82 FR 42407 - Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Address the Application of Exchange Rule 11140 (Transactions in Securities “Ex-Dividend,” “Ex-Rights” or “Ex-Warrants”) as it Relates to Establishing Ex-Dividend Dates in connection With the Implementation of the T+2 Settlement Cycle on September 5, 2017
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 172 (September 7, 2017)
Federal Register Volume 82, Issue 172 (September 7, 2017)
| Page Range | 42407-42410 | |
| FR Document | 2017-18937 |
[Federal Register Volume 82, Number 172 (Thursday, September 7, 2017)] [Notices] [Pages 42407-42410] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-18937] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81512; File No. SR-BX-2017-039] Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Address the Application of Exchange Rule 11140 (Transactions in Securities ``Ex- Dividend,'' ``Ex-Rights'' or ``Ex-Warrants'') as it Relates to Establishing Ex-Dividend Dates in connection With the Implementation of the T+2 Settlement Cycle on September 5, 2017 August 31, 2017. 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 August 29, 2017, NASDAQ BX, Inc. (``BX'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I and II 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 address the application of Exchange Rule 11140 (Transactions in Securities ``Ex-Dividend,'' ``Ex-Rights'' or ``Ex-Warrants'') as it relates to establishing ex-dividend dates in connection with the implementation of the T+2 settlement cycle on September 5, 2017. No change to the text of Rule 11140(b)(1) is required by this proposal. 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. [[Page 42408]] A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose Background On March 22, 2017, the SEC adopted amendments to SEA Rule 15c6-1(a) to shorten the standard settlement cycle for U.S. secondary market transactions in equities, corporate and municipal bonds, unit investment trusts and financial instruments composed of these products, from three business days after the trade date (``T+3'') to two business days after the trade date (``T+2'').\3\ The industry-wide initiative is designed to reduce a number of risks, including credit risk, market risk, and liquidity risk and, as a result, reduce systemic risk for U.S. market participants.\4\ The compliance date for the rule amendments is September 5, 2017. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 80295 (March 22, 2017), 82 FR 15564 (March 29, 2017) (Securities Transaction Settlement Cycle) (File No. S7-22-16) (stating that, as amended, SEA Rule 15c6-1(a) will prohibit broker-dealers from effecting or entering into a contract for the purchase or sale of a security (other than an exempted security, government security, municipal security, commercial paper, bankers' acceptances or commercial bills) that provides for payment of funds and delivery of securities later than the second business day after the date of the contract, unless otherwise expressly agreed to by the parties at the time of the transaction). \4\ See id. --------------------------------------------------------------------------- In support of this initiative, the Exchange proposed changes to its rules pertaining to securities settlement by, among other things, amending the definition of ``regular way'' settlement as occurring on T+2.\5\ On May 10, 2017, the SEC approved the Exchange's amendments to the applicable rules, including Rule 11140(b), that establish or reference T+3 to conform to T+2, and these amendments will become effective on September 5, 2017.\6\ --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 34-80282 (March 21, 2017), 82 FR 15258 (March 27, 2017) (Notice of Filing of File No. SR-BX-2017-13). \6\ See Securities Exchange Act Release No. 34-80640 (May 10, 2017), 82 FR 22598 (May 16, 2017) (Order Approving File No. SR-BX- 2017-13). --------------------------------------------------------------------------- During the transition period the industry and self-regulatory organizations (``SROs''), including The Depository Trust Company (``DTC'') which processes corporate action events, have raised concern that the September 5, 2017 industry-wide transition date from T+3 to T+2 will result in September 7, 2017 being a ``double'' settlement date for trades that occur on September 1, 2017 (under T+3 and reflecting the Labor Day holiday on September 4, 2017) and trades that occur on September 5, 2017 (under T+2), which generally will result in investors who trade on either date being deemed a record holder of September 7, 2017.\7\ In order to avoid confusion about the proper settlement date and to coordinate with other SROs, the Exchange is proposing not to establish September 5, 2017 as an ex-dividend date for applicable securities. --------------------------------------------------------------------------- \7\ See, e.g., Nasdaq Issuer Alert 2017-001, Changes to Ex- dividend Procedures Effective September 5, 2017 to Accommodate T+2 Settlement, http://nasdaq.cchwallstreet.com/nasdaq/pdf/nasdaq-issalerts/2017/2017-001.pdf; NYSE, NYSE MKT, NYSE ARCA: Changes Related to the Shortened Settlement Cycle (T+2) (July 11, 2017), https://www.nyse.com/trader-update/history#110000069618. --------------------------------------------------------------------------- Proposal The Exchange is proposing to address the application of Rule 11140(b) as it relates to the ex-dividend date in connection with the implementation of the T+2 settlement cycle on September 5, 2017. As amended to address T+2, the timeframes in Rule 11140 to establish an ex-dividend date were generally reduced by one business day. The ex-dividend date (or ex-date) is the date on or after which a security is traded without a specific dividend or distribution. Rule 11140(b) provides for the determination of normal ex-dividend and ex- warrant dates for certain types of dividends and distributions. As amended to address T+2, Rule 11140(b)(1) provides that with respect to cash dividends or distributions, or stock dividends, and the issuance or distribution of warrants, which are less than 25% of the value of the subject security (i.e., ``regular'' distributions), if the definitive information is received sufficiently in advance of the record date, the date designated as the ``ex-dividend date'' is the first business day preceding the record date if the record date falls on a business day, or the second business day preceding the record date if the record date falls on a day designated by the Exchange's Uniform Practice Code (``UPC'') Committee as a non-delivery date.\8\ Rule 11140(b)(2), which did not require amendment in connection with T+2, establishes the ex-dividend date as the first business day following the payable date with respect to cash dividends or distributions, stock dividends and/or splits, and the distribution of warrants, which are 25% or greater of the value of the subject security (i.e., ``large'' distributions).\9\ --------------------------------------------------------------------------- \8\ The record date is the date fixed by an issuer for the purpose of determining the holder of the security who is eligible to receive the dividend, interest or principal payment, or any other distribution relating to the security. \9\ The payable date is the date that the dividend is sent to the record owner of the security. --------------------------------------------------------------------------- Consistent with the compliance date of the amendments to SEA Rule 15c6-1(a), the industry and the Exchange have adopted Tuesday, September 5, 2017 as the transition date to the T+2 settlement cycle.\10\ To mitigate the potential confusion that may result concerning proper settlement during the transition period, the Exchange, in coordination with other SROs, supports the proposal that Tuesday, September 5, 2017 should not be designated as an ex-dividend date.\11\ --------------------------------------------------------------------------- \10\ See Nasdaq Equity Trader Alert 2017-174 (July 28, 2017). \11\ See, e.g., Nasdaq Issuer Alert 2017-001, Changes to Ex- dividend Procedures Effective September 5, 2017 to Accommodate T+2 Settlement, http://nasdaq.cchwallstreet.com/nasdaq/pdf/nasdaq-issalerts/2017/2017-001.pdf; NYSE, NYSE MKT, NYSE ARCA: Changes Related to the Shortened Settlement Cycle (T+2) (July 11, 2017), https://www.nyse.com/trader-update/history#110000069618. --------------------------------------------------------------------------- Accordingly, the Exchange proposes to interpret Rule 11140(b)(1) so that the first record date to which the new ex-dividend date determination will be applied will be Thursday, September 7, 2017. The ex-dividend dates for ``regular'' distributions during the transition to T+2 will be as follows: --------------------------------------------------------------------------- \12\ The last day of the T+3 settlement cycle. \13\ The first day of the T+2 settlement cycle. \14\ Monday, September 4, 2017 is Labor Day, a Federal holiday. \15\ See id. \16\ The date on which previous trades settling on a T+3 settlement cycle and current trades on the T+2 settlement cycle will be processed. ---------------------------------------------------------------------------------------------------------------- Record date Ex-date ---------------------------------------------------------------------------------------------------------------- Friday, September 1, 2017 \12\.............. Wednesday, August 30, 2017. Tuesday, September 5, 2017 \13\............. Thursday, August 31, 2017.\14\ Wednesday, September 6, 2017................ Friday, September 1, 2017.\15\ Thursday, September 7, 2017 \16\............ Wednesday, September 6, 2017. ---------------------------------------------------------------------------------------------------------------- [[Page 42409]] As described above, the ex-date for ``large'' distributions under Rule 11140(b)(2) is the first business day following the payable date. This provision was not amended in connection with T+2. In order to ensure that September 5, 2017 will not be designated as an ex-dividend date for ``large'' distributions, the Exchange will advise issuers to not set September 1, 2017 as the payable date for any ``large'' distribution under Rule 11140(b)(2) and proposes to interpret Rule 11140(b)(2) so that, if an issuer sets September 1, 2017 as the payable date for a ``large'' distribution, the ex-dividend date will be September 6, 2017, not September 5, 2017. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\17\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\18\ in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. Specifically, the Exchange believes that the proposal to address the application of Rule 11140(b) to exclude September 5, 2017 as an ex-dividend date for ``regular'' or ``large'' distributions supports the collective effort among the industry and SROs to mitigate the potential confusion concerning proper settlement during the transition from the T+3 settlement cycle to the T+2 settlement cycle. --------------------------------------------------------------------------- \17\ 15 U.S.C. 78f(b). \18\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. As noted above, the SROs support that no securities will be subject to an ex-date ruling on September 5, 2017. The primary benefit of this proposal is to minimize potential confusion about proper settlement that may arise during the transition to the T+2 settlement cycle.\19\ The Exchange believes that the proposal would not impose any additional costs on the industry. As noted above, the proposal does not change the text to Rule 11140(b). Instead, the proposal interprets the application of the rule solely to refrain from designating September 5, 2017 as an ex-dividend date for ``regular'' or ``large'' distributions. --------------------------------------------------------------------------- \19\ As a result of the September 5, 2017 transition date for regular-way settlement from T+3 to T+2, September 7, 2017 will be a ``double'' settlement date for trades that occur on September 1, 2017 (under T+3 and reflecting the Labor Day holiday on September 4, 2017) and trades that occur on September 5, 2017 (under T+2). --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the proposed rule change does not (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \20\ and Rule 19b-4(f)(6) thereunder.\21\ --------------------------------------------------------------------------- \20\ 15 U.S.C. 78s(b)(3)(A). \21\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange's 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 satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \22\ normally does not become operative for 30 days after the date of filing. However, pursuant to Rule 19b-4(f)(6)(iii),\23\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative upon filing. The Exchange has stated that the purpose of the proposed rule change is to minimize confusion about proper settlement that may arise during the transition to the T+2 settlement cycle on September 5, 2017. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest to avoid the confusion that could arise in connection with the transition to the T+2 settlement cycle on September 5, 2017, if normal or large distributions were to be ex- dividend on that date. Accordingly, the Commission hereby waives the 30-day operative delay requirement and designates the proposed rule change as operative upon filing.\24\ --------------------------------------------------------------------------- \22\ 17 CFR 240.19b-4(f)(6). \23\ 17 CFR 240.19b-4(f)(6)(iii). \24\ For purposes only of waiving the 30-day operative delay, the Commission has also 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 summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or 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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-BX-2017-039 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-BX-2017-039. This file number should be included on the subject line if email 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 Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of [[Page 42410]] 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-BX-2017-039, and should be submitted on or before September 28, 2017. --------------------------------------------------------------------------- \25\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\25\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-18937 Filed 9-6-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 172 / Thursday, September 7, 2017 / Notices 42407
Exchange has in place a comprehensive Paper Comments SECURITIES AND EXCHANGE
surveillance sharing agreement. In COMMISSION
addition, as noted above, investors will • Send paper comments in triplicate
have ready access to information to Secretary, Securities and Exchange
[Release No. 34–81512; File No. SR–BX–
regarding the Fund’s holdings, the IIV, Commission, 100 F Street NE.,
2017–039]
and quotation and last sale information Washington, DC 20549–1090.
for the Shares. All submissions should refer to File No. Self-Regulatory Organizations;
For the above reasons, the Exchange SR-BatsBZX–2017–53. This file number NASDAQ BX, Inc.; Notice of Filing and
believes that the proposed rule change should be included on the subject line Immediate Effectiveness of Proposed
is consistent with the requirements of if email is used. To help the Rule Change To Address the
Section 6(b)(5) of the Act. Commission process and review your Application of Exchange Rule 11140
(B) Self-Regulatory Organization’s comments more efficiently, please use (Transactions in Securities ‘‘Ex-
Statement on Burden on Competition only one method. The Commission will Dividend,’’ ‘‘Ex-Rights’’ or ‘‘Ex-
post all comments on the Commission’s Warrants’’) as it Relates to Establishing
The Exchange does not believe that Ex-Dividend Dates in connection With
the proposed rule change will impose Internet Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the the Implementation of the T+2
any burden on competition that is not Settlement Cycle on September 5, 2017
necessary or appropriate in furtherance submission, all subsequent
of the purpose of the Act. The Exchange amendments, all written statements August 31, 2017.
notes that the proposed rule change will with respect to the proposed rule
Pursuant to Section 19(b)(1) of the
facilitate the listing and trading of an change that are filed with the
Securities Exchange Act of 1934
additional type of Index Fund Shares Commission, and all written
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
that will enhance competition among communications relating to the
notice is hereby given that on August
market participants, to the benefit of proposed rule change between the 29, 2017, NASDAQ BX, Inc. (‘‘BX’’ or
investors and the marketplace. Commission and any person, other than ‘‘Exchange’’) filed with the Securities
those that may be withheld from the and Exchange Commission (‘‘SEC’’ or
(C) Self-Regulatory Organization’s
Statement on Comments on the public in accordance with the ‘‘Commission’’) the proposed rule
Proposed Rule Change Received From provisions of 5 U.S.C. 552, will be change as described in Items I and II
Members, Participants or Others available for Web site viewing and below, which Items have been prepared
printing in the Commission’s Public by the Exchange. The Commission is
The Exchange has neither solicited Reference Room, 100 F Street NE., publishing this notice to solicit
nor received written comments on the Washington, DC 20549, on official comments on the proposed rule change
proposed rule change. business days between the hours of from interested persons.
III. Date of Effectiveness of the 10:00 a.m. and 3:00 p.m. Copies of such
Proposed Rule Change and Timing for filing will also be available for I. Self-Regulatory Organization’s
Commission Action inspection and copying at the principal Statement of the Terms of Substance of
office of the Exchange. All comments the Proposed Rule Change
Within 45 days of the date of
received will be posted without change; The Exchange proposes to address the
publication of this notice in the Federal
Register or within such longer period the Commission does not edit personal application of Exchange Rule 11140
up to 90 days (i) as the Commission may identifying information from (Transactions in Securities ‘‘Ex-
designate if it finds such longer period submissions. You should submit only Dividend,’’ ‘‘Ex-Rights’’ or ‘‘Ex-
to be appropriate and publishes its information that you wish to make Warrants’’) as it relates to establishing
reasons for so finding, or (ii) as to which available publicly. All submissions ex-dividend dates in connection with
the self-regulatory organization should refer to File No. SR–BatsBZX– the implementation of the T+2
consents, the Commission will: 2017–53 and should be submitted on or settlement cycle on September 5, 2017.
(A) By order approve or disapprove before September 28, 2017. No change to the text of Rule
the proposed rule change; or For the Commission, by the Division of 11140(b)(1) is required by this proposal.
(B) institute proceedings to determine Trading and Markets, pursuant to delegated II. Self-Regulatory Organization’s
whether the proposed rule change authority.37 Statement of the Purpose of, and
should be disapproved. Eduardo A. Aleman, Statutory Basis for, the Proposed Rule
IV. Solicitation of Comments Assistant Secretary. Change
[FR Doc. 2017–18935 Filed 9–6–17; 8:45 am]
Interested persons are invited to In its filing with the Commission, the
submit written data, views and BILLING CODE 8011–01–P
Exchange included statements
arguments concerning the foregoing, concerning the purpose of and basis for
including whether the proposal is the proposed rule change and discussed
consistent with the Act. Comments may any comments it received on the
be submitted by any of the following proposed rule change. The text of these
methods: statements may be examined at the
places specified in Item IV below. The
mstockstill on DSK30JT082PROD with NOTICES
Electronic Comments
Exchange has prepared summaries, set
• Use the Commission’s Internet forth in sections A, B, and C below, of
comment form (http://www.sec.gov/ the most significant aspects of such
rules/sro.shtml); or statements.
• Send an email to rule-comments@
sec.gov. Please include File No. SR– 1 15 U.S.C. 78s(b)(1).
BatsBZX–2017–53 on the subject line. 37 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b-4.
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![42410 Federal Register / Vol. 82, No. 172 / Thursday, September 7, 2017 / Notices
10:00 a.m. and 3:00 p.m. Copies of the note, et seq.), Delegation of Authority of these determinations be published in
filing also will be available for No. 234 of October 1, 1999, Delegation the Federal Register.
inspection and copying at the principal of Authority No. 236–3 of August 28,
Alyson Grunder,
office of the Exchange. All comments 2000 (and, as appropriate, Delegation of
received will be posted without change; Authority No. 257–1 of December 11, Deputy Assistant Secretary for Policy, Bureau
of Educational and Cultural Affairs,
the Commission does not edit personal 2015). I have ordered that Public Notice Department of State.
identifying information from of these determinations be published in
[FR Doc. 2017–18953 Filed 9–6–17; 8:45 am]
submissions. You should submit only the Federal Register.
BILLING CODE 4710–05–P
information that you wish to make
Alyson Grunder,
available publicly. All submissions
should refer to File Number SR–BX– Deputy Assistant Secretary for Policy, Bureau
of Educational and Cultural Affairs, DEPARTMENT OF STATE
2017–039, and should be submitted on
Department of State.
or before September 28, 2017. [Public Notice: 10111]
[FR Doc. 2017–18954 Filed 9–6–17; 8:45 am]
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
BILLING CODE 4710–05–P Procedures With Respect to
authority.25 Presidential Permits Where There Has
Eduardo A. Aleman, Been a Transfer of Ownership or
DEPARTMENT OF STATE Control of a Cross-Border Facility,
Assistant Secretary.
Bridge, or Border Crossing for Land
[FR Doc. 2017–18937 Filed 9–6–17; 8:45 am] [Public Notice: 10113] Transportation, as Well as for Name
BILLING CODE 8011–01–P
Change of a Permit Holder
Notice of Determinations; Culturally
Significant Objects Imported for AGENCY: Department of State.
DEPARTMENT OF STATE Exhibition Determinations: ‘‘Vermeer ACTION: Notice.
and the Masters of Genre Painting:
[Public Notice: 10114] SUMMARY: The President of the United
Inspiration and Rivalry’’ Exhibition
States has authority to require permits
Notice of Determinations; Culturally SUMMARY: Notice is hereby given of the for transboundary infrastructure projects
Significant Object Imported for following determinations: I hereby based on his Constitutional powers over
Exhibition Determinations: Exhibition determine that certain objects to be foreign affairs and national security. The
of ‘‘Inlaid Brass Candlestick From Iran’’ included in the exhibition ‘‘Vermeer Department is issuing this notice to
Object and the Masters of Genre Painting: describe the procedures it intends to
SUMMARY: Notice is hereby given of the Inspiration and Rivalry,’’ imported from follow with respect to transfers of
following determinations: I hereby abroad for temporary exhibition within ownership or control over cross-border
determine that a certain object entitled the United States, are of cultural facilities subject to Executive Order
‘‘Inlaid Brass Candlestick from Iran,’’ significance. The objects are imported 11423, as amended, and Executive
imported from abroad for temporary pursuant to loan agreements with the Order 13337, as well as changes of name
exhibition within the United States, is foreign owners or custodians. I also of an entity holding a Presidential
of cultural significance. The object is determine that the exhibition or display permit. This notice supersedes a
imported pursuant to a loan agreement of the exhibit objects at the National previous notice, Public Notice 5092
with the foreign owner or custodian. I Gallery of Art, Washington, District of (Procedures for Issuance of a
also determine that the exhibition or Columbia, from on or about October 22, Presidential Permit Where There Has
display of the exhibit object at The 2017, until on or about January 21, Been a Transfer of the Underlying
Metropolitan Museum of Art, New York, 2018, and at possible additional Facility, Bridge or Border Crossing for
New York, from on or about October 1, exhibitions or venues yet to be Land Transportation, 70 FR 30990, May
2017, until on or about September 30, determined, is in the national interest. 31, 2005), in its entirety.
2022, and at possible additional FOR FURTHER INFORMATION CONTACT: For FOR FURTHER INFORMATION CONTACT:
exhibitions or venues yet to be further information, including a list of Marcus Lee, Bureau of Energy
determined, is in the national interest. the imported objects, contact Elliot Chiu Resources, U.S. Department of State,
FOR FURTHER INFORMATION CONTACT: For in the Office of the Legal Adviser, U.S. 2201 C St. NW Suite 4422, Washington,
further information, including Department of State (telephone: 202– DC 20520, (202) 485–1522 for issues
information identifying the object, 632–6471; email: section2459@ related to Executive Order 13337; Litah
contact Elliot Chiu in the Office of the state.gov). The mailing address is U.S. Miller, Bureau of Western Hemisphere
Legal Adviser, U.S. Department of State Department of State, L/PD, SA–5, Suite Affairs, U.S. Department of State, 2201
(telephone: 202–632–6471; email: 5H03, Washington, DC 20522–0505. C St. NW Suite 6262, Washington, DC
section2459@state.gov). The mailing SUPPLEMENTARY INFORMATION: The 20520 (202) 647–9894 for issues related
address is U.S. Department of State, foregoing determinations were made to Executive Order 11423.
L/PD, SA–5, Suite 5H03, Washington, pursuant to the authority vested in me SUPPLEMENTARY INFORMATION: On
DC 20522–0505. by the Act of October 19, 1965 (79 Stat. January 24, 2017, the President issued
SUPPLEMENTARY INFORMATION: The 985; 22 U.S.C. 2459), E.O. 12047 of Executive Order 13766 on Expediting
foregoing determinations were made March 27, 1978, the Foreign Affairs Environmental Reviews and Approvals
pursuant to the authority vested in me Reform and Restructuring Act of 1998 for High Priority Infrastructure Projects
mstockstill on DSK30JT082PROD with NOTICES
by the Act of October 19, 1965 (79 Stat. (112 Stat. 2681, et seq.; 22 U.S.C. 6501 in which he set forth the general policy
985; 22 U.S.C. 2459), E.O. 12047 of note, et seq.), Delegation of Authority of the Executive Branch ‘‘to streamline
March 27, 1978, the Foreign Affairs No. 234 of October 1, 1999, Delegation and expedite, in a manner consistent
Reform and Restructuring Act of 1998 of Authority No. 236–3 of August 28, with law, . . . approvals for all
(112 Stat. 2681, et seq.; 22 U.S.C. 6501 2000 (and, as appropriate, Delegation of infrastructure projects, especially
Authority No. 257–1 of December 11, projects that are a high priority for the
25 17 CFR 200.30–3(a)(12). 2015). I have ordered that Public Notice Nation,’’ and cited pipelines, bridges,
VerDate Sep<11>2014 17:42 Sep 06, 2017 Jkt 241001 PO 00000 Frm 00142 Fmt 4703 Sfmt 4703 E:\FR\FM\07SEN1.SGM 07SEN1](https://thefederalregister.org/doc/82_FR_42579/page/4.svg)
Document Created: 2017-09-07 02:01:50
Document Modified: 2017-09-07 02:01:50
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