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Federal Register / Vol. 71, No.

103 / Tuesday, May 30, 2006 / Notices 30701

purpose of the rule was to relieve For the Nuclear Regulatory Commission. The General Counsel of the
licensees of the burden of filing annual Catherine Haney, Commission, or his designee, has
FSAR revisions while assuring that such Director, Division of Operating Reactor certified that, in his opinion, one or
revisions are made at least every 24 Licensing, Office of Nuclear Reactor more of the exemptions set forth in 5
months. Regulation. U.S.C. 552(b)(c)(2), (6) and (7) and 17
The NRC staff examined the licensee’s [FR Doc. E6–8262 Filed 5–26–06; 8:45 am] CFR 200.402(a)(2), (6) and (7) permit
rationale to support the exemption BILLING CODE 7590–01–P consideration of the scheduled matter at
request and concluded that it would the Closed Meeting.
meet the underlying purpose of 10 CFR Commissioner Atkins, as duty officer,
50.71(e)(4). The licensee’s proposed POSTAL SERVICE
determined that Commission business
schedule for the PBNP FSAR and PINGP
Sunshine Act, Board of Governors; required the above change and that no
FSAR updates will ensure that the
Meeting earlier notice thereof was possible.
FSAR will be kept current for all units
within 24 months of the last revision. At times, changes in Commission
The proposed schedule satisfies the TIMES AND DATES: 8:30 a.m., Tuesday, priorities require alterations in the
maximum 24-month interval between June 6, 2006; and 9 a.m., Wednesday, scheduling of meeting items. For further
FSAR revisions specified by 10 CFR June 7, 2006. information and to ascertain what, if
50.71(e)(4). The requirement to revise PLACE: Indianapolis, Indiana, at the any, matters have been added, deleted
the FSAR annually or within 6 months Westin Hotel, 50 South Capitol Avenue. or postponed, please contact the Office
after refueling outages for each unit, STATUS: June 6—8:30 a.m. (Closed); June of the Secretary at (202) 551–5400.
therefore, is not necessary to achieve the 7—9 .a.m. (Closed).
Dated: May 24, 2006.
underlying purpose of the rule. MATTERS TO BE CONSIDERED:
Nancy M. Morris,
Based on a consideration of the Tuesday, June 6, at 8:30 a.m. (Closed)
licensee’s proposed exemption, the NRC Secretary.
staff concludes that literal application of 1. Labor Negotiations Planning. [FR Doc. 06–4955 Filed 5–25–06; 10:46 am]
10 CFR 50.71(e)(4) would require the 2. Rate Case Planning. BILLING CODE 8010–01–P
licensee to update the same document 3. Strategic Planning.
within 6 months after a refueling outage 4. Financial Update.
5. Personnel Matters and SECURITIES AND EXCHANGE
for either unit at each site, a more
Compensation Issues. COMMISSION
burdensome requirement than intended
by the regulation. Wednesday, June 7, at 9 a.m. (Closed—
Therefore, the NRC staff concludes if needed.) [Release No. 34–53852; File No. SR–FICC–
that, pursuant to 10 CFR 50.12(a)(2)(ii), 1. Continuation of Tuesday’s agenda. 2006–04]
special circumstances are present. FOR FURTHER INFORMATION CONTACT:
Self-Regulatory Organizations; Fixed
4.0 Conclusion Wendy A. Hocking, Secretary of the
Income Clearing Corporation; Notice of
Board, U.S. Postal Service, 475 L’Enfant
Accordingly, the Commission has Filing and Immediate Effectiveness of
Plaza, SW., Washington, DC 20260–
determined that, pursuant to 10 CFR 1000. Telephone (202) 268–4800. Proposed Rule Change To Clarify
50.12(a), the exemption is authorized by Provisions in the Rules of the
law, will not present an undue risk to Wendy A. Hocking, Government Securities Division
the public health and safety, and is Secretary. Relating to the GCF Forward Mark
consistent with the common defense [FR Doc. 06–4993 Filed 5–25–06; 3:21pm] Component of the Funds-Only
and security. Also, special BILLING CODE 7710–12–M Settlement Process
circumstances are present. Therefore,
the Commission hereby grants NMC an May 23, 2006.
exemption from the requirements of 10 SECURITIES AND EXCHANGE Pursuant to section 19(b)(1) of the
CFR 50.71(e)(4) to submit updates to the COMMISSION Securities Exchange Act of 1934
PBNP FSAR and PINGP FSAR annually (‘‘Act’’),1 notice is hereby given that on
or within 6 months of each unit’s Sunshine Act; Meeting March 24, 2006, the Fixed Income
refueling outage. The licensee will be Clearing Corporation (‘‘FICC’’) filed
required to submit updates of the PBNP Federal Register Citation of Previous
Announcement: [71 FR 28892, May 18, with the Securities and Exchange
and PINGP updated FSARs once per Commission (‘‘Commission’’) the
fuel cycle, within 6 months following 2006]
proposed rule change described in Items
completion of each PBNP, Unit 1, STATUS: Closed Meeting. I, II, and III below, which items have
refueling outage and within 6 months of PLACE: 100 F Street, NE., Washington, been prepared primarily by FICC. FICC
each PINGP, Unit 2, refueling outage, DC. filed the proposed rule change pursuant
respectively, not to exceed 24 months DATE AND TIME OF PREVIOUSLY ANNOUNCED to section 19(b)(3)(A)(iii) of the Act 2
from the last submittal for either site. MEETING: Thursday, May 25, 2006 at 2 and Rule 19b–4(f)(4) thereunder 3 so that
Pursuant to 10 CFR 51.32, the p.m. the proposal was effective upon filing
Commission has determined that the CHANGE IN THE MEETING: Additional Item with the Commission. The Commission
granting of this exemption will not have and Time Change. is publishing this notice to solicit
a significant effect on the quality of the The Closed Meeting scheduled for comments on the proposed rule change
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human environment (71 FR 28889). Thursday, May 25, 2006 at 2 p.m. has from interested parties.
This exemption is effective upon been changed to Thursday, May 25,
issuance. 2006 at 1 p.m. with the following item 1 15 U.S.C. 78s(b)(1).
Dated at Rockville, Maryland, this 22nd being added: Congressional request for 2 15 U.S.C. 78s(b)(3)(A)(iii).
day of May 2006. non-public documents. 3 17 CFR 240.19b–4(f)(4).

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30702 Federal Register / Vol. 71, No. 103 / Tuesday, May 30, 2006 / Notices

I. Self-Regulatory Organization’s calculation. Two defined terms in the debit, the newly-defined GCF Forward
Statement of the Terms of Substance of current GSD rules that were intended to Mark will represent a calculation which
the Proposed Rule Change represent the entire mark-to-market accurately describes the portion of a
The proposed rule change clarifies attributable to forward-settling GCF member’s forward mark adjustment
provisions in the rules of the Repo activity, namely Credit GCF payment attributable to a particular GCF
Government Securities Division Interest Rate Mark and Debit GCF Repo transaction.
(‘‘GSD’’) of FICC relating to the GCF Interest Rate Mark, are defined in a way In addition to the above, a technical
forward mark component of the funds- that causes them to reflect only tentative adjustment has been made to correct a
only settlement process. or interim amounts. typographical error in subsections (f)
As currently defined in the Rules, the and (g) of Section 1 of Rule 13 which
II. Self-Regulatory Organization’s determination of a Credit GCF Interest transposed the usage of terms involving
Statement of the Purpose of, and Rate Mark or a Debit GCF Interest Rate debits and credits in connection with a
Statutory Basis for, the Proposed Rule Mark is based solely on the calculation description of certain situations where a
Change of an amount defined in the GSD rules member would be required to make a
In its filing with the Commission, as the GCF Interest Rate Mark; however, payment to or could collect a payment
FICC included statements concerning the definition of GCF Interest Rate Mark from FICC as part of the funds-only
the purpose of and basis for the omits a required reference to the settlement process.
proposed rule change and discussed any calculation of interest accrued on the The proposed change is consistent
comments it received on the proposed financing aspect of the applicable with section 17A of the Act 9 and the
rule change. The text of these statements transaction.6 A definition that would rules and regulations thereunder
may be examined at the places specified better reflect the actual mark-to-market applicable to FICC because it makes
in Item IV below. FICC has prepared for a particular forward-settling GCF technical changes that clarify FICC’s
summaries, set forth in sections (A), (B), Repo transaction should also take into rules in a manner consistent with the
and (C) below, of the most significant account both the GCF Interest Rate Mark safeguarding of securities and funds
aspects of these statements.4 and the interest accrued on the which are in the custody or control of
financing component of the transaction. FICC or for which it is responsible.
(A) Self-Regulatory Organization’s Therefore, as currently defined these
Statement of the Purpose of, and terms do not fully reflect the actual (B) Self-Regulatory Organization’s
Statutory Basis for, the Proposed Rule calculations that are both required and Statement on Burden on Competition
Change currently used by FICC to mitigate risk FICC does not believe that the
FICC’s GCF Repo Service enables exposure on forward settling GCF Repo proposed rule change will have any
dealer members of the GSD to freely and trades. impact or impose any burden on
actively trade general collateral repos In order to conform the GSD Rules to competition.
throughout the day without requiring actual and correct practice in this
regard, FICC is proposing to revise the (C) Self-Regulatory Organization’s
intraday, trade-for-trade settlement on a Statement on Comments on the
delivery-versus payment basis. The rules to: (i) Add a new term called GCF
Forward Mark, (ii) replace the above- Proposed Rule Change Received From
GSD’s funds-only settlement process is Members, Participants, or Others
the mechanism by which cash mentioned terms Credit GCF Interest
adjustments are passed through from Rate Mark and Debit GCF Interest Rate Written comments relating to the
one member to another. One component Mark with newly defined terms to be proposed rule change have not yet been
of GSD’s funds-only settlement process called Credit GCF Forward Mark and solicited or received. FICC will notify
Debit GCF Forward Mark,7and (iii) the Commission of any written
is the GCF forward mark. The GCF
utilize the term Accrued Repo Interest- comments received by FICC.
forward mark is a cash mark-to-market
to-Date contained in a recently
adjustment that brings members’ GCF III. Date of Effectiveness of the
approved rule filing by the
net settlement positions from contract Proposed Rule Change and Timing for
Commission.8
value to current market value.5 The term GCF Forward Mark will Commission Action
As the novation of forward-settling
properly reflect the calculation of the The foregoing rule change has become
trades occurs one or more days prior to
outstanding GCF Repo transaction as the effective upon filing pursuant to section
the settlement of such trades, FICC
sum of the Accrued Repo-Interest-to- 19(b)(3)(A)(iii) of the Act 10. and Rule
incurs multiday settlement exposure on
Date and the GCF Interest Rate Mark. To 19b 4(f)(4)11 thereunder because it
such trades. To mitigate this risk, FICC
the extent that the mark-to-market for a effects a change in an existing service of
collects and passes through on a daily particular member is positive, it shall be
basis, as a part of the morning funds- FICC that (i) does not adversely affect
deemed a Credit GCF Forward Mark and the safeguarding of securities or funds
only settlement process, a mark-to- to the extent that the mark-to-market for
market amount equivalent to its ongoing in the custody or control of FICC or for
a particular member is negative, it shall which it is responsible and (ii) does not
exposure on each forward net settlement be deemed to be a Debit GCF Forward
position. This mark-to-market on significantly affect the respective rights
Mark. Whether reflecting a credit or a or obligations of FICC or persons using
forward-settling trades is determined in
FICC’s forward mark calculation. the service. At any time within sixty
6 The definition of ‘‘GCF Interest Rate Mark’’ is
Rule 13 of the GSD rules governs its days of the filing of the proposed rule
included for reference purposes in Exhibit 5 to the
funds-only settlement process. A review proposed rule filing. change, the Commission may summarily
of this rule has revealed the need for 7 The deletion of the terms Credit GCF Interest abrogate such rule change if it appears
clarification in the rule’s language that Rate Mark and Debit GCF Interest Rate Mark and to the Commission that such action is
the addition of the terms Credit GCF Forward Mark necessary or appropriate in the public
describes the GSD’s forward mark
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and Debit GCF Forward Mark necessitates a


conforming change to provisions of Section 1 of
interest, for the protection of investors,
4 The Commission has modified the text of the Rule 13 of the GSD rules.
915 U.S.C. 78q–1.
summaries prepared by FICC. 8 Securities Exchange Act Release No. 53534
5 A mark-to-market is essentially a repricing of 1015 U.S.C. 78s(b)(3)(A)(iii).
(March 21, 2006), 71 FR 15781 (March 28, 2006)
forward settling activity on a daily basis. [File No. SR–FICC–2005–18]. 1117 CFR 240.196b–4(f)(4).

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Federal Register / Vol. 71, No. 103 / Tuesday, May 30, 2006 / Notices 30703

or otherwise in furtherance of the For the Commission by the Division of (30)] seconds prior to receiving an
purposes of the Act. Market Regulation, pursuant to delegated agency order that is executable against
authority.12 such bid or offer, or (iii) the Member
IV. Solicitation of Comments Nancy M. Morris, utilizes the Facilitation Mechanism
Secretary. pursuant to Rule 716(d).
Interested persons are invited to
submit written data, views, and [FR Doc. E6–8237 Filed 5–26–06; 8:45 am] (e) Solicitation Orders.
BILLING CODE 8010–01–P Electronic Access Members may not
arguments concerning the foregoing,
including whether the proposed rule execute orders they represent as agent
change is consistent with the Act. on the Exchange against orders solicited
SECURITIES AND EXCHANGE from Members and non-member broker-
Comments may be submitted by any of COMMISSION
the following methods: dealers to transact with such orders
[Release No. 34–53850; File No. SR–ISE– unless (i) the unsolicited order is first
Electronic Comments 2006–21] exposed on the Exchange for at least
three (3) [thirty (30)] seconds, or (ii) the
• Use the Commission’s Internet Self-Regulatory Organizations; Member utilizes the Solicited Order
comment form (http://www.sec.gov/ International Securities Exchange, Inc.; Mechanism pursuant to Rule 716(e).
rules/sro.shtml) or Notice of Filing and Immediate * * * * *
• Send an e-mail to rule- Effectiveness of Proposed Rule
comments@sec.gov. Please include File Change Relating to the Exposure II. Self-Regulatory Organization’s
Number SR–FICC–2006–04 on the Period for Crossing Orders Statement of the Purpose of, and
subject line. Statutory Basis for, the Proposed Rule
May 23, 2006. Change
Paper Comments≤ Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934 In its filing with the Commission, the
• Send paper comments in triplicate (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 ISE included statements concerning the
to Nancy M. Morris, Secretary, notice is hereby given that on April 17, purpose of and basis for the proposed
Securities and Exchange Commission, 2006, the International Securities rule change and discussed any
100 F Street, NE., Washington, DC Exchange, Inc. (‘‘ISE’’ or ‘‘Exchange’’) comments it received on the proposed
20549–1090. filed with the Securities and Exchange rule change. The text of these statements
Commission (‘‘Commission’’) the may be examined at the places specified
All submissions should refer to File in Item IV below. The ISE has prepared
proposed rule change as described in
Number SR–FICC–2006–04. This file Items I and II below, which Items have summaries, set forth in Sections A, B,
number should be included on the been prepared by the ISE. The ISE filed and C below, of the most significant
subject line if e-mail is used. To help the the proposed rule change pursuant to aspects of such statements.
Commission process and review your section 19(b)(3)(A) of the Act 3 and Rule A. Self-Regulatory Organization’s
comments more efficiently, please use 19b–4(f)(6) thereunder,4 which renders Statement of the Purpose of, and
only one method. The Commission will the proposal effective upon filing with
Statutory Basis for, the Proposed Rule
post all comments on the Commission’s the Commission. The Commission is
Change
Internet Web site (http://www.sec.gov/ publishing this notice to solicit
rules/sro.shtml). Copies of the comments on the proposed rule change 1. Purpose
submission, all subsequent from interested persons. An Electronic Access Member
amendments, all written statements (‘‘EAM’’) of the Exchange may not
I. Self-Regulatory Organization’s
with respect to the proposed rule execute an order it represents as agent
Statement of the Terms of Substance of
change that are filed with the the Proposed Rule Change with a facilitation or solicited order
Commission, and all written (referred to herein as ‘‘crossing orders’’)
communications relating to the The ISE proposes to decrease the unless it complies with the order
proposed rule change between the exposure period for crossing orders exposure requirements contained in ISE
Commission and any person, other than under ISE Rule 717(d) and (e) to three Rule 717(d) and (e) respectively. As set
those that may be withheld from the seconds. The text of the proposed rule forth in these provisions, if an EAM
public in accordance with the change is as follows, with deletions in seeking to cross two orders does not
provisions of 5 U.S.C. 552, will be [brackets] and additions italicized. choose to use the Facilitation
available for inspection and copying in Rule 717. Limitations on Orders Mechanism or the Solicited Order
the Commission’s Public Reference Mechanism, which automatically
* * * * *
Section, 100 F Street, NE., Washington, expose crossing orders for 3 seconds, it
(d) Principal Transactions.
DC 20549. Copies of such filing also will is required to comply with a 30-second
Electronic Access Members may not
be available for inspection and copying exposure requirement. Specifically,
execute as principal orders they
at the principal office of FICC and on when an EAM chooses not to use the
represent as agent unless (i) agency
FICC’s Web site at http://www.ficc.com. orders are first exposed on the Exchange Facilitation Mechanism, it may not
All comments received will be posted execute a facilitation cross unless (i) the
for at least three (3) [thirty (30)] seconds,
without change; the Commission does agency order is first exposed on the
(ii) the Electronic Access Member has
not edit personal identifying Exchange for at least 30 seconds; or (ii)
been bidding or offering on the
information from submissions. You the EAM has been bidding or offering on
Exchange for at least three (3) [thirty
the Exchange for at least 30 seconds
should submit only information that
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prior to receiving the agency order that


you wish to make available publicly. All 12 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1). is executable against such bid or offer.
submissions should refer to File
2 17 CFR 240.19b–4. Similarly, when an EAM chooses not to
Number SR-FICC–2006–04 and should 3 15 U.S.C. 78s(b)(3)(A). use the Solicited Order Mechanism, it
be submitted on or before June 20, 2006. 4 17 CFR 240.19b–4(f)(6). may not execute a solicitation cross

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