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Code · REGISTER · 2008-07-29 · Nuclear Regulatory Commission · Notices

Notices. Request for comments

21,197 words·~96 min read·/register/2008/07/29/08-1480

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

BILLING CODE 7590-01-P NUCLEAR REGULATORY COMMISSION [NRC-2008-0413] Possible Improvements to the Level of Openness and Transparency of Information Associated With NRC Security Inspection and Security Performance Assessment of NRC Licensees AGENCY: Nuclear Regulatory Commission. ACTION: Request for comments. SUMMARY: The Nuclear Regulatory Commission
(NRC)is seeking comment from all interested persons on options for improving the level of openness and transparency associated with security-related information obtained from the conduct of NRC inspection and licensee performance assessments. DATES: Submit comments by September 5, 2008. Comments received after this date will be considered only if it is practical to do so. ADDRESSES: Comments may be submitted electronically through *http://www.regulations.gov* or mailed to Michael T. Lesar, Chief, Rulemaking, Directives and Editing Branch, Office of Administration (Mail Stop: T6-D59), U.S. Nuclear Regulatory Commission, Washington, DC 20555-0001. Comments may also be hand delivered to Mr. Lesar at 11545 Rockville Pike, Rockville, Maryland, between 7:30 a.m. and 4:15 p.m. on Federal workdays. Publicly-available documents referenced for this action are available electronically through the NRC's Electronic Reading Room on the Internet at *http://www.nrc.gov/reading-rm.html.* From this site the public can also access the NRC's Agencywide Documents Access and Management System (ADAMS), which provides text and image files of the NRC's public documents. For more information, contact the NRC's Public Document Room
(PDR)reference staff at 301-415-4737 or 800-397-4209, or by e-mail at *pdr.resource@nrc.gov* . FOR FURTHER INFORMATION CONTACT: Paul W. Harris, Senior Program Manager, Reactor Security Oversight Branch, Division of Security Operations, Office of Nuclear Security and Incident Response, U.S. Nuclear Regulatory Commission, Washington, DC 20555-0001. Telephone:
(301)415-1169; fax number
(301)415-6077; e-mail: *Paul.Harris@NRC.gov.* SUPPLEMENTARY INFORMATION: Background The NRC views nuclear regulation as the public's business and, as such, believes it should be transacted as openly and candidly as possible to maintain and enhance the public's confidence in the regulatory process. Ensuring appropriate openness explicitly recognizes that the public must be informed about, and have a reasonable opportunity to participate meaningfully in the NRC's regulatory processes. At the same time, the NRC must also control sensitive information so that security goals are met. This vision is described in the NRC's Strategic Plan for Fiscal Years 2008- 2013, NUREG-1614, Volume 4, February 2008 ( *http://www.nrc.gov/reading-rm/doc-collections/nuregs/staff/sr1614/v4/* ). The NRC has traditionally given the public access to a significant amount of information about facilities and materials the agency regulates. This information has included, but has not been limited to, licensee performance assessments, inspection findings, and details regarding escalated enforcement actions. To help ensure openness, the agency provides accurate and timely information to the public about the risks associated with radioactive material and the safety performance of the licensees regulated by the NRC. This strategy enables a fair, timely, and meaningful stakeholder involvement in NRC regulated activities without disclosing classified, safeguards, proprietary, and sensitive unclassified information, and results in early communications with stakeholders on issues of substantial interest. Recent Changes to the Publicly-Available Security-Related Information Prior to the terrorist events of September 11, 2001, almost all information regarding the inspection and assessment of security activities at NRC licensees was publicly available. Only information specifically requiring protection, such as that described in the background information under “Security Inspection and Licensee Performance Assessment Openness Initiative” located at *http://www.nrc.gov/public-involve/doc-comment.html#3,* was withheld from the public. Therefore, most security-related licensee performance information was documented in NRC inspection reports, reviews of licensee performance, and enforcement determinations. Most of these documents (that were designated as non-sensitive or non-safeguards information) were made available for public inspection at the NRC's PDR accessible locally in Rockville, Maryland or through the Internet via the NRC's electronic reading room at *http://www.nrc.gov/reading-rm.html.* Furthermore, specific commercial power reactor licensee performance information, such as descriptions of violations, inspection findings, NRC annual assessments of licensee performance, and performance indicators for individual power facilities was publicly accessible at *http://www.nrc.gov/reactors/ql-reactors.html#over.* At the preceding NRC Web site, non-safeguards information, summaries of all security and non-security inspection findings, and performance assessments for nuclear power plants used to be available for public review. This allowed a member of the public to ascertain specific licensee performance information and compare that performance to other similar facilities. The inspection process also made available NRC inspection schedules and its meetings with licensees involving NRC-regulated activities. Although some security-related information was publicly available, the preponderance of all information that the NRC made available to the public dealt with the design and operation of NRC-regulated facilities, and not with the physical security of these facilities or radioactive materials. In the aftermath of September 11, 2001, the NRC assessed and revised controls on withholding from public disclosure security-related NRC inspection and licensee performance information that might be useful to persons planning hostile acts against licensees. As a result, the amount of publicly-available security-related information was reduced. Currently, the cover letters to security inspection reports are publicly available providing general information without revealing any specifics regarding any particular inspection finding. This information includes, but is not limited to: the dates of the inspection, whether there was a finding, and whether the finding involved a cross cutting aspect (human performance, problem identification and resolution, and safety conscious working environment). The security-related inspection information that is currently available for public review can be viewed at *http://www.nrc.gov/reactors/ql-reactors.html#over.* Staff Options To Enhance Openness and Transparency of Security Inspection Information To improve stakeholder satisfaction with the way NRC communicates security inspection information, the staff is considering a number of approaches that would increase the public awareness and openness of the NRC's security inspection findings and licensee performance assessment, such as adding additional detail to:
(1)The annual public report to Congress on security oversight of operating power reactors and fuel cycle facilities by providing a brief description and significance of security inspection findings;
(2)the public cover letters for security inspection reports by providing more details, including significance of security inspection findings; and,
(3)the NRC public Web site by making more information available, such as some security inspection procedures and inspection manual chapters. Further, similar to that done for NRC safety assessments of licensee performance, the staff is considering whether to conduct public meetings in the vicinity of commercial power reactors, fuel facilities, and any NRC-regulated facility that had a significant 1 security-related performance problem during the performance review period. These meetings would be held to present NRC's assessment of that particular licensee's security performance (without divulging sensitive information) and respond to public questions regarding licensee performance and regulatory oversight. In other words, the NRC is assessing whether to conduct public meetings on a periodicity commensurate with licensee performance. 1 As used in this document, the term “significant” means a deficiency or a combination of deficiencies that results in a programmatic increase in NRC regulatory oversight of a facility. Regarding material licensees 2 , Agreement States and the Commission cooperated in the development of enhanced security measures and the adoption of a policy in which these licensees would protect certain sensitive information. Agreement States and the Commission have also agreed to withhold the names of the licensees that are implementing these enhanced security requirements—publishing a licensee name could potentially make that entity a target for hostile action. Furthermore, some security inspection results, licensee performance assessments, inspection procedures, and inspection manual chapters will not be available to the public because of special considerations associated with the particular facility; however, the staff endeavors to apply a consistent level of openness to these inspection results as well. 2 Material licensees are, for examples, large panoramic irradiators, manufacturer and distributor licensees, licensees that transfer large quantities of radioactive material, and materials licensees that possess risk-significant quantities of radioactive material (i.e., hospitals, universities, radiographers, and well loggers). Availability of Inspection-Related Information on NRC Web Site The NRC places a large amount of inspection and licensee performance information on its external Web site to inform stakeholders and to enable public participation in the regulatory process. Program descriptions detailing how the NRC staff implements its inspection programs are described at *http://www.nrc.gov/reading-rm/doc-collections/insp-manual/manual-chapter/index.html.* For power reactors, inspection-related information is posted at *http://www.nrc.gov/NRR/OVERSIGHT/ASSESS/pim_summary.html* , with cover letters for security inspection reports found at *http://www.nrc.gov/NRR/OVERSIGHT/ASSESS/listofrpts_body_security.html* . The information on these web links is updated every quarter, however, the actual safety report or security cover letter is publicly available in ADAMS shortly after the reports are approved and signed. For NRC inspection and licensee performance assessment of fuel cycle facilities see *http://www.nrc.gov/reading-rm.html.* Lastly, the NRC continues to enable public access to various reports produced by the NRC staff, public meeting and workshop summaries, and media-type information in ADAMS and may release other information to the public in response to formal or informal requests. Summary Considering the various reviews, legislation, and other changes since September 11, 2001, the NRC staff believes that enhancement of its current procedures and policies regarding publicly-available information summarizing security inspection, enforcement results, and licensee performance assessment could serve in the public interest. Therefore, the NRC seeks public comments on ways to improve regulatory openness and transparency of its security oversight activities. Improving openness and transparency will enhance public satisfaction by:
(1)Enhancing public awareness of the NRC's independent role in protecting public health and safety, the environment, and the common defense and security;
(2)providing accurate and timely information to the public about regulatory activities at NRC licensees;
(3)providing fair, timely, and meaningful stakeholder involvement in NRC regulated activities without disclosing classified, safeguards, proprietary, or sensitive information; and
(4)initiating early communication with stakeholders on issues of substantial interest. To support this endeavor and to better understand public satisfaction in how the NRC communicates security-related information, comments are requested on, but need not be limited to, the topics below:
(1)In addition to the information currently in publicly-available cover letters for the majority of NRC security inspections, what additional information would be effective in informing the public about licensee security performance? For example, what specific details would increase the public's level of satisfaction in NRC regulatory oversight of licensed facilities? (2)(a) At what stage in the inspection process is interaction with the public most effective and beneficial? For example, immediately upon closure of an inspection when a finding is identified, but may be withheld from public disclosure or some time after licensee correction of the finding, when it may be possible to release additional security-related inspection information?
(b)At what stage in the NRC's licensee performance assessment process is interaction with the public most effective and beneficial? For example, upon NRC determination that licensee performance changed from one Action Matrix column 3 to another or during NRC's mid-cycle or end-of-cycle licensee performance reviews. 3 See NRC Inspection Manual Chapter 0320, “Operating Reactor Security Assessment Program,” page E2-1, located at *http://www.nrc.gov/reading-rm/doc-collections/insp-manual/.*
(3)What method of public interaction is most preferred? For example, is the conduct of a public meeting, a redacted inspection report, additional information in NRC's annual report to Congress regarding security inspections, or additional information posted on the NRC Web site the most beneficial (efficient, effective, or informative) method of informing the public?
(4)How useful are the above methods for communicating NRC security-related inspection and licensee performance information to all stakeholders?
(5)What are the reasons why various stakeholders desire security-related information? For example, is this information necessary to build confidence in NRC regulatory oversight or understand current licensee performance?
(6)What level of public participation in any substantial and future revision of the security oversight process (e.g., changes made to performance indicators, significance determination process, etc.) would be beneficial? What constraints and considerations on such participation would be necessary to protect the details of sensitive security information? The public may view background information, express additional thought, comment, and describe other means and methods to enhance openness and transparency at “Security Inspection and Licensee Performance Assessment Openness Initiative” located at *http://www.nrc.gov/public-involve/doc-comment.html#3.* Dated this 22nd day of July 2008, at Rockville, Maryland. For the Nuclear Regulatory Commission. Roy P. Zimmerman, Director, Office of Nuclear Security and Incident Response. [FR Doc. E8-17324 Filed 7-28-08; 8:45 am] BILLING CODE 7590-01-P POSTAL REGULATORY COMMISSION [Docket No. MC2008-5; Order No. 90] Express Mail AGENCY: Postal Regulatory Commission. ACTION: Notice. SUMMARY: This document announces the Postal Service's filing of a notice concerning the addition of an Express Mail contract to the competitive product list. It also announces a related Commission review. DATES: Comments due July 31, 2008. ADDRESSES: Submit documents electronically via the Commission's Filing Online system at *http://www.prc.gov.* FOR FURTHER INFORMATION CONTACT: Stephen L. Sharfman, General Counsel, 202-789-6820 and *stephen.sharfman@prc.gov.* SUPPLEMENTARY INFORMATION: On July 21, 2008, the Postal Service filed a request pursuant to 39 U.S.C. 3642 and 39 CFR 3020.30 to modify the Mail Classification Schedule by adding Express Mail Contract 1 to the competitive product list. The Postal Service asserts that Express Mail Contract 1 is a competitive product “not of general applicability” within the meaning of 39 U.S.C. 3632(b)(3). 1 A redacted version of the Governors' Decision establishing the price and classification and a certification of the Governors' vote is included as Attachment A to the filing. The requested changes in the Mail Classification Schedule product list are included in the filing as Attachment B with the new product shown in brackets. 2 The statement of supporting justification required by 39 CFR 3020.32 is included as Attachment C to the filing. 1 Request of the United States Postal Service to Add Express Mail Contract to Competitive Product List and Notice of Establishment of Rates and Class Not of General Applicability, July 21, 2008 (Request). 2 The draft Mail Classification Schedule remains under review. The Commission anticipates providing interested persons an opportunity to comment on the draft Mail Classification Schedule in the near future. In the same July 21, 2008 filing, the Postal Service gives notice, pursuant to 39 U.S.C. 3632(b)(3) and 39 CFR 3015.5, that the Governors have established prices and classifications not of general applicability for Express Mail Contract 1. Request at 2. In support of its Request, the Postal Service has also filed materials under seal, including an unredacted version of an explanation and justification in the Governors' Decision and an unredacted analysis. Also filed under seal are the cost and revenue data and the certification of compliance with 39 U.S.C. 3633(a)(1) and (3). The Postal Service asserts “that the contract, related financial information, the customer's name and the portions of the Governors' Decision and accompanying analysis that provides prices, terms, and conditions should remain confidential.” *Id.* In Order No. 43, the Commission issued regulations establishing a modern system of rate regulation, including a list of competitive products. PRC Order No. 43, October 29, 2007, paras. 3061, 4013. Among other things, the Commission determined that each negotiated service agreement would initially be classified as a separate product. The specific Express Mail agreement filed in this docket will be classified as a new product. As noted above, the Postal Service filing in this docket was made pursuant to rule 3015.5 and rule 3020.30. As a consequence, the Commission will review the filing under both rule 3015 and part 3020, subpart B. Interested persons may express views and offer comments on whether the planned changes are consistent with the policies of 39 U.S.C. 3632, 3633 and/or 3642. Comments are due no later than July 31, 2008. Pursuant to 39 U.S.C. 505, Paul L. Harrington is appointed to serve as officer of the Commission (Public Representative) to represent the interests of the general public in the captioned docket. *It is Ordered:* 1. Comments on issues in this proceeding are due no later than July 31, 2008. 2. The Commission appoints Paul L. Harrington as Public Representative to represent the interests of the general public in this proceeding. 3. The Secretary shall arrange for publication of this Order in the **Federal Register** . By the Commission. Issued July 23, 2008. Steven W. Williams, Secretary. [FR Doc. E8-17301 Filed 7-28-08; 8:45 am] BILLING CODE 7710-FW-P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94-409, that the Securities and Exchange Commission will hold a Closed Meeting on July 31, 2008 at 2 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters also may be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (7), (9)(B), and
(10)and 17 CFR 200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the scheduled matters at the Closed Meeting. Commissioner Walter, as duty officer, voted to consider the items listed for the Closed Meeting in closed session. The subject matter of the Closed Meeting scheduled for July 31, 2008 will be: Formal orders of investigation; institution and settlement of injunctive actions; institution and settlement of administrative proceedings of an enforcement nature; resolution of litigation claims; and other matters related to enforcement proceedings. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact: The Office of the Secretary at
(202)551-5400. Dated: July 24, 2008. Florence E. Harmon, Acting Secretary. [FR Doc. E8-17414 Filed 7-28-08; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-58207; File No. SR-CBOE-2008-26] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Approving a Proposed Rule Change To List and Trade Options on the BXM Index (1/10th Value) July 22, 2008. I. Introduction On June 2, 2008, the Chicago Board Options Exchange, Incorporated (“CBOE” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 1 and Rule 19b-4 thereunder, 2 a proposed rule change to list and trade options on the BXM Index (1/10th value). The proposed rule change was published for comment in the **Federal Register** on June 18, 2008. 3 The Commission received no comments regarding the proposal. This order approves the proposed rule change. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 *See* Securities Exchange Act Release No. 57946 (June 10, 2008), 73 FR 34811 (“Notice”). II. Description of the Proposal CBOE proposes to list and trade cash-settled, European-style options on an index that is equal to 1/10th of the value of the CBOE S&P 500 BuyWrite Index (“BXM” or “BXM Index”). 4 4 The Exchange is not currently proposing to list and trade options that overlie the full-value BXM Index. CBOE Futures Exchange, LLC (“CFE”) currently lists and trades CBOE S&P 500 BuyWrite Index future contracts, which commenced trading on October 2, 2006. Index Design The BXM Index measures the total rate of return of a hypothetical “covered call” strategy applied to the S&P 500 Composite Price Index (the “S&P 500 Index”). This strategy, referred to as the “BXM covered call strategy,” consists of a hypothetical portfolio consisting of a “long” position indexed to the S&P 500 Index on which are deemed sold a succession of one-month, at-the-money call options on the S&P 500 Index listed on the Exchange. This hypothetical portfolio is referred to as the “covered S&P 500 Index portfolio.” The BXM Index provides a benchmark measure of the total return performance of this hypothetical portfolio. Dividends paid on the component stocks underlying the S&P 500 Index and the dollar value of option premium deemed received from the sold call options are functionally “re-invested” in the covered S&P 500 Index portfolio. The BXM Index is based on the cumulative gross rate of return of the covered S&P 500 Index portfolio since the inception of the BXM Index on June 1, 1988, when it was set to an initial value of 100.00. The BXM covered call strategy requires that each S&P 500 Index call option in the hypothetical portfolio be held to maturity, generally the third Friday of each month. The call option is settled against the Special Opening Quotation (“SOQ”) of the S&P 500 Index used as the final settlement price of S&P 500 Index call options. 5 The SOQ is a special calculation of the S&P 500 Index that is compiled from the opening prices of component stocks underlying the S&P 500 Index that is performed when all 500 stocks underlying the S&P 500 Index have opened for trading, and is usually determined before 10 a.m. Chicago time. 6 The final settlement price of the call option at maturity is the greater of 0 and the difference between the SOQ minus the strike price of the expiring call option. 5 If the third Friday of the month is an exchange holiday, the call option will be settled against the SOQ on the previous business day and the new call option will be selected on that day as well. 6 If one or more stocks in the S&P 500 Index do not open on the day the SOQ is calculated, the final settlement price for SPX options is determined in accordance with the Rules and By-Laws of The Options Clearing Corporation (“OCC”). Subsequent to the settlement of the expiring call option, a new at-the-money call option expiring in the next month is then deemed written, or sold, a transaction commonly referred to as a “roll.” The strike price of the new call option is the S&P 500 Index call option listed on CBOE with the closest strike price above the last value of the S&P 500 Index reported before 10 a.m. Chicago time. 7 Once the strike price of the new call option has been identified, the new call option is deemed sold at a price equal to the volume-weighted average of the traded prices (“VWAP”) of the new call option during the half-hour period beginning at 10:30 a.m. Chicago time. CBOE calculates the VWAP in a two-step process: First, CBOE excludes trades in the new call option between 10:30 a.m. and 11 a.m. Chicago time that are identified as having been executed as part of a “spread,” and then CBOE calculates the weighted average of all remaining transaction prices of the new call option between 10:30 a.m. and 11 a.m. Chicago time, with weights equal to the fraction of total non-spread volume transacted at each price during this period. The source of the transaction prices used in the calculation of the VWAP is CBOE's Market Data Retrieval (“MDR”) System. 8 If no transactions occur in the new call option between 10:30 a.m. and 11 a.m. Chicago time, then the new call option is deemed sold at the last bid price reported before 11 a.m. Chicago time. The value of option premium deemed received from the new call option is functionally “reinvested” in the portfolio. 7 If the last value of the S&P 500 Index reported before 10 a.m. Chicago time is exactly equal to a listed S&P 500 Index call option strike price, then the new call option is the S&P 500 Index call option with that exact at-the-money strike price. 8 Time and sales information from CBOE's MDR System is disseminated through the Options Price Reporting Authority (“OPRA”) and is publicly available through most price quote vendors. Index Calculation The BXM Index is calculated in real-time by CBOE every 15 seconds during each trading day, excluding roll dates (for the respective components of the covered S&P 500 Index portfolio). The BXM Index calculation is disseminated through OPRA and is publicly available through most price quote vendors. 9 The BXM Index is a chained index, *i.e.* , its value is equal to 100 times the cumulative product of gross daily rates of return of the covered S&P 500 Index portfolio since the inception date of the BXM Index. 10 9 Information regarding the BXM Index may be found on CBOE's Web site at the following Internet address: *www.cboe.com/micro/bxm.* 10 *See* Notice, *supra* note 3 for further discussion of the BXM Index calculation. Options Trading BXM options will be quoted in terms of the underlying BXM Index (1/10th value). Both options prices and cash index levels will be stated in decimal format and one point will equal $100. The minimum tick size for series trading below 3.00 will be 0.05 point ($5.00), and the minimum tick for series trading at and above 3.00 will be 0.10 point ($10.00). In accordance with Rule 24.9(a)(2), the Exchange will typically list three near-term expiration months and three additional expiration months from the March quarterly cycle (March, June, September and December). The minimum strike price interval for BXM options will be 0.01 point ($1.00). The Exchange will initially list at least two strike prices above and two strike prices below the current value of the BXM Index (1/10th value) at or about the time a series is opened for trading on the Exchange. As part of this initial listing, the Exchange will list strike prices that are within 5 points from the closing value of the BXM Index (1/10th value) on the preceding day. The Exchange proposes to add additional series when the Exchange deems it necessary to maintain an orderly market, to meet customer demand, or when the underlying BXM Index (1/10th value) moves substantially from the initial exercise price or prices. To the extent that any additional strike prices are listed by the Exchange, such additional strike prices shall be within 30 percent above or below the closing value of the BXM Index (1/10th value). The Exchange will also be permitted to open additional strike prices that are more than 30 percent above or below the current BXM Index (1/10th value) provided that customer interest for such series is demonstrated and expressed by institutional, corporate or individual customers or their brokers. Market-Makers trading for their own account would not be considered when determining customer interest. In addition to the initial listed series, the Exchange may list up to 60 additional series per expiration month for each series in BXM options. In addition, the Exchange proposes that it shall not list LEAPS on BXM options at intervals less than $5. The Exchange also proposes to set forth a delisting policy with respect to BXM options. Specifically, the Exchange will, on a monthly basis, review series that are outside a range of five strikes above and five strikes below the current value of the BXM Index (1/10th value) and delist series with no open interest in both the put and the call series having a:
(i)Strike higher than the highest strike price with open interest in the put and/or call series for a given expiration month; and
(ii)strike lower than the lowest strike price with open interest in the put and/or call series for a given expiration month. Notwithstanding the proposed delisting policy, customer requests to add strikes and/or maintain strikes in BXM options in series eligible for delisting will be granted. 11 11 The Exchange also proposes to add new Interpretation and Policy .11 to Rule 5.5, *Series of Option Contracts Open for Trading,* which would be an internal cross reference stating that the intervals between strike prices for BXM option series would be determined in accordance with proposed new Interpretation and Policy .01(f) to Rule 24.9. Exercise and Settlement The proposed options will expire on the Saturday following the third Friday of the expiration month. Trading in the expiring contract month will normally cease at 3:15 p.m. Chicago time on the business day preceding the last day of trading (ordinarily the Thursday before expiration Saturday, unless there is an intervening holiday). When the last trading day is moved because of an Exchange holiday (such as when CBOE is closed on the Friday before expiration), the last trading day for expiring options will be Wednesday and the SOQ of the BXM Index will be calculated on Thursday. Exercise will result in delivery of cash on the business day following expiration. BXM options will be A.M.-settled. As described above, the exercise settlement value of a BXM option shall be a SOQ of the BXM Index (1/10th value). The exercise-settlement amount is equal to the difference between the exercise-settlement value and the exercise price of the option, multiplied by $100. If the exercise settlement value is not available or the normal settlement procedure cannot be utilized due to a trading disruption or other unusual circumstance, the settlement value will be determined in accordance with the rules and bylaws of the OCC. Surveillance The Exchange states that it will use the same surveillance procedures currently utilized for each of the Exchange's other index options to monitor trading in BXM options. The Exchange further represents that these surveillance procedures shall be adequate to monitor trading in options on these option products. For surveillance purposes, the Exchange will have complete access to information regarding trading activity in the pertinent underlying securities ( *i.e.* , S&P 500 Index component securities). Position and Exercise Limits; Reporting of Positions The Exchange is not proposing to establish any position and exercise limits for BXM options. Because the BXM Index (1/10th value) is calculated using values of the S&P 500 Index, the Exchange believes that the position and exercise limits for this new product should be the same as those for broad-based index options ( *e.g.* SPX) for which there are no position limits. BXM options will be subject to the same reporting and other requirements triggered for other options dealt in on the Exchange. 12 12 *See e.g.,* Rule 4.13, *Reports Related to Position Limits.* For purposes of calculating reportable positions, the Exchange has employed a contract factor of 10 for determining reporting and other requirements for BXM options. For example, the reporting requirements of Rule 24.4.03 for BXM options will be triggered when an end of day aggregate position exceeds 1 million contracts. Exchange Rules Applicable Except as modified herein, the rules in Chapters I through XIX, XXIV, XXIVA, and XXIVB will equally apply to BXM options. BXM options will be margined as “broad-based index” options, and under CBOE rules, especially, Rule 12.3(c)(5)(A), the margin requirement for a short put or call shall be 100% of the current market value of the contract plus up to 15% of the respective underlying indicator value. Additional margin may be required pursuant to Exchange Rule 12.10. The Exchange proposes to designate BXM options as eligible for trading as Flexible Exchange Options as provided for in Chapters XXIVA (Flexible Exchange Options) and XXIVB (FLEX Hybrid Trading System). Capacity CBOE represents that it believes the Exchange and the OPRA have the necessary systems capacity to handle the additional traffic associated with the listing of new series that would result from the introduction of BXM options. III. Discussion 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. 13 Specifically, the Commission finds that the proposal is consistent with Section 6(b)(5) of the Act, 14 which requires, among other things, that the rules of a national securities exchange be designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. 13 In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). 14 15 U.S.C. 78f(b)(5). The Commission believes that the BXM Index (1/10th value) options should provide investors with a potentially useful investment choice. The Commission believes that permitting $1.00 strike price intervals for BXM option series will provide investors with added flexibility in the trading of BXM options and further the public interest by allowing investors to establish positions that are better tailored to meet their investment objectives. Further, the Commission notes that it has previously approved Exchange rules that permit the Exchange to list series at $1.00 or lower strike price intervals in similar option products. 15 The Commission also believes that the proposal strikes a reasonable balance between the Exchange's desire to accommodate market participants by offering a wider array of investment opportunities and the need to avoid unnecessary proliferation of options series and the corresponding increase in quotes. The Commission notes that the delisting policy proposed by the Exchange is designed to mitigate the number of options series with no open interest, which would reduce quote traffic accordingly. 15 Rule 24.9.01(b) permits the CBOE to list series on options based on one-one hundredth (1/100th) of the value of the Dow Jones Industrial Average Index at no less than $0.50 intervals. *See* Securities Exchange Act Release No. 39011 (September 3, 1997), 62 FR 47840 (September 11, 1997) (SR-CBOE-1997-26). Rule 24.9.11 allows the Exchange to list strike price intervals at no less than $1 for the Mini-SPX option, which is based on 1/10th the value of the S&P 500 Index. *See* Securities Exchange Act Release Nos. 52625 (October 18, 2005), 70 FR 61479 (October 24, 2005) (SR-CBOE-2005-81) and 57049 (December 27, 2007), 73 FR 528 (January 3, 2008) (SR-CBOE-2007-125). The Commission notes that the BXM Index is calculated in real time by CBOE every 15 seconds during each trading day. The BXM Index calculation is disseminated through OPRA, and is publicly available through most price quote vendors. Because the BXM Index is calculated using values of the S&P 500 Index, the Commission believes it is appropriate that the position and exercise limits for BXM options be the same as for other broad-based index options, which similarly have no position and exercise limits. Further, the Commission notes that the margin requirements for broad-based index options will also apply to BXM options. The Commission also believes that the Exchange's proposal to allow BXM options to be eligible for trading as FLEX options is consistent with the Act. The Commission previously approved rules relating to the listing and trading of FLEX Options on CBOE, which gives investors and other market participants the ability to individually tailor, within specified limits, certain terms of those options. 16 The current proposal incorporates BXM (1/10th value) options that trade as FLEX Options into these existing rules and regulatory framework. 16 *See* Securities Exchange Act Release No. 31910 (February 23, 1993), 58 FR 12056 (March 2, 1993). The Commission notes that CBOE represented that it had an adequate surveillance program to monitor trading of options on the BXM Index (1/10th Value) and intends to apply its existing surveillance program to support the trading of these options. In approving the proposed rule change, the Commission has also relied upon the Exchange's representation that it has the necessary systems capacity to support new options series that will result from this proposal. The Commission expects the Exchange to continue to monitor for option series with little or no open interest and trading activity and, consistent with the delisting policy approved today as part of this proposed rule change, to act promptly to delist such options. IV. Conclusion *It is therefore ordered,* pursuant to Section 19(b)(2) of the Act, 17 that the proposed rule change (SR-CBOE-2008-26) is approved. 17 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 18 Florence E. Harmon, Acting Secretary. 18 17 CFR 200.30-3(a)(12). [FR Doc. E8-17310 Filed 7-28-08; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-58209; File No. SR-NASDAQ-2008-064] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Allow The NASDAQ Options Market To Participate in the Quarterly Options Series Pilot Program July 22, 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 July 18, 2008, The NASDAQ Stock Market LLC (“NASDAQ” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by NASDAQ. NASDAQ has designated the proposed rule change as constituting a non-controversial rule change under Section 19(b)(3)(A)(iii) of the Act 3 and Rule 19b-4(f)(6) thereunder, 4 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 15 U.S.C. 78s(b)(3)(A)(iii). 4 17 CFR 240.19b-4(f)(6). I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change NASDAQ proposes to allow the NASDAQ Options Market (“NOM”) to participate in the Quarterly Options Series pilot program on the terms and conditions that currently apply to other national securities exchanges that trade standardized options. The text of the proposed rule change is available on NASDAQ's Web site *(http://nasdaqomx.cchwallstreet.com)* , at NASDAQ's principal office, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, NASDAQ included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. NASDAQ has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange is proposing to establish, until July 10, 2009, a pilot program to list options series that would expire at the close of business on the last business day of a calendar quarter (“Quarterly Options Pilot Program”). Under the proposal, the Exchange could select up to five approved options classes on which Quarterly Options series could be opened. A series could be opened on any business day and would expire at the close of business on the last business day of a calendar quarter. The Exchange also could list and trade Quarterly Options series on any options class that is selected by another exchange that employs a similar pilot program. For each class selected for the Pilot Program, the Exchange could list series that expire at the end of the next four consecutive calendar quarters, as well as the fourth quarter of the following calendar year. NASDAQ's Pilot Program will cover exchange traded fund (“ETF”) options only. 5 5 *See* electronic mail sent July 21, 2008 from Jeffrey Davis, Exchange, to Heidi Pilpel, Attorney, Division of Trading and Markets, Commission. Quarterly Options series listed on currently approved options classes would be P.M. settled and, in all other respects, would settle in the same manner as do the monthly expiration series in the same options class. The strike price for each series would be fixed at a price per share, with two strike prices above and two strike prices below the value of the underlying security at about the time that a Quarterly Options series is opened for trading on the Exchange. The interval between strike prices on Quarterly Options series would be the same as the interval between strike prices for series in the same options class that expire in accordance with the normal monthly expiration cycles. Series listed by the Exchange under the Pilot Program at the time of initial listing would have strike prices that are within $5.00 from the closing price of the underlying security on the preceding trading day. The proposal would permit the Exchange to open for trading additional Quarterly Options series of the same class when the Exchange deems it necessary to maintain an orderly market, to meet customer demand, or when the market price of the underlying security moves substantially from the initial exercise price or prices. On August 7, 2007, the Chicago Board Options Exchange (“CBOE”) filed a proposal to revise the terms of their Quarterly Options Series Pilot Program. As part of this filing, the CBOE proposed to implement new policies related to the listing and delisting of additional strike prices for Quarterly Options Series. The proposal was approved, as amended, by the Commission on March 3, 2008. 6 6 *See* Securities Exchange Act Release No. 57410 (March 3, 2008), 73 FR 12483 (March 7, 2008) (SR-CBOE-2007-96). Nasdaq proposes to adopt the revised terms of the CBOE's Pilot Program, for use in its own Pilot Program. Specifically, Nasdaq proposes to amend Chapter IV, Section 6 and Commentary.04 to permit the Exchange to list additional strike prices for Quarterly Option Series in ETF options that fall within a percentage range (30%) above and below the price of the underlying ETF. Additionally, upon demonstrated customer interest, the Exchange also will be permitted to open additional strike prices of Quarterly Option Series in ETF options that are more than 30% above or below the current price of the underlying ETF. Market Makers trading for their own account will not be considered when determining customer interest under this provision. In addition to the initial listed series, the proposal will permit the Exchange to list up to sixty
(60)additional series per expiration month for each Quarterly Option Series in ETF options. The proposed policies regarding the listing of new strikes are identical to those in place as part of the CBOE's Quarterly Options Series Pilot Program. The Exchange also proposes to amend Chapter IV, Section 6, Commentary .04 in order to adopt the same policy presently in place at the CBOE, regarding the delisting of inactive strikes in Quarterly Options Series. Under the proposed delisting policy, the Exchange will, on a monthly basis, review Quarterly Option Series that are outside a range of five
(5)strikes above and five
(5)strikes below the current price of the underlying ETF, and delist series with no open interest in both the put and the call series having a strike price:
(i)higher than the highest strike price with open interest in the put and/or call series for a given expiration month; or
(ii)lower than the lowest strike price with open interest in the put and/or call series for a given expiration month. Notwithstanding the proposed delisting policy, the Exchange will grant customer requests to add strikes and/or maintain strikes in Quarterly Options Series eligible for delisting. The delisting policy proposed by the Exchange is designed to mitigate the number of options series with no open interest, which would reduce quote traffic accordingly. If during the life of the Pilot Program the Exchange identifies series for delisting, the Exchange will notify other options exchanges with similar delisting polices, and shall work with such other exchanges to develop a uniform list of securities to be delisted, also as to help to ensure uniform series delisting of multiply listed Quarterly Options Series in ETF options. Lastly, the Exchange notes that the delisting policy, once approved, would become part of the Pilot Program and, going forward, would be considered by the Commission when the Exchange seeks to renew or make permanent the Pilot Program in the future. The proposed policies regarding the delisting of inactive strikes are identical to those in place as part of the CBOE's Quarterly Options Series Pilot Program. In support of this proposed rule change, and as currently in place for the Pilot Program as approved for other exchanges, the Exchange will submit to the Commission a report (the “Quarterly Options Series Pilot Program Report”) detailing the Exchange's experience with the Quarterly Options Pilot Program. Specifically, the Quarterly Options Series Pilot Program Report submitted by current exchange participants contains data and written analysis regarding the five options classes included in the Quarterly Options Pilot Program. 7 7 Specifically, the Exchange acknowledges that its Quarterly Options Pilot Program Report shall include:
(1)Data and written analysis on the open interest and trading volume in the classes for which Quarterly Options Series were opened;
(2)an assessment of the appropriateness of the option classes selected for the Pilot;
(3)an assessment of the impact of the Pilot on the capacity of Nasdaq, OPRA, and on market data vendors (to the extent data from market data vendors is available);
(4)any capacity problems or other problems that arose during the operation of the Pilot and how Nasdaq addressed such problems;
(5)any complaints that Nasdaq received during the operation of the Pilot and how Nasdaq addressed them;
(6)any additional information that would assist in assessing the operation of the Pilot;
(7)the impact of additional series on the Exchange's market and quote capacity; and
(8)the implementation and effects of the delisting policy, including the number of series eligible for delisting during the period covered by the report, the number of series actually delisted during that period (pursuant to the delisting policy or otherwise), and documentation of any customer requests to maintain Quarterly Options Series strikes that were otherwise eligible for delisting. *See* electronic mail sent July 21, 2008 from Jeffrey Davis, Exchange, to Heidi Pilpel, Attorney, Division of Trading and Markets, Commission. The Exchange believes there is sufficient investor interest and demand to adopt the Quarterly Options Pilot Program for the coming year. The Exchange further believes that the Quarterly Options Series Pilot Program has provided investors with a flexible and valuable tool to manage risk exposure, minimize capital outlays, and the ability to more closely tailor their investment strategies and decisions to the movement of the underlying security. The Exchange notes that no participating exchange has detected any material proliferation of illiquid options series resulting from the introduction of the Quarterly Options Pilot Program. Finally, the Exchange represents that it has the necessary systems capacity to support new options series that result from the continued listing and trading of Quarterly Options series. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act, 8 in general and with Section 6(b)(5) of the Act, 9 in particular, in that it is designed 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; and are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers, or to regulate by virtue of any authority conferred by this title matters not related to the purposes of this title or the administration of the exchange. 8 15 U.S.C. 78f(b). 9 15 U.S.C. 78f(b)(5). The proposed changes are consistent with the statute in that they are designed to facilitate transactions in options on the Nasdaq Options Market by encouraging participants to provide liquidity in Quarterly Options Series. If the proposal succeeds in attracting liquidity, Nasdaq expects that quoted spreads in Quarterly Options Series will decrease and execution speeds and efficiency will increase. B. Self-Regulatory Organization's Statement on Burden on Competition NASDAQ does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. To the contrary, the proposal is designed to enhance competition and is based upon the rules of another national securities exchange that trades standardized options. 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 The Exchange has designated the proposed rule change as one that:
(1)Does not significantly affect the protection of investors or the public interest;
(2)does not impose any significant burden on competition; and
(3)does not become operative for 30 days from the date of filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest. Therefore, the foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 10 and subparagraph (f)(6) of Rule 19b-4 thereunder. 11 10 15 U.S.C. 78s(b)(3)(A). 11 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires a self-regulatory organization to provide the Commission with written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has fulfilled this requirement. The Exchange has asked the Commission to waive the operative delay to permit the proposed rule change to become operative prior to the 30th day after filing. The Commission has determined that waiving the 30-day operative delay of the Exchange's proposal is consistent with the protection of investors and the public interest and will promote competition because such waiver will allow Nasdaq to begin immediately to list and trade Quarterly Options Series in competition with the other exchanges that trade Quarterly Options Series under similar pilot programs. 12 The Commission notes that Nasdaq has represented that it expects its entry into the Quarterly Options Pilot Program to benefit investors by narrowing spreads and increasing execution speed and efficiency. Therefore, the Commission designates the proposal operative upon filing. 12 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate the rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission's Internet comment form *(http://www.sec.gov/rules/sro.shtml);* or • Send an e-mail to *rule-comments@sec.gov.* Please include File No. SR-NASDAQ-2008-064 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NASDAQ-2008-064. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site *(http://www.sec.gov/rules/sro.shtml).* Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File No. SR-NASDAQ-2008-064 and should be submitted on or before August 19, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 13 Florence E. Harmon, Acting Secretary. 13 17 CFR 200.30-3(a)(12). [FR Doc. E8-17309 Filed 7-28-08; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-58208; File No. SR-NYSEArca-2008-77] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change To List and Trade the Barclays Middle East Equities (MSCI GCC) Non Exchange Traded Notes Due 2038 July 22, 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 July 17, 2008, NYSE Arca, Inc. (“Exchange” or “NYSE Arca”), through its wholly owned subsidiary, NYSE Arca Equities, Inc. (“NYSE Arca Equities”), filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to list and trade shares of the Barclays Middle East Equities (MSCI GCC) Non Exchange Traded Notes due 2038 (“Notes”), which are linked to the MSCI Gulf Cooperation Council
(GCC)Countries ex-Saudi Arabia Net Total Return Index SM (U.S. dollar) (“Index”). The text of the proposed rule change is available at the Exchange, the Commission's Public Reference Room, and *http://www.nyse.com.* II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to list and trade the Notes, which are linked to the Index, under NYSE Arca Equities Rule 5.2(j)(6), which includes the Exchange's listing standards for Equity Index-Linked Securities. 3 The Notes are senior unsecured debt obligations of Barclays Bank PLC (“Barclays”). The Index is comprised of all of the equity securities (each an “Index Component” and, collectively, the “Index Components”) that are included in the following five individual country indices (each a “Country Index” and, collectively, the “Country Indices”): MSCI Bahrain Index SM , MSCI Kuwait Index SM , MSCI Oman Index SM , MSCI Qatar Index SM , and MSCI United Arab Emirates Index SM . Each Country Index is a free float-adjusted market capitalization index that is designed to measure the market performance, including price performance and income from dividend payments, of equity securities in the country it represents. The Index and the Country Indices are calculated and maintained by MSCI, Inc. (“MSCI”). 3 Equity Index-Linked Securities are securities that provide for the payment at maturity of a cash amount based on the performance of an underlying index or indexes of equity securities (“Equity Reference Asset”). The Exchange is submitting this proposed rule change because the Index does not meet all of the “generic” listing requirements of NYSE Arca Equities Rule 5.2(j)(6) applicable to the listing of Equity Index-Linked Securities. The Index meets all such requirements except for those set forth in NYSE Arca Equities Rules 5.2(j)(6)(B)(I)(1)(b)(ii) 4 and (vi). 5 The Exchange represents that:
(1)Except for NYSE Arca Equities Rules 5.2(j)(6)(B)(I)(1)(b)(ii) and (vi), the Notes currently satisfy all of the generic listing standards under NYSE Arca Equities Rule 5.2(j)(6) applicable to Equity Index-Linked Securities;
(2)the continued listing standards under NYSE Arca Equities Rules 5.2(j)(6) applicable to Equity Index-Linked Securities shall apply to the Notes; and
(3)Barclays is required to comply with Rule 10A-3 under the Act 6 for the initial and continued listing of the Notes. In addition, the Exchange represents that the Notes will comply with all other requirements applicable to Equity Index-Linked Securities including, but not limited to, requirements relating to the dissemination of key information such as the Equity Reference Asset value and Intraday Indicative Value, rules and policies governing the trading of equity securities, trading hours, trading halts, surveillance, firewalls, and Information Bulletin to ETP Holders, as set forth in prior Commission orders approving the generic listing rules applicable to the listing and trading of Index-Linked Securities, generally, and Equity Index-Linked Securities, in particular. 7 4 NYSE Arca Equities Rule 5.2(j)(6)(B)(I)(1)(b)(ii) provides that each component security of the underlying index shall have trading volume in each of the last six months of not less than 1,000,000 shares per month, except that for each of the lowest dollar weighted component securities in the index that, in the aggregate, account for no more than 10% of the dollar weight of the index, the trading volume shall be at least 500,000 shares per month in each of the last six months. In each of the last six months, 87.995% of the Index had a trading volume of 1,000,000 shares, and 8.79% of the bottom 10% of the Index had a trading volume of 500,000 shares. 5 NYSE Arca Equities Rule 5.2(j)(6)(B)(I)(1)(b)(vi) provides that all component securities of the underlying index shall be either
(A)securities (other than foreign country securities and American Depositary Receipts (“ADRs”)) that are
(x)issued by an Act reporting company or by an investment company registered under the Investment Company Act of 1940, which in each case is listed on a national securities exchange, and
(y)an “NMS stock” (as defined in Rule 600 of Regulation NMS) or
(B)foreign country securities or ADRs, provided that foreign country securities or foreign country securities underlying ADRs having their primary trading market outside the United States on foreign trading markets that are not members of the Intermarket Surveillance Group (“ISG”) or parties to comprehensive surveillance sharing agreements with the Exchange will not, in the aggregate, represent more than 20% of the dollar weight of the index. Subject to the pending approval of a separate rule filing (Securities Exchange Act Release No. 58142 (July 11, 2008), 73 FR 41147 (July 17, 2008) (SR-NYSEArca-2008-70)), this subsection will be renumbered as NYSE Arca Equities Rule 5.2(j)(6)(B)(I)(1)(b)(v). 6 17 CFR 240.10A-3. 7 *See e.g.* , Securities Exchange Act Release Nos. 56637 (October 10, 2007), 72 FR 58704 (October 16, 2007) (SR-NYSEArca-2007-92); 57132 (January 11, 2008), 73 FR 3300 (January 17, 2008) (SR-NYSEArca-2007-125); 56838 (November 26, 2007), 72 FR 67774 (November 30, 2007) (SR-NYSEArca-2007-118); 56879 (December 3, 2007) 72 FR 69271 (December 7, 2007) (SR-NYSEArca-2007-110); 52204 (August 3, 2005), 70 FR 46559 (August 10, 2005) (SR-PCX-2005-63). The Index Components are all components of the Country Indices, as described below. As of April 25, 2008, there were 103 stocks in the Index of which: 5 were included in the MSCI Bahrain Index SM , 47 were included in the MSCI Kuwait Index SM , 9 were included in the MSCI Oman Index SM , 16 were included in the MSCI Qatar Index SM , and 26 were included in the MSCI United Arab Emirates Index SM . Each Index Component is included in the Index at a weight that reflects the ratio of its free float-adjusted market capitalization ( *i.e.* , free public float *multiplied by* price) to the free float-adjusted market capitalization of all the Index Components. As of April 25, 2008, the market capitalization of the Index was approximately $125.176 billion of which: 1.28% was represented by components of the MSCI Bahrain Index SM , 49.23% was represented by components of the MSCI Kuwait Index SM , 3.56% was represented by components of the MSCI Oman Index SM , 15.00% was represented by components of the MSCI Qatar Index SM , and 30.94% was represented by components of the MSCI United Arab Emirates Index SM , traded on the Bahrain Stock Exchange, Kuwait Stock Exchange, Muscat Securities Market, Doha Securities Market, and the Dubai Financial Market or Abu Dhabi Securities Market (collectively, “Middle East Exchanges”), respectively. With respect to NYSE Arca Equities Rule 5.2(j)(6)(B)(I)(1)(b)(vi), which requires that at least 80% of the component stock trade on markets that are members of ISG or parties to comprehensive surveillance sharing agreements with the Exchange, the Exchange has attempted to, but to date has not been able to, enter into comprehensive surveillance sharing agreements with the Middle East Exchanges. Currently, the Middle East Exchanges are not members of ISG. Accordingly, the Exchange may not be able to obtain surveillance information from the Middle East Exchanges regarding the component stocks. The Exchange intends to utilize its existing surveillance procedures applicable to derivative products to monitor trading in the Notes. The Exchange represents that these procedures are adequate to properly monitor Exchange trading of the Notes in all trading sessions and to deter and detect violations of Exchange rules. The Exchange's current trading surveillance focuses on detecting securities trading outside their normal patterns. When such situations are detected, surveillance analysis follows and investigations are opened, where appropriate, to review the behavior of all relevant parties for all relevant trading violations. The Exchange may obtain information via ISG from other exchanges who are members of ISG. 8 8 For a list of the current members and affiliate members of ISG, see *http://www.isgportal.com.* Notwithstanding the Notes' inability to meet the requirements of NYSE Arca Equities Rules 5.2(j)(6)(B)(I)(1)(b)(ii) and (vi), 9 the Exchange believes that the Index is sufficiently broad-based in scope and, as such, is less susceptible to potential manipulation: the Index contains 105 companies, listed in five countries with no one Middle East Exchange listing greater than 50% of the Index Components. The Exchange further believes that no one Index Component dominates the underlying Index, thereby serving to protect the public interest and promote capital formation. 9 E-mail from Timothy J. Malinowski, Director, NYSE Euronext, to Edward Cho, Special Counsel, Division of Trading and Markets, Commission, dated July 21, 2008 (confirming the requirements of NYSE Arca Equities Rule 5.2(j)(6) applicable to Equity Index-Linked Securities that the Notes do not satisfy). Detailed descriptions of the Notes, the Index (including the methodology used to determine the composition of the Index), fees, redemption procedures and payment at redemption, payment at maturity, taxes, and risk factors relating to the Notes will be available in the Prospectus 10 or on the Web site for the Notes ( *http://www.barclays.com* ), as applicable. 10 *See* Barclay's Prospectus, as amended, filed pursuant to Rule 424(b)(2) under the Act (File No. 333-145845). 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act, 11 in general, and Section 6(b)(5), 12 in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. The Exchange believes that it has developed adequate trading rules, procedures, surveillance programs, and listing standards for the initial and continued listing and trading of the Notes, which promote investor protection in the public interest. 13 In addition, the Notes satisfy all of the requirements of NYSE Arca Equities Rule 5.2(j)(6), with the two exceptions noted above. 14 11 15 U.S.C. 78f(b). 12 15 U.S.C. 78f(b)(5). 13 E-mail from Timothy J. Malinowski, Director, NYSE Euronext, to Edward Cho, Special Counsel, Division of Trading and Markets, Commission, dated July 21, 2008 (confirming the Exchange's statutory basis for the proposed rule change). 14 *See id.* B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 35 days of the date of publication of this notice in the **Federal Register** or within such longer period
(i)as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or
(ii)as to which the Exchange 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 No. SR-NYSEArca-2008-77 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEArca-2008-77. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site ( *http://www.sec.gov/rules/sro.shtml* ). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission's Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSEArca-2008-77 and should be submitted on or before August 19, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 15 15 17 CFR 200.30-3(a)(12). Florence E. Harmon, Acting Secretary. [FR Doc. E8-17307 Filed 7-28-08; 8:45 am] BILLING CODE 8010-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-58212; File No. SR-NYSEArca-2008-56] Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Amend the Pilot Program Expiring on November 30, 2008 for Listing Standards To Provide That Currently Traded Issuers Will Be Required To Meet Each of the $5 Per Share Closing Price Requirement and the $150 Million Market Value of Listed Securities Requirement on the Basis of a 90 Trading Day Average of the Closing Price of the Issuer's Common Stock Prior To Applying for Initial Listing July 23, 2008. I. Introduction On May 28, 2008, NYSE Arca, Inc. (“NYSE Arca” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”), pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”), 1 and Rule 19b-4 thereunder, 2 a proposed rule change to amend its pilot program for listing standards expiring on November 30, 2008 (“Pilot”) 3 for initial listing standards applicable to currently traded issuers. The proposed rule change, as modified by Amendment No. 1, was published in the **Federal Register** on June 20, 2008. 4 The Commission received no comments on the proposal. This order approves the proposed rule change. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 The Commission initially approved the Pilot for six months, until May 29, 2007. *See* Securities Exchange Act Release No. 54796 (November 20, 2006), 71 FR 69166 (November 29, 2006) (SR-NYSEArca-2006-85). The Pilot was subsequently extended for an additional six months, until November 30, 2007. *See* Securities Exchange Act Release No. 55838 (May 31, 2007), 72 FR 31642 (June 7, 2007) (SR-NYSEArca-2007-51). The Pilot was then extended for an additional six months, until May 31, 2008. *See* Securities Exchange Act Release No. 56885 (December 3, 2007), 72 FR 69272 (December 7, 2007) (SR-NYSEArca-2007-123). The Pilot was most recently extended for an additional six months, until November 30, 2008. *See* Securities Exchange Act Release No. 57922 (June 4, 2008), 73 FR 33137 (June 11, 2008) (SR-NYSEArca-2008-55). 4 *See* Securities Exchange Act Release No. 57958 (June 12, 2008), 73 FR 35184. II. Description of the Proposal The Exchange proposes to amend NYSE Arca Equities Rule 5.2(c) to provide that a currently traded issuer will be required to, among other things, have:
(1)Met each of the $5 closing price requirement 5 and the $150 million market value of listed securities requirement 6 on the basis of a 90 trading day average of the closing price of the issuer's common stock prior to applying for listing on the Exchange;
(2)at least $5 closing price and $150 market value at the time it applies for listing; 7 and
(3)a closing price of at least $1 per share in each day of the 90 trading day period. 8 5 *See* proposed NYSE Arca Equities Rule 5.2(c)(ii). 6 *See* proposed NYSE Arca Equities Rule 5.2(c)(vi). 7 *See* proposed NYSE Arca Equities Rules 5.2(c)(ii) and 5.2(c)(vi). 8 *See* proposed NYSE Arca Equities Rule 5.2(c)(iii). III. Discussion 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 and, in particular, the requirements of section 6(b) of the Act and the rules and regulations thereunder. Specifically, the Commission finds that the proposal is consistent with section 6(b)(5) of the Act, 9 which requires that an exchange have rules designed, among other things, 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, to protect investors and the public interest, and to not permit unfair discrimination between customers, issuers, brokers, or dealers. 10 9 15 U.S.C. 78f(b)(5). 10 In approving this proposed rule change, the Commission notes that it has considered the proposed rules' impact on efficiency, competition, and capital formation. *See* 15 U.S.C. 78c(f). The development and enforcement of adequate standards governing the initial listing of securities on an exchange is an activity of critical importance to financial markets and the investing public. Listing standards, among other things, serve as a means for an exchange to screen issuers and to provide listed status only to bona fide companies that have sufficient public float, investor base, and trading interest to provide the depth and liquidity necessary to promote fair and orderly markets. Adequate standards are especially important given the expectations of investors regarding exchange trading and the imprimatur of listing on a particular market. Under the proposal, issuers with currently listed securities on other markets would have to meet the proposed standards to list their common stock on the Exchange. First, instead of meeting the closing price per share of $5 or more for 90 consecutive trading days prior to applying for listing, the closing price per share must be met over a 90 trading day average prior to applying for listing. In addition, instead of meeting the market value of listed securities of $150 million or more for 90 consecutive trading days prior to applying for listing, the market value of listed securities must be met over a 90 trading day average prior to applying for listing. Second, the common stock must have at least $5 closing price and the $150 million market value at the time the issuer applies for listing. Finally, the issuers must have closing price per share of $1 or more for 90 consecutive trading days prior to applying for listing. Originally, the Commission approved the Pilot's initial listing standards, with three alternative listing standards, based on similarity to the Nasdaq Global Market initial listing standards. 11 The Exchange subsequently amended the Pilot's initial listing standards to eliminate two alternative listing standards and, among other things, increase the market value of listed securities from $75 million to $150 million. 12 The Nasdaq Global Market—Entry Standard 3, which forms the foundation of the Exchange's Pilot initial listing standards, requires, among other things, a currently traded issuer to have a market value of listed securities of $75 million for 90 consecutive trading days and a bid price per share of $5 or more. 13 The Commission notes that the proposed initial listing standards are substantially similar to the Nasdaq Global Market initial listing standards. 14 The Exchange's proposed market value of listed securities requirement, albeit calculated differently, remains higher than Nasdaq's comparable standard. 15 11 *See* Securities Exchange Act Release No. 54796 (November 20, 2006), 71 FR 69166 (November 29, 2006) (SR-NYSEArca-2006-85). *See also* Nasdaq Rule 4420(a)-(c). 12 *See* Securities Exchange Act Release No. 56606 (October 3, 2007), 72 FR 57982 (October 11, 2007) (SR-NYSEArca-2007-69). 13 *See* Nasdaq Rule 4420(c). 14 *See* Nasdaq Rule 4420(c). 15 In addition, the Commission notes that the Exchange requires a higher amount of public float ($45 million) versus the comparable Nasdaq standard ($20 million). *See* NYSE Arca Equities Rule 5.2(c)(iv) and Nasdaq Rule 4420(c)(2). The Commission notes that under the proposal, while the closing price could fall below $5 per share during the 90 trading day period before applying for listing, it cannot fall below $1 per share. In addition, the closing price must be at least $5 per share at the time the issuer applies to list on the Exchange. The Commission believes that the combination of the $1 per share floor and $5 per share at the time of applying to list should help to ensure that currently traded issuers have some meaningful minimum price history to qualify for listing. In addition, the Commission notes that under the proposal, while the market value could fall below $150 million during the 90 trading day period before applying for listing, it must be at least $150 million at the time the issuer applies to list. The Commission believes that the proposed market value requirements are sufficient to demonstrate meaningful depth and liquidity for these securities. Based on the above, the Commission believes the proposed rule change is reasonable and should continue to provide only for the listing of securities with sufficient depth and liquidity to maintain fair and orderly markets. Accordingly, the Commission believes that the changes are consistent with the requirements of the Act. IV. Conclusion It is therefore ordered, pursuant to section 19(b)(2) of the Act, 16 that the proposed rule change, as modified by Amendment No. 1 (SR-NYSEArca-2008-56) is hereby approved. 16 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 17 17 17 CFR 200.30-3(a)(12). Florence E. Harmon, Acting Secretary. [FR Doc. E8-17308 Filed 7-28-08; 8:45 am] BILLING CODE 8010-01-P SMALL BUSINESS ADMINISTRATION Delegation of Authority AGENCY: U.S. Small Business Administration. ACTION: Notice of delegation of authority. SUMMARY: This document provides the public notice of the delegation of authority for certain investment activities by the Administrator of the Small Business Administration
(SBA)to the Deputy Administrator, the Chief of Staff and the Agency Licensing Committee. FOR FURTHER INFORMATION CONTACT: A. Joseph Shepard, Associate Administrator for Investment, U.S. Small Business Administration, 409 3rd Street, SW., Washington, DC 20416; telephone number:
(202)205-6565, facsimile number:
(202)481-2893; and electronic mail: *joseph.shepard@sba.gov* . SUPPLEMENTARY INFORMATION: This document provides the public notice of the Administrator's delegation of authority with respect to the Administrator's approval of applications for licenses to operate as a small business investment company under the Small Business Investment Act of 1958, as amended, and issuance of licenses for such operation. This delegation of authority reads as follows: Pursuant to the authority vested in me pursuant to section 301 of the Small Business Investment Act of 1958, as amended, the following authority relating to investment activities is delegated to the specific positions indicated herein as follows: A. *To the Deputy Administrator* : the authority to approve applications for a license to operate as a small business investment company under the Small Business Investment Act of 1958, as amended; provided, that, during any period in which the Deputy Administrator is serving as the Acting Administrator, or the position of Deputy Administrator is vacant, or the Deputy Administrator is absent from the office (as defined in SBA Standard Operating Procedure 00 01 2), such authority is delegated to the Chief of Staff. B. *To the Agency Licensing Committee* : the authority to take any and all actions necessary to review applications for licensing under section 301 of the Small Business Investment Act of 1958, as amended, and to recommend to the Deputy Administrator which such applications should be approved. *The Agency Licensing Committee shall be composed of the following members:* Associate Administrator for Capital Access, Chair, Associate Administrator for Investment, General Counsel, Deputy General Counsel, Chief Financial Officer. This authority revokes all other authorities granted by the Administrator to recommend and approve applications for a license to operate as a small business investment company under the Small Business Investment Act of 1958, as amended. This authority may not be re-delegated; however, in the event that the person serving in one of the positions listed as a member of the Agency Licensing Committee is absent from the office, as defined in SBA Standard Operating Procedure 00 01 2, or is unable to perform the functions and duties of his or her position, the individual serving in an acting capacity, pursuant to a written and established line of succession, shall serve on the Committee during such absence or inability. This authority will remain in effect until revoked in writing by the Administrator or by operation of law. Dated: July 7, 2008. Jovita Carranza, Acting Administrator. [FR Doc. E8-17361 Filed 7-28-08; 8:45 am] BILLING CODE 8025-01-P DEPARTMENT OF STATE [Public Notice 6291] Shipping Coordinating Committee; Notice of Subcommittee Meeting The Shipping Coordinating Committee (SHC), through its Subcommittee on Standards of Training, Certification and Watchkeeping, will conduct an open meeting at 9:30 a.m. on Wednesday, August 20, 2008. The meeting will be held in Room 10-623/0718 of Jemal's Riverside Building, 1900 Half Street, SW., Washington, DC 20593. The purpose of the SHC subcommittee meeting is to prepare for the intersessional meeting of the International Maritime Organization
(IMO)Subcommittee on Standards of Training and Watchkeeping
(STW)that will address the comprehensive review of the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978, as amended (STCW Convention), and the Seafarer's Training Certification and Watchkeeping Code (STCW Code). The STW intersessional meeting will be held at IMO Headquarters in London, England, on September 8-12, 2008. The comprehensive review of the STCW Convention and the STCW Code is the primary item for discussion for the STW intersessional meeting. At the STW meeting, amendments to the following chapters of the Convention will be considered: • Chapter I—General Provisions; • Chapter II—Master and deck department; • Chapter III—Engine department; • Chapter IV—Radiocommunication and radio personnel; • Chapter V—Special training requirements for personnel on certain types of ships; • Chapter VI—Emergency, occupational safety, security, medical care and survival functions; • Chapter VII—Alternative Certification; and • Chapter VIII—Watchkeeping. Please note that printed copies of documents associated with the STW intersessional meeting will not be available at this meeting. The documents will be available at the meeting in portable document format (.pdf) on CD-ROM. To request documents before the meeting please write to the address provided below, and include your name, address, phone number, and electronic mail address. Copies of the papers will be sent via electronic mail to the address provided. Members of the public may attend the meeting up to the seating capacity of the room. Interested persons may seek information by writing: Mayte Medina, U.S. Coast Guard (CG-5221), Room 1210, 2100 Second Street, SW., Washington, DC 20593-0001 or by e-mail, *Mayte.Medina2@uscg.mil* . Dated: July 11, 2008. Mark Skolnicki, Executive Secretary, Shipping Coordinating Committee, Department of State. [FR Doc. E8-17347 Filed 7-28-08; 8:45 am] BILLING CODE 4710-09-P DEPARTMENT OF TRANSPORTATION Federal Highway Administration Notice of Final Federal Agency Actions on a Proposed U.S. Highway Project in California AGENCY: Federal Highway Administration (FHWA), DOT. ACTION: Notice of limitation on claims for judicial review of actions by FHWA and other Federal agencies. SUMMARY: This notice announces actions taken by the FHWA and other Federal agencies that are final within the meaning of 23 U.S.C. 139(l)(1). These actions relate to the proposed replacement of the existing non-standard connector, from the southbound San Diego Freeway (Interstate-405 PM 39.4/40.5) to the northbound Ventura Freeway (U.S. Highway-101 PM 17.0/19.4), with an upgraded connector. The new 50 mph two-lane connector would replace the current 20 mph single-lane connector. The project area is located in the communities of Encino and Sherman Oaks, in the City of Los Angeles, in the County of Los Angeles, in the State of California. DATES: By this notice, the FHWA is advising the public of final agency actions subject to 23 U.S.C. 139(l)(1). A claim seeking judicial review of the Federal agency actions on the project will be barred unless the claim is filed on or before January 26, 2009. If the Federal law that authorizes judicial review of a claim provides a time period of less than 180 days for filing such a claim, then that shorter time period still applies. FOR FURTHER INFORMATION CONTACT: Eduardo Aguilar, Branch Chief, Division of Environmental Planning,
(213)897-8492, *eduardo_aguilar@dot.ca.gov* . SUPPLEMENTARY INFORMATION: Effective July 1, 2007, the Federal Highway Administration
(FHWA)assigned, and the California Department of Transportation (Caltrans) assumed environmental responsibilities for this project pursuant to 23 U.S.C. 327. Caltrans prepared an Environmental Assessment on a proposal to replace the existing non-standard connector, from the southbound San Diego Freeway (Interstate-405 PM 39.4/40.5) to the northbound Ventura Freeway (U.S. Highway-101 PM 17.0/19.4), with an upgraded connector, in the City of Los Angeles, in the County of Los Angeles, in the State of California. The existing non-standard connector experiences extensive congestion, delays, and queue lengths throughout the day. The purpose of the project is to improve safety, operation, capacity, and traffic flow through the interchange by replacing the existing 20-mph single-lane connector, with a new 50-mph two-lane connector. The anticipated permits include: Section 404 Individual Permit pursuant to the Clean Water Act (U.S. Army Corps of Engineers), Section 401 Water Quality Certification pursuant to the Clean Water Act (Regional Water Quality Control Board). A public meeting was held on May 14, 2008 at Valley Beth Shalom, located at 15739 Ventura Boulevard, in the community of Encino, in the City of Los Angeles, CA. The Environmental Assessment, Finding of No Significant Impact (FONSI), which was approved on June 30, 2008 and other documents are available for public and agency review at Caltrans: 100 S. Main St., Los Angeles, CA 90012. Catalog of Federal Domestic Assistance Program Number 20.205, Highway Planning and Construction. The regulations implementing Executive Order 12372 regarding intergovernmental consultation on Federal programs and activities apply to this program. This notice applies to all Federal agency decisions as of the issuance date of this notice and all laws under which such actions were taken, including but not limited to: *General:* National Environmental Policy Act
(NEPA)[42 U.S.C. 4321-4351]; Federal Aid-Highway Act [23 U.S.C. 109]. *Land:* Landscape and Scenic Enhancement (Wildflowers) [23 U.S.C. 219]. *Air:* Clean Air Act 42 U.S.C. 7401-7671(q). *Wildlife:* Endangered Species Act [16 U.S.C. 1531-1544 and section 1536], Fish and Wildlife Coordination Act [16 U.S.C. 661-667(d)], Migratory Bird Treaty Act [16 U.S.C. 703-712]. Section 4(f) of the U.S. Department of Transportation Act of 1966 [49 U.S.C. 303]. *Historic and Cultural Resources:* Section 106 of the National Historic Preservation Act of 1966, as amended [16 U.S.C. 470(aa)-11]; Archaeological Resources Protection Act of 1977 [16 U.S.C. 470(aa)-11]; Archaeological and Historic Preservation Act [16 U.S.C. 469-469(c)]; Native American Grave Protection and Repatriation Act (NAGPRA) [25 U.S.C. 3001-3013]. *Social and Economic:* Civil Rights Act of 1964 [42 U.S.C. 2000(d)-2000(d) (1)]; American Indian Religious Freedom Act [42 U.S.C. 1996]; Farmland Protection Policy Act
(FPPA)[7 U.S.C. 4201-4209]; The Uniform Relocation Assistance Act and Real Property Acquisition Policies Act of 1970, as amended. *Hazardous Materials:* Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), 42 U.S.C. 9601-9675; Superfund Amendments and Reauthorization Act of 1986 (SARA); Resource Conservation and Recovery Act (RCRA), 42 U.S.C. 6901-6992 (k). *Executive Orders:* E.O. 11990 Protection of Wetlands; E.O. 11988 Floodplain Management; E.O. 12898 Federal Actions to Address Environmental Justice in Minority Populations and Low Income Populations; E.O. 11593 Protection and Enhancement of Cultural Resources; E.O. 13007 Indian Sacred Sites; E.O. 13287 Preserve America; E.O. 13175 Consultation and Coordination with Indian Tribal Governments; E.O. 11514 Protection and Enhancement of Environmental Quality; E.O. 13112 Invasive Species. (Catalog of Federal Domestic Assistance Program Number 20.205, Highway Planning and Construction. The regulations implementing Executive Order 12372 regarding intergovernmental consultation on Federal programs and activities apply to this program.) Authority: 23 U.S.C. 139(l) (1). Issued on: July 23, 2008. Nancy E. Bobb, Director, State Programs. [FR Doc. E8-17367 Filed 7-28-08; 8:45 am] BILLING CODE 4910-RY-P DEPARTMENT OF TRANSPORTATION Federal Railroad Administration Notice of Application for Approval of Discontinuance or Modification of a Railroad Signal System or Relief From the Requirements of Regulations Pursuant to Title 49 Code of Federal Regulations
(CFR)Part 235 and 49 U.S.C. 20502(a), the following railroad has petitioned the Federal Railroad Administration
(FRA)seeking approval for the discontinuance or modification of the signal system or relief from the requirements of 49 CFR Part 236 as detailed below. [Docket Number FRA-2008-0079] *Applicant:* Portland and Western Railroad, Inc., Mr. Paul A. Zalec, Vice President Passenger Operations, 650 Hawthorne Avenue, SE., Suite 220, Salem, Oregon 97301. The Portland and Western Railroad, Inc.
(PWRR)seeks relief from the requirements of the Rules, Standards, and Instructions, Title 49 CFR Part 236, section 236.310, Signal Governing Approach to Home Signal, for its planned Wilsonville to Beaverton commuter rail project, to the extent that PWRR be permitted to utilize a cab signal in place of a roadway approach signal. The location of the request is from Wilsonville, Oregon, on the former Oregon Electric Railway, Oregon Electric Subdivision milepost 42.8 to Beaverton, Oregon, Tillamook District, milepost 755.50, a distance of approximately 15.3 route miles. *Applicant's justification for relief:* It is proposed that the visibility of cab signals is superior to that of roadway signals and that cab signals also permit automatic enforcement of speed limits and govern the proper approach to the home signal. Interested parties are invited to participate in these proceedings by submitting written views, data, or comments. FRA does not anticipate scheduling a public hearing in connection with these proceedings since the facts do not appear to warrant a hearing. If any interested party desires an opportunity for oral comment, they should notify FRA, in writing, before the end of the comment period and specify the basis for their request. Any interested party desiring to protest the granting of an application shall set forth specifically the grounds upon which the protest is made, and it shall contain a concise statement of the interest of the party in the proceeding. Additionally, one copy of the protest shall be furnished to the applicant at the address listed above. All communications concerning these proceedings should be identified by Docket Number FRA-2008-0079 and may be submitted by any of the following methods: • *Web site: http://www.regulations.gov.* Follow the online instructions for submitting comments. • *Fax:* 202-493-2251. • *Mail:* Docket Operations Facility, U.S. Department of Transportation,1200 New Jersey Avenue, SE., W12-140, Washington, DC 20590. • *Hand Delivery:* 1200 New Jersey Avenue, SE., Room W12-140, Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. Communications received within 45 days of the date of this notice will be considered by FRA before final action is taken. Comments received after that date will be considered as far as practicable. All written communications concerning these proceedings are available for examination during regular business hours (9 a.m.-5 p.m.) at the above facility. All documents in the public docket are also available for inspection and copying on the Internet at the docket facility's Web site at *http://www.regulations.gov.* Anyone is able to search the electronic form of any written communications and comments received into any of our dockets by the name of the individual submitting the comment (or signing the comment, if submitted on behalf of an association, business, labor union, etc.). You may review DOT's complete Privacy Act Statement in the **Federal Register** published on April 11, 2000 (Volume 65, Number 70; Pages 19477-78). Issued in Washington, DC on July 23, 2008. Grady C. Cothen, Jr., Deputy Associate Administrator for Safety Standards and Program Development. [FR Doc. E8-17294 Filed 7-28-08; 8:45 am] BILLING CODE 4910-06-P DEPARTMENT OF TRANSPORTATION Federal Railroad Administration Notice of Informational Filing In accordance with Section 236.913 of Title 49 of the Code of Federal Regulations (CFR), notice is hereby given that the Federal Railroad Administration
(FRA)has received an informational filing from the Marquette Rail, LLC to permit field testing of the TrackAccess System. The informational filing is described below, including the requisite docket number where the informational filing and any related information may be found. The document is also available for public inspection; however, FRA is not accepting public comments. Marquette Rail, LLC [Waiver Petition Docket Number FRA-2008-0081] The Marquette Rail, LLC has submitted an informational filing to permit field testing of the software-based dispatch system for low density lines identified as TrackAccess System. The informational filing addresses the requirements under 49 CFR 236.913(j)(1). Specifically, the informational filing contains a description of the TrackAccess product and an operational concept document, pursuant to 49 CFR 36.913(j)(1). TrackAccess is an electronic track occupancy system similar to the conventional block register. It is designed to protect the area of exclusive track occupancy given to roadway workers or train crew members by excluding the possibility of electronic issuance of the conflicting track occupancy authorities. TrackAccess aims to reduce the potential for human errors associated with issuance of track occupancy authorities to roadway workers and train crews by the dispatcher. In its autonomous mode of operation, the TrackAccess System assumes electronic delivery of track occupancy authorities to roadway workers and train crews. The Marquette Rail, LLC desires to commence factory testing of the product on or about August 15, 2008, and conduct a field testing as soon as practicable, thereafter, contingent upon FRA's acceptance and approval of their informational filing. The Marquette Rail, LLC intends to test TrackAccess Systems on it railroad in Michigan. Interested parties are invited to review the informational filing and associated documents at DOT's Docket Management facility during regular business hours (9 a.m.-5 p.m.) at 1200 New Jersey Avenue, SE., Room W12-140, Washington, DC 20590. All documents in the public docket are available for inspection and copying on the Internet at *http://www.regulations.gov.* Anyone is able to search the electronic form of any written communications received into any of our dockets by name of the individual submitting the document (or signing the document, if submitted on behalf of an association, business, labor union, etc.). You may review the DOT's complete Privacy Act Statement in the **Federal Register** published on April 11, 2000 (Volume 65, Number 70; Pages 19477-78). Issued in Washington, DC July 23, 2008. Grady C. Cothen, Jr., Deputy Associate Administrator for Safety Standards and Program Development. [FR Doc. E8-17295 Filed 7-28-08; 8:45 am] BILLING CODE 4910-06-P DEPARTMENT OF TRANSPORTATION Federal Railroad Administration Petition for Waiver of Compliance In accordance with Part 211 of Title 49 Code of Federal Regulations (CFR), notice is hereby given that the Federal Railroad Administration
(FRA)received a request for a waiver of compliance with certain requirements of its safety standards. The individual petition is described below, including the party seeking relief, the regulatory provisions involved, the nature of the relief being requested, and the petitioner's arguments in favor of relief. City of Menasha, Wisconsin [Waiver Petition Docket Number FRA-2008-0082] The City of Menasha, Wisconsin (City), seeks a permanent waiver of compliance from certain provisions of the Use of Locomotive Horns at Highway-Rail Grade Crossings, 49 CFR Part 222. The City intends to establish Pre-Rule Quiet Zones that it had previously continued under the provisions of 49 CFR Part 222.41(c)(1). The City is seeking a waiver to extend:
(1)The mailing date for a Notice of Intent as provided in 49 CFR Part 222.41(c)(2)(i)(a) which states that the Notice of Intent must be mailed by February 24, 2008 and
(2)the filing date for a Detailed Plan as provided in 49 CFR Part 222.41(c)(2)(i)(b) which states that the Detailed Plan must be filed with FRA by June 24, 2008. The waiver petition requests that the City be allowed an unspecified amount of additional time to submit its Notice of Intent and Detailed Plan due to confusion regarding its five existing pre-rule quiet zones which the City is trying to consolidate into two quiet zones. The City states that when it started to review the requirements for continuation of its Pre-Rule Quiet Zones, it discovered that the descriptions and locations of the five quiet zones were somewhat confusing. For example, there was a single crossing quiet zone on a mainline that was between two other crossings identified in a separate quiet zone. Two other quiet zones included crossings that were not contiguous with each other and, in some cases, were very remote from the remainder of the crossings in that particular quiet zone. Upon consultation with one of FRA's Regional Crossing Managers who also spoke with the Canadian National Railroad Company
(CN)about the situation, it was determined that consolidating the five pre-rule quiet zones into two was appropriate. Because of the confusion regarding its five existing quiet zone and objectives to consolidate those into two quiet zones, the City was unable to confidently and timely prepare its Notice of Intent and Detailed Plan by the required dates. The City states that it is committed to promptly submitting its Notice of Intent and Detailed Plan. The commitment extends further to the goal of reaching compliance with the FRA safety level established for Pre-Rule Quiet Zones, realizing there may be significant costs required to implement necessary improvements. The City seeks the waiver in order to continue the restrictions on routine sounding of locomotive horns along its five quiet zone corridors, with the possibility that these five quiet zones might be combined into two quiet zones in the future with the CN's approval. The City states that it made a good faith effort to obtain CN's support for the waiver but failed to reach an agreement and thus was unable to file a joint waiver. The City had several good faith discussions with CN but was unable to reach an accord due to CN's requirement that the Appleton Street Crossing be closed as a condition of its support. The City offered several alternatives to the closing of Appleton Street including the permanent closure of another street, a commitment to install future supplemental safety measures (most likely a four quadrant gate system) at two major crossings (Racine Street and Plank Road), and closing Appleton Street to vehicular traffic but allowing pedestrian and bicycle traffic. The City does not feel that the closure of Appleton Street would contribute significantly to public safety. A church and school that is on the street would still need to be accessed, and it is believed that pedestrians would still attempt to cross at the location and expose themselves to train traffic. Additionally, traffic would be diverted to adjacent crossings that are approximately 850 feet from Appleton Street. Both adjacent streets are high volume arterial streets, and users would be subjected to higher traffic volumes and fewer traffic gaps. Interested parties are invited to participate in these proceedings by submitting written views, data, or comments. FRA does not anticipate scheduling a public hearing in connection with these proceedings since the facts do not appear to warrant a hearing. If any interested party desires an opportunity for oral comment, they should notify FRA, in writing, before the end of the comment period and specify the basis for their request. All communications concerning these proceedings should identify the appropriate docket number (e.g., Waiver Petition Docket Number FRA-2008-0082) and may be submitted by any of the following methods: 1. *Web site: http://www.regulations.gov.* Follow the online instructions for submitting comments. 2. *Fax:* 202-493-2251. 3. *Mail:* Docket Operations Facility, U.S. Department of Transportation, 1200 New Jersey Avenue, SE., W12-140, Washington, DC 20590. 4. *Hand Delivery:* 1200 New Jersey Avenue, SE., Room W12-140, Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday, except Federal Holidays. Communications received within 45 days of the date of this notice will be considered by FRA before final action is taken. Comments received after that date will be considered as far as practicable. All written communications concerning these proceedings are available for examination during regular business hours (9 a.m.-5 p.m.) at the above facility. All documents in the public docket are also available for inspection and copying on the Internet at the docket facility's Web site at *http://www.regulations.gov.* Anyone is able to search the electronic form of any written communications and comments received into any of our dockets by the name of the individual submitting the comment (or signing the comment, if submitted on behalf of an association, business, labor union, etc.). You may review DOT's complete Privacy Act Statement in the **Federal Register** published on April 11, 2000 (Volume 65, Number 70; Pages 19477-78). Issued in Washington, DC on July 23, 2008. Grady C. Cothen, Jr., Deputy Associate Administrator for Safety Standards and Program Development. [FR Doc. E8-17293 Filed 7-28-08; 8:45 am] BILLING CODE 4910-06-P DEPARTMENT OF TRANSPORTATION Federal Railroad Administration Petition for Waiver of Compliance In accordance with part 211 of Title 49 Code of Federal Regulations (CFR), notice is hereby given that the Federal Railroad Administration
(FRA)has received a request for a waiver of compliance from certain requirements of its safety standards. The individual petition is described below, including the party seeking relief, the regulatory provisions involved, the nature of the relief being requested, and the petitioner's arguments in favor of relief. City of Waukesha, Wisconsin [Waiver Petition Docket Number FRA-2008-0067] The City of Waukesha, Wisconsin
(City)seeks a permanent waiver of compliance from certain provisions of 49 CFR part 222, which pertain to the establishment of Pre-Rule Quiet Zones. The City intends to establish a Pre-Rule Quiet Zone that it had previously continued under the provisions of 49 CFR 222.41(c)(1). The City is seeking a waiver to extend:
(1)the mailing date for a Notice of Intent as provided in 49 CFR 222.41(c)(2)(i)(A) that states that the Notice of Intent must be mailed by February 24, 2008, and
(2)the filing date for a Detailed Plan as provided in 49 CFR 222.41(c)(2)(i)(B) that states that the detailed plan must be filed with FRA by June 24, 2008. The waiver petition also requests that the City be allowed to resubmit its Notice of Intent that was originally filed on March 4, 2008, in order to correct data errors in its original submission. The City states that it made an honest attempt to prepare the Notice of Intent which was mailed on March 4, 2008. However, after a diagnostic meeting was held on May 8, 2008, it was discovered that the Notice of Intent contained a number of errors and the calculation of risk levels should be revised. The City has now retained a consultant with national quiet zone experience and requests the time extension in order to prepare an updated Notice of Intent which will accurately present risk levels so correct treatments can be planned to protect public safety. The City seeks the waiver in order to continue the restrictions on routine sounding of locomotive horns along the current Main Line Quiet Zone (from Moreland Boulevard, MP 98.59 to Sunset Drive, MP 95.94). The City included a letter from the Wisconsin Central Ltd. Railroad
(WCL)dated May 15, 2008, indicating the railroad's support of the waiver petition to extend the deadlines for filing a Notice of Intent and providing a Detailed Plan. However, subsequent correspondence from WCL dated June 23, 2008, indicates that WCL has withdrawn its support for the City's waiver petition, based upon the failure of the City and WCL to come to agreement on the terms of the public safety enhancements for the affected highway-rail grade crossings. Interested parties are invited to participate in these proceedings by submitting written views, data, or comments. In particular, the City is invited to provide additional written information about the steps that it has taken to reach agreement with WCL on the City's request to extend the deadlines contained in 49 CFR 222.41(c)(2), as well as a written explanation as to why application of the joint submission requirement contained in 49 CFR 222.15(a) would not be likely to contribute significantly to public safety. FRA does not anticipate scheduling a public hearing in connection with these proceedings since the facts do not appear to warrant a hearing. If any interested party desires an opportunity for oral comment, they should notify FRA, in writing, before the end of the comment period and specify the basis for their request. All communications concerning these proceedings should identify the appropriate docket number (e.g., Waiver Petition Docket Number FRA-2008-0067) and may be submitted by any of the following methods: • *Web site: http://www.regulations.gov.* Follow the online instructions for submitting comments. • *Fax:* 202-493-2251. • *Mail:* Docket Operations Facility, U.S. Department of Transportation, 1200 New Jersey Avenue, SE., W12-140, Washington, DC 20590. • *Hand Delivery:* 1200 New Jersey Avenue, SE., Room W12-140, Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. Communications received within 20 days of the date of this notice will be considered by FRA before final action is taken. Comments received after that date will be considered as far as practicable. All written communications concerning these proceedings are available for examination during regular business hours (9 a.m.-5 p.m.) at the above facility. All documents in the public docket are also available for inspection and copying on the Internet at the docket facility's Web site at *http://www.regulations.gov.* Anyone is able to search the electronic form of any written communications and comments received into any of our dockets by the name of the individual submitting the comment (or signing the comment, if submitted on behalf of an association, business, labor union, etc.). You may review DOT's complete Privacy Act Statement in the **Federal Register** published on April 11, 2000 (Volume 65, Number 70; Pages 19477-78). Issued in Washington, DC on July 23, 2008. Grady C. Cothen, Jr., Deputy Associate Administrator for Safety Standards and Program Development. [FR Doc. E8-17394 Filed 7-28-08; 8:45 am] BILLING CODE 4910-06-P DEPARTMENT OF THE TREASURY Submission for OMB Review; Comment Request July 22, 2008. The Department of the Treasury will submit the following public information collection requirement(s) to OMB for review and clearance under the Paperwork Reduction Act of 1995, Public Law 104-13 on or after the date of publication of this notice. Copies of the submission(s) may be obtained by calling the Treasury Bureau Clearance Officer listed. Comments regarding this information collection should be addressed to the OMB reviewer listed and to the Treasury Department Clearance Officer, Department of the Treasury, Room 11000, and 1750 Pennsylvania Avenue, NW., Washington, DC 20220. *Dates:* Written comments should be received on or before August 28, 2008 to be assured of consideration. Internal Revenue Service
(IRS)*OMB Number:* 1545-1946. *Type of Review:* Extension. *Title:* PS-262-82 (Final) Definition of an S Corporation. *Description:* Section 1503(d) denies the use of the losses of one domestic corporation by another affiliated domestic corporation where the loss corporation is also subject to the income tax of a foreign country. This final regulation permits the domestic use of the loss if the loss has not been used in the foreign country provided a domestic use agreement is filed with the income tax return of the domestic affiliated group or domestic owner agreeing to recapture the loss into income upon a future foreign use of the loss. *Respondents:* Businesses or other for-profit institutions. *Estimated Total Burden Hours:* 2,740 hours. *OMB Number:* 1545-1947. *Type of Review:* Extension. *Title:* REG-105346-03 (NPRM)—Partnership Equity For Services. *Form:* 8609. *Description:* The regulations provide that the transfer of a partnership interest in connection with the performance of services is subject to section 83 of the Code and provide rules for coordinating section 83 with partnership taxation principles. *Respondents:* Businesses or other for-profit institutions. *Estimated Total Burden Hours:* 112,500 hours. *OMB Number:* 1545-0854. *Type of Review:* Extension. *Title:* LR-1214 (Final) Discharge of Liens. *Description:* The Internal Revenue Service needs this information to determine if the taxpayer has equity in the property. This information will be used to determine the amount, if any, to which the tax lien attaches. *Respondents:* Businesses or other for-profit institutions. *Estimated Total Burden Hours:* 200 hours. *OMB Number:* 1545-1244. *Type of Review:* Extension. *Title:* PS-39-89 Limitation on Passive Activity Losses and Credits—Treatment on Self-Charged Items of Income and Expense. *Description:* The IRS will use this information to determine whether the entity has made a proper timely election and to determine that taxpayers are complying with the election in the taxable year of the election and subsequent taxable years. *Respondents:* Businesses or other for-profit institutions. *Estimated Total Burden Hours:* 150 hours. *OMB Number:* 1545-1771. *Type of Review:* Extension. *Title:* Revenue Procedure 2002-15, Automatic Relief for Late Initial Entity Classification Elections—Check the Box. *Description:* 26 CFR Sec. 301.9100-1 and Sec. 301-9100-3 provide the Internal Revenue Service with authority to grant relief for late entity classification elections. This revenue procedure provides that, in certain circumstances, taxpayers whose initial entity classification election was filed late can obtain relief by filing Form 8832 and attaching a statement explaining that the requirements of the revenue procedure have been met. *Respondents:* Businesses or other for-profit institutions. *Estimated Total Burden Hours:* 100 hours. *OMB Number:* 1545-0863. *Type of Review:* Extension. *Title:* LR-218-78 (Final) Product Liability Losses and Accumulations for Product Liability Losses. *Description:* Generally, a taxpayer who sustains a product liability loss must carry the loss back 10 years. However, a taxpayer may elect to have such losses treated as a regular net operating loss under section 172. If desired, such election is made by attaching a statement to the tax return. This statement will enable the IRS to monitor compliance with the statutory requirements. *Respondents:* Businesses or other for-profit institutions. *Estimated Total Burden Hours:* 2,500 hours. *OMB Number:* 1545-1945. *Type of Review:* Extension. *Title:* Revenue Procedure 2001-21 Debt Roll-Ups. *Description:* This revenue procedure provides for an election that will facilitate the consolidation of two or more outstanding debt instruments into a single debt instrument. Under the election, taxpayers can treat certain exchanges of debt instruments as realization events for federal income tax purposes even though the exchanges do not result in significant modifications under Sec. 1.1001-33 of the Income Tax Regulations. *Respondents:* Businesses and other for-profit institutions. *Estimated Total Burden Hours:* 75 hours. *OMB Number:* 1545-0897. *Type of Review:* Extension. *Title:* IA-62-91 (Final and Temporary) Capitalization and Inclusion in Inventory of Certain Costs. *Description:* The paperwork requirements are necessary to determine whether taxpayers comply with the cost allocation rules of section 263A and with the requirements for changing their methods of accounting. The information will be used to verify taxpayers' changes in methods of accounting. *Respondents:* Businesses or other for-profit institutions. *Estimated Total Burden Hours:* 100,000 hours. *OMB Number:* 1545-0897. *Type of Review:* Extension. *Title:* REG-208156-91 (Final) Accounting for Long-Term Contracts. *Description:* The information collected is required to notify the Commissioner of a taxpayer's decision to sever or aggregate one or more long-term contracts under the regulations. The statement is needed so the Commissioner can determine whether the taxpayer properly severed or aggregated its contract(s). The regulations affect any taxpayer that manufactures or constructs property under long-term contracts. *Respondents:* Businesses or other for-profit institutions. *Estimated Total Burden Hours:* 12,500 hours. *Clearance Officer:* Glenn P. Kirkland,
(202)622-3428, Internal Revenue Service, Room 6516, 1111 Constitution Avenue, NW., Washington, DC 20224. *OMB Reviewer:* Alexander T. Hunt,
(202)395-7316, Office of Management and Budget, Room 10235, New Executive Office Building, Washington, DC 20503. Robert Dahl, Treasury PRA Clearance Officer. [FR Doc. E8-17267 Filed 7-28-08; 8:45 am] BILLING CODE 4830-01-P DEPARTMENT OF THE TREASURY Submission for OMB Review; Comment Request July 23, 2008. The Department of Treasury will submit the following public information collection requirement(s) to OMB for review and clearance under the Paperwork Reduction Act of 1995, Public Law 104-13 on or after the publication date of this notice. Copies of the submission(s) may be obtained by calling the Treasury Bureau Clearance Officer listed. Comments regarding this information collection should be addressed to the OMB reviewer listed and to the Treasury Department Clearance Officer, Department of the Treasury, Room 11000, 1750 Pennsylvania Avenue, NW., Washington, DC 20220. DATES: Written comments should be received on or before August 28, 2008 to be assured of consideration. Community Development Financial Institutions Fund *OMB Number:* 1559-0028. *Type of Review:* Extension. *Title:* The Community Development Financial Institutions Program—Certification Application. *Form:* CDFI-0005. *Description:* The certification application will be used to determine whether an entity seeking CDFI certification or recertification meets the Fund's requirements for such certification as set forth in 12 CFR 1805.201. *Respondents:* Not-for-profit institutions. *Estimated Total Burden Hours:* 12,600 hours. *Clearance Officer:* Ashanti McCallum,
(202)622-9018, Community Development Financial Institutions Fund, Department of the Treasury, 601 13th Street, NW., Suite 200 South, Washington, DC 20005. *OMB Reviewer:* Alexander T. Hunt,
(202)395-7316, Office of Management and Budget, Room 10235, New Executive Office Building, Washington, DC 20503. Robert Dahl, Treasury PRA Clearance Officer. [FR Doc. E8-17350 Filed 7-28-08; 8:45 am] BILLING CODE 4810-70-P DEPARTMENT OF THE TREASURY Submission for OMB Review; Comment Request July 23, 2008. The Department of Treasury will submit the following public information collection requirement(s) to OMB for review and clearance under the Paperwork Reduction Act of 1995, Public Law 104-13 on or after the date of publication of this notice. Copies of the submission(s) may be obtained by calling the Treasury Bureau Clearance Officer listed. Comments regarding this information collection should be addressed to the OMB reviewer listed and to the Treasury Department Clearance Officer, Department of the Treasury, Room 11000, 1750 Pennsylvania Avenue, NW., Washington, DC 20220. DATES: Written comments should be received on or before August 28, 2008 to be assured of consideration. Financial Management Service
(FMS)*OMB Number:* 1510-0052. *Type of Review:* Extension. *Title:* Financial Institution Agreement and Application Forms for Designation as a Treasury Tax and Loan Depositary and Resolution. *Form:* FMS-458 and -459. *Description:* Financial institutions are required to complete an Agreement and Application to participate in the Federal Tax Deposit/Treasury Tax and Loan Program. The approved application designates the depositary as an authorized recipient of taxpayers' deposits for Federal taxes. *Respondents:* Businesses or other for-profit institutions. *Estimated Total Burden Hours:* 225 hours. *Clearance Officer:* Wesley Powe
(202)874-7662, Financial Management Service, Room 135, 3700 East-West Highway, Hyattsville, MD 20782. *OMB Reviewer:* Alexander T. Hunt
(202)395-7316, Office of Management and Budget, Room 10235, New Executive Office Building, Washington, DC 20503. Robert B. Dahl, Treasury PRA Clearance Officer. [FR Doc. E8-17351 Filed 7-28-08; 8:45 am] BILLING CODE 4810-35-P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 990-EZ; Correction AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Correction to notice and request for comments. SUMMARY: This document contains corrections to a notice and request for comments, that was published in the **Federal Register** on Tuesday, July 8, 2008 (73 FR 39089) inviting the general public and other Federal Agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)) and as part of its continuing effort to reduce paperwork and respondent burden by the Department of the Treasury. Currently, the IRS is soliciting comments concerning Form 990-EZ, Short Form Return of Organization Exempt From Income Tax. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the forms and instructions should be directed to Carolyn N. Brown,
(202)622-6688, or at Internal Revenue Service, Room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224, or through the Internet, at *Carolyn.N.Brown@irs.gov.* SUPPLEMENTARY INFORMATION: Background The notice and request for comments that is the subject of the corrections is required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Need for Correction As published, the notice and request for comments for Proposed Collection; Comment Request for Form 990-EZ contains errors that may prove to be misleading and are in need of clarification. Correction of Publication Accordingly, the publication of the notice and request for comments for Proposed Collection; Comment Request for Form 990-EZ, which were the subjects of FR Doc. E8-15462, is corrected as follows: 1. On page 39089, column 3, under the caption SUPPLEMENTARY INFORMATION: , lines 8 and 9 of the paragraph under “ *Abstract:* ”, the language “$100,000 and whose total assets at the end of the year are less than $250,000” is corrected to read “$1,000,000 and whose total assets at the end of the year are less than $2,500,000”. 2. On page 39089, column 3, under the caption SUPPLEMENTARY INFORMATION: line 3 of the paragraph under “ *Current Actions:* ”, the language “Schedules A, C, E, G, L and N of the” is corrected to read “Schedules A, B, C, E, G, L and N of the”. LaNita Van Dyke, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). [FR Doc. E8-17253 Filed 7-28-08; 8:45 am] BILLING CODE 4830-01-P DEPARTMENT OF THE TREASURY Office of Thrift Supervision [No. OTS-2008-0009] OTS Minority Depository Institutions Advisory Committee AGENCY: Office of Thrift Supervision, Treasury (OTS). ACTION: Notice of intent to establish; request for nominations. SUMMARY: The Director of the Office of Thrift Supervision has determined that the establishment of a Minority Depository Institutions Advisory Committee is necessary and in the public interest in order to preserve minority institutions and encourage their creation. OTS is seeking nominations of individuals to be considered for selection as Committee members and the names of professional and public interest groups that should be represented on the Committee. DATES: Nomination must be received on or before August 19, 2008. ADDRESSES: Nominations should be sent to *nominations@ots.treas.gov* or mailed to: Montrice Godard Yakimov, Managing Director, Compliance and Consumer Protection, Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552. FOR FURTHER INFORMATION CONTACT: Cassandra McConnell, Director, Consumer and Community Affairs, Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552;
(202)906-5750. SUPPLEMENTARY INFORMATION: The Director of the Office of Thrift Supervision
(OTS)has determined that the establishment of the Minority Depository Institutions Advisory Committee is necessary and in the public interest. The Committee is established in accordance with the Federal Advisory Committee Act, 5 U.S.C. App. 2, § 9 (c). The Committee will advise OTS on ways to meet the goals established by section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Public Law 101-73, Title III, 103 Stat. 353, 12 U.S.C.A. § 1463 note. The goals of section 308 are to preserve the present number of minority institutions, preserve the minority character of minority-owned institutions in cases involving mergers or acquisitions, provide technical assistance, and encourage the creation of new minority institutions.The Minority Depository Institutions Advisory Committee will help OTS meet those goals by providing informed advice and recommendations regarding a range of issues involving minority depository institutions. Nominations should describe and document the proposed member's qualifications for Committee membership. In addition to individual nominations, OTS is soliciting the names of professional and public interest groups that should have representatives participating on the Committee. Committee members are not compensated for their time, but are eligible for reimbursement of travel expenses in accordance with applicable Federal law and regulations. Dated: July 23, 2008. By the Office of Thrift Supervision. Montrice Godard Yakimov, Managing Director, Compliance and Consumer Protection. [FR Doc. E8-17370 Filed 7-28-08; 8:45 am] BILLING CODE 6720-01-P U.S.-CHINA ECONOMIC AND SECURITY REVIEW COMMISSION Notice of Open Meetings To Prepare Report to Congress *Advisory Committee:* U.S.-China Economic and Security Review Commission. ACTION: Notice of open meetings to prepare 2008 Annual Report to Congress—August 14, 2008, September 24-25, 2008, October 6-7, 2008 and October 20-22, 2008 in Washington, DC. SUMMARY: Notice is hereby given of meetings of the U.S.-China Economic and Security Review Commission. *Name:* Larry Wortzel, Chairman of the U.S.-China Economic and Security Review Commission. The Commission is mandated by Congress to investigate, assess, evaluate and report to Congress annually on the U.S.-China economic and security relationship. The mandate specifically charges the Commission to prepare a report to the Congress “regarding the national security implications and impact of the bilateral trade and economic relationship between the United States and the People's Republic of China [that] shall include a full analysis, along with conclusions and recommendations for legislative and administrative actions * * *” *Purpose of Meetings:* Pursuant to this mandate, the Commission will meet in Washington, DC on August 14, September 24-25, October 6-7, and October 20-22, 2008, to consider the first and later rounds of drafts of material for its 2008 Annual Report to Congress that have been prepared for its consideration by the Commission staff, and to make modifications to those drafts that Commission members believe are needed. *Topics to be Discussed:* The Commissioners will be considering draft Report sections addressing the following topics: • The United States-China trade and economic relationship, including the relationship's current status; significant changes during 2008; the control of China's economy by its government, and the effect of that control on the United States. • The implications of China's Sovereign Wealth Fund; seafood imports from China into Louisiana and the U.S. Gulf Coast; and R&D activities in China and resulting technology transfers to China for the U.S. economy and security. • China's Activities Directly Affecting U.S. Security Interests, including China's proliferation policies and practices and China's space and cyber activities. • China's Energy and Environmental Policies and Activities, including bilateral and multilateral energy and environment agreements; and China's efforts pertaining to climate change. • China's Foreign and Regional Activities and Relationships in East Asia including those pertaining to Taiwan, Japan, and South Korea, and to its own special administrative region of Hong Kong. • China's Media and Information Controls • China's Compliance with the U.S.-China Memorandum of Understanding on China's Use of Prison Labor Dates and Times (Eastern Daylight Time) —Thursday, August 14, 2008 (10 a.m. to 4 p.m.) —Wednesday, September 24, 2008 (1 p.m. to 5 p.m.) —Thursday, September 25, 2008 (10 a.m. to 4 p.m.); —Monday and Tuesday, October 6-7, 2008 (10 a.m. to 4 p.m.); —Monday, October 20, 2008 (12 p.m. to 4 p.m.) —Tuesday and Wednesday, October 21-22, 2008 (10 a.m. to 4 p.m.). ADDRESSES: All meetings will be held in Conference Room 333 (3rd floor), except the meeting on September 25 will be held in Conference Room 231 (2nd floor), of The Hall of the States located at 444 North Capitol Street, NW., Washington, DC 20001. Public seating is limited, and will be available on a “first-come, first-served” basis. Advance reservations are not required. All participants must register at the front desk of the lobby. *Required Accessibility Statement:* The entirety of these Commission editorial and drafting meetings will be open to the public. The Commission may recess the public editorial/drafting meetings to address administrative issues in closed session. FOR FURTHER INFORMATION CONTACT: Kathy Michels, Associate Director, U.S.-China Economic and Security Review Commission, 444 North Capitol Street, NW., Suite 602, Washington DC 20001; phone 202-624-1409; e-mail *kmichels@uscc.gov.* Authority: Congress created the U.S.-China Economic and Security Review Commission in 2000 in the National Defense Authorization Act (Public Law 106-398), as amended by Division P of the Consolidated Appropriations Resolution, 2003 (Public Law 108-7), as amended by Public Law 109-108 (November 22, 2005). Dated: July 23, 2008. Kathleen J. Michels, Associate Director, U.S.-China Economic and Security Review Commission. [FR Doc. E8-17299 Filed 7-28-08; 8:45 am] BILLING CODE 1137-00-P 73 146 Tuesday, July 29, 2008 Presidential Documents Title 3— The President Executive Order 13469 of July 25, 2008 Blocking Property of Additional Persons Undermining Democratic Processes or Institutions in Zimbabwe By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 *et seq* .) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 *et seq* .), and section 301 of title 3, United States Code, I, GEORGE W. BUSH, President of the United States of America, find that the continued actions and policies of the Government of Zimbabwe and other persons to undermine Zimbabwe's democratic processes or institutions, manifested most recently in the fundamentally undemocratic election held on June 27, 2008, to commit acts of violence and other human rights abuses against political opponents, and to engage in public corruption, including by misusing public authority, constitute an unusual and extraor- dinary threat to the foreign policy of the United States, and to deal with that threat, hereby expand the scope of the national emergency declared in Executive Order 13288 of March 6, 2003, and relied upon for additional steps taken in Executive Order 13391 of November 22, 2005, and hereby order: **Section 1.**
(a)Except to the extent provided by statutes, or provided in regulations, orders, directives, or licenses that may be issued pursuant to this order, and notwithstanding any contract entered into or any license or permit granted prior to the date of this order, all property and interests in property that are in the United States, that hereafter come within the United States, or that are or hereafter come within the possession or control of United States persons, including their overseas branches, of the following persons are blocked and may not be transferred, paid, exported, withdrawn, or otherwise dealt in: Any person determined by the Secretary of the Treasury, after consultation with the Secretary of State:
(i)to be a senior official of the Government of Zimbabwe;
(ii)to be owned or controlled by, directly or indirectly, the Government of Zimbabwe or an official or officials of the Government of Zimbabwe;
(iii)to have engaged in actions or policies to undermine Zimbabwe's democratic processes or institutions;
(iv)to be responsible for, or to have participated in, human rights abuses related to political repression in Zimbabwe;
(v)to be engaged in, or to have engaged in, activities facilitating public corruption by senior officials of the Government of Zimbabwe;
(vi)to be a spouse or dependent child of any person whose property and interests in property are blocked pursuant to Executive Order 13288, Executive Order 13391, or this order;
(vii)to have materially assisted, sponsored, or provided financial, material, logistical, or technical support for, or goods or services in support of, the Government of Zimbabwe, any senior official thereof, or any person whose property and interests in property are blocked pursuant to Executive Order 13288, Executive Order 13391, or this order; or
(viii)to be owned or controlled by, or to have acted or purported to act for or on behalf of, directly or indirectly, any person whose property and interests in property are blocked pursuant to Executive Order 13288, Executive Order 13391, or this order.
(b)I hereby determine that the making of donations of the type of articles specified in section 203(b)(2) of IEEPA (50 U.S.C. 1702(b)(2)) by, to, or for the benefit of any person whose property and interests in property are blocked pursuant to paragraph
(a)of this section would seriously impair my ability to deal with the national emergency declared in Executive Order 13288, as amended, and I hereby prohibit such donations as provided by paragraph
(a)of this section.
(c)The prohibitions of this section include but are not limited to
(i)the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any person whose property and interests in property are blocked pursuant to Executive Order 13288, Executive Order 13391, or this order, and
(ii)the receipt of any contribution or provision of funds, goods, or services from any such person.
(d)The provisions of Executive Orders 13288 and 13391 remain in effect, and this order does not affect any action taken pursuant to those orders. **Sec. 2.**
(a)Any transaction by a United States person or within the United States that evades or avoids, has the purpose of evading or avoiding, or attempts to violate any of the prohibitions set forth in this order is prohibited. (b)Any conspiracy formed to violate any of the prohibitions set forth in this order is prohibited. **Sec. 3.** For the purposes of this order:
(a)the term “person” means an individual or entity;
(b)the term “entity” means a partnership, association, trust, joint venture, corporation, group, subgroup, or other organization;
(c)the term “United States person” means any United States citizen, permanent resident alien, entity organized under the laws of the United States or any jurisdiction within the United States (including foreign branches), or any person in the United States; and
(d)the term “Government of Zimbabwe” means the Government of Zimbabwe, its agencies, instrumentalities, and controlled entities. **Sec. 4.** For those persons whose property and interests in property are blocked pursuant to this order who might have a constitutional presence in the United States, I find that, because of the ability to transfer funds or other assets instantaneously, prior notice to such persons of measures to be taken pursuant to this order would render these measures ineffectual. I therefore determine that, for these measures to be effective in addressing the national emergency declared in Executive Order 13288, there need be no prior notice of a listing or determination made pursuant to section 1 of this order. **Sec. 5.** The Secretary of the Treasury, after consultation with the Secretary of State, is hereby authorized to take such actions, including the promulgation of rules and regulations, and to employ all powers granted to the President by IEEPA as may be necessary to carry out the purposes of this order. The Secretary of the Treasury may redelegate any of these functions to other officers and agencies of the United States Government consistent with applicable law. All agencies of the United States Government are hereby directed to take all appropriate measures within their authority to carry out the provisions of this order. **Sec. 6** . The Secretary of the Treasury, after consultation with the Secretary of State, is hereby authorized to submit the recurring and final reports to the Congress on the national emergency declared in Executive Order 13288, as amended, and 5 expanded in this order, consistent with section 401(c) of the NEA (50 U.S.C. 1641(c)) and section 204(c) of IEEPA (50 U.S.C. 1703). **Sec. 7.** This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, instrumentalities, or entities, its officers or employees, or any other person. GWBOLD.EPS THE WHITE HOUSE, July 25, 2008. [FR Doc. 08-1480 Filed 7-25-08; 8:45 am]
Connectionstraces to 32
Traces to 32 documents
U.S. Code
34 references not yet in our index
  • 39 CFR 3020.30
  • 39 CFR 3020.32
  • 39 CFR 3015.5
  • Pub. L. 94-409
  • 17 CFR 240.19
  • 17 CFR 240.10
  • 42 USC 4321-4351
  • 42 USC 7401-7671(q)
  • 16 USC 1531-1544
  • 16 USC 661-667(d)
  • 16 USC 703-712
  • 16 USC 469-469(c)
  • 25 USC 3001-3013
  • 42 USC 2000(d)
  • 7 USC 4201-4209
  • 42 USC 9601-9675
  • 42 USC 6901-6992
  • 49 CFR 236
  • 49 CFR 236.913(j)(1)
  • 49 CFR 36.913(j)(1)
  • 49 CFR 222
  • 49 CFR 222.41(c)(1)
  • 49 CFR 222.41(c)(2)(i)(a)
  • 49 CFR 222.41(c)(2)(i)(b)
  • 49 CFR 222.41(c)(2)(i)(A)
  • 49 CFR 222.41(c)(2)(i)(B)
  • 49 CFR 222.41(c)(2)
  • 49 CFR 222.15(a)
  • Pub. L. 104-13
  • Pub. L. 101-73
  • 103 Stat. 353
  • Pub. L. 106-398
  • Pub. L. 108-7
  • Pub. L. 109-108
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U.S.C.§ 3642
U.S.C.§ 3632
U.S.C.§ 3633
U.S.C.§ 505
U.S.C.§ 552b
C.F.R.§ 200.402
U.S.C.§ 78s
U.S.C.§ 78c
U.S.C.§ 78f
Cite39 CFR 3020.30
Cite39 CFR 3020.32
Cite39 CFR 3015.5
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