Spectra Energy Corp., Application for a New or Amended Presidential Permit, 35658-35659 [2013-14048]
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Federal Register / Vol. 78, No. 114 / Thursday, June 13, 2013 / Notices
tkelley on DSK3SPTVN1PROD with NOTICES
identify non-retail order flow, but also
to monitor whether such flow exceeded
a de minimis amount. The commenter
also questioned whether the potential
difficulty of the Exchange monitoring
the Program might increase the
likelihood that members may be subject
to unfair discrimination in the
Program’s approval and disqualification
process.
In response, the Exchange noted that
it will issue Equity Trader Alerts to
provide clear guidance on how the
‘‘substantially all’’ standard will be
implemented and monitored. The
Exchange also noted that the Program is
designed to attract as much retail order
flow as possible, and that, should RMOs
begin submitting substantial amounts of
non-retail order flow, liquidity
providers would become less willing to
participate in the Program. Finally, the
Exchange disagreed with the
commenter’s statement that a standard
that provides a de minimis number of
exceptions would be any harder to
enforce that a standard that permitted
no exceptions.
IV. Discussion and Commission
Findings
After careful review of the proposal,
the comment letter received, and the
Exchange’s response, the Commission
finds that the proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder that are applicable to a
national securities exchange.11 In
particular, the Commission finds that
the proposed rule change is consistent
with Section 6(b)(5) of the Act,12 which
requires, among other things, that the
rules of a national securities exchange
be designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
remove impediments to 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 not be designed to
permit unfair discrimination between
customers, issuers, brokers or dealers.
The Commission finds that the
proposed ‘‘substantially all’’ standard is
a limited and sufficiently-defined
modification to the Program’s current
RMO attestation requirements that does
11 In approving the proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
12 15 U.S.C. 78f(b)(5).
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not constitute a significant departure
from the Program as initially approved
by the Commission.13 The proposal
makes clear that to comply with the
standard, RMOs may submit only
isolated and de minimis amounts of
agency orders that cannot be segregated
from Retail Orders due to systems
limitations.14 Furthermore, as the
Exchange notes, RMOs will need to
adequately document their compliance
with the ‘‘substantially all’’ standard in
their books and records. Specifically, an
RMO would need to retain adequate
documentation that substantially all
orders sent to the Exchange as Retail
Orders met that definition, and that
those orders not meeting that definition
are agency orders that cannot be
segregated from Retail Orders due to
system limitations, and are de minimis
in terms of the overall number of Retail
Orders sent to the Exchange. The
Commission also notes that FINRA will
monitor an RMO’s compliance with this
requirement.
Additionally, the Commission finds
that the Exchange has provided
adequate justification for the proposal.
The Exchange represented that, as
explained to it by several significant
retail brokers, the current ‘‘any order’’
standard is effectively prohibitive, given
the brokers’ order flow aggregation and
management systems. The Exchange
further represented that these retail
brokers indicated their systems would
allow them to comply with the
‘‘substantially all’’ standard, as
proposed. By allowing these retail
brokers to participate in the Program,
the proposal could bring the potential
benefits of the Program, including price
improvement and increased
transparency,15 to the retail order flow
that these brokers represent.16
13 The Commission notes that it approved the
Program on a pilot basis subject to ongoing
Commission review. The Commission notes further
that it recently approved nearly identical proposals
submitted by NYSE, NYSE MKT, and BATS–Y
concerning those exchanges’ respective retail
programs. See Securities Exchange Act Release Nos.
69513 (May 3, 2013), 78 FR 27261 (May 9, 2013)
(NYSE and NYSE MKT), and 69643 (May 28, 2013),
78 FR 33136 (June 3, 2013) (BATS–Y).
14 While the Commission recognizes the potential
benefit of the commenter’s suggestion concerning a
bright-line definition of de minimis, see supra note
10, the Commission believes that, in light of the
facts surrounding the instant proposal, the
proposal, and the guidance that the Exchange will
provide to its members on this point, is sufficiently
clear. The Commission also notes that the example
the commenter cites is found in Regulation M,
which governs different circumstances than those at
issue here.
15 For a more detailed discussion of the Program’s
potential benefits, see RPI Approval Order, supra
note 7.
16 The commenter also expressed concern that
this proposal may increase the Exchange’s burden
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V. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,17 that the
proposed rule change (SR–NASDAQ–
2013–031) be, and hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–14001 Filed 6–12–13; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice 8353]
Spectra Energy Corp., Application for
a New or Amended Presidential Permit
June 7, 2013.
Department of State.
Notice of Receipt of Spectra
Energy Corp., Application for a New or
Amended Presidential Permit for
Express Pipeline LLC to Operate and
Maintain Pipeline Facilities on the
Border of the United States and Canada.
AGENCY:
ACTION:
SUMMARY: Notice is hereby given that
the Department of State (DOS) has
received from Spectra Energy Corp
(‘‘Spectra Energy’’) notice that it has
acquired the entities that own Express
Pipeline LLC (‘‘Express’’), which
operates and maintains pipeline
facilities including the Express Pipeline,
which is permitted under a 2004
Presidential Permit issued to Express.
Spectra Energy requests a new or
amended Presidential Permit be issued
reflecting these corporate transactions.
Spectra Energy owns and operates a
large diversified portfolio of natural gasrelated energy assets in the areas of
gathering and processing, transmission,
and distribution. Its natural gas pipeline
systems consist of over 19,000 miles of
transmission pipelines.
The Express Pipeline is a 515 mile, 24
inch crude oil pipeline running between
the U.S.-Canada border near Wild
monitoring compliance with the Program. The
Commission finds that any potential concerns
raised by this assertion, which is disputed by the
Exchange, are outweighed by the potential benefits
of the proposal; namely, that the proposal may
allow more retail orders the opportunity to
participate in the Program and to receive the
attendant benefits of the Program. With respect to
the commenter’s concern that members may be
subject to unfair discrimination in the approval and
disqualification process for participation in the
Program, the Commission notes that it previously
found that the Program’s provisions concerning the
certification, approval, and potential
disqualification of RMOs are not inconsistent with
the Act. See RPI Approval Order, supra note 7.
17 15 U.S.C. 78s(b)(2).
18 17 CFR 200.30–3(a)(12).
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Federal Register / Vol. 78, No. 114 / Thursday, June 13, 2013 / Notices
tkelley on DSK3SPTVN1PROD with NOTICES
Horse, Montana, to Caster, Wyoming
and includes five pump stations. The
Express Pipeline has been in operation
since 1997 and transports crude oil from
Hardisty, Alberta Canada to Casper,
Wyoming.
On March 14, 2013, Spectra Energy
(through its subsidiaries Spectra Energy
Express (US) GP, LLC and Spectra
Energy Express Holding, LLC)
purchased all of the outstanding equity
and debt interests in Express US
Holdings LP. Immediately following
these acquisitions, Spectra Energy
became the 100 percent owner of the
‘‘upstream’’ entities that own Express
and reorganized those entities,
converting the direct parent corporation
of Express into a limited liability
corporation, Express Holdings (USA),
LLC. Spectra plans to assign 40% of its
ownership interests in Express Holdings
(USA), LLC, to Spectra Energy Partners,
LP, a publicly-traded master limited
partnership. Spectra Energy has control
over Spectra Energy Partners, LP; it
indirectly owns 58% of the ownership
interests in the limited partnership and
also indirectly owns 100% of Spectra
Energy Partners, LP’s general partner,
Spectra Energy Partners (DE) GP, LP.
Spectra affirms that operation and
maintenance of the permitted facilities
will remain substantially the same as
before its acquisition of Express and
acknowledges the Express is obligated
to comply with the existing 2004
Permit. Spectra does not request any
changes to the terms and conditions of
the 2004 Permit.
Under E.O. 13337 the Secretary of
State is designated and empowered to
receive all applications for Presidential
Permits for the construction,
connection, operation, or maintenance
at the borders of the United States, of
facilities for the exportation or
importation of liquid petroleum,
petroleum products, or other nongaseous fuels to or from a foreign
country. The Department of State is
circulating this application to concerned
federal agencies for comment. The
Department of State has the
responsibility to determine whether
issuance of a new or amended
Presidential Permit in light of Spectra’s
acquisition of the entities that own
Express would be in the U.S. national
interest.
Interested parties are invited to
submit comments within 30 days of the
publication date of this notice by email
to SpectraEnergypermit@state.gov with
regard to whether issuing a new
Presidential Permit reflecting the
corporate succession would be in the
DATES:
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16:58 Jun 12, 2013
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national interest. The application is
available at https://www.state.gov/e/enr.
FOR FURTHER INFORMATION CONTACT:
Office of Energy Diplomacy, Energy
Resources Bureau (ENR/EDP/EWA)
Department of State 2201 C St. NW., Ste
4843 Washington, DC 20520 Attn:
Michael Brennan Tel: 202–647–7553.
Dated: June 7, 2013.
Michael Brennan,
Office of Europe, Western Hemisphere and
Africa, Bureau of Energy Resources, U.S.
Department of State.
[FR Doc. 2013–14048 Filed 6–12–13; 8:45 am]
BILLING CODE 4710–09–P
DEPARTMENT OF TRANSPORTATION
Federal Railroad Administration
[Docket Number FRA–2012–0093]
Petition for Waiver of Compliance
In accordance with Part 211 of Title
49 Code of Federal Regulations (CFR),
this document provides the public
notice that by a document dated
November 30, 2012, the Union Pacific
Railroad Company (UP) has petitioned
the Federal Railroad Administration
(FRA) for a waiver of compliance from
certain provisions of the Federal
railroad safety regulations contained at
49 CFR Part 219, Subpart G, Random
Alcohol and Drug Testing Programs.
FRA assigned the petition Docket
Number FRA–2012–0093.
UP is requesting FRA’s approval to
periodically and intermittently adjust
UP’s random drug and alcohol testing
rates at specific locations based on
objective, performance-based criteria or,
alternately, approval for a pilot program
in which UP can increase random
testing of its employees at specific
locations based on objective,
performance-based criteria.
A copy of the petition (included at the
end of this notice), as well as any
written communications concerning the
petition, is available for review online at
www.regulations.gov and in person at
the U.S. Department of Transportation’s
Docket Operations Facility, 1200 New
Jersey Avenue SE., W12–140,
Washington, DC 20590. The Docket
Operations Facility is open from 9 a.m.
to 5 p.m., Monday through Friday,
except Federal Holidays.
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
PO 00000
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Fmt 4703
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35659
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 and may be
submitted by any of the following
methods:
• Web site: https://
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 by July 29,
2013 will be considered by FRA before
final action is taken. Comments received
after that date will be considered as far
as practicable.
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 document, if
submitted on behalf of an association,
business, labor union, etc.). See https://
www.regulations.gov/#!privacyNotice
for the privacy notice of regulations.gov
or interested parties may review DOT’s
complete Privacy Act Statement in the
Federal Register published on April 11,
2000 (65 FR 19477).
Issued in Washington, DC, on June 10,
2013.
Robert C. Lauby,
Deputy Associate Administrator for
Regulatory and Legislative Operations.
[FR Doc. 2013–14092 Filed 6–12–13; 8:45 am]
BILLING CODE P
DEPARTMENT OF TRANSPORTATION
Surface Transportation Board
[Docket No. AB 290 (Sub-No. 348X)]
Norfolk Southern Railway Company—
Discontinuance of Service
Exemption—in Tipton and Howard
Counties, Ind.
Norfolk Southern Railway Company
(NSR) filed a verified notice of
exemption under 49 CFR part 1152
subpart F—Exempt Abandonments and
Discontinuances of Service to
discontinue service over an
approximately 10.8-mile rail line
between milepost I–41.0 (north of
Market Road near Tipton) and milepost
E:\FR\FM\13JNN1.SGM
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]]>Agencies
[Federal Register Volume 78, Number 114 (Thursday, June 13, 2013)]
[Notices]
[Pages 35658-35659]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-14048]
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DEPARTMENT OF STATE
[Public Notice 8353]
Spectra Energy Corp., Application for a New or Amended
Presidential Permit
June 7, 2013.
AGENCY: Department of State.
ACTION: Notice of Receipt of Spectra Energy Corp., Application for a
New or Amended Presidential Permit for Express Pipeline LLC to Operate
and Maintain Pipeline Facilities on the Border of the United States and
Canada.
-----------------------------------------------------------------------
SUMMARY: Notice is hereby given that the Department of State (DOS) has
received from Spectra Energy Corp (``Spectra Energy'') notice that it
has acquired the entities that own Express Pipeline LLC (``Express''),
which operates and maintains pipeline facilities including the Express
Pipeline, which is permitted under a 2004 Presidential Permit issued to
Express. Spectra Energy requests a new or amended Presidential Permit
be issued reflecting these corporate transactions.
Spectra Energy owns and operates a large diversified portfolio of
natural gas-related energy assets in the areas of gathering and
processing, transmission, and distribution. Its natural gas pipeline
systems consist of over 19,000 miles of transmission pipelines.
The Express Pipeline is a 515 mile, 24 inch crude oil pipeline
running between the U.S.-Canada border near Wild
[[Page 35659]]
Horse, Montana, to Caster, Wyoming and includes five pump stations. The
Express Pipeline has been in operation since 1997 and transports crude
oil from Hardisty, Alberta Canada to Casper, Wyoming.
On March 14, 2013, Spectra Energy (through its subsidiaries Spectra
Energy Express (US) GP, LLC and Spectra Energy Express Holding, LLC)
purchased all of the outstanding equity and debt interests in Express
US Holdings LP. Immediately following these acquisitions, Spectra
Energy became the 100 percent owner of the ``upstream'' entities that
own Express and reorganized those entities, converting the direct
parent corporation of Express into a limited liability corporation,
Express Holdings (USA), LLC. Spectra plans to assign 40% of its
ownership interests in Express Holdings (USA), LLC, to Spectra Energy
Partners, LP, a publicly-traded master limited partnership. Spectra
Energy has control over Spectra Energy Partners, LP; it indirectly owns
58% of the ownership interests in the limited partnership and also
indirectly owns 100% of Spectra Energy Partners, LP's general partner,
Spectra Energy Partners (DE) GP, LP.
Spectra affirms that operation and maintenance of the permitted
facilities will remain substantially the same as before its acquisition
of Express and acknowledges the Express is obligated to comply with the
existing 2004 Permit. Spectra does not request any changes to the terms
and conditions of the 2004 Permit.
Under E.O. 13337 the Secretary of State is designated and empowered
to receive all applications for Presidential Permits for the
construction, connection, operation, or maintenance at the borders of
the United States, of facilities for the exportation or importation of
liquid petroleum, petroleum products, or other non-gaseous fuels to or
from a foreign country. The Department of State is circulating this
application to concerned federal agencies for comment. The Department
of State has the responsibility to determine whether issuance of a new
or amended Presidential Permit in light of Spectra's acquisition of the
entities that own Express would be in the U.S. national interest.
DATES: Interested parties are invited to submit comments within 30 days
of the publication date of this notice by email to
SpectraEnergypermit@state.gov with regard to whether issuing a new
Presidential Permit reflecting the corporate succession would be in the
national interest. The application is available at https://www.state.gov/e/enr.
FOR FURTHER INFORMATION CONTACT: Office of Energy Diplomacy, Energy
Resources Bureau (ENR/EDP/EWA) Department of State 2201 C St. NW., Ste
4843 Washington, DC 20520 Attn: Michael Brennan Tel: 202-647-7553.
Dated: June 7, 2013.
Michael Brennan,
Office of Europe, Western Hemisphere and Africa, Bureau of Energy
Resources, U.S. Department of State.
[FR Doc. 2013-14048 Filed 6-12-13; 8:45 am]
BILLING CODE 4710-09-P
