83 FR 48890 - Self-Regulatory Organizations; Fixed Income Clearing Corporation; Order Approving Proposed Rule Change To Apply the Government Securities Division Corporation Default Rule to Sponsored Members and Make Other Changes

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 188 (September 27, 2018)

Page Range		48890-48893
FR Document		2018-21000
Federal Register, Volume 83 Issue 188 (Thursday, September 27, 2018)
[Federal Register Volume 83, Number 188 (Thursday, September 27, 2018)]
[Notices]
[Pages 48890-48893]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-21000]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84255; File No. SR-FICC-2018-008]


Self-Regulatory Organizations; Fixed Income Clearing Corporation; 
Order Approving Proposed Rule Change To Apply the Government Securities 
Division Corporation Default Rule to Sponsored Members and Make Other 
Changes

September 21, 2018.
    On August 6, 2018, Fixed Income Clearing Corporation (``FICC'') 
filed with the U. S. Securities and Exchange Commission 
(``Commission'') proposed rule change SR-FICC-2018-008, pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder.\2\ The proposed rule change was published 
for comment in the Federal Register on August 21, 2018.\3\ The 
Commission did not receive any comment letters on the proposed rule 
change. For the reasons discussed below, the Commission approves the 
proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 83856 (August 15, 2018), 
83 FR 42340 (August 21, 2018) (SR-FICC-2018-008) (``Notice'').
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I. Description of the Proposed Rule Change

    The proposed rule change would modify FICC's Government Securities 
Division (``GSD'') Rulebook (``GSD

[[Page 48891]]

Rules'') \4\ to amend GSD Rule 3A (Sponsoring Members and Sponsored 
Members) to apply GSD Rule 22B (Corporation Default) to Sponsored 
Members. In addition, the proposed rule change would make certain other 
changes as described below.
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    \4\ Capitalized terms not defined herein are defined in the GSD 
Rules, available at http://www.dtcc.com/~/media/Files/Downloads/
legal/rules/ficc_gov_rules.pdf.
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A. GSD Rule 3A (Sponsoring Members and Sponsored Members)

    FICC proposes to add an introductory paragraph to Section 17 of GSD 
Rule 3A (Sponsoring Members and Sponsored Members) to make it clear 
that for purposes of the Rules, Schedules, Interpretations and 
Statements of Policy referenced in Section 17 of GSD Rule 3A, 
Sponsoring Members and/or Sponsored Members, in their respective 
capacities, would be ``Members.'' FICC states that this change would 
clarify which Rules, Schedules, Interpretations and Statements of 
Policy would govern the rights, liabilities and obligations of 
Sponsoring Members and Sponsored Members in their respective 
capacities.\5\
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    \5\ Notice, 83 FR at 42341.
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    Furthermore, FICC would modify GSD Rule 3A so that GSD Rule 22B 
(Corporation Default) would apply to Sponsored Members in the same 
manner as it applies to all other GSD Members. Specifically, FICC would 
add a new subsection (a) to Section 17 of GSD Rule 3A which would 
provide that GSD Rule 22B would apply to Sponsored Members. This 
proposed change would necessitate a technical change to renumber all 
subsequent subsections in Section 17 of GSD Rule 3A.
    GSD Rule 22B defines the term ``Corporation Default'' and sets 
forth the close out netting process in the event of a Corporation 
Default. Section (b)(ii) of GSD Rule 22B provides that the following 
events shall constitute a Corporation Default: (1) The dissolution of 
FICC (other than pursuant to a consolidation, amalgamation, or merger); 
\6\ (2) the institution by FICC of a proceeding seeking a judgment of 
insolvency or bankruptcy or any other relief under any bankruptcy or 
insolvency law or other similar law affecting creditors' rights, or the 
presentation of a petition for FICC's winding-up or liquidation, or the 
making of a general assignment for the benefit of creditors; \7\ (3) 
the institution of a proceeding against FICC seeking a judgment of 
insolvency or bankruptcy or any other relief under any bankruptcy or 
insolvency law or other similar law affecting creditors' rights, or the 
presentation of a petition for FICC's winding-up or liquidation and, in 
each case, such proceeding or petition resulting in a judgement of 
insolvency or bankruptcy or the entry of an order for relief or the 
making of an order for FICC's winding-up or liquidation; \8\ or (4) 
FICC seeking or becoming subject to the appointment of a receiver, 
trustee, or other similar official pursuant to the federal securities 
laws or Title II of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act \9\ for FICC or for all or substantially all of FICC's 
assets.\10\
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    \6\ See Section (b)(ii)(A) of GSD Rule 22B, supra note 4.
    \7\ See Section (b)(ii)(B) of GSD Rule 22B, supra note 4.
    \8\ See Section (b)(ii)(C) of GSD Rule 22B, supra note 4.
    \9\ 12 U.S.C. 5381 et seq.
    \10\ See Section (b)(ii)(D) of GSD Rule 22B, supra note 4.
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    In addition, subject to the limitations set forth therein, Section 
(b)(i) of GSD Rule 22B provides that a Corporation Default is deemed to 
have occurred on the eighth day after FICC receives notice from a GSD 
Member of FICC's failure to make, when due, an undisputed payment or 
delivery to such Member that is required to be made by FICC under the 
GSD Rules; provided that, such failure remains unremedied throughout 
the seven-day period following FICC's receipt of the notice.\11\
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    \11\ See Section (b)(i) of GSD Rule 22B, supra note 4.
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    FICC states that its provision of clearance and settlement 
services, including the timely settlement of Transactions in the 
ordinary course of business, are a part of FICC's fundamental directive 
as a registered clearing agency under the Act.\12\ FICC further states 
that the seven-day period provided by Section (b)(i) of GSD Rule 22B is 
intended to address the circumstance where FICC experiences an 
operational issue that prevents it from completing such clearance and 
settlement services.\13\ If FICC is not able to rectify the failure and 
satisfy its obligations in seven days, GSD Rule 22B requires an 
immediate termination of Transactions that have been subject to 
Novation pursuant to the GSD Rules but have not yet settled and any 
rights and obligations of the parties thereto.\14\ FICC states that the 
seven-day period is designed to avoid a systemic disruption in such 
circumstance.\15\
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    \12\ Notice, 83 FR at 42342.
    \13\ Id.
    \14\ See Section (a) of GSD Rule 22B, supra note 4.
    \15\ Notice, 83 FR at 42342.
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    In connection with the proposed rule change to apply GSD Rule 22B 
to Sponsored Members, FICC would add language to clarify that (1) the 
commencement of the seven-day period preceding a potential Corporation 
Default, as provided by Section (b)(i) of GSD Rule 22B, would not 
modify FICC's obligations to satisfy any undisputed payment or delivery 
obligation to a Sponsored Member under the GSD Rules, including any 
undisputed interest payment obligation owing to the Sponsored Member on 
an open Sponsored Member Trade, and (2) the undisputed interest payment 
obligation would continue to accrue in favor of the Sponsored Member 
for the duration of the seven-day period. Specifically, FICC would 
specify in the proposed subsection (a) to Section 17 of GSD Rule 3A 
that FICC would be responsible for satisfying any undisputed payment or 
delivery obligation required to be made by FICC to a Sponsored Member 
under the GSD Rules, including, but not limited to, any undisputed 
interest payment obligation that accrues in favor of a Sponsored Member 
on a Sponsored Member Trade that has been subject to Novation pursuant 
to the GSD Rules but has not yet settled and for which FICC has 
received notice from such Sponsored Member of FICC's failure to make, 
when due, such undisputed interest payment to such Sponsored Member 
within the meaning of Section (b)(i) of GSD Rule 22B.

B. GSD Rule 22B (Corporation Default)

    FICC proposes to clarify the third sentence of Section (a) of GSD 
Rule 22B regarding the close out netting process upon a Corporation 
Default. Specifically, FICC would delete a reference to Section 2(a) of 
GSD Rule 22A in that sentence and modify the reference to Section 2(b) 
of GSD Rule 22A to specifically refer to Section 2(b)(i) of GSD Rule 
22A.
    FICC states that the reference to Section 2(a) of GSD Rule 22A is 
meant to set forth Transactions that would not be subject to the close 
out netting process in the event of a Corporation Default by referring 
(by way of analogy) to Transactions that FICC would not close out in 
the event FICC ceases to act for a GSD Member.\16\ However, Section (a) 
of GSD Rule 22B already contains a statement regarding which 
Transactions are subject to the close out netting process in the event 
of a Corporation Default: ``all Transactions which have been subject to 
Novation pursuant to these [GSD] Rules. . . .'' \17\ Accordingly, FICC 
would delete the reference to Section 2(a) of GSD Rule 22A in the

[[Page 48892]]

third sentence of Section (a) of GSD Rule 22B.
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    \16\ Notice, 83 FR at 42342.
    \17\ See Section (a) of GSD Rule 22B, supra note 4.
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    In addition, FICC would modify the reference to Section 2(b) of GSD 
Rule 22A in the third sentence of Section (a) of GSD Rule 22B to 
specifically refer to Section 2(b)(i) of GSD Rule 22A. Section (a) of 
GSD Rule 22B provides, in part, that ``the Board shall determine a 
single net amount owed by or to each Member . . . by applying the close 
out . . . procedures of Section 2(a) and (b) of [GSD] Rule 22A . . . 
.'' \18\ FICC states that the reference to the entirety of Section 2(b) 
of GSD Rule 22A could cause confusion for GSD Members because only 
subsection (i) of Section 2(b) of GSD Rule 22A, which speaks 
specifically to final net settlement positions, is relevant in the 
context of GSD Rule 22B.\19\ Therefore, FICC would amend the reference 
to point specifically to Section 2(b)(i) of GSD Rule 22A.
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    \18\ Id.
    \19\ Notice, 83 FR at 42342.
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    FICC also proposes to delete ``, to the extent applicable,'' and 
``and application'' from the third sentence of Section (a) of GSD Rule 
22B. FICC states that it is proposing to delete ``, to the extent 
applicable,'' because Section 2(b)(i) of GSD Rule 22A would always be 
applicable for purposes of the Board determining a single net amount 
owed by or to each Member under GSD Rule 22B after a Corporation 
Default has occurred.\20\ Likewise, FICC would delete ``and 
application'' from the third sentence of Section (a) of GSD Rule 22B 
because, FICC states, it is extraneous wording that is unnecessary and 
not relevant in the context of Section 2(b)(i) of GSD Rule 22A.\21\
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    \20\ Id.
    \21\ Id.
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    Lastly, FICC proposes to clarify the third sentence of Section (a) 
of GSD Rule 22B by stating that, although GSD Rule 22B would apply to 
Sponsored Members pursuant to this proposal, the loss allocation 
provisions of GSD Rule 4 (Clearing Fund and Loss Allocation) referenced 
in GSD Rule 22B would not apply to Sponsored Members. Specifically, 
FICC would add ``, to the extent such provisions are otherwise 
applicable to such Member'' following the reference in that sentence to 
the loss allocation provisions in GSD Rule 4. FICC states that this 
proposed change would be consistent with Section 12(a) of GSD Rule 3A, 
which provides that Sponsored Members are not obligated for 
allocations, pursuant to GSD Rule 4, of loss or liability incurred by 
FICC.

II. Discussion and Commission Findings

    Section 19(b)(2)(C) of the Act directs the Commission to approve a 
proposed rule change of a self-regulatory organization if it finds that 
such proposed rule change is consistent with the requirements of the 
Act and rules and regulations thereunder applicable to such 
organization.\22\ The Commission believes the proposal is consistent 
with Act, specifically Section 17A(b)(3)(F) of the Act \23\ and Rule 
17Ad-22(e)(23)(i) under the Act.\24\
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    \22\ 15 U.S.C. 78s(b)(2)(C).
    \23\ 15 U.S.C. 78q-1(b)(3)(F).
    \24\ 17 CFR 240.17Ad-22(e)(23)(i).
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A. Section 17A(b)(3)(F) of the Act

    Section 17A(b)(3)(F) of the Act requires, in part, that the rules 
of a clearing agency, such as FICC, be designed to promote the prompt 
and accurate clearance and settlement of securities transactions.\25\
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    \25\ 15 U.S.C. 78q-1(b)(3)(F).
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    As described above, the proposed rule change would apply GSD Rule 
22B to Sponsored Members in the same manner as it applies to all other 
GSD Members. The proposed rule change is designed to ensure that all 
GSD Members are subject to a common, transparent legal framework in a 
Corporation Default situation. The Commission believes that having a 
common, transparent legal framework in a Corporation Default situation 
would help facilitate an orderly close out netting of obligations 
between FICC and the GSD Members in the event that a Corporation 
Default occurs. In turn, an orderly close out netting of obligations 
between FICC and the GSD Members would help provide clarity and 
certainty to market participants in a time of distress regarding their 
rights and obligations, and the rights and obligations of FICC. By 
providing clarity and certainty of such rights and obligations, the 
Commission believes the proposed rule change is designed to promote the 
prompt and accurate clearance and settlement of securities 
transactions. Therefore, the Commission finds that the proposed rule 
change to apply GSD Rule 22B to Sponsored Members in the same manner as 
it applies to all other GSD Members is consistent with Section 
17A(b)(3)(F) of the Act.

B. Rule 17Ad-22(e)(23)(i) Under the Act

    Rule 17Ad-22(e)(23)(i) under the Act requires that each covered 
clearing agency,\26\ establish, implement, maintain and enforce written 
policies and procedures reasonably designed to publicly disclose all 
relevant rules and material procedures, including key aspects of its 
default rules and procedures.\27\
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    \26\ A ``covered clearing agency'' means, among other things, a 
clearing agency registered with the Commission under Section 17A of 
the Exchange Act (15 U.S.C. 78q-1 et seq.) that is designated 
systemically important by Financial Stability Oversight Council 
(``FSOC'') pursuant to the Clearing Supervision Act (12 U.S.C. 5461 
et seq.). See 17 CFR 240.17Ad-22(a)(5)-(6). Because FICC is a 
registered clearing agency with the Commission that has been 
designated systemically important by FSOC, FICC is a covered 
clearing agency.
    \27\ 17 CFR 240.17Ad-22(e)(23)(i).
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    As described above, the proposed rule changes to (i) apply GSD Rule 
22B (Corporation Default) to Sponsored Members in the same manner as it 
applies to all other GSD Members, and (ii) clarify that the loss 
allocation provisions of GSD Rule 4 (Clearing Fund and Loss Allocation) 
referenced in GSD Rule 22B would not apply to Sponsored Members, are 
designed to publicly clarify the application of these specific rules 
with respect to the rights and obligations of Sponsored Members in the 
event Corporation Default occurs. In addition, the proposed rule 
changes to (i) amend the third sentence of Section (a) of GSD Rule 22B 
by (A) deleting the unnecessary and potentially confusing reference to 
Section 2(a) of GSD Rule 22A and (B) modifying the reference to Section 
2(b) of GSD Rule 22A to specifically refer to Section 2(b)(i) of GSD 
Rule 22A, and (ii) make clarifying and/or technical changes in GSD Rule 
3A and GSD Rule 22B, are designed to enhance the clarity and accuracy 
of these public rules with respect to the rights and obligations of 
Sponsored Members in the event Corporation Default. As such, the 
Commission finds that the proposed rule changes are reasonably designed 
to publicly disclose relevant rules and material procedures, including 
key aspects of its default rules and procedures, consistent with Rule 
17Ad-22(e)(23)(i) under the Act.

III. Conclusion

    On the basis of the foregoing, the Commission finds that the 
proposal is consistent with the requirements of the Act, in particular 
the requirements of Section 17A of the Act \28\ and the rules and 
regulations thereunder.
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    \28\ 15 U.S.C. 78q-1.
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    It is therefore ordered, pursuant to Section 19(b)(2) of the Act, 
that proposed rule change SR-FICC-2018-008 be, and hereby is, 
APPROVED.\29\
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    \29\ In approving the proposed rule change, the Commission 
considered the proposals' impact on efficiency, competition, and 
capital formation. 15 U.S.C. 78c(f).


[[Page 48893]]


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    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\30\
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    \30\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-21000 Filed 9-26-18; 8:45 am]
BILLING CODE 8011-01-P
48890 Federal Register / Vol. 83, No. 188 / Thursday, September 27, 2018 / Notices

transactions, consistent with Section Commission of any written comments business days between the hours of
17A(b)(3)(F) of the Act.20 that it receives. 10:00 a.m. and 3:00 p.m. Copies of the
Rule 17Ad–22(e)(23)(i) under the Act filing also will be available for
requires, in part, that NSCC establish, III. Date of Effectiveness of the
inspection and copying at the principal
implement, maintain and enforce Proposed Rule Change, and Timing for
office of NSCC and on DTCC’s website
written policies and procedures Commission Action
(http://dtcc.com/legal/sec-rule-
reasonably designed to provide for The foregoing rule change has become filings.aspx). All comments received
publicly disclosing all relevant rules effective pursuant to Section 19(b)(3)(A) will be posted without change. Persons
and material procedures.21 As described of the Act 23 and paragraph (f) of Rule submitting comments are cautioned that
above, the proposed rule change would 19b–4 thereunder.24 At any time within we do not redact or edit personal
improve the Rules by (1) enhancing the 60 days of the filing of the proposed rule identifying information from comment
transparency of the Rules by adding change, the Commission summarily may submissions. You should submit only
more information, (2) simplifying the temporarily suspend such rule change if information that you wish to make
Rules by removing information that it appears to the Commission that such available publicly. All submissions
either does not provide Members with action is necessary or appropriate in the should refer to File Number SR–NSCC–
important information regarding their public interest, for the protection of 2018–006 and should be submitted on
rights or obligations or that no longer investors, or otherwise in furtherance of or before October 18, 2018.
describe current processing, and (3) the purposes of the Act.
For the Commission, by the Division of
revising statements to more clearly IV. Solicitation of Comments Trading and Markets, pursuant to delegated
disclose to Members the operation of the authority.25
applicable services. By doing so, the Interested persons are invited to
Eduardo A. Aleman,
proposed changes would allow the submit written data, views and
arguments concerning the foregoing, Assistant Secretary.
Rules to better disclose all relevant and
including whether the proposed rule [FR Doc. 2018–20999 Filed 9–26–18; 8:45 am]
material aspects of the CNS System and
the other services described therein. change is consistent with the Act. BILLING CODE 8011–01–P

Therefore, NSCC believes the proposed Comments may be submitted by any of
rule changes are consistent with Rule the following methods:
SECURITIES AND EXCHANGE
17Ad–22(e)(23)(i).22 Electronic Comments COMMISSION
(B) Clearing Agency’s Statement on • Use the Commission’s internet [Release No. 34–84255; File No. SR–FICC–
Burden on Competition comment form (http://www.sec.gov/ 2018–008]
NSCC does not believe that the rules/sro.shtml); or
proposed rule changes would have any • Send an email to rule-comments@ Self-Regulatory Organizations; Fixed
impact, or impose any burden, on sec.gov. Please include File Number SR– Income Clearing Corporation; Order
competition. The proposed rule changes NSCC–2018–006 on the subject line. Approving Proposed Rule Change To
are designed to improve Members’ Paper Comments Apply the Government Securities
understanding of their rights and Division Corporation Default Rule to
• Send paper comments in triplicate Sponsored Members and Make Other
obligations with respect to the use of the
to Secretary, Securities and Exchange Changes
CNS System and the other services
Commission, 100 F Street NE,
described in the Rules that are subject September 21, 2018.
Washington, DC 20549.
to these proposed changes. These On August 6, 2018, Fixed Income
proposed changes would be applicable All submissions should refer to File
Number SR–NSCC–2018–006. This file Clearing Corporation (‘‘FICC’’) filed
to all Members that utilize NSCC’s with the U. S. Securities and Exchange
services, and would not alter Members’ number should be included on the
subject line if email is used. To help the Commission (‘‘Commission’’) proposed
rights or obligations. rule change SR–FICC–2018–008,
The proposed rule changes to remove Commission process and review your
comments more efficiently, please use pursuant to Section 19(b)(1) of the
descriptions of processing that are no Securities Exchange Act of 1934
longer accurate would update the Rules only one method. The Commission will
post all comments on the Commission’s (‘‘Act’’) 1 and Rule 19b–4 thereunder.2
to reflect NSCC’s current practice and The proposed rule change was
the longstanding operation of the related internet website (http://www.sec.gov/
rules/sro.shtml). Copies of the published for comment in the Federal
services. NSCC does not believe that Register on August 21, 2018.3 The
these changes would alter the respective submission, all subsequent
amendments, all written statements Commission did not receive any
rights or obligations of NSCC or comment letters on the proposed rule
Members. with respect to the proposed rule
change that are filed with the change. For the reasons discussed
Therefore, NSCC does not believe that
Commission, and all written below, the Commission approves the
the proposed rule changes would have
communications relating to the proposed rule change.
any impact on competition.
proposed rule change between the I. Description of the Proposed Rule
(C) Clearing Agency’s Statement on Commission and any person, other than Change
Comments on the Proposed Rule those that may be withheld from the
Change Received From Members, public in accordance with the The proposed rule change would
Participants, or Others provisions of 5 U.S.C. 552, will be modify FICC’s Government Securities
daltland on DSKBBV9HB2PROD with NOTICES

available for website viewing and Division (‘‘GSD’’) Rulebook (‘‘GSD
NSCC has not solicited or received
any written comments relating to this printing in the Commission’s Public 25 17 CFR 200.30–3(a)(12).
proposal. NSCC will notify the Reference Room, 100 F Street NE, 1 15 U.S.C. 78s(b)(1).
Washington, DC 20549 on official 2 17 CFR 240.19b–4.
20 Id. 3 Securities Exchange Act Release No. 83856
21 17 CFR 240.17Ad–22(e)(23)(i). 23 15 U.S.C. 78s(b)(3)(A). (August 15, 2018), 83 FR 42340 (August 21, 2018)
22 Id. 24 17 CFR 240.19b–4(f). (SR–FICC–2018–008) (‘‘Notice’’).

VerDate Sep<11>2014 17:20 Sep 26, 2018 Jkt 244001 PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 E:\FR\FM\27SEN1.SGM 27SEN1
Federal Register / Vol. 83, No. 188 / Thursday, September 27, 2018 / Notices 48893

For the Commission, by the Division of Dyson, Director/Chief Information DEPARTMENT OF TRANSPORTATION
Trading and Markets, pursuant to delegated Officer, Securities and Exchange
authority.30 Commission, c/o Candace Kenner, 100 F Federal Aviation Administration
Eduardo A. Aleman, Street NE, Washington, DC 20549 or
Assistant Secretary. send an email to: PRA_Mailbox@ [Docket No.: FAA–2018–0877]
[FR Doc. 2018–21000 Filed 9–26–18; 8:45 am] sec.gov. Comments must be submitted to
BILLING CODE 8011–01–P OMB within 30 days of this notice. FAA Order 2150.3C, Compliance and
Dated: September 24, 2018. Enforcement Program
Eduardo A. Aleman,
SECURITIES AND EXCHANGE AGENCY:Federal Aviation
Assistant Secretary.
COMMISSION Administration (FAA), DOT.
[FR Doc. 2018–21043 Filed 9–26–18; 8:45 am]
Submission for OMB Review Comment BILLING CODE 8011–01–P ACTION:Notice of availability of revised
Request agency order.
Upon Written Request Copies Available
SMALL BUSINESS ADMINISTRATION SUMMARY: This notice announces the
From: Securities and Exchange
Commission, Office of FOIA Services, [Disaster Declaration #15680 and #15681; availability of FAA Order 2150.3C,
100 F Street NE, Washington, DC MONTANA Disaster Number MT–00116] Compliance and Enforcement Program.
20549–2736 The order contains the policies and
Presidential Declaration Amendment of procedures relevant to the Federal
Extension: a Major Disaster for Public Assistance
Form SE, SEC File No. 270–289, OMB Aviation Administration’s compliance
Control No. 3235–0327
Only for the State of MONTANA and enforcement program. The order
AGENCY: U.S. Small Business applies to the compliance and
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Administration. enforcement programs and activities of
to the Paperwork Reduction Act of 1995
ACTION: Amendment 1. all FAA offices that have statutory and
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission regulatory compliance and enforcement
SUMMARY: This is an amendment of the responsibilities. It includes policies and
(‘‘Commission’’) has submitted to the
Presidential declaration of a major procedures the FAA has developed
Office of Management and Budget this
disaster for Public Assistance Only for since the last comprehensive revision of
request for extension of the previously
the State of MONTANA (FEMA–4388– the order in 2007. Expired and out-of-
approved collection of information
DR), dated 08/30/2018. date policies and procedures have been
discussed below. Incident: Flooding.
Form SE (17 CFR 239.64) is used by removed. FAA Order 2150.3C provides
Incident Period: 04/12/2018 through a written statement of the
registrants to file paper copies of 05/06/2018.
exhibits, reports or other documents Administrator’s policy guidance for
DATES: Issued on 09/18/2018. imposing sanctions for violations of
that would be difficult or impossible to
Physical Loan Application Deadline statutory and regulatory requirements.
submit electronically, as provided in
Date: 10/29/2018.
Rule 311 of Regulation S–T (17 CFR Economic Injury (EIDL) Loan DATES:The new policies and procedures
232.311). The information contained in Application Deadline Date: 05/30/2019. in FAA Order 2150.3C became effective
Form SE is used by the Commission to on September 18, 2018.
ADDRESSES: Submit completed loan
identify paper copies of exhibits. Form
applications to: U.S. Small Business FOR FURTHER INFORMATION CONTACT:
SE is a public document and is filed on
Administration, Processing and James Barry, Office of the Chief Counsel,
occasion. Form SE is filed by
Disbursement Center, 14925 Kingsport Enforcement Division, AGC–300,
individuals, companies or other entities
Road, Fort Worth, TX 76155.
that are required to file documents Federal Aviation Administration, 800
electronically. Approximately 19 FOR FURTHER INFORMATION CONTACT: A. Independence Avenue SW, Washington,
registrants file Form SE and it takes an Escobar, Office of Disaster Assistance, DC 20591; 202–267–8198, james.barry@
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An agency may not conduct or SUPPLEMENTARY INFORMATION: The notice sanction guidance in FAA Order
sponsor, and a person is not required to of the President’s major disaster 2150.3C applies to violations occurring
respond to, a collection of information declaration for Private Non-Profit on or after September 18, 2018. For
unless it displays a currently valid organizations in the State of violations occurring before September
control number. MONTANA, dated 08/30/2018, is 18, 2018, FAA enforcement personnel
The public may view the background hereby amended to include the apply the sanction policy guidance in
documentation for this information following areas as adversely affected by FAA Order 2150.3B. FAA Order
collection at the following website, the disaster. 2150.3C may be found at https://
www.reginfo.gov . Comments should be Primary Counties: Petroleum. www.faa.gov/regulations_policies/
directed to: (i) Desk Officer for the All other information in the original orders_notices/index.cfm/go/
Securities and Exchange Commission, declaration remains unchanged. document.information/documentID/
Office of Information and Regulatory (Catalog of Federal Domestic Assistance 1034329.
daltland on DSKBBV9HB2PROD with NOTICES

Affairs, Office of Management and Number 59008)
Issued in Washington, DC, on September
Budget, Room 10102, New Executive 20, 2018.
Office Building, Washington, DC 20503, James Rivera,
Associate Administrator for Disaster Naomi Tsuda,
or by sending an email to: Shagufta_
Ahmed@omb.eop.gov; and (ii) Pamela Assistance. Assistant Chief Counsel for Enforcement.
[FR Doc. 2018–21004 Filed 9–26–18; 8:45 am] [FR Doc. 2018–20987 Filed 9–26–18; 8:45 am]
30 17 CFR 200.30–3(a)(12). BILLING CODE 8025–01–P BILLING CODE 4910–13–P

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Document Created: 2018-09-27 01:04:33
Document Modified: 2018-09-27 01:04:33
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		83 FR 48890