-comments@sec.gov.* Please include File Number SR-NYSEArca-2008-43 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEArca-2008-43. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site ( *http://www.sec.gov/rules/sro.shtml* ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also will be available for inspection and copying at the principal office of NYSE Arca. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSEArca-2008-43 and should be submitted on or before May 30, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 10 10 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E8-10354 Filed 5-8-08; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57771; File No. SR-NASDAQ-2008-038] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change to Trade Shares of Certain PowerShares Actively Managed Exchange-Traded Funds Pursuant to Unlisted Trading Privileges May 2, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 1 and Rule 19b-4 thereunder, 2 notice is hereby given that on April 25, 2008, The NASDAQ Stock Market LLC (“Nasdaq” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been substantially prepared by Nasdaq. This order provides notice of filing of the proposed rule change and approves it on an accelerated basis. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change Nasdaq proposes to trade the shares (“Shares”) of four funds of the PowerShares Actively Managed Exchange-Traded Fund Trust (“Trust”) pursuant to unlisted trading privileges (“UTP”). The text of the proposed rule change is available at Nasdaq's principal office, the Commission's Public Reference Room, and *http://www.nasdaq.complinet.com* . II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, Nasdaq included statements concerning the purpose of, and basis for, the proposed rule change. The text of these statements may be examined at the places specified in Item III below. Nasdaq has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Nasdaq proposes to trade the Shares of the following funds pursuant to UTP:
(1)The PowerShares Active AlphaQ Fund;
(2)the PowerShares Active Alpha Multi-Cap Fund;
(3)the PowerShares Active Mega-Cap Portfolio; and
(4)the PowerShares Active Low Duration Portfolio (collectively, the “Funds”). The Commission has recently approved the listing and trading of the Shares of the Funds on NYSE Arca Equities, Inc. 3 The Shares are offered by the Trust, a business trust organized under the laws of the State of Delaware and registered with the Commission as an open-end management investment company. 4 The Trust currently consists of the Funds, each of which is an actively managed exchange-traded fund. The Exchange represents that the Funds will not purchase or sell securities in markets outside the United States. 3 *See* Securities Exchange Act Release No. 57619 (April 4, 2008), 73 FR 19544 (April 10, 2008) (SR-NYSEArca-2008-25) (“NYSE Arca Proposal”). 4 The Trust is registered under the Investment Company Act of 1940 (“1940 Act”). On November 26, 2007, the Trust filed with the Commission a Registration Statement for the Funds on Form N-1A under the Securities Act of 1933 and under the 1940 Act (File Nos. 333-147622 and 811-22148) (“Registration Statement”). On November 16, 2007, the Trust filed with the Commission an Amended and Restated Application (“Application”) for an Amended Order under Sections 6(c) and 17(b) of the 1940 Act. *See* Investment Company Act Release No. 28140 (February 1, 2008), 73 FR 7328 (February 7, 2008) (File No. 812-3386). Description of the Funds and the Trust PowerShares Capital Management LLC (“Advisor”) is the investment advisor to the Funds. AER Advisors, Inc. (“AER”) is the subadvisor to the PowerShares Active AlphaQ Fund and the PowerShares Active Alpha Multi-Cap Fund (the “Initial AER Funds”), and Invesco Institutional (N.A.) Inc. (“Invesco”) is the subadvisor to the PowerShares Active Mega-Cap Portfolio and the PowerShares Active Low Duration Portfolio. 5 The Advisor, AER, and Invesco are each registered as an investment adviser under the Investment Advisers Act of 1940. 5 The Exchange states that the information provided herein is based on information included in the Application. AER will employ its unique stock screening methodology in the management of the Initial AER Funds. In employing its methodology, AER tracks and rates all U.S. stocks of companies with over $400 million market capitalization and which are listed on a national securities exchange. It is anticipated by AER that less than 3% of all securities in the Master Stock List 6 will be American Depositary Receipts (“ADRs”) and that ADRs will not represent more than 3% of any one Fund. Each Initial AER Fund's investment objective will be to provide long-term capital appreciation by investing, under normal conditions, at least 95% of its total assets in stocks represented in its appropriate universe as determined by AER. The balance of the Initial AER Fund's assets may be invested in cash and money market instruments. Each Initial AER Fund's benchmark index will be a broad-based index relevant to its investment objective, strategy, and market capitalization. AER anticipates that the benchmark indexes for the Initial AER Funds will be as follows:
(1)NASDAQ 100 Index for the PowerShares Active AlphaQ Fund; and
(2)S&P 500 Index for the PowerShares Active Alpha Multi-Cap Fund. 6 “Master Stock List” is defined in the Registration Statement. *See* E-mail from Jonathan Cayne, Associate General Counsel, Nasdaq, to Edward Cho, Special Counsel, and Steve Varholik, Staff Attorney, Division of Trading and Markets, Commission, dated April 30, 2008 (referring to the Registration Statement for the definition of Master Stock List). The PowerShares Active Mega-Cap Portfolio's investment objective is long-term growth of capital. The PowerShares Active Mega-Cap Portfolio seeks to meet its objective by normally investing at least 80% of its assets in a diversified portfolio of equity securities of mega-capitalization companies. The principal type of equity securities purchased by the Fund is common stock. The PowerShares Active Mega-Cap Portfolio may also invest in derivative instruments such as futures contracts and equity-linked derivatives. The PowerShares Active Low Duration Portfolio's investment objective is to provide total return. The PowerShares Active Low Duration Portfolio seeks to meet its investment objective by exceeding the total return of the Lehman Brothers 1-3 Year U.S. Treasury Index. The PowerShares Active Low Duration Portfolio seeks to meet its objective by normally investing at least 80% of its assets in a diversified portfolio of U.S. government and corporate debt securities. The PowerShares Active Low Duration Portfolio may invest in structured securitized debt securities, such as asset-backed securities and both residential and commercial mortgage-backed securities, and the Fund's investments may include investments in derivative instruments. Derivative instruments in which the Fund may invest include, but are not limited to, swaps including interest rate, total return, and credit default swaps; put options; call options; and futures contracts and options on futures contracts. The Fund may also utilize other strategies such as dollar rolls and reverse repurchase agreements. The Fund may invest up to 25% of its total assets in non-investment-grade securities (junk bonds). The Exchange states that additional information regarding the Funds, the Shares, the Trust, creations and redemptions, Disclosed Portfolio (defined below), and Intraday Indicative Value can be found in the NYSE Arca Proposal 7 and the Registration Statement, 8 as applicable. 7 *See supra* note 3. 8 *See supra* note 4. Availability of Information The Funds' Web site ( *http://www.powershares.com* ) will include a form of the prospectus for each Fund. The Web site will also include additional quantitative information for each Fund updated on a daily basis, including:
(1)Daily trading volume, the prior business day's reported closing price, the net asset value (“NAV”) and the mid-point of the bid/ask spread at the time of calculation of such NAV (the “Bid/Ask Price”), 9 and a calculation of the premium and discount of the Bid/Ask Price against the NAV; and
(2)data in chart format displaying the frequency distribution of discounts and premiums of the daily Bid/Ask Price against the NAV, within appropriate ranges, for each of the four previous calendar quarters. On each business day before commencement of the Regular Market Session on the Exchange, 10 the Funds will disclose on their Web site the identities and quantities of the securities and other assets that will form the basis for the calculation of NAV for each Fund at the end of the business day (“Disclosed Portfolio”). 11 9 The Bid/Ask Price of a Fund is determined using the highest bid and the lowest offer on the Exchange as of the time of calculation of such Fund's NAV. The records relating to Bid/Ask Prices will be retained by the Funds and their service providers. 10 *See* Nasdaq Rule 4120(b)(4) (describing the three trading sessions on the Exchange:
(1)Pre-Market Session from 7 a.m. to 9:30 a.m;
(2)Regular Market Session from 9:30 a.m. to 4 p.m. or 4:15 p.m.; and
(3)Post-Market Session from 4 p.m. or 4:15 p.m. to 8 p.m.). 11 Under accounting procedures followed by the Funds, trades made on the prior business day (“T”) will be booked and reflected in NAV on the current business day (“T+1”). Accordingly, the Funds will be able to disclose at the beginning of the business day the portfolio that will form the basis for the NAV calculation at the end of the business day. Investors interested in a particular Fund can also obtain the Trust's Statement of Additional Information (“SAI”), each Fund's Shareholder Reports, and its Form N-CSR and Form N-SAR, filed twice a year. The Trust's SAI and Shareholder Reports are available free upon request from the Trust, and those documents and the Form N-CSR and Form N-SAR may be viewed on-screen or downloaded from the Commission's Web site ( *http://www.sec.gov* ). Information regarding market price and volume is and will be continually available on a real-time basis throughout the day on brokers' computer screens and other electronic services. The NAV of each Fund will normally be determined as of the close of the Regular Market Session on Nasdaq (ordinarily 4 p.m. Eastern Time or “ET”) on each business day. The previous day's closing price and trading volume information will be published daily in the financial section of newspapers. Quotations and last-sale information for the Shares will be available through the facilities of the Consolidated Tape Association (“CTA”). In addition, the Intraday Indicative Value 12 will be disseminated at least every 15 seconds during the Regular Market Session through the facilities of the CTA. 12 The Exchange states that the Intraday Indicative Value is also sometimes referred to as the “Portfolio Indicative Value” with respect to these securities. Trading Halts Nasdaq will halt trading in the Funds under the conditions specified in Nasdaq Rules 4120 and 4121, including the provisions of Nasdaq Rule 4120(b) relating to temporary interruptions in the calculation or wide dissemination of the Intraday Indicative Value, among other values. In addition, if Nasdaq becomes aware that the NAV or the Disclosed Portfolio with respect to a Fund is not disseminated to all market participants at the same time, it will halt trading in such series until such time as the NAV and/or the Disclosed Portfolio, as the case may be, is available to all market participants. Nasdaq may also cease trading the Shares of the Funds if other unusual conditions or circumstances exist which, in the opinion of Nasdaq, make further dealings on Nasdaq detrimental to the maintenance of a fair and orderly market. Nasdaq will follow any procedures with respect to trading halts as set forth in Nasdaq Rule 4120(c). Finally, the Exchange states that the conditions for a halt include a regulatory halt by the listing market and will stop trading the Shares if the listing market delists them. Trading Rules Nasdaq deems the Shares to be equity securities, thus rendering trading in the Shares subject to Nasdaq's existing rules governing the trading of equity securities. Nasdaq will allow trading in the Shares 7 a.m. until 8 p.m. Surveillance The Exchange states that it intends to utilize its existing surveillance procedures applicable to derivative products (including exchange-traded funds) to monitor trading in the Shares. The Exchange represents that such procedures are adequate to address any concerns about the trading of the Shares on Nasdaq. Trading of the Shares through Nasdaq will be subject to the surveillance procedures of the Financial Industry Regulatory Authority (“FINRA”) applicable to equity securities, in general, and exchange-traded funds, in particular. 13 The Exchange further states that it may obtain information via the Intermarket Surveillance Group (“ISG”) from other exchanges that are members or affiliate members of ISG. 13 The Exchange states that FINRA surveils trading on Nasdaq pursuant to a regulatory services agreement. Nasdaq is responsible for FINRA's performance under this regulatory services agreement. Information Circular Prior to the commencement of trading, the Exchange will inform its members in an Information Circular of the special characteristics and risks associated with trading the Shares. Specifically, the Information Circular will discuss the following:
(1)The procedures for purchases and redemptions of Shares (and that Shares are not individually redeemable);
(2)Nasdaq Rule 2310, which imposes suitability obligations on Nasdaq members with respect to recommending transactions in the Shares to customers;
(3)how information regarding the Intraday Indicative Value is disseminated;
(4)the requirement that members deliver a prospectus to investors purchasing newly issued Shares prior to or concurrently with the confirmation of a transaction; 14
(5)the risks involved in trading the Shares during the Pre-Market and Post-Market Sessions 15 when an updated Intraday Indicative Value will not be calculated or publicly disseminated;
(6)trading information;
(7)any exemptive, no-action, or interpretive relief granted by the Commission from any rules under the Act;
(8)that the Funds are subject to various fees and expenses described in the Registration Statement;
(9)that the Commodities Futures Trading Commission has regulatory jurisdiction over the trading of futures contracts;
(10)the trading hours of the Shares of the Funds;
(11)that the NAV for the Shares will be calculated after 4 p.m. ET each trading day; and
(12)that information about the Shares of each Fund will be publicly available on the Funds' Web site. 14 The Exchange notes that investors purchasing Shares directly from a Fund will receive a prospectus. Members purchasing Shares from a Fund for resale to investors will deliver a prospectus to such investors. 15 *See supra* note 10. 2. Statutory Basis Nasdaq believes that the proposal is consistent with Section 6(b) of the Act, 16 in general, and Section 6(b)(5) of the Act, 17 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. Nasdaq's rules and procedures governing the trading of the Shares pursuant to UTP are also consistent with the goals of Section 6(b)(5) of the Act and the protection of investors. Specifically, the trading of the Shares is consistent with Section 6(b)(5) of the Act because it creates competition in the marketplace, for the benefit of investors and other market participants. In addition, Nasdaq believes that the proposal is consistent with Rule 12f-5 under the Act 18 because it deems the Shares of the Funds to be equity securities, thus rendering trading in such Fund Shares subject to the Exchange's existing rules governing the trading of equity securities. 16 15 U.S.C. 78f. 17 15 U.S.C. 78f(b)(5). 18 17 CFR 240.12f-5. B. Self-Regulatory Organization's Statement on Burden on Competition Nasdaq does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others Nasdaq states that written comments on the proposed rule change were neither solicited nor received. III. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission's Internet comment form ( *http://www.sec.gov/rules/sro.shtml* ); or • Send an e-mail to *rule-comments@sec.gov* . Please include File Number SR-NASDAQ-2008-038 on the subject line. Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NASDAQ-2008-038. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site ( *http://www.sec.gov/rules/sro.shtml* ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NASDAQ-2008-038 and should be submitted on or before May 30, 2008. IV. Commission's Findings and Order Granting Accelerated Approval of the Proposed Rule Change After careful review, 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. 19 In particular, the Commission believes that the proposal is consistent with Section 6(b)(5) of the Act, 20 which requires 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 national market system, and in general to protect investors and the public interest. 19 In approving this rule change, the Commission notes that it has considered the proposal's impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). 20 15 U.S.C. 78f(b)(5). In addition, the Commission finds that the proposal is consistent with Section 12(f) of the Act, 21 which permits an exchange to trade, pursuant to UTP, a security that is listed and registered on another exchange. 22 The Commission notes that it has approved the listing and trading of the Shares on NYSE Arca Equities, Inc. 23 The Commission also finds that the proposal is consistent with Rule 12f-5 under the Act, 24 which provides that an exchange shall not extend UTP to a security unless the exchange has in effect a rule or rules providing for transactions in the class or type of security to which the exchange extends UTP. The Exchange has represented that it meets this requirement because it deems the Shares to be equity securities, thus rendering trading in the Shares subject to the Exchange's existing rules governing the trading of equity securities. 21 15 U.S.C. 78 *l* (f). 22 Section 12(a) of the Act, 15 U.S.C. 78 *l* (a), generally prohibits a broker-dealer from trading a security on a national securities exchange unless the security is registered on that exchange pursuant to Section 12 of the Act. Section 12(f) of the Act excludes from this restriction trading in any security to which an exchange “extends UTP.” When an exchange extends UTP to a security, it allows its members to trade the security as if it were listed and registered on the exchange even though it is not so listed and registered. 23 *See supra* note 3. 24 17 CFR 240.12f-5. The Commission further believes that the proposal is consistent with Section 11A(a)(C)(iii) of the Act, 25 which sets forth Congress' finding that it is in the public interest and appropriate for the protection of investors and the maintenance of fair and orderly markets to assure the availability to brokers, dealers, and investors of information with respect to quotations for and transactions in securities. Quotations for and last-sale information regarding the Shares are disseminated through the facilities of the CTA. In addition, the Intraday Indicative Value is calculated and disseminated through the facilities of the CTA at least every 15 seconds throughout Nasdaq's Regular Market Session, and, on each business day prior to the commencement of the Regular Market Session, the Funds disclose on their Web site the Disclosed Portfolio. The Funds' Web site also makes available the prospectus for each Fund and additional quantitative information for each Fund, including daily trading volume, previous closing prices, NAV, and other information relating to NAV and the Bid/Ask Price. 25 15 U.S.C. 78k-1(a)(1)(C)(iii). The Commission also believes that the proposal appears reasonably designed to preclude trading of the Shares if transparency is impaired or there is unfair dissemination of the NAV or Portfolio Disclosure. Trading in the Shares will be subject to Nasdaq Rule 4120(b), which provides that, if the listing market halts trading when the Intraday Indicative Value, among other values, is not being calculated or disseminated, the Exchange would also halt trading. Nasdaq also would halt trading of Shares with respect to a Fund if it becomes aware that the NAV or the Disclosed Portfolio of that Fund is not disseminated to all market participants at the same time. Nasdaq would resume trading the Shares only when the NAV and/or Disclosed Portfolio, as the case may be, is available to all market participants. The Commission notes that, if the Shares should be delisted by the listing exchange, the Exchange would no longer have the authority to trade Shares pursuant to this order. In support of this proposal, the Exchange has made the following additional representations: 1. The Exchange's surveillance procedures are adequate to properly monitor Exchange trading of the Shares and to address any concerns about the trading of the Shares on Exchange. 2. Prior to the commencement of trading, the Exchange would inform its members in an Information Circular of the special characteristics and risks associated with trading the Shares. 3. The Information Circular would discuss, among other things, the requirement that members deliver a prospectus to investors purchasing newly issued Shares prior to or concurrently with the confirmation of the transaction and the risks involved in trading Shares during the Pre-Market and Post-Market Sessions when an updated Intraday Indicative Value will not be calculated or publicly disseminated. This approval order is based on the Exchange's representations. The Commission finds good cause for approving this proposed rule change before the thirtieth day after publication of notice thereof in the **Federal Register** . As noted above, the Commission previously found that the listing and trading of Shares on NYSE Arca Equities, Inc. is consistent with the Act. The Commission presently is not aware of any regulatory issue that should cause it to revisit that earlier finding or precludes the trading of such Shares on Nasdaq pursuant to UTP. For these reasons, accelerating approval of Nasdaq's proposal should benefit investors by creating, without undue delay, additional competition in the market for these Shares. V. Conclusion *It is therefore ordered,* pursuant to Section 19(b)(2) of the Act, 26 that the proposed rule change (SR-NASDAQ-2008-038) be, and it hereby is, approved on an accelerated basis. 26 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 27 27 17 CFR 200.30-3(a)(12). Florence E. Harmon, Deputy Secretary. [FR Doc. E8-10341 Filed 5-8-08; 8:45 am] BILLING CODE 8010-01-P SMALL BUSINESS ADMINISTRATION [Disaster Declaration # 11206 and # 11207] Arkansas Disaster Number AR-00018 AGENCY: U.S. Small Business Administration. ACTION: Amendment 5. SUMMARY: This is an amendment of the Presidential declaration of a major disaster for the State of Arkansas (FEMA-1751-DR), dated 03/28/2008. *Incident:* Severe Storms, Tornadoes, and Flooding. *Incident Period:* 03/18/2008 and continuing. *Effective Date:* 05/01/2008. *Physical Loan Application Deadline Date:* 05/27/2008. *EIDL Loan Application Deadline Date:* 12/29/2008. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing And Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: The notice of the Presidential disaster declaration for the State of ARKANSAS, dated 03/28/2008 is hereby amended to include the following areas as adversely affected by the disaster: Primary Counties: (Physical Damage and Economic Injury Loans): Arkansas, Desha, Hempstead, Poinsett, Van Buren. Contiguous Counties: (Economic Injury Loans Only): Arkansas: Chicot, Drew, Howard, Nevada, Pike. All other information in the original declaration remains unchanged. (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) Herbert L. Mitchell, Associate Administrator for Disaster Assistance. [FR Doc. E8-10345 Filed 5-8-08; 8:45 am] BILLING CODE 8025-01-P SMALL BUSINESS ADMINISTRATION [Disaster Declaration # 11206 and # 11207] Arkansas Disaster Number AR-00018 AGENCY: U.S. Small Business Administration. ACTION: Amendment 6. SUMMARY: This is an amendment of the Presidential declaration of a major disaster for the State of Arkansas (FEMA-1751-DR), dated 03/28/2008. *Incident:* Severe Storms, Tornadoes, and Flooding. *Incident Period:* 03/18/2008 and continuing through 04/28/2008. *Effective Date:* 04/28/2008. *Physical Loan Application Deadline Date:* 05/27/2008. *EIDL Loan Application Deadline Date:* 12/29/2008. ADDRESSES: Submit completed loan applications to: U.S. Small Business Administration, Processing And Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. FOR FURTHER INFORMATION CONTACT: A. Escobar, Office of Disaster Assistance, U.S. Small Business Administration, 409 3rd Street, SW., Suite 6050, Washington, DC 20416. SUPPLEMENTARY INFORMATION: The notice of the President's major disaster declaration for the State of Arkansas, dated 03/28/2008 is hereby amended to establish the incident period for this disaster as beginning 03/18/2008 and continuing through 04/28/2008. All other information in the original declaration remains unchanged. (Catalog of Federal Domestic Assistance Numbers 59002 and 59008) Herbert L. Mitchell, Associate Administrator for Disaster Assistance. [FR Doc. E8-10346 Filed 5-8-08; 8:45 am] BILLING CODE 8025-01-P DEPARTMENT OF STATE [PUBLIC NOTICE 6218] Culturally Significant Objects Imported for Exhibition Determinations: “Dali: Painting and Film” SUMMARY: Notice is hereby given of the following determinations: Pursuant to the authority vested in me by the Act of October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), Executive Order 12047 of March 27, 1978, the Foreign Affairs Reform and Restructuring Act of 1998 (112 Stat. 2681, *et seq.* ; 22 U.S.C. 6501 note, *et seq.* ), Delegation of Authority No. 234 of October 1, 1999, Delegation of Authority No. 236 of October 19, 1999, as amended, and Delegation of Authority No. 257 of April 15, 2003 [68 FR 19875], I hereby determine that three objects to be added to a Salvador Dali exhibition (now entitled “Dali: Painting and Film”), imported from abroad for temporary exhibition within the United States, are of cultural significance. These objects are imported pursuant to loan agreements with the foreign owners or custodians. I also determine that the exhibition or display of the exhibit objects at the Museum of Modern Art in The Joan and Preston Robert Tisch Gallery, New York, NY, from on or about June 29, 2008, until on or about September 15, 2008, and at possible additional exhibitions or venues yet to be determined, is in the national interest. These three objects will be added to those covered by the Dali & Film” exhibition Determinations published at 72 FR 49,345-6 (Aug. 28, 2007). Public Notice of these Determinations is ordered to be published in the **Federal Register** . FOR FURTHER INFORMATION CONTACT: For further information, including a list of the exhibit objects, contact Julie Simpson, Attorney-Adviser, Office of the Legal Adviser, U.S. Department of State (telephone: (202-453-8050)). The address is U.S. Department of State, SA-44, 301 4th Street, SW., Room 700, Washington, DC 20547-0001. Dated: May 2, 2008. C. Miller Crouch, Principal Deputy Assistant Secretary for Educational and Cultural Affairs, Department of State. [FR Doc. E8-10437 Filed 5-8-08; 8:45 am] BILLING CODE 4710-05-P DEPARTMENT OF STATE [Public Notice 6219] Advisory Committee on International Economic Policy; Notice of Open Meeting The Advisory Committee on International Economic Policy (ACIEP) will meet from 2 p.m. to 4 p.m. on Tuesday, May 27, 2008, at the U.S. Department of State, 2201 C Street, NW., Room 1107, Washington, DC. The meeting will be hosted by Assistant Secretary of State for Economic, Energy and Business Affairs Daniel S. Sullivan and Committee Chair Ted Kassinger. The ACIEP serves the U.S. Government in a solely advisory capacity, and provides advice concerning issues and challenges in international economic policy. The meeting will focus on “Policies, Programs & Total Economic Engagement—The U.S.-Korea Relationship” with a particular emphasis on the geopolitical perspective and the U.S.-Korea Free Trade Agreement. This meeting is open to public participation, though seating is limited. Entry to the building is controlled; to obtain pre-clearance for entry, members of the public planning to attend should provide, by Friday, May 23, their name, professional affiliation, valid government-issued ID number ( *i.e.* , U.S. Government ID [agency], U.S. military ID [branch], passport [country], or drivers license [state]), date of birth, and citizenship to Sherry Booth by fax
(202)647-5936, e-mail ( *BoothSL@state.gov* ), or telephone
(202)647-0847. One of the following forms of valid photo identification will be required for admission to the State Department building: U.S. driver's license, U.S. Government identification card, or any valid passport. Enter the Department of State from the C Street lobby. In view of escorting requirements, non-Government attendees should plan to arrive not less than 15 minutes before the meeting begins. For additional information, contact Senior Coordinator Nancy Smith-Nissley, Office of Economic Policy Analysis and Public Diplomacy, Bureau of Economic, Energy and Business Affairs, at
(202)647-1682 or *Smith-NissleyN@state.gov* . Dated: May 2, 2008. David R. Burnett, Office Director, Office of Economic Policy Analysis and Public Diplomacy, Department of State. [FR Doc. E8-10439 Filed 5-8-08; 8:45 am] BILLING CODE 4710-07-P DEPARTMENT OF STATE [Public Notice 6098] Renewal of Cultural Property Advisory Committee Charter SUMMARY: The Charter of the Department of State's Cultural Property Advisory Committee
(CPAC)has been renewed for an additional two years. The Charter of the Cultural Property Advisory Committee is being renewed for a two-year period. The Committee was established by the Convention on Cultural Property Implementation Act of 1983, 19 U.S.C. 2601 *et seq.* It reviews requests from other countries seeking U.S. import restrictions on archaeological or ethnological material the pillage of which places a country's cultural heritage in jeopardy. The Committee makes findings and recommendations to the Secretary of State, who, on behalf of the President, determines whether to impose the import restrictions. The membership of the Committee consists of private sector experts in archaeology, anthropology, or ethnology; experts in the international sale of cultural property; and representatives of museums and of the general public. FOR FURTHER INFORMATION CONTACT: Cultural Heritage Center, U.S. Department of State, Bureau of Educational and Cultural Affairs, State Annex 44, 301 4th Street, SW., Washington, DC 20547. Telephone:
(202)453-8800; Fax:
(202)453-8803. Dated: April 24, 2008. Maria P. Kouroupas, Executive Director, Cultural Property Advisory Committee, Department of State. [FR Doc. E8-10438 Filed 5-8-08; 8:45 am] BILLING CODE 4710-05-P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Notice of Availability of the Draft Environmental Impact Statement (Draft EIS) for the Replacement of Runway 10R/28L, Development of a New Passenger Terminal, and Other Associated Airport Projects at Port Columbus International Airport
(CMH)and Notice of Public Hearing AGENCY: The lead Federal agency is the Federal Aviation Administration (FAA), Department of Transportation. ACTION: Notice of availability, notice of public comment period, notice of public information meeting and public hearing. SUMMARY: The FAA is issuing this Notice of Availability to advise the public that a Draft EIS will be available for public review beginning May 16, 2008. The document was prepared pursuant to major environmental directives to comply with NEPA: Section 102(2)(c) of the National Environmental Policy Act of 1969 (Pub. L. 91-190); Section 106 consultation for impacts to historic structures, as identified in 36 CFR 800.8, *Coordination with the National Environmental Policy Act* ; U.S. Department of Transportation Section 303(c) consultation; and other applicable Federal and State environmental laws, regulations, and Executive Orders. The Draft EIS was prepared in response to a proposal presented to the FAA by the Columbus Regional Airport Authority (CRAA), the owner and operator of CMH and identified in the Draft EIS as the Airport Sponsor, for environmental review. The FAA prepared this Draft EIS to analyze and disclose potential environmental impacts related to possible Federal actions at CMH. Numerous Federal actions would be necessary if airfield development were to be implemented. Proposed improvements include replacement of Runway 10R/28L, Development of a New Passenger Terminal, and other airfield projects (see below). The Draft EIS presents the purpose and need for the proposed Federal action, analysis of reasonable alternatives, including the No Action alternative, discussion of impacts for each reasonable alternative, and supporting appendices. The FAA will consider all information contained in this Draft EIS and additional information that may be provided during the public comment period before issuing a Final EIS and Agency decision regarding the possible alternatives and Federal actions. The Airport Sponsor proposes to replace Runway 10R/28L at CMH, approximately 700 feet south of the existing Runway 10R/28L; develop new terminal facilities in the midfield area; provide ancillary facilities in support of the replacement runway and midfield terminal; and implement noise abatement air traffic procedures developed for the replacement runway. The replacement runway would be 10,113 feet long. This length would maintain CMH's ability to accommodate current and projected airport operations. Existing Runway 10R/28L would be decommissioned as a runway and converted into a taxiway upon commissioning of the replacement runway. In addition, a south taxiway and north parallel taxiways to proposed Runway 10R/28L would be constructed. To meet future aircraft parking and passenger processing requirements, new midfield terminal facilities are needed. The Draft EIS assesses a development envelope that is defined as an area large enough to encompass Phase I and II of the CRAA terminal development program. The Draft EIS discusses the number of gates, approximate square footage, approximate curb frontage, and the number of passengers that the terminal would accommodate. Ancillary facilities in support of the replacement runway and midfield terminal would be constructed. The facilities include roadway relocations and construction; parking improvements; property acquisition; and relocation of residences, as necessary. The CRAA has prepared a 14 CFR Part 150 Noise Compatibility Study Update (Part 150 Update) to address the current and future noise conditions. The Part 150 Update includes an analysis of the potential noise and land use impacts resulting from the proposed development of relocating Runway 10R/28L to the south, as well as possible mitigation options. The noise abatement air traffic options recommended through the Part 150 Update are included in the EIS as part of the proposed project. In addition, the land use mitigation that is recommended in the Part 150 Update is included in the EIS as mitigation for impacts resulting from the proposed project. *Public Comment and Information Workshop/Public Hearing:* The public comment period on the Draft EIS will start May 16, 2008 and will end on July 11, 2008. Two Public Information Workshops and Public Hearings will be held on June 11 and 12, 2008 from 5 p.m. to 8 p.m. at the following locations: June 11,2008, Oakland Park at Brentnell Elementary School, 1270 Brentnell Avenue, Columbus, OH 43219; June 12, 2008, Whitehall Community Park, Activities Center, 402 North Hamilton Road, Whitehall, OH 43213. The Public Hearings will conclude when the last registered speaker presents their oral comments for the record. In the event that it becomes necessary, time limits may be imposed. Comments can only be accepted with the full name and address of the individual commenting. Mailed and faxed comments are to be submitted to Ms. Katherine Jones of the FAA, at the address shown in FOR FURTHER INFORMATION CONTACT . E-mailed comments should be sent to *cmheis@faa.gov* ). All comments must be postmarked, faxed or e-mailed by no later than midnight, Friday, July 11, 2008. The Draft EIS may be reviewed for comment during regular business hours at the following locations: 1. Federal Aviation Administration, 11677 S. Wayne Rd., Suite 107, Romulus, MI 48174 (Telephone: 734-229-2958). 2. Columbus Regional Airport Authority, Port Columbus International Airport, Administrative Offices, 4600 International Gateway, Columbus, OH 43219 (Telephone: 614-239-4063). 3. City of Gahanna, 200 South Hamilton Road, Gahanna, OH 43230 (Telephone: 614-342-4000). 4. City of Whitehall, 360 South Yearling Road, Whitehall, OH 43213 (Telephone: 614-338-3106). 5. Jefferson Township, 6545 Havens Road, Blacklick, OH 43004 (Telephone: 614-855-4260). 6. City of Bexley, 2242 East Main Street, Bexley, OH 43209 (Telephone: 614-327-6200). 7. City of Reynoldsburg, 7232 East Main Street, Reynoldsburg, OH 43068 (Telephone: 614-322-6800). 8. Columbus Metropolitan Library, Main Branch, 96 South Grant Avenue, Columbus, OH 43215 (Telephone: 614-645-2275). 9. Columbus Metropolitan Library, Gahanna Branch, 310 Granville Street, Gahanna, OH 43230 (Telephone: 614-645-2275). 10. Columbus Metropolitan Library, Shepard Branch, 790 N. Nelson Road, Columbus, OH 43219 (Telephone: 614-645-2275). 11. Columbus Metropolitan Library, Linden Branch, 2432 Cleveland Avenue, Columbus, OH 43211 (Telephone: 614-645-2275). 12. Columbus Metropolitan Library, Whitehall Branch, 4371 East Broad Street, Whitehall, OH 43213 (Telephone: 614-645-2275). 13. Columbus Metropolitan Library, Reynoldsburg Branch, 1402 Brice Road, Reynoldsburg, OH 43068 (Telephone: 614-645-2275). 14. Bexley Public Library, 2411 East Main Street, Bexley, OH 43209 (Telephone: 614-231-2793). 15. CMH EIS Web site, *http://www.airportsites.net/cmh-eis* . SUPPLEMENTARY INFORMATION: The FAA encourages all interested parties to provide comments concerning the scope and content of the Draft EIS. Comments should be as specific as possible. Comments should address the contents of the Draft EIS, such as the analysis of potential environmental impacts, the adequacy of the proposed action to meet the stated need, or the merits of the various alternatives. Reviewers should organize their participation to make it meaningful and effective in making the FAA aware of the reviewer's interests and concerns. Reviewers should use quotations, page references, and other specific citations to the text of the Draft EIS and related documents. This commenting procedure is intended to ensure that substantive comments and concerns are made available to the FAA in a timely and effective manner, so that the FAA has an opportunity to address them. FOR FURTHER INFORMATION CONTACT: Ms. Katherine S. Jones, FAA Detroit Airports District Office, 11677 South Wayne Road, Suite 107, Romulus, Michigan 48174. Telephone:
(734)229-2958, Fax:
(734)229-2950. Issued in Romulus, Michigan on April 30, 2008. Matthew Thys, Manager, FAA Detroit Airports District Office. [FR Doc. E8-10184 Filed 5-8-08; 8:45 am] BILLING CODE 4910-13-M DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Airborne Omega Receiving Equipment, Omega Receiving Equipment Operating Within the Radio Frequency Range of 10.2 to 13.6 Kilohertz, and Airborne Area Navigation Equipment Using OmegafVLF Inputs Authorizations Technical Standard Orders
(TSOs)AGENCY: Federal Aviation Administration (FAA), DOT. ACTION: Notice of cancellation of all Omega Technical Standard Orders
(TSOs)and the revocation of all associated Technical Standard Order Authorizations (TSOAs). SUMMARY: This notice announces the FAAs intensions to cancel all Omega Technical Standard Orders
(TSOs)and revoke all associated Technical Standard Order Authorizations (TSOAs). If you have reason to believe that this proposed action will negatively impact aviation safety, we would like to solicit your comments. DATES: Comments must be received by June 9, 2008. ADDRESSES: Send all comments regarding cancelling the Omega TSOs and revoking the associated TSOAs to: Federal Aviation Administration, Aircraft Certification Service, Avionics Systems Branch, Room 815, 800 Independence Ave., SW., Washington, DC, 20591, ATTN. Kevin Bridges, AIR-130. Or deliver comments to: Federal Aviation Administration, Aircraft Certification Service, Room 815, 800 Independence Ave., SW., Washington, DC, 20591. FOR FURTHER INFORMATION CONTACT: Kevin Bridges, AIR-130, Room 815, Federal Aviation Administration, 800 Independence Avenue SW., Washington DC 20591. Telephone
(202)385-4627, fax
(202)385-4651, or via e-mail at: *kevin.bridges@faa.gov.* SUPPLEMENTARY INFORMATION: Comments Invited Submit written data, views, or arguments on the proposed cancellations to the above-specified address. Your comments should stipulate “Comments, cancellation of all Omega Technical Standard Orders
(TSOs)and the revocation of all associated Technical Standard Order Authorizations (TSOAs).” You may examine all comments received before and after the comment closing date by visiting Room 815, FAA Building, 800 Independence Avenue, SW., Washington, DC, weekdays except Federal holidays, between 8 a.m. and 4 p.m. The Director, Aircraft Certification Service, will consider all comments received on or before the closing date before issuing the final notice of cancellation. Background Because the Omega navigation system ceased operation on September 30, 1997, the FAA intends to cancel all Omega Technical Standard Orders
(TSOs)and revoke all associated Omega Technical Standard Order Authorizations (TSOAs). Currently, the FAA database contains three TSOs and numerous TSOAs for the design and manufacture of Omega avionics equipment. This announcement serves as notice to all Omega TSOA holders that the FAA intends to cancel all TSOs (including active historical TSOs) and revoke all TSOAs for Omega avionics equipment. The affected TSOs are as follows: TSO-C94, Airborne Omega Receiving Equipment; TSO-C94a, Omega Receiving Equipment operating within the Radio Frequency Range of 10.2 to 13.6 Kilohertz; and TSO-C 120, Airborne Area Navigation Equipment Using Omega /VLF Inputs. How to Obtain Copies Copies are accessible online at *http://rgl.faa.gov/.* Select “Technical Standard Orders and Index.” Type TSO number in the “Search” box and Select “Go.” Issued in Washington, DC, on May 1, 2008. Susan J. M. Cabler, Assistant Manager, Aircraft Engineering Division, Aircraft Certification Service. [FR Doc. E8-10187 Filed 5-8-08; 8:45 am] BILLING CODE 4910-13-M DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Notice of Opportunity for Public Comment on Surplus Property Release at Myrtle Beach International Airport AGENCY: Federal Aviation Administration (FAA), DOT. ACTION: Notice. SUMMARY: Under the provisions of Title 49, U.S.C. Section 47 153(c), notice is being given that the FAA is considering a request from Horry County to waive the requirement that a 0.389 acre parcel of surplus property. located at the Myrtle Beach International Airport, be used for aeronautical purposes. DATES: Comments must be received on or before June 9, 2008. ADDRESSES: Comments on this notice may be mailed or delivered in triplicate to the FAA at the following address: Atlanta Airports District Office, Attn: Parks Preston, Program Manager, 1701 Columbia Ave., Suite 2-260, Atlanta, GA 30337-2747. In addition, one copy of any comments submitted to the FAA must be mailed or delivered to Robert J. Kemp, Director of Airports, at the following address: Myrtle Beach International Airport, 1100 Jetport Road, Myrtle Beach, SC 29577. FOR FURTHER INFORMATION CONTACT: Parks Preston, Program Manager, Atlanta Airports District Office, 1701 Columbia Ave., Suite 2-260, Atlanta, GA 30337-2747,
(404)305-7149. The application may be reviewed in person at this same location. SUPPLEMENTARY INFORMATION: The FAA is reviewing a request by Horry County to release 0.389 acres of surplus property at the Myrtle Beach International Airport. The property will be purchased to allow for the realignment of Shine Avenue. The net proceeds from the sale of this property will be used for airport purposes. The proposed use of this property is compatible with airport operations. Any person may inspect the request in person at the FAA office listed above under FOR FURTHER INFORMATION CONTACT . In addition, any person may, upon request, inspect the request, notice, and other documents germane to the request in person at the Myrtle Beach International Airport. Issued in Atlanta, Georgia on March 25, 2008. Larry F. Clark, Acting Manager, Atlanta Airports District Office, Southern Region. [FR Doc. E8-10186 Filed 5-8-08; 8:45 am] BILLING CODE 4910-13-M DEPARTMENT OF TRANSPORTATION Federal Highway Administration Environmental Impact Statement: Wayne County, Michigan AGENCY: Federal Highway Administration (FHWA), DOT. ACTION: Notice of 30-day extension of the comment period for the Draft Environmental Impact Statement
(DETS)for the Detroit River International Crossing Study. SUMMARY: FHWA is providing a 30-day extension of the original 60-day public comment period for the Draft Environmental Impact Statement
(DEIS)for the Detroit River International Crossing Study (in Wayne County, Michigan). Pursuant to the National Environmental Policy Act
(NEPA)of 1969, the FHWA made the DEIS available for public review and comments for a 60-day comment period that ended April 29, 2008. Two public hearings were held in March 2008. In response to several comments about the projects complexity and magnitude, FHWA is extending the comment period for an additional 30 days. DATES: Public comments are due May 29, 2008. The DEIS is available for an additional 30-day public review period. Comments must be e-mailed, faxed, or postmarked on or before May 29, 2008. A copy of the complete transcript, including all of the written and recorded oral comments received, will be available for public review at the listed locations. All submissions from organizations or businesses and from individuals identifying themselves as representatives or officials of organizations or businesses will be made available for public disclosures in their entirety. ADDRESSES: 1. *Document Availability:* The document was made available to the public on February 25, 2008. Copies of the DEIS are available for public inspection and review on the project Web site *http://www.partnershipborderstudy.com* and at the following locations: MDOT Bureau of Transportation Planning, 425 Ottawa St., Lansing; MDOT Metro Region Office, 18101 W. Nine Mile Rd., Southfield; MDOT Detroit Transportation Service Center, 1400 Howard St., Detroit; MDOT Taylor Transportation Service Center, 25185 Goddard, Taylor; Henry Ford Centennial Library, 16301 Michigan Ave., Detroit; Detroit Public Library, 5201 Woodward Ave., Detroit; Bowen Branch of the Detroit Public Library, 3648 W. Vernor, Detroit; Library at Southwestern High School, 6921 W. Fort St., Detroit; Delray Recreation Center, 420 Leigh St., Detroit; Allen Park Library, 8100 Allen Rd., Allen Park; Ecorse Library, 4184 W. Jefferson Ave., Ecorse; Melvindale Library, 18650 Allen Rd., Melvindale; River Rouge Library, 221 Burke St., River Rouge; Kemeny Recreation Center, 2260 S. Fort St., Detroit; Campbell Brand Library, 8733 W. Vernor Hwy., Detroit; Neighborhood City Hall Central District, 2 Woodward Ave., Detroit; Neighborhood City Hall Northwestern District, 19180 Grand River Ave., Detroit; Neighborhood City Hall Northeastern District, 2328 E. Seven Mile Rd., Detroit; Neighborhood City Hall Western District, 18100 Meyers Road, Detroit; Neighborhood City Hall Eastern District, 7737 Kercheval St., Detroit; Neighborhood City Hall Southwestern District, 7744 W. Vernor St., Detroit. Copies of the DEIS may be requested from Bob Parsons (Public Involvement and Hearings Officer) at the Michigan Department of Transportation, 425 W. Ottawa Street, P.O. Box 30050, Lansing, MI 48909 or by calling
(517)373-9534. 2. *Comments:* Send comments on the DEIS to Michigan Department of Transportation, c/o Bob Parsons (Public Involvement and Hearings Officer), 425 W. Ottawa Street, P.O. Box 30050, Lansing, MI 48909; Fax:
(517)373-9255; or e-mail: *parsonsb@michigan.gov.* FOR FURTHER INFORMATION CONTACT: Ryan Rizzo, Major Project Manager, FHWA Michigan Division,
(517)702-1833; David Williams, Environmental Program Manager, FHWA Michigan Division,
(517)702-1820. SUPPLEMENTARY INFORMATION: The Detroit River International Crossing
(DRIC)Study is a bi-national effort to complete the environmental study processes related to a new international crossing between Windsor, Ontario, and Detroit, Michigan. The Border Transportation Partnership (The Partnership) leads this study. It is formed of the following agencies: Federal Highway Administration (FHWA), Michigan Department of Transportation (MDOT), Transport Canada
(TC)and Ontario Ministry of Transportation (MTO). The DRIC Study identifies solutions that support the region, State, provincial and national economies while addressing the civil and national defense and homeland security needs of the busiest trade corridor between the United States and Canada. The Detroit River, which separates the U.S. and Canada, currently has border crossings at the Ambassador Bridge (four lanes), the Detroit-Windsor Tunnel (two lanes), the Detroit-Canada Rail Tunnels, and the Detroit-Windsor Truck Ferry. These multi modal transportation links provide the connections for freight and passenger movements between the two countries. The DRIC Study includes transportation alternatives that improve border-crossing facilities, operations, and connections to meet existing and future mobility and security needs. *Purpose and Need for the Project:* The purpose of the DRIC Study is to provide safe, efficient and secure movement of people and goods across the U.S.-Canadian border in the Detroit River area to support the economies of Michigan, Ontario, Canada and the United States, and to support the mobility needs of national and civil defense to protect the homeland. To address future border crossing mobility requirements through 2035, there is a need to: —Provide new border-crossing capacity to meet increased long-term demand; —Improve system connectivity to enhance the seamless flow of people and goods; —Improve operations and processing capability in accommodating the flow of people and goods; and —Provide reasonable and secure crossing options ( *i.e.* , redundancy) in the event of incidents, maintenance, congestion, or other disruptions. *Alternatives Evaluated:* The DEIS evaluates nine Build Alternatives in addition to a No Build Alternative. The nine Build Alternatives each include an interchange plaza, a customs inspection plaza, and a bridge from the plaza that spans the Detroit River. The DEIS analyzes the issues/impacts on the United State's side of the proposed new border crossing. A Canadian-produced set of documents analyzes the issues/impacts on the Canadian side. The No-Build Alternative would not result in a new international border crossing system in the Detroit-Windsor area. Only the existing crossings, plazas and freeway connections, including the Gateway connection currently under construction, would continue operations. A second privately-owned bridge has been proposed by the Detroit International Bridge Company in the Ambassador Bridge Enhancement Environmental Assessment and was included in the No-Build Alternative. Issued on: April 29, 2008. James J. Steel, Division Administrator, Lansing, Michigan. [FR Doc. E8-10231 Filed 5-8-08; 8:45 am] BILLING CODE 4910-22-M DEPARTMENT OF TRANSPORTATION Federal Motor Carrier Safety Administration Sunshine Act Meetings; Unified Carrier Registration Plan Board of Directors AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT. Time and Date: June 9, 2008, from 1 p.m. until 5 p.m., and June 10, 2008, from 8 a.m. until 12 Noon, Eastern Daylight Time. Place: This meeting will take place at The Brown Hotel, 335 West Broadway, Louisville, Kentucky 40202. Status: Open to the public. Matters To Be Considered: The Unified Carrier Registration Plan Board of Directors (the Board) will continue its work in developing and implementing the Unified Carrier Registration Plan and Agreement and to that end, may consider matters properly before the Board. FOR FURTHER INFORMATION CONTACT: Mr. Avelino Gutierrez, Chair, Unified Carrier Registration Board of Directors at
(505)827-4565. Dated: May 1, 2008. William A. Quade, Associate Administrator for Enforcement and Program Delivery. [FR Doc. 08-1246 Filed 5-7-08; 2:40 pm]
Connectionstraces to 13
Traces to 13 documents
7 references not yet in our index
  • 17 CFR 240.19
  • 15 USC 78(f)(b)(5)
  • 17 CFR 240.12
  • 15 USC 78
  • 79 Stat. 985
  • Pub. L. 91-190
  • 14 CFR 150
Citation graph
cites case law
Notices
Amendment 5
U.S.C.§ 78s
U.S.C.§ 78f
U.S.C.§ 78c
U.S.C.§ 552
C.F.R.§ 200.30-3
U.S.C.§ 78o–3
U.S.C.§ 78k–1
U.S.C.§ 2459
Fed. Reg.Notices
Cite17 CFR 240.19
Cite15 USC 78(f)(b)(5)
Cite17 CFR 240.12
Cites 20 · showing 12Cited by 0 across 0 sources
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