Notices. Notice and request for comments

14,656 words·~67 min read·/register/2008/05/29/08-1310

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

BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57847; File No. SR-ISE-2008-29] Self-Regulatory Organizations; International Securities Exchange, LLC; Order Approving Proposed Rule Change Relating to the Price Improvement Mechanism May 21, 2008. I. Introduction On March 20, 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 allow members to enter orders into the Price Improvement Mechanism (“PIM”) at a price that matches the national best bid or offer (“NBBO”) when the ISE market is inferior to the NBBO.

The proposed rule change was published for comment in the **Federal Register** on April 14, 2008. 3 The Commission received one comment letter regarding the proposal. 4 This order approves the proposed rule change. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 *See* Securities Exchange Act Release No. 57632 (April 8, 2008), 73 FR 20079. 4 *See* letter from Lisa J. Fall, General Counsel, Boston Options Exchange (“BOX”), to Nancy M. Morris, Secretary, Commission, dated May 14, 2007 (“BOX Comment”).

II. Description of the Proposal The PIM currently allows certain ISE members to enter two-sided orders (“Crossing Transaction”) for execution at a price that improves upon the NBBO. 5 The customer side of these orders is then exposed to other members to give them an opportunity to participate in the trade at the proposed cross price or better. The Exchange proposes to extend the application of the PIM to permit a member to enter an order (“Agency Order”) into the PIM at a price that is equal to the NBBO when the ISE's best bid or offer (“ISE BBO”) is inferior to the NBBO.

When the ISE BBO equals the NBBO, the member will continue to be required to enter a price at least one cent better than the NBBO. 6 5 *See* Securities Exchange Act Release No. 50819 (December 8, 2004), 69 FR 75093 (December 15, 2004) (approving rules implementing the PIM). 6 *See* ISE Rule 723(b)(1). The Commission received one comment letter regarding the proposed rule change. 7 The commenter expresses concern that ISE's proposal would lead to greater rates of internalization and reduced amounts of price improvement being made available to public customers on ISE, especially to small orders under 50 contracts. 8 The commenter further believes that the proposal would reduce the incentive for market participants to quote at the NBBO on ISE. 9 7 *See* BOX Comment, *supra* note 4. 8 *Id.* at 1 and 5. 9 *Id.* at 4.

III. Discussion and Commission Findings After carefully considering the proposal and the comment submitted, 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 10 and, in particular, the requirements of section 6 of the Act. 11 Specifically, the Commission finds that the proposed rule change is consistent with section 6(b)(5) of the Act, 12 which requires, among other things, that the rules of a national securities exchange be designed to promote just and equitable principles of trade, 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. 10 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). 11 15 U.S.C. 78f. 12 15 U.S.C. 78f(b)(5).

The Commission believes that the proposal will continue to provide customers with an opportunity for price improvement over the NBBO. The Commission notes that once a Crossing Transaction is submitted into the PIM auction, the Crossing Transaction may not be cancelled. 13 Therefore, the Agency Order submitted to the PIM auction when ISE's BBO is not equal to the NBBO will be guaranteed an execution price of at least the NBBO and, moreover, will be given an opportunity for execution at a price better than the NBBO. 13 *See* ISE Rule 723(b)(3).

The Commission does not agree with the concerns raised by the commenter. Under the proposal, the PIM will continue to provide an opportunity for customer orders to receive an execution at a price better than NBBO. All orders entered into the PIM will continue to be exposed to all ISE members before the submitting member can execute against the Agency Order. Moreover, the Commission believes the proposal may increase the likelihood of members entering Agency Orders into the PIM because the member will only be required to guarantee an execution at the NBBO when ISE's BBO is not equal to the NBBO, which would provide additional customer orders an opportunity for price improvement over the NBBO.

The proposal also may encourage increased participation in a PIM by ISE members willing to trade with an agency order at the NBBO but not better than the NBBO. Increased participation by ISE members would decrease the proportion of an Agency Order that would be internalized by the submitting member. 14 14 *See* ISE Rule 723(d)(4). The Commission thus believes that ISE's proposal is consistent with the requirements of the Act. IV. Conclusion *It is therefore ordered,* pursuant to section 19(b)(2) of the Act, 15 that the proposed rule change (File No.

SR-ISE-2008-29), be, and it hereby is, approved. 15 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 16 16 17 CFR 200.30-3(a)(12). Nancy M. Morris, Secretary. [FR Doc. E8-11931 Filed 5-28-08; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57844; File No. SR-Phlx-2008-39] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change Relating to Permanent Approval of the Exchange's Directed Order Program May 21, 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 20, 2008, the Philadelphia Stock Exchange, Inc. (“Phlx” 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 the Phlx. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons and is approving the proposal on an accelerated basis. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4.

I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Phlx proposes to adopt, on a permanent basis, a pilot program concerning Exchange Rule 1080, Philadelphia Stock Exchange Automated Options Market (AUTOM) 3 and Automatic Execution System (AUTO-X), and Exchange Rule 1014, Obligations And Restrictions Applicable To Specialists And Registered Options Traders. Specifically, the current pilot program covers:

(1)Exchange Rule 1080(l), Directed Orders, under which Exchange specialists, Streaming Quote Traders (“SQTs”), 4 and Remote Streaming Quote Traders (“RSQTs”) 5 trading on the Exchange's electronic options trading platform, Phlx XL, 6 receive Directed Orders (as defined below); and

(2)Exchange Rule 1014(g)(viii), which sets forth the trade allocation algorithm for electronically executed and allocated trades involving Directed Orders. This proposal is in connection with a pilot program that is currently scheduled to expire on May 27, 2008. 7 The text of the proposed rule change is available at the Phlx, the Commission's Public Reference Room, and *http://www.phlx.com/exchange/phlx_rule_fil.html* . 3 AUTOM is the Exchange's electronic order delivery, routing, execution, and reporting system, which provides for the automatic entry and routing of equity option and index option orders to the Exchange trading floor. Orders delivered through AUTOM may be executed manually, or certain orders are eligible for AUTOM's automatic execution features. Equity option and index option specialists are required by the Exchange to participate in AUTOM and its features and enhancements. Option orders entered by Exchange members into AUTOM are routed to the appropriate specialist unit on the Exchange trading floor. AUTOM is today more commonly referred to as Phlx XL. *See* Exchange Rule 1080. 4 An SQT is an Exchange Registered Options Trader who has received permission from the Exchange to generate and submit option quotations electronically through an electronic interface with AUTOM via an Exchange approved proprietary electronic quoting device in eligible options to which such SQT is assigned. *See* Exchange Rule 1014(b)(ii)(A). 5 An RSQT is a participant in the Exchange's electronic trading system, Phlx XL, who has received permission from the Exchange to trade in options for his own account and to generate and submit option quotations electronically from off the floor of the Exchange through AUTOM in eligible options to which such RSQT has been assigned. *See* Exchange Rule 1014(b)(ii)(B). 6 *See* Securities Exchange Act Release No. 50100 (July 27, 2004), 69 FR 46612 (August 3, 2004) (SR-Phlx-2003-59). 7 *See* Securities Exchange Act Release No. 55803 (May 23, 2007), 72 FR 30413 (May 31, 2007) (SR-Phlx-2007-37). 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 Phlx 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. The Phlx has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to adopt, on a permanent basis, a pilot that:

(i)permits specialists, SQTs, and RSQTs assigned in options that trade on Phlx XL to receive directed orders (“Directed Orders”) 8 from a member or member organization (“Order Flow Provider” or “OFP”) 9 that submits, as agent, a customer order to the Exchange electronically, and

(ii)establishes a trade allocation algorithm for Directed Orders that are electronically executed and allocated to reward such Directed Specialists, SQTs, and RSQTs 10 with a participation guarantee for attracting such order flow to the Exchange. The proposed rule is subject to a pilot program scheduled to expire on May 27, 2008. 11 8 *See* Exchange Rule 1080(l)(i)(A). 9 *See* Exchange Rule 1080(l)(i)(B). 10 The term “Directed Specialist, RSQT, or SQT” means a specialist, RSQT, or SQT that receives a Directed Order. *See* Exchange Rule 1080(l)(i)(C). The word “Directed” modifies all three; that is, it is referring to a Directed Specialist, Directed SQT, and Directed RSQT. 11 *See* note 7 *supra.* Pursuant to Exchange Rule 1080(l), OFPs must transmit Directed Orders to a particular specialist, SQT, or RSQT through AUTOM. If the Exchange's disseminated best bid or offer is at the National Best Bid or Offer (“NBBO”) when the Directed Order is received, the Directed Order is automatically executed on Phlx XL and allocated to the orders and quotes represented in the Exchange's quotation. A Directed Specialist, SQT, or RSQT will receive a participation allocation pursuant to Exchange Rule 1014(g)(viii) if the Directed Specialist, SQT, or RSQT was quoting at the NBBO at the time that the Directed Order was received. 12 Otherwise, the automatic execution will be allocated to those quotations and orders at the NBBO pursuant to Exchange Rule 1014(g)(vii). 13 The specialist will manually execute Directed Orders that are received when the Exchange is not quoting at the NBBO. 14 12 *See* Exchange Rule 1080(l)(ii). 13 *See* Exchange Rule 1080(l)(iii). 14 *See* Exchange Rule 1080(l)(iv). The Exchange believes that the current pilot program rewards specialists, SQTs, and RSQTs for actively engaging in marketing activities and establishing relationships with OFPs that generate Directed Orders sent to the Exchange by such OFPs. The Exchange believes that the permanent adoption of this rule will continue to result in additional order flow to the Exchange, thus adding depth and liquidity to the Exchange's markets, and enabling the Exchange to continue to compete effectively with other options exchanges for order flow. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act 15 in general and furthers the objectives of Section 6(b)(5) of the Act 16 in particular in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest, by continuing to permit specialists, SQTs, and RSQTs trading options on Phlx XL to receive Directed Orders and by encouraging the capture of order flow on the Exchange by rewarding Directed Order recipients with a participation guarantee in trades involving Directed Orders. 15 15 U.S.C. 78f(b). 16 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 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 either solicited or 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-Phlx-2008-39 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-Phlx-2008-39. 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 am and 3 pm. Copies of such filing also will be available for inspection and copying at the principal office of the Phlx. 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-Phlx-2008-39 and should be submitted on or before June 19, 2008. IV. Commission's Findings and Order Granting Accelerated Approval of the Proposed Rule Change After careful consideration, the Commission finds that the proposed rule change is consistent with the requirements of Section 6 of the Act 17 and the rules and regulations thereunder applicable to a national securities exchange, and, in particular, the requirements of Section 6(b)(5) of the Act. 18 Section 6(b)(5) requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. The Commission notes that the Exchange's Directed Order program was approved on a pilot basis. 19 The Exchange has asked the Commission to approve the Exchange's program on a permanent basis. For the reasons noted by the Commission when it initially approved the Exchange's Directed Order program on a pilot basis, the Commission continues to believe that the program does not jeopardize market integrity or the incentive for market participants to post competitive quotes. Accordingly, the Commission finds that the proposal is consistent with the Act. 20 17 15 U.S.C. 78f. 18 15.U.S.C. 78f(b)(5). 19 The Commission initially approved the Exchange's Directed Order program on a one-year pilot basis to expire on May 27, 2006. *See* Securities Exchange Act Release No. 51759 (May 27, 2005), 70 FR 32860 (June 6, 2005) (SR-Phlx-2004-91). The Commission subsequently extended to the pilot period for an additional one-year period to expire on May 27, 2007. *See* Securities Exchange Act Release No. 53870 (May 25, 2006), 71 FR 31251 (June 1, 2006) (SR-Phlx-2006-27). The Commission again extended the pilot for another one-year period to expire on May 27, 2008. *See* note 7 *supra.* 20 In approving this proposal, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). The Exchange has requested that the Commission find good cause for approving the proposed rule change prior to the thirtieth day after publication of notice thereof in the **Federal Register** . The Commission believes that granting accelerated approval of the proposed rule change would allow the Exchange's Directed Order program to continue without disruption. Accordingly, the Commission finds good cause, consistent with Section 19(b)(2) of the Act, 21 for approving the proposed rule change prior to the thirtieth day after publication of notice thereof in the **Federal Register** . 21 15 U.S.C. 78s(b)(2). V. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act, that the proposed rule change (SR-Phlx-2008-39) is hereby approved on an accelerated basis. 22 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 22 Nancy M. Morris, Secretary. [FR Doc. E8-11932 Filed 5-28-08; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-57842; File No. SR-NASDAQ-2008-031] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule Change To Amend Rule 4350 Related to the Direct Registration Programs May 20, 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 1, 2008, The NASDAQ Stock Market LLC (“Nasdaq”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change described in Items I, II, and III below, which items have been prepared primarily by Nasdaq. The Commission is publishing this notice to solicit comments on the proposed rule change from interested parties. 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 modify the requirement for a foreign private issuer to be eligible to rely on an exception to the requirement to participate in a Direct Registration Program and to clarify the applicability of the requirement to book-entry-only securities. Nasdaq will implement the proposed change related to book-entry-only securities immediately upon approval and the proposed change affecting foreign private issuers on March 31, 2009. The text of the proposed rule change is below. Proposed new language is in italicized; proposed deletions are in brackets. 3 3 Changes are marked to the rule text that appears in the electronic manual of Nasdaq found at *http://nasdaq.complinet.com.* Rule 4350. Qualitative Listing Requirements for Nasdaq Issuers Except for Limited Partnerships

(a)Applicability

(1)Foreign Private Issuers. A foreign private issuer may follow its home country practice in lieu of the requirements of Rule 4350, provided, however, that such an issuer shall: Comply with Rules 4350(b)(1)(B), 4350(j) and 4350(m), have an audit committee that satisfies Rule 4350(d)(3), and ensure that such audit committee's members meet the independence requirement in Rule 4350(d)(2)(A)(ii). *In addition, a foreign private issuer must be eligible to participate in a Direct Registration Program, as required by Rule 4350(l), unless prohibited from complying by a law or regulation in its home country.* A foreign private issuer that follows a home country practice in lieu of one or more provisions of Rule 4350 shall disclose in either its annual reports filed with the Commission or on its website each requirement of Rule 4350 that it does not follow and shall describe the home country practice followed by the issuer in lieu of such requirements. In addition, a foreign private issuer making its initial public offering or first U.S. listing on Nasdaq shall make the same disclosures in either its registration statement or on its website. (2)—(5) No change. (b)—(k) No change.

(l)Direct Registration Program

(1)All securities initially listing on Nasdaq on or after January 1, 2007, must be eligible for a Direct Registration Program operated by a clearing agency registered under Section 17A of the Exchange Act. This provision does not extend to:

(i)Additional classes of securities of companies which already have securities listed on Nasdaq;

(ii)companies which immediately prior to such listing had securities listed on another registered securities exchange in the U.S; or,

(iii)[non-equity] securities which are book-entry-only.

(2)*(A) Except as indicated in paragraph (2)(B) below, on* [On] and after March 31, 2008, all securities listed on Nasdaq (except [non-equity] securities which are book-entry-only) must be eligible for a Direct Registration Program operated by a clearing agency registered under Section 17A of the Exchange Act.

(B)*Until March 31, 2009, a foreign private issuer may follow its home country practice in lieu of the requirements of this Rule 4350(l), provided, however, that such an issuer must follow the requirements of Rule 4350(a) and IM-4350-6 for doing so. Thereafter, the listed securities of such issuers (except securities which are book-entry-only) must be eligible for a Direct Registration Program operated by a clearing agency registered under Section 17A of the Exchange Act unless prohibited from complying by a law or regulation in its home country.*

(3)No change. (m)-(n) No change. IM 4350-6 Applicability 1. Foreign Private Issuer Exception and Disclosure. A foreign private issuer (as defined in Rule 3b-4 under the Exchange Act) listed on Nasdaq may follow the practice in such issuer's home country (as defined in General Instruction F of Form 20-F) in lieu of some of the provisions of Rule 4350, subject to several important exceptions. First, such an issuer shall comply with Rule 4350(b)(1)(B) (Disclosure of Going Concern Opinion), Rule 4350(j) (Listing Agreement) and Rule 4350(m) (Notification of Material Noncompliance). Second, such an issuer shall have an audit committee that satisfies Rule 4350(d)(3). Third, members of such audit committee shall meet the criteria for independence referenced in Rule 4350(d)(2)(A)(ii) (the criteria set forth in Rule 10A-3(b)(1), subject to the exemptions provided in Rule 10A-3(c) under the Exchange Act). *Fourth, a foreign private issuer must comply with Rule 4350(l) (Direct Registration Program) unless prohibited from complying by a law or regulation in its home country.* Finally, a foreign private issuer that elects to follow home country practice in lieu of a requirement of Rule 4350 shall submit to Nasdaq a written statement from an independent counsel in such issuer's home country certifying that the issuer's practices are not prohibited by the home country's laws *and, in the case of a company prohibited from complying with Rule 4350(l), certifying that a law or regulation in the home country prohibits such compliance.* In the case of new listings, this certification is required at the time of listing. For existing issuers, the certification is required at the time the company seeks to adopt its first non-compliant practice. In the interest of transparency, the rule requires a foreign private issuer to make appropriate disclosures in the issuer's annual filings with the Commission (typically Form20-F or 40-F), and at the time of the issuer's original listing in the United States, if that listing is on Nasdaq, in its registration statement (typically Form F-1, 20-F, or 40-F); alternatively, the issuer may provide these disclosures in English on its website. The issuer shall disclose each requirement of Rule 4350 that it does not follow and include a brief statement of the home country practice the issuer follows in lieu of the requirements of Rule 4350. If the disclosure is only available on the website, the annual report and registration statement should so state and provide the web address at which the information may be obtained. 2.-4. 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, Nasdaq included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. Nasdaq has prepared summaries, set forth in sections (A), (B), and

(C)below, of the most significant aspects of these statements. 4 4 The Commission has modified portions of the text of the summaries prepared by the Nasdaq.

(A)Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change

(1)Purpose Nasdaq proposes to modify the requirements related to its Direct Registration Program rule to provide that the requirement to be eligible to participate in a Direct Registration Program applies to a foreign private issuer, unless the law or regulations in the company's home country prohibit compliance with the requirement, and to clarify the application of the requirement to securities held in book-entry-only form. Nasdaq's rule permits a foreign private issuer to follow its home country practice in lieu of certain requirements of Rule 4350, including the requirement that securities be eligible to participate in a Direct Registration Program. Nasdaq proposes to modify this requirement so that a foreign private issuer could only follow its home country practice with respect to the requirement that securities be eligible to participate in a Direct Registration Program if the issuer is prohibited from complying with this requirement by the laws or regulations in the issuer's home country. In order to assure that foreign private issuers have adequate time to take necessary actions to come into compliance with the proposed rule, Nasdaq proposes that until March 31, 2009, such issuers can continue to rely on the prior version of the exception to this requirement. In addition, Nasdaq's rule excludes from the requirement to be eligible to participate in a Direct Registration Program “non-equity securities which are book-entry-only.” Nasdaq proposes to modify this requirement to exclude all book-entry-only securities because ownership of such securities is already recorded only on the books and records of the issuer and are not held in certificated form. As such, these securities would already avail themselves of the advantages that the Direct Registration Program is designed to promote. If a security ceases to be book-entry-only, that security would then be required to be eligible to participate in a Direct Registration Program.

(2)Statutory Basis Nasdaq believes that the proposed rule change is consistent with the provisions of Section 6 of the Act, 5 in general, and with Section 6(b)(5) of the Act, in particular, in that the proposal is designed to, among other things, prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. 6 The proposed rule change modifies Nasdaq's rules relating to the Direct Registration Programs to require a foreign private issuer to comply with the Nasdaq's rules unless the foreign private issuer is prohibited from doing so and to exclude from the proposed requirement securities that are book-entry-only and therefore already enjoy the same benefits of a Direct Registration System. 5 15 U.S.C. 78f. 6 15 U.S.C. 78f(b)(5).

(B)Self-Regulatory Organization's Statement on Burden on Competition The Nasdaq 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, as amended.

(C)Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within thirty-five days of the date of publication of this notice in the **Federal Register** or within such longer period:

(i)As the Commission may designate up to ninety days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding; or

(ii)as to which the self-regulatory organization consents, the Commission will:

(A)By order approve such proposed rule change or

(B)Institute proceedings to determine whether the proposed rule change should be disapproved. 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 S-NASDAQ-2008-031 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-2008-031. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site ( *http://www.sec.gov/rules/sro.shtml* ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Section, 100 F Street, NE., Washington, DC 20549, 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 Nasdaq and on Nasdaq's Web site, *http://www.nasdaq.com.* 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-2008-031 and should be submitted on or before June 19, 2008. For the Commission by the Division of Trading and Markets, pursuant to delegated authority. 7 7 17 CFR 200.30-3(a)(12). Nancy M. Morris, Secretary. [FR Doc. E8-11940 Filed 5-28-08; 8:45 am] BILLING CODE 8010-01-P SMALL BUSINESS ADMINISTRATION Data Collection Available for Public Comments and Recommendations ACTION: Notice and request for comments. SUMMARY: In accordance with the Paperwork Reduction Act of 1995, this notice announces the Small Business Administration's intentions to request approval on a new and/or currently approved information collection. DATES: Submit comments on or before July 28, 2008. ADDRESSES: Send all comments regarding whether this information collection is necessary for the proper performance of the function of the agency, whether the burden estimates are accurate, and if there are ways to minimize the estimated burden and enhance the quality of the collection, to Walter C. Intlekofer, Chief, Office of Portfolio Management, Office of Financial Assistance, Small Business Administration, 409 3rd Street, SW., 8th floor, Washington, DC 20416. FOR FURTHER INFORMATION CONTACT: Walter C. Intlekofer, Chief, Office of Portfolio Management, Office of Financial Assistance, 202-205-7543. *walter.intlekofer@sba.gov;* Curtis B. Rich, Management Analyst, 202-205-7030 *curtis.rich@sba.gov.* SUPPLEMENTARY INFORMATION: SBA will collect this information form CDC's and certain 7(a) lenders to determine CDC's eligibility to liquidate and litigate loans and to access the risks and costs of liquidation and litigation actions proposed by CDC's and 7(a) lenders. *Title:* “7(a) and 504 Liquidation & Litigation Procedures.” *Description of Respondents:* CDC's and certain 7(a) lenders. *Form Number:* N/A. *Annual Responses:* 1,060. *Annual Burden:* 3,890. Jacqueline White, Chief, Administrative Information Branch. [FR Doc. E8-11955 Filed 5-28-08; 8:45 am] BILLING CODE 8025-01-P DEPARTMENT OF TRANSPORTATION Office of the Secretary Notice of Applications for Certificates of Public Convenience and Necessity and Foreign Air Carrier Permits Filed Under Subpart B (Formerly Subpart Q) During the Week Ending January 25, 2008 The following Applications for Certificates of Public Convenience and Necessity and Foreign Air Carrier Permits were filed under Subpart B (formerly Subpart Q) of the Department of Transportation's Procedural Regulations (See 14 CFR 301.201 et seq.). The due date for Answers, Conforming Applications, or Motions to Modify Scope are set forth below for each application. Following the Answer period DOT may process the application by expedited procedures. Such procedures may consist of the adoption of a show-cause order, a tentative order, or in appropriate cases a final order without further proceedings. *Docket Number:* DOT-OST-2008-0029. *Date Filed:* January 25, 2008. *Due Date for Answers, Conforming Applications, or Motion To Modify Scope:* February 15, 2008. *Description:* Application of Family Airlines Incorporated requesting a certificate of public convenience and necessity authorizing it to engage in scheduled interstate air transportation of persons, property and mail. Renee V. Wright, Program Manager, Docket Operations, Federal Register Liaison. [FR Doc. E8-12006 Filed 5-28-08; 8:45 am] BILLING CODE 4910-9X-P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Agency Information Collection Activity Seeking OMB Approval AGENCY: Federal Aviation Administration (FAA), DOT. ACTION: Notice. SUMMARY: The FAA invites public comments about our intention to request the Office of Management and Budget's

(OMB)revision of a current information collection. The **Federal Register** Notice with a 60-day comment period soliciting comments on the following collection of information was published on March 31, 2008, vol. 73, no. 62, page 16922. The information is needed to determine an applicant's eligibility for an award of attorney's fees and other expenses under the Equal Access to Justice Act. DATES: Please submit comments by June 30, 2008. FOR FURTHER INFORMATION CONTACT: Carla Mauney at *Carla.Mauney@faa.gov.* SUPPLEMENTARY INFORMATION: Federal Aviation Administration

(FAA)*Title:* Implementation to the Equal Access to Justice Act. *Type of Request:* Extension without change of a currently approved collection. *OMB Control Number:* 2120-0539. *Forms(s):* There are no FAA forms associated with this collection. *Affected Public:* An estimated 17 Respondents. *Frequency:* This information is collected on occasion. *Estimated Average Burden Per Response:* Approximately 40 hours per response. *Estimated Annual Burden Hours:* An estimated 680 hours annually. *Abstract:* The information is needed to determine an applicants eligibility for an award of attorney's fees and other expenses under the Equal Access to Justice Act. ADDRESSES: Interested persons are invited to submit written comments on the proposed information collection to the Office of Information and Regulatory Affairs, Office of Management and Budget. Comments should be addressed to Nathan Lesser, Desk Officer, Department of Transportation/FAA, and sent via electronic mail to *oira_submission@omb.eop.gov* or faxed to

(202)395-6974. *Comments are invited on:* Whether the proposed collection of information is necessary for the proper performance of the functions of the Department, including whether the information will have practical utility; the accuracy of the Department's estimates of the burden of the proposed information collection; ways to enhance the quality, utility, and clarity of the information to be collected; and ways to minimize the burden of the collection of information on respondents, including the use of automated collection techniques or other forms of information technology. Issued in Washington, DC, on May 20, 2008. Carla Mauney, FAA Information Collection Clearance Officer, IT Enterprises Business Services Division, AES-200. [FR Doc. E8-11784 Filed 5-28-08; 8:45 am] BILLING CODE 4910-13-M DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Agency Information Collection Activity Seeking OMB Approval AGENCY: Federal Aviation Administration (FAA), DOT. ACTION: Notice. SUMMARY: The FAA invites public comments about our intention to request the Office of Management and Budget's

(OMB)revision of a current information collection. The **Federal Register** Notice with a 60-day comment period soliciting comments on the following collection of information was published on March 31, 2008, vol. 73, no. 62, page 16923. This collection of information is necessary to determine how satisfied applicants are with the automated staffing solution. DATES: Please submit comments by June 30, 2008. FOR FURTHER INFORMATION CONTACT: Carla Mauney at *Carla.Mauney@faa.gov* . SUPPLEMENTARY INFORMATION: Federal Aviation Administration

(FAA)*Title:* Federal Aviation Administration, SWIFT Customer Satisfaction Survey. *Type of Request:* Extension without change of a currently approved collection. *OMB Control Number:* 2120-0699. *Forms(s):* There are no FAA forms associated with this collection. *Affected Public:* An estimated 50,000 Respondents. *Frequency:* This information is collected on occasion. *Estimated Average Burden Per Response:* Approximately 3 minutes per response. *Estimated Annual Burden Hours:* An estimated 2,500 hours annually. *Abstract:* This collection of information is necessary to determine how satisfied applicants are with the automated staffing solution. The information will enable the FAA to improve and enhance its automated staffing process. ADDRESSES: Interested persons are invited to submit written comments on the proposed information collection to the Office of Information and Regulatory Affairs, Office of Management and Budget. Comments should be addressed to Nathan Lesser, Desk Officer, Department of Transportation/FAA, and sent via electronic mail to *oira_submission@omb.eop.gov* or faxed to

(202)395-6974. *Comments are invited on:* Whether the proposed collection of information is necessary for the proper performance of the functions of the Department, including whether the information will have practical utility; the accuracy of the Department's estimates of the burden of the proposed information collection; ways to enhance the quality, utility, and clarity of the information to be collected; and ways to minimize the burden of the collection of information on respondents, including the use of automated collection techniques or other forms of information technology. Issued in Washington, DC, May 19, 2008. Carla Mauney, FAA Information Collection Clearance Officer, IT Enterprises Business Services Division, AES-200. [FR Doc. E8-11825 Filed 5-28-08; 8:45 am] BILLING CODE 4910-13-M DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Agency Information Collection Activity Seeking OMB Approval AGENCY: Federal Aviation Administration (FAA), DOT. ACTION: Notice. SUMMARY: The FAA invites public comments about our intention to request the Office of Management and Budget's

(OMB)revision of a current information collection. The **Federal Register** Notice with a 60-day comment period soliciting comments on the following collection of information was published on March 31, 2008, vol. 73, no. 62, pages 16923-16924. To determine regulatory compliance, there is a need for airmen to maintain records of certain training and recentness of experience. DATES: Please submit comments by June 30, 2008. FOR FURTHER INFORMATION CONTACT: Carla Mauney at Carla.Mauney@faa.gov. SUPPLEMENTARY INFORMATION: Federal Aviation Administration

(FAA)*Title:* Certificated Training Centers—Simulator Rule, Part 142. *Type of Request:* Extension without change of a currently approved collection. *OMB Control Number:* 2120-0570. *Forms(s):* There are no FAA forms associated with this collection. *Affected Public:* An estimated 108 Respondents. *Frequency:* This information is collected on occasion. *Estimated Average Burden Per Response:* Approximately 1,177.5 hours per response. *Estimated Annual Burden Hours:* An estimated 127,180 hours annually. *Abstract:* To determine regulatory compliance, there is a need for airmen to maintain records of certain training and recentness of experience; training center have to maintain records of students' training, employee qualification and training, and training program approvals. ADDRESSES: Interested persons are invited to submit written comments on the proposed information collection to the Office of Information and Regulatory Affairs, Office of Management and Budget. Comments should be addressed to Nathan Lesser, Desk Officer, Department of Transportation/FAA, and sent via electronic mail to *oira_submission@omb.eop.gov* or faxed to

(202)395-6974. *Comments are invited on:* Whether the proposed collection of information is necessary for the proper performance of the functions of the Department, including whether the information will have practical utility; the accuracy of the Department's estimates of the burden of the proposed information collection; ways to enhance the quality, utility, and clarity of the information to be collected; and ways to minimize the burden of the collection of information on respondents, including the use of automated collection techniques or other forms of information technology. Issued in Washington, DC, on May 19, 2008. Carla Mauney, FAA Information Collection Clearance Officer, IT Enterprises Business Services Division, AES-200. [FR Doc. E8-11826 Filed 5-28-08; 8:45 am] BILLING CODE 4910-13-M DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Notice of Approval of Finding of No Significant Impact (FONSI) on an Environmental Assessment (EA); Quad City International Airport, Moline, IL AGENCY: Federal Aviation Administration (FAA), DOT. ACTION: Notice of Approval of Documents. SUMMARY: The Federal Aviation Administration

(FAA)is issuing this notice to advise the public of the approval of a Finding of No Significant Impact (FONSI) on an Environmental Assessment for proposed Federal actions at Quad City International Airport, Molline, Illinois. The FONSI specifies that the proposed federal actions and local development projects are consistent with existing environmental policies and objectives as set forth in the National Environmental Policy Act of 1969 and will not significantly affect the quality of the environment. A description of the proposed Federal actions is:

(a)To issue an environmental finding to allow approval of the Sponsor's Proposed Action/ALP for the development listed above;

(b)to issue final airspace determinations for the development listed above,

(c)to issue a final determination of potential airspace obstructions to navigable airspace per an aeronautical study outlines under 14 CFR Part 77,

(d)to issue a final certification that the proposed aeronautical development is reasonably necessary for use in air commerce or for national defense,

(e)issuance of finding for Intergovernmental review of Federal Programs,

(f)to include the issuance of an environmental justice finding,

(g)to include the issuance of a wetland finding,

(h)to include the issuance of a floodplain finding,

(i)to include the approval for any necessary funding, installation and/or relocation, certification and operation of navigation aids, and

(j)to include any preparation and/or revisions to Standard Instrument Approach Procedures (SIAP). The items in the local airport development project are to: Rehabilitate Runway 9-27 and Midfield intersection. Construct, light and mark a 100' x 6,500' temporary Runway 10-28 to be ultimately used as Taxiway P, including grading and drainage. Construct, light and mark connecting Taxiways to temporary Runway 10-28/Taxiway P, including grading and drainage and remove existing connecting Taxiways. Convert temporary Runway 10-28 to Taxiway P, upon decommissioning of temporary runway use, including paved shoulders, marking, lighting, NAVAID relocation and Standard Instrument Approach Procedures

(SlAP)decommissioning. Relocate western airport service road outside temporary Runway 10-28's Runway Safety Area, including grading and drainage and remove portion of existing service road. Construct Runway 9-27 paved shoulders, including grading and drainage. Rehabilitate Runway 9-27 lighting. Widen portion of Taxiway K to 75 feet, including lighting, marking, grading and drainage. Install Localizer to temporary Runway 10. Install PAPI's to temporary Runways 10 and 28. Install REIL's to temporary Runways 10 and 28. Relocate temporary Runway 10 28 localizer to Runway 13. Relocate temporary Runway 10-28 PAPI's to Runways 9 and 23. Relocate windsock and segmented circle. Relocate Remote Processing Unit (RPU). Obtain borrow from existing Airport, including tree clearing (southern sites), for Taxiway P. Stockpile borrow material, temporarily, for Taxiway P, if necessary. Create Standard Instrument Approach Procedures

(SIAP)for temporary Runways 10 and 28, Runways 13 and 31. Floodplain encroachment of approximately 0.92 acres, covered under Statewide Permit Number 6. Wetland encroachment of approximately 0.07 acres, covered by Nationwide Permit numbers 14 and 33. Construct, light and mark Taxiway N, including grading and drainage. Raze Civil Air Patrol building. Construct Rental Car Quick Turn Around Facility, including fueling and wash facilities, and rental car/employee auto parking expansion, including grading and drainage. Acquire approximately 9 acres of land, in fee simple title, including relocation assistance for two businesses. Copies of the environmental decision and the EA are available for public information review during regular business hours at the following locations: 1. Quad City International Airport, 2200 69th Avenue, Moline, IL 61265. 2. Division of Aeronautics-Illinois Department of Transportation, One Langhorne Bond Drive, Capital Airport, Springfield, IL 62707. 3. Federal Aviation Administration, Chicago Airports District Office, 2300 East Devon Avenue, Room 320, Des Plaines, Illinois 60018. FOR FURTHER INFORMATION CONTACT: Amy B. Hanson, Environmental Protection Specialist, Federal Aviation Administration, Chicago Airports District Office, Room 320, 2300 East Devon Avenue, Des Plaines, Illinois 60018. Ms. Hanson can be contacted at

(847)294-7354 (voice),

(847)294-7046 (facsimile) or by E-Mail at *amy.hanson@faa.gov* . Issued in Des Plaines, Illinois on May 14, 2008. Jim Keefer, Manager, Chicago Airports District Office, FAA, Great Lakes Region. [FR Doc. E8-11827 Filed 5-28-08; 8:45 am] BILLING CODE 4910-13-M DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Eighth Meeting, Special Committee 215 Aeronautical Mobile Satellite (Route) Services Next Generation Satellite Services and Equipment AGENCY: Federal Aviation Administration (FAA), DOT. ACTION: Notice of RTCA Special Committee 215, Aeronautical Mobile Satellite (Route) Services, Next Generation Satellite Services and Equipment. SUMMARY: The FAA is issuing this notice to advise the public of a third meeting of RTCA Special Committee 215, Aeronautical Mobile Satellite (Route) Services, Next Generation Satellite Services and Equipment. DATES: The meeting will be held June 25-26, 2008, 9 a.m. ADDRESSES: The meeting will be held at RTCA, Inc., 1828 L Street, NW., Suite 805 Washington, DC 20036. FOR FURTHER INFORMATION CONTACT: RTCA Secretariat, 1828 L Street, NW., Suite 805, Washington, DC, 20036; telephone

(202)833-9339; fax

(202)833-9434; Web site *http://www.rtca.org* for directions. Note: It is expected that the Eighth Plenary will approve DO-262 Revision A for final submission to the Pro grain Management Committee (PMC). Dress is Business Casual. SUPPLEMENTARY INFORMATION: Pursuant to section 10(a)

(2)of the Federal Advisory Committee Act (Pub. L. 92-463, 5 U.S.C., Appendix 2), notice is hereby given for a Special Committee 215 meeting. The agenda will include: • June 25, 2008: • Opening Plenary Session (Welcome, Introductions, and Administrative Remarks); • Review and Approval of Agenda for Eighth Plenary; • Review and Approval of Seventh Meeting Summary (215-026; RTCA Paper No. 1 16-08/SC215-020); • DO-262A: • FRAC: Resolution of Comments; • Final Plenary Approval of Agenda for Eighth Plenary; • Review of PMC Approval Process and Next Steps; • Review of Draft Antenna TSO (K. Blomgren); • DO-270 Normative Appendix: • Report from Drafting Group; • Subnetwork Operational Approval Process; • Review and Discussion of FAA Advisory Circular (D. Robinson); • Closing Plenary Session (Any Other Business, Review of Next Plenary Dates, Adjourn). Attendance is open to the interested public but limited to space availability. With the approval of the chairmen, members of the public may present oral statements at the meeting. Persons wishing to present statements or obtain information should contact the person listed in the FOR FURTHER INFORMATION CONTACT section. Members of the public may present a written statement to the committee at any time. Issued in Washington, DC, on May 15, 2008. Robert L. Bostiga, RTCA Advisory Committee (Acting). [FR Doc. E8-11823 Filed 5-28-08; 8:45 am] BILLING CODE 4910-13-M DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Noise Exposure Map Notice; Fort Worth Alliance Airport, Fort Worth, TX AGENCY: Federal Aviation Administration, DOT. ACTION: Notice. SUMMARY: The Federal Aviation Administration

(FAA)announces its determination that the revised future noise exposure map submitted by the city of Fort Worth for Fort Worth Alliance Airport under the provisions of 49 U.S.C. 47501 *et seq.* (Aviation Safety and Noise Abatement Act) and 14 CFR Part 150 is in compliance with applicable requirements. EFFECTIVE DATE: The effective date of the FAA's determination on the future noise exposure map is May 16, 2008. FOR FURTHER INFORMATION CONTACT: Paul Blackford, Mr. Paul Blackford, Federal Aviation Administration, 2601 Meacham Blvd. Fort Worth, Texas 76137-0650,

(817)222-5607. SUPPLEMENTARY INFORMATION: This notice announces that the FAA finds that the revised future noise exposure map submitted for Fort Worth Alliance Airport is in compliance with applicable requirements of Part 150, effective May 16, 2008. Under 49 U.S.C. 47503 of the Aviation Safety and Noise Abatement Act (hereinafter referred to as “the Act”), an airport operator may submit to the FAA noise exposure maps which meet applicable regulations and which depict non-compatible land uses as of the date of submission of such maps, a description of projected aircraft operations, and the ways in which such operations will affect such maps. The Act requires such maps to be developed in consultation with interested and affected parties in the local community, government agencies, and persons using the airport. An airport operator who has submitted noise exposure maps that are found by FAA to be in compliance with the requirements of Federal Aviation Regulations

(FAR)Part 150, promulgated pursuant to the Act, may submit a noise compatibility program for FAA approval which sets forth the measures the operator has taken or proposes to take to reduce existing non-compatible uses and prevent the introduction of additional non-compatible uses. The FAA has completed its review of the future noise exposure map and accompanying documentation submitted by the city of Fort Worth. The documentation that constitutes the “future noise exposure map” as defined in section 150.7 of Part 150 includes: Section 5.0, Exhibits 5.3, 5.4, and 5.5. The FAA has determined that these noise exposure maps and accompanying documentation are in compliance with applicable requirements. This determination is effective on May 16, 2008. FAA's determination on an airport operator's noise exposure maps is limited to a finding that the maps were developed in accordance with the procedures contained in appendix A of FAR Part 150. Such determination does not constitute approval of the applicant's data, information or plans, or a commitment to approve a noise compatibility program or to fund the implementation of that program. If questions arise concerning the precise relationship of specific properties to noise exposure contours depicted on a noise exposure map submitted under section 47503 of the Act, it should be noted that the FAA is not involved in any way in determining the relative locations of specific properties with regard to the depicted noise contours, or in interpreting the noise exposure maps to resolve questions concerning, for example, which properties should be covered by the provisions of section 47506 of the Act. These functions are inseparable from the ultimate land use control and planning responsibilities of local government. These local responsibilities are not changed in any way under Part 150 or through FAA's review of noise exposure maps. Therefore, the responsibility for the detailed overlaying of noise exposure contours onto the map depicting properties on the surface rests exclusively with the airport operator that submitted those maps, or with those public agencies and planning agencies with which consultation is required under section 47503 of the Act. The FAA has relied on the certification by the airport operator, under section 150.21 of FAR Part 150, that the statutorily required consultation has been accomplished. Copies of the full noise exposure map documentation and of the FAA's evaluation of the maps are available for examination at the following locations: Federal Aviation Administration, 2601 Meacham Boulevard, Fort Worth, Texas; Mr. Kent Penney, Airport Systems Director, City of Fort Worth, Aviation Department, 4201 N. Main St., Suite 200, Fort Worth, Texas. Questions may be directed to the individual named above under the heading FOR FURTHER INFORMATION CONTACT . Issued in Fort Worth, Texas, May 16, 2008. Kelvin L. Solco, Manager, Airports Division. [FR Doc. E8-11828 Filed 5-28-08; 8:45 am] BILLING CODE 4910-13-M DEPARTMENT OF TRANSPORTATION Federal Aviation Administration Noise Exposure Map Notice for Monterey Peninsula Airport, Monterey, California AGENCY: Federal Aviation Administration, DOT. ACTION: Notice. SUMMARY: The Federal Aviation Administration

(FAA)announces its determination that the noise exposure maps submitted by Monterey Peninsula Airport District, California for Monterey Peninsula Airport under the provisions of 49 U.S.C. 47501 *et seq.* (Aviation Safety and Noise Abatement Act) and 14 CFR Part 150 are in compliance with applicable requirements. EFFECTIVE DATE: The effective date of the FAA's determination on the noise exposure maps is May 9, 2008. FOR FURTHER INFORMATION CONTACT: David B. Kessler, AICP, Federal Aviation Administration, Western-Pacific Region, P.O. Box 92007, Los Angeles, California 90009-Telephone: 310/725-3615. SUPPLEMENTARY INFORMATION: This notice announces that the FAA finds that the noise exposure maps submitted for Monterey Peninsula Airport are in compliance with applicable requirements of Part 150, effective May 9, 2008. Under 49 U.S.C. section 47503 of the Aviation Safety and Noise Abatement Act (hereinafter referred to as “the Act”), an airport operator may submit to the FAA noise exposure maps which meet applicable regulations and which depict noncompatible land uses as of the date of submission of such maps, a description of projected aircraft operations, and the ways in which such operations will affect such maps. The Act requires such maps to be developed in consultation with interested and affected parties in the local community, government agencies, and persons using the airport. An airport operator who has submitted noise exposure maps that are found by FAA to be in compliance with the requirements of Federal Aviation Regulations

(CNEL)65, 70, and 75 noise contours. Estimates for the number of people within these contours for the year 2007 are shown in Table 4B. Estimates of the future residential population within the 2012 noise contours are shown in Table 4D. Exhibit 3M displays the location of noise monitoring sites. Flight tracks for the existing and the five-year forecast Noise Exposure Maps are found in Exhibits 3E, 3F, 3G, and 3H. The type and frequency of aircraft operations (including nighttime operations) are found in Tables 2L and 2P. The FAA has determined that these noise exposure maps and accompanying documentation are in compliance with applicable requirements. This determination is effective on May 9, 2008. FAA's determination on an airport operator's noise exposure maps is limited to a finding that the maps were developed in accordance with the procedures contained in Appendix A of FAR Part 150. Such determination does not constitute approval of the applicant's data, information or plans, or a commitment to approve a noise compatibility program or to fund the implementation of that program. If questions arise concerning the precise relationship of specific properties to noise exposure contours depicted on a noise exposure map submitted under section 47503 of the Act, it should be noted that the FAA is not involved in any way in determining the relative locations of specific properties with regard to the depicted noise contours, or in interpreting the noise exposure maps to resolve questions concerning, for example, which properties should be covered by the provisions of section 47506 of the Act. These functions are inseparable from the ultimate land use control and planning responsibilities of local government. These local responsibilities are not changed in any way under Part 150 or through FAA's review of noise exposure maps. Therefore, the responsibility for the detailed overlaying of noise exposure contours onto the map depicting properties on the surface rests exclusively with the airport operator that submitted those maps, or with those public agencies and planning agencies with which consultation is required under section 47503 of the Act. The FAA has relied on the certification by the airport operator, under section 150.21 of FAR Part 150, that the statutorily required consultation has been accomplished. Copies of the full noise exposure map documentation and of the FAA's evaluation of the maps are available for examination at the following locations: Federal Aviation Administration, Planning and Environmental Division, APP-400, 800 Independence Avenue, SW., Washington, DC 20591; Federal Aviation Administration, Western-Pacific Region, Airports Division, Room 3012, 15000 Aviation Boulevard, Hawthorne, California 90261; Federal Aviation Administration, San Francisco Airports District Office, 831 Mitten Road, Burlingame, California 94010-1303; Thomas Greer, General Manager, Monterey Peninsula Airport, 200 Fred Kane Drive #200, Monterey, CA 93940. Questions may be directed to the individual named above under the heading FOR FURTHER INFORMATION CONTACT . Issued in Hawthorne, California on May 9, 2008. Mark A. McClardy, Manager, Airports Division, AWP-600, Western-Pacific Region. [FR Doc. E8-11824 Filed 5-28-08; 8:45 am] BILLING CODE 4910-13-M DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency [Docket ID OCC-2008-0007] FEDERAL RESERVE SYSTEM [Docket No. OP-1292] FEDERAL DEPOSIT INSURANCE CORPORATION DEPARTMENT OF THE TREASURY Office of Thrift Supervision [Docket No. OTS-2008-0003] NATIONAL CREDIT UNION ADMINISTRATION Illustrations of Consumer Information for Hybrid Adjustable Rate Mortgage Products AGENCIES: Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC); Office of Thrift Supervision, Treasury (OTS); and National Credit Union Administration

(NCUA)(collectively, the Agencies). ACTION: Final Guidance—Illustrations of Consumer Information for Hybrid Adjustable Rate Mortgage Products. SUMMARY: The Agencies are publishing four documents that set forth Illustrations of Consumer Information for Hybrid Adjustable Rate Mortgage Products. The illustrations are intended to assist institutions in implementing the consumer protection portion of the Interagency Statement on Subprime Mortgage Lending adopted on July 10, 2007, and in providing information to consumers on hybrid adjustable rate mortgage

(ARM)products as recommended by that interagency statement. The illustrations are not model forms and institutions may choose not to use them. EFFECTIVE DATE: May 29, 2008. FOR FURTHER INFORMATION CONTACT: *OCC:* Michael Bylsma, Director, Stephen Van Meter, Assistant Director, Carolle Kim, Attorney, Community and Consumer Law Division,

(202)874-5750; or Joseph A. Smith, Group Leader, Mortgage Banking & Securitization, Retail Credit Risk,

(202)874-5170. *Board:* Kathleen C. Ryan, Counsel, or Jamie Z. Goodson, Attorney, Division of Consumer and Community Affairs,

(202)452-3667. For users of Telecommunication Device for Deaf only, call

(202)263-4869. *FDIC:* Luke H. Brown, Associate Director, Compliance Policy Branch,

(202)898-3842, Samuel Frumkin, Senior Policy Analyst, Division of Supervision and Consumer Protection,

(202)898-6602; or Richard Foley, Counsel, Legal Division,

(202)898-3784. *OTS:* Glenn Gimble, Senior Project Manager, Compliance and Consumer Protection Division,

(202)906-7158, or Suzanne McQueen, Consumer Regulations Analyst, Compliance and Consumer Protection Division,

(202)906-6459. *NCUA:* Matthew J. Biliouris, Program Officer, Examination and Insurance,

(703)518-6360. SUPPLEMENTARY INFORMATION: I. Background On March 8, 2007, the Agencies published the Interagency Statement on Subprime Mortgage Lending (Subprime Statement) for comment. 72 FR 10533 (March 8, 2007). After carefully reviewing and considering all comments received, the Agencies published the Subprime Statement (applicable to all banks and their subsidiaries, bank holding companies and their nonbank subsidiaries, savings institutions and their subsidiaries, savings and loan holding companies and their subsidiaries, and credit unions) in final form on July 10, 2007. 72 FR 37569 (July 10, 2007). The Subprime Statement set forth recommended practices to ensure that consumers have clear and balanced information about certain hybrid adjustable rate mortgage products during the product selection process, not just upon submission of an application or at consummation of the loan. This information should address the relative benefits and risks of these products and describe their costs, terms, features, and risks to the borrower. Some industry group commenters on the proposed Subprime Statement asked the Agencies to provide uniform disclosures for these products, or to publish illustrations of the consumer information contemplated by the Subprime Statement similar to those previously proposed by the Agencies in connection with nontraditional mortgage products. (These illustrations were subsequently revised and published in final form. 1 ) The Agencies determined that illustrations of the consumer information contemplated by the Subprime Statement may be useful to institutions as they seek to ensure that consumers receive the information they need about the material features of these loans. On August 14, 2007, the Agencies published for comment two Proposed Illustrations of Consumer Information for Subprime Mortgage Lending (Proposed Illustrations). 72 FR 45495 (Aug. 14, 2007). 1 Illustrations of Consumer Information for Nontraditional Mortgage Products, 72 FR 31825 (June 8, 2007). The two Proposed Illustrations consisted of

(1)a narrative explanation of some of the key features of certain ARM loans that are identified in the Subprime Statement, including payment shock, responsibility for taxes and insurance, prepayment penalties, 2 balloon payments, and increased costs associated with stated income or reduced documentation loans, and

(2)a chart with numerical examples that is designed to show the potential consequences of payment shock in a concrete, readily understandable manner for a loan structured with a discounted interest rate for the first two years. 2 Federal credit unions are prohibited from charging prepayment penalties. 12 CFR 701.21. The Agencies requested comment on all aspects of the Proposed Illustrations. Specifically, commenters were asked to address whether the illustrations, as proposed, would be useful to institutions, including community banks, seeking to implement the “Consumer Protection Principles” portion of the Subprime Statement, or whether changes should be made. The Agencies also encouraged specific comment on whether the illustrations, as proposed, would be useful in promoting consumer understanding of the risks and material terms of certain ARM products, as described in the Subprime Statement, or whether changes should be made. Additionally, the Agencies sought comment on whether the information in the Proposed Illustrations is set forth in a clear manner and format; whether these illustrations or a modified form should be adopted by the Agencies; and whether additional illustrations relating to certain ARM products would be useful to consumers and institutions. Finally, the Agencies requested information on any consumer testing that commenters may have conducted in connection with comparable disclosures. After considering the comments received, the Agencies are now issuing final illustrations of consumer information for certain hybrid ARMs. The Subprime Statement recommended that communications with consumers, including advertisements, oral statements, and promotional materials, provide clear and balanced information about the relative benefits, costs, terms, features, and risks of certain ARM products to the borrower. This includes information about the risk of payment shock, the ramifications of prepayment penalties, balloon payments, and a lack of escrow for taxes and insurance, and any pricing premium associated with a stated income or reduced documentation loan program. Use of the illustrations is entirely voluntary. Accordingly, there is no Agency requirement or expectation that institutions must use the illustrations in their communications with consumers. Institutions seeking to follow the recommendations set forth in the Subprime Statement may, at their option, elect to: • Use the illustrations; • Provide information based on the illustrations, but expand, abbreviate, or otherwise tailor any information in the illustrations as appropriate to reflect, for example: ○ The institution's product offerings, such as by deleting information about loan products and loan terms not offered by the institution and by revising the illustrations to reflect specific terms currently offered by the institution; ○ The consumer's particular loan requirements or qualifications; ○ Current market conditions, such as by changing the loan amounts, interest rates, and corresponding payment amounts to reflect current local market circumstances; ○ Other material information relating to the loan consistent with the Subprime Statement; and ○ The results of consumer testing of the illustrations or comparable disclosures; or • Provide the information described in the Subprime Statement, as appropriate, in an alternate format. To assist institutions that wish to use the illustrations, the Agencies will be posting each of the illustrations on their respective Web sites in a form that can be downloaded and printed for easy reproduction. The Agencies also will develop and post Spanish-language versions of the illustrations on their respective Web sites. Additionally, in response to concerns that the interest rates used in Illustrations Nos. 2A, 2B, and 2C may become outdated with changes in market interest rates—and consistent with the Agencies' intention, expressed above, that the illustrations may be modified to reflect, among other things, current market conditions—the Agencies also will be posting on their respective Web sites a template that can be used by institutions that wish to modify the information presented in these illustrations to reflect more current interest rates (and corresponding payment amounts). II. Overview of the Comments Collectively, the Agencies received approximately 25 comment letters on the proposal, including comments from one federal regulatory agency, a group of three associations of state banking and consumer protection agencies, six financial institutions, ten trade organizations, two community organizations, and five individuals. Most commenters encouraged the Agencies to adopt the illustrations. These commenters stated that the illustrations would be useful to financial institutions, including community banks, seeking to implement the consumer protection principles of the Subprime Statement. At least one commenter also noted that the illustrations would help reduce implementation costs and compliance burden. Several trade organizations supported making use of the illustrations voluntary. These commenters also urged the Agencies to notify their examiners that use of the illustrations is not required to show compliance with the Subprime Statement. One of these commenters stated that in developing the illustrations the Agencies have appropriately balanced the need for institutions to provide meaningful disclosures and the need to avoid unnecessary burdens. On the other hand, one community organization advocated that use of the illustrations should be made mandatory to prevent consumer confusion due to lack of uniform disclosures from lender to lender. Many commenters suggested that the Proposed Illustrations could confuse consumers about whether the illustrations are describing features of hybrid ARMs generally or, instead, describing the mortgage they are actually considering or being offered. These commenters suggested modifying the illustrations by revising statements that appear specific to a particular borrower and loan product. Other commenters, however, suggested modifying the illustrations so that they would be based on the actual loan product or product choices lenders will offer to the particular applicant, and include more loan-specific details. Commenters also suggested changes to make the illustrations more accurately reflect the actual terms of products prevalent in the market. For example, it was noted that the illustrations focused on hybrid ARM products structured with a discounted interest rate for the first two years. Due to recent market developments, such products have become uncommon, and have been replaced, to some extent, by products with somewhat longer discounted initial interest rate periods. Finally, commenters made a number of suggestions to change the wording, format, or content of the illustrations in order to improve the accuracy, clarity, or usefulness of the illustrations for consumers. III. Final Illustrations After carefully considering all of the comments received, the Agencies have decided to publish the proposed illustrations in final form, with some modifications. 3 Additionally, the Agencies believe that issuing these materials as nonmandatory illustrations will provide institutions with the flexibility needed to tailor the materials to their own circumstances and consumer needs. 3 The Agencies are using a different title for this final guidance than for the proposed guidance to reflect more closely the types of mortgage products covered by the Subprime Statement. In response to commenter concerns, the Agencies have made three sets of changes to the proposed illustrations, as described more fully below. The first change relates to the language and format of Illustration No. 1. The Agencies have modified this illustration so it clearly will be a general description of the features of the products covered by the Subprime Statement, rather than a loan-specific disclosure. Second, the Agencies have included additional versions of Illustration No. 2 to provide institutions with illustrations reflecting products that may be more prevalent in the market, and to show how institutions might provide this information when they offer multiple products subject to the Subprime Statement. Finally, the Agencies have adopted a number of wording and format changes to improve the readability and usefulness of the illustrations for consumers, and to make it easier for consumers to understand the key risks of the products covered by the Subprime Statement. A. Proposed Illustration No. 1 As noted above, several commenters suggested that Illustration No. 1 should generally describe features found in the subprime ARM products covered by the Subprime Statement. Given that the Subprime Statement called for early delivery—during the product selection process—of the consumer information contemplated in the Statement, the Agencies agree that it could be inappropriate and confusing for Illustration No. 1 to appear to set forth specific loan terms. At this stage, consumers have not yet selected a specific loan, and institutions likely will not have performed the credit underwriting necessary to determine all of the terms that may be offered to the consumer. In view of these uncertainties, and in light of the fact that hybrid ARMs may include various combinations of the risks and features highlighted in the Subprime Statement, it would not be possible for this narrative description to convey loan-specific information in a way that would be accurate or relevant for all consumers. For these reasons, attempting to include loan-specific information would frustrate one of the Agencies' primary goals in issuing these illustrations: Namely, to create a set of documents that institutions can use to satisfy the expectations outlined in the Subprime Statement. 4 4 In this regard, the Agencies note that institutions will continue to have obligations under the Truth in Lending Act, Real Estate Settlement Procedures Act, and other laws to provide consumers with timely, loan-specific information. Accordingly, in order to make clear that this illustration is simply a generic description of key risks and features that may be found in the products covered by the Subprime Statement, and to improve readability and usefulness, the Agencies have made substantial changes to proposed Illustration No. 1, and have adopted, to a large extent, the format used in the Agencies' nontraditional mortgage product illustrations. 5 Most significantly, the document has been revised and reformatted to emphasize the risk of payment shock present in all products covered by the Subprime Statement, as opposed to other features (such as prepayment penalties) that may (or may not) be found in any particular loan. 6 These other features are now described under a general heading, “Additional Information.” The Agencies also believe that distinguishing between the inherent and potential risks of these products, and formatting the document accordingly, helps to make the document easier to use and understand. The Agencies also have revised the language in the subject matter headings of the “Additional Information” portion of the document. These changes are designed to conform to the approach used in the nontraditional mortgage product illustrations and to clarify that the features described therein are not necessarily included in the loan to be offered to the consumer. 5 Illustrations of Consumer Information for Nontraditional Mortgage Products, 72 FR 31825 (June 8, 2007). 6 The title of this illustration also has been revised, in response to commenter suggestions, to stress that the document includes important facts about any adjustable rate mortgage with a reduced initial interest rate. The Agencies also adopted several suggestions from commenters to place more emphasis on the nature of the risks associated with obtaining a hybrid ARM product of the type covered by the Subprime Statement, and to focus consumers' attention on those risks. For example, the Agencies have added language directing consumers not to assume that they will be able to refinance their ARM to a lower rate in the future. The final illustration also states that consumers “need to know” whether the monthly payment includes taxes and insurance, whether their loan would have a prepayment penalty or balloon payment, and whether obtaining a “full documentation” loan would be more cost-effective. Other recommendations were adopted by the Agencies to improve the clarity or usefulness of the document for consumers. For example, Illustration No. 1 was modified to reflect interest rate indexes more likely to be used by lenders in the current market. The Agencies decided not to adopt a number of specific suggestions made by commenters. Some of these suggestions were largely duplicative of information already contained in the document, or otherwise would have made the document too lengthy and less consumer-friendly. Other comments would have provided substantive advice to consumers about particular features and terms, and were inconsistent with the purpose of the illustration to provide important information in an objective, balanced manner. One commenter representing the credit union industry suggested deleting the reference to prepayment penalties in Illustration No. 1 on the grounds that federal credit unions are not permitted to charge such penalties. The Agencies did not adopt this suggestion, however, because the illustrations are designed for the use of all institutions supervised by any of the Agencies. As noted above, institutions may tailor the information in the illustrations as appropriate to reflect, for example, their own product offerings. Other suggested changes that were not adopted would not, in the Agencies' view, have enhanced the clarity or usefulness of the illustration for consumers. B. Proposed Illustration No. 2 After reviewing and considering the comments, the Agencies have retained Proposed Illustration No. 2—a chart comparing payment obligations on a fixed rate loan and an ARM with a discounted interest rate for the first two years—but have re-designated the illustration as Illustration No. 2A. In response to the comments and market changes, the Agencies also have included two additional versions of Proposed Illustration No. 2 for institutions to consider using. Comments on Illustration No. 2, as well as external data reviewed, indicate that hybrid ARM products structured with a discounted interest rate for the first five years may have become more prevalent in the current market than similar products structured with a discounted interest rate for the first two years. Accordingly, the Agencies have added a similar chart, designated as Illustration No. 2B, that compares payment obligations on a fixed rate loan and an ARM with a discounted interest rate for the first five years. Institutions may believe that Illustration No. 2B is more helpful than Illustration No. 2A to consumers considering loans whose initial rate remains in effect for a longer period of time. In addition, the Agencies have added a third chart, designated as Illustration No. 2C, that compares payment obligations on three products: A fixed rate loan; an ARM with a discounted interest rate for the first two years; and an ARM with a discounted rate for five years. Institutions that would like to present information about multiple products they offer on a single page, rather than providing a separate illustration for each product, may find this third chart to be useful. 7 The Agencies also adopted a number of minor wording changes, including changes in the left column of the illustration to clarify that the interest rate conditions specified therein are specifically referring to movement in index interest rates, and not the interest rate increases required by the terms of the hybrid ARM loan. The Agencies also changed the assumed interest rate increase in the final row of the left column to be more consistent with the illustration's assumptions about product structure, and thereby less likely to produce consumer confusion. The Agencies did not adopt some suggestions made by commenters because they would require the provision of loan-specific information that could not feasibly or accurately be presented in the early product selection process. However, as noted above, institutions that wish to modify the information presented in these illustrations will be able to access relevant templates on the respective Web sites of the Agencies and insert more loan-specific information. Some recommendations also were not adopted because, on balance, they would unreasonably increase or duplicate the information already included or would not otherwise appear to improve the clarity or usefulness of the information presented for consumers. 7 Illustrations Nos. 2A, 2B, and 2C reflect typical interest rates for these products at the time the Agencies issued the Subprime Statement, and embody other assumptions about typical features of these products. For example, they reflect assumptions that: the fully-indexed rate is 4.5 percentage points higher than the initial rate (based on an initial index rate of 5.5 percent and a margin of 6 percent); the first interest rate adjustment cannot exceed 3 percentage points; subsequent interest rate adjustments may not exceed 1.5 percentage points; and the applicable interest rate may never be more than 6 percentage points higher than the initial rate. The final illustrations appear below. BILLING CODE 4810-33-C, 6210-01-C, 6714-01-C, 6720-01-C, 7335-01-C EN29MY08.006 EN29MY08.007 EN29MY08.008 EN29MY08.009 Dated: May 15, 2008. John C. Dugan, Comptroller of the Currency. By order of the Board of Governors of the Federal Reserve System, May 20, 2008. Robert deV. Frierson, Deputy Secretary of the Board. Dated at Washington, DC, the 19th day of May, 2008. By order of the Federal Deposit Insurance Corporation. Robert E. Feldman, Executive Secretary. Dated: May 7, 2008. By the Office of Thrift Supervision. John Reich, Director. By the National Credit Union Administration on May 20, 2008. JoAnn M. Johnson, Chairman. [FR Doc. E8-11850 Filed 5-28-08; 8:45 am] BILLING CODE 4810-33-P, 6210-01-P, 6714-01-P, 6720-01-P, 7535-01-P DEPARTMENT OF THE TREASURY Office of Foreign Assets Control Changes to Identifying Information of Entity Designated on May 15, 2008, Pursuant to Executive Order 1312978 AGENCY: Office of Foreign Assets Control, Treasury. ACTION: Notice. SUMMARY: The Treasury Department's Office of Foreign Assets Control (“OFAC”) is publishing changes to the identifying information associated with one entity previously designated on May 15, 2008, pursuant to Executive Order 13405 of June 16, 2006, “Blocking Property of Certain Persons Undermining Democratic Processes or Institutions in Belarus.” DATES: The changes by the Director of OFAC of the identifying information for the entity identified in this notice pursuant to Executive Order 13405 is effective on May 20, 2008. FOR FURTHER INFORMATION CONTACT: Assistant Director, Compliance Outreach & Implementation, Office of Foreign Assets Control, Department of the Treasury, Washington, DC 20220, tel.: 202/622-2490. SUPPLEMENTARY INFORMATION: Electronic and Facsimile Availability This document and additional information concerning OFAC are available from OFAC's Web site ( *http://www.treas.gov/ofac* ) or via facsimile through a 24-hour fax-on demand service, tel.:

(202)622-0077. Background On June 16, 2006, the President issued Executive Order 13405 (the “Order”) pursuant to, inter alia, the International Emergency Economic Powers Act (50 U.S.C. 1701-06). In the Order, the President declared a national emergency to address political repression, electoral fraud, and public corruption in Belarus. The Order imposes economic sanctions on persons responsible for actions or policies that undermine democratic processes or institutions in Belarus. The President identified ten individuals as subject to the economic sanctions in the Annex to the Order. Section 1 of the Order blocks, with certain exceptions, all property, and interests in property, that are in, or hereafter come within, the United States or the possession or control of United States persons for persons listed in the Annex and those persons determined by the Secretary of the Treasury, after consultation with the Secretary of State, to satisfy any of the criteria set forth in subparagraphs (a)(ii)(A) through (a)(ii)(E) of Section 1. On May 15, 2008, the Director of OFAC, in consultation with the Secretary of State, designated, pursuant to one or more of the criteria set forth in Section 1, subparagraphs (a)(ii)(A) through (a)(ii)(E) of the Order, three entities whose names have been added to the list of Specially Designated Nationals and whose property and interests in property are blocked, pursuant to the Order. OFAC has made changes to the identifying information associated with the following entity previously designated on May 15, 2008, pursuant to the Order: 1. BELARUSIAN OIL TRADE HOUSE (a.k.a. BELARUSIAN OIL TRADING HOUSE; a.k.a. BELARUSIAN OIL TRADING HOUSE REPUBLICAN SUBSIDIARY UNITARY ENTERPRISE; a.k.a. BELARUSIAN OIL TRADING HOUSE REPUBLICAN UNITARY SUBSIDIARY; a.k.a. BOTH; a.k.a. UE BELARUSIAN OIL TRADE HOUSE), Dzerzhinsky Avenue, 73, Minsk 220116, Belarus; Prospect Dzerzhinskogo, 73, Minsk 220116, Belarus; 73 Derzhinsky Ave., Minsk 220116, Belarus; Business Registration Document # UNP 101119568 (Belarus) [BELARUS]. The listing now appears as the following: 1. BELARUSIAN OIL TRADE HOUSE (a.k.a. BELARUSIAN OIL TRADING HOUSE; a.k.a. BELARUSIAN OIL TRADING HOUSE REPUBLICAN SUBSIDIARY UNITARY ENTERPRISE; a.k.a. BELARUSIAN OIL TRADING HOUSE REPUBLICAN UNITARY SUBSIDIARY; a.k.a. BOTH; a.k.a. UE BELARUSIAN OIL TRADE HOUSE, a.k.a. UNITED TRADING SITE, a.k.a. WWW.BNTDTORG.BY, a.k.a. WWW.BNTD.BY), Dzerzhinsky Avenue, 73, Minsk 220116, Belarus; Prospect Dzerzhinskogo, 73, Minsk 220116, Belarus; 73 Derzhinsky Ave., Minsk 220116, Belarus; Business Registration Document # UNP 101119568 (Belarus) [BELARUS] Dated: May 20, 2008. Adam J. Szubin, Director, Office of Foreign Assets Control. [FR Doc. E8-11987 Filed 5-28-08; 8:45 am] BILLING CODE 4811-45-P DEPARTMENT OF THE TREASURY Internal Revenue Service Open Meeting of the Taxpayer Assistance Center Committee of the Taxpayer Advocacy Panel AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of Meeting. SUMMARY: An open meeting of the Taxpayer Assistance Center Committee of the Taxpayer Advocacy Panel will be conducted (via teleconference). The Taxpayer Advocacy Panel

(TAP)is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service. DATES: The meeting will be held Tuesday, July 22, 2008. FOR FURTHER INFORMATION CONTACT: Dave Coffman at 1-888-912-1227 or 206-220-6096. SUPPLEMENTARY INFORMATION: Notice is hereby given pursuant to Section 10(a)(2) of the Federal Advisory Committee Act, 5 U.S.C. App.

(1988)that an open meeting of the Taxpayer Assistance Center Committee of the Taxpayer Advocacy Panel will be held Tuesday, July 22, 2008, from 9 am. Pacific Time to 10:30 a.m. Pacific Time via a telephone conference call. If you would like to have the TAP consider a written statement, please call 1-888-912-1227 or 206-220-6096, or write to Dave Coffman, TAP Office, 915 2nd Avenue, MS W-406, Seattle, WA 98174. Due to limited conference lines, notification of intent to participate in the telephone conference call meeting must be made with Dave Coffman. Mr. Coffman can be reached at 1-888-912-1227 or 206-220-6096, or you can contact us at *http://www.improveirs.org.* The agenda will include the following: Various IRS issues. Dated: May 15, 2008. Richard Morris, Acting Director, Taxpayer Advocacy Panel. [FR Doc. E8-11782 Filed 5-28-08; 8:45 am] BILLING CODE 4830-01-M DEPARTMENT OF VETERANS AFFAIRS Advisory Committee on Women Veterans; Notice of Meeting The Department of Veterans Affairs

(VA)gives notice under Public Law 92-463 (Federal Advisory Committee Act) that the Advisory Committee on Women Veterans will meet on June 19, 2008 in room 230 at 810 Vermont Avenue, NW., Washington, DC from 8:30 a.m.-4:30 p.m. The meeting is open to the public. The purpose of the Committee is to advise the Secretary of Veterans Affairs regarding the needs of women veterans with respect to health care, rehabilitation, compensation, outreach, and other programs and activities administered by VA designed to meet such needs. The Committee will make recommendations to the Secretary regarding such programs and activities. On June 19, the agenda will include final review and editing of the 2008 Advisory Committee on Women Veterans report, discussion and planning of the fall Advisory Committee meeting, and discussion of the Advisory Committee's role at the 2008 National Summit on Women Veterans' Issues—which will be held at the Westin Washington, DC City Center June 20-22, 2008. Any member of the public wishing to attend should contact Ms. Shannon L. Middleton, Department of Veterans Affairs, Center for Women Veterans (OOW), 810 Vermont Avenue, NW., Washington, DC 20420. Ms. Middleton may be contacted either by phone at

(202)461-6193, by fax at

(202)273-7092, or by e-mail at *OOW@mail.va.gov.* Interested persons may attend, appear before, or file statements with the Committee. Written statements must be filed before the meeting, or within 10 days after the meeting. Dated: May 22, 2008. By Direction of the Secretary. E. Philip Riggin, Committee Management Officer. [FR Doc. E8-11948 Filed 5-28-08; 8:45 am] BILLING CODE 8320-01-P DEPARTMENT OF VETERANS AFFAIRS Clinical Science Research and Development Service Cooperative Studies Scientific Evaluation Committee; Notice of Meetings The Department of Veterans Affairs

(VA)gives notice under Public Law 92-463 (Federal Advisory Committee Act) that a meeting of the Clinical Science Research and Development Service Cooperative Studies Scientific Evaluation Committee will be held on June 17, 2008, at the Jurys Washington Hotel, 1500 New Hampshire Avenue, NW., Washington, DC. The session is scheduled to begin at 8:30 a.m. and end at 4 p.m. The Committee advises the Chief Research and Development Officer through the Director of the Clinical Science Research and Development Service on the relevance and feasibility of proposed projects and the scientific validity and propriety of technical details, including protection of human subjects. The session will be open to the public for approximately 30 minutes at the start of the meeting for the discussion of administrative matters and the general status of the program. The remaining portion of the session will be closed to the public for the Committee's review, discussion and evaluation of research and development applications. During the closed portion of the meeting, discussions and recommendations will deal with qualifications of personnel conducting the studies, staff and consultant critiques of research proposals and similar documents, and the medical records of patients who are study subjects, the disclosure of which would constitute a clearly unwarranted invasion of personal privacy. As provided by section 10(d) of Public Law 92-463, as amended, closing portions of this meeting is in accordance with 5 U.S.C. 552b(c)(6) and (c)(9)(B). Those who plan to attend should contact Dr. Grant Huang, Deputy Director, Cooperative Studies Program (125), Department of Veterans Affairs, 810 Vermont Avenue, NW., Washington, DC 20420, at

(202)254-0183. Dated: May 22, 2008. By Direction of the Secretary. E. Philip Riggin, Committee Management Officer. [FR Doc. E8-11947 Filed 5-28-08; 8:45 am] BILLING CODE 8320-01-P 73 104 Thursday, May 29, 2008 Presidential Documents Part II The President Proclamation 8261—National Hurricane Preparedness Week, 2008 Title 3— The President Proclamation 8261 of May 23, 2008 National Hurricane Preparedness Week, 2008 By the President of the United States of America A Proclamation National Hurricane Preparedness Week highlights the vital importance of being prepared when natural disasters strike. Tropical storms can cause destruction over entire regions and claim the lives of many of our citizens. We can help reduce vulnerability in our communities by encouraging all citizens to be prepared and to work together. Maintaining emergency supply kits and family communication plans, and knowing what to do in an emergency can help save lives. For more information on hurricane preparedness, Americans can visit ready.gov and fema.gov to find checklists and other valuable resources to help them get prepared. My Administration continues to support efforts to strengthen how Americans prepare for and respond to disasters. The National Oceanic and Atmospheric Administration works to predict and track storms so that citizens are more aware of potential storms. The Department of Homeland Security's Federal Emergency Management Agency

(FEMA)has improved communication between Federal, State, local government, and the private sector in order to help citizens stay informed and receive the help they need. By working together, we can better prepare for, respond to, and recover from hurricanes and reduce the harm to our citizens and our communities. As hurricane season approaches, we also express our gratitude to the volunteers and first responders who help their fellow citizens in their time of need. NOW, THEREFORE, I, GEORGE W. BUSH, President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim May 25 through May 31, 2008, as National Hurricane Preparedness Week. I call upon government agencies, private organizations, schools, and the media to share information about hurricane preparedness. I also urge all Americans living in vulnerable coastal areas to take appropriate measures and precautions to protect themselves, their homes, and their communities against the effects of hurricanes. IN WITNESS WHEREOF, I have hereunto set my hand this twenty-third day of May, in the year of our Lord two thousand eight, and of the Independence of the United States of America the two hundred and thirty-second. GWBOLD.EPS [FR Doc. 08-1310 Filed 5-28-08; 8:50 am]

Connectionstraces to 10

Traces to 10 documents

U.S. Code