76758 Federal Register / Vol. 75, No. 236 / Thursday, December 9, 2010 / Notices 

1CBOE’s allocation of certain regulatory 

responsibilities under this Agreement is limited to 

the activities of the CBOE Stock Exchange, LLC, a 

facility of CBOE. 

2See Securities Exchange Act Release No. 63230 

(November 2, 2010), 75 FR 68632. 

3 15 U.S.C. 78s(g)(1). 

4 15 U.S.C. 78q(d) and 15 U.S.C. 78s(g)(2), 

respectively. 

5 15 U.S.C. 78q(d)(1). 

6See Securities Act Amendments of 1975, Report 

of the Senate Committee on Banking, Housing, and 

Urban Affairs to Accompany S. 249, S. Rep. No. 94– 

75, 94th Cong., 1st Session 32 (1975). 

coalition of nuclear industry groups. 

Federal agencies with expertise and 

experience in electronic information 

management systems may also 

participate on the Panel. 

The Nuclear Regulatory Commission 

has determined that renewal of the 

charter for the LSNARP until December 

3, 2012 is in the public interest in 

connection with duties imposed on the 

Commission by law. This action is being 

taken in accordance with the Federal 

Advisory Committee Act after 

consultation with the Committee 

Management Secretariat, General 

Services Administration. 

FOR FURTHER INFORMATION CONTACT: 

Andrew L. Bates, Office of the Secretary, 

U.S. Nuclear Regulatory Commission, 

Washington, DC 20555: Telephone 301– 

415–1963. 

Dated: December 3, 2010. 

Andrew L. Bates, 

Advisory Committee Management Officer. 

[FR Doc. 2010–30955 Filed 12–8–10; 8:45 am] 

BILLING CODE 7590–01–P 

OVERSEAS PRIVATE INVESTMENT 

CORPORATION 

Sunshine Act; OPIC Annual Public 

Hearing 

TIME AND DATE: 3:30 p.m., Thursday, 

January 20, 2011. 

PLACE: Offices of the Corporation, 

Twelfth Floor Board Room, 1100 New 

York Avenue, NW., Washington, DC. 

STATUS: Hearing OPEN to the Public at 

3:30 p.m. 

PURPOSE: Annual Public Hearing to 

afford an opportunity for any person to 

present views regarding the activities of 

the Corporation. 

PROCEDURES: Individuals wishing to 

address the hearing orally must provide 

advance notice to OPIC’s Corporate 

Secretary no later than 5 PM Monday, 

January 10, 2011. The notice must 

include the individual’s name, title, 

organization, address, and telephone 

number, and a concise summary of the 

subject matter to be presented. 

Oral presentations may not exceed ten 

(10) minutes. The time for individual 

presentations may be reduced 

proportionately, if necessary, to afford 

all participants who have submitted a 

timely request an opportunity to be 

heard. 

Participants wishing to submit a 

written statement for the record must 

submit a copy of such statement to 

OPIC’s Corporate Secretary no later than 

5 PM Monday, January 10, 2011. Such 

statement must be typewritten, doublespaced, and may not exceed twenty-five 

(25) pages. 

Upon receipt of the required notice, 

OPIC will prepare an agenda for the 

hearing identifying speakers, setting 

forth the subject on which each 

participant will speak, and the time 

allotted for each presentation. The 

agenda will be available at the hearing. 

A written summary of the hearing will 

be compiled, and such summary will be 

made available, upon written request to 

OPIC’s Corporate Secretary, at the cost 

of reproduction. 

CONTACT PERSON FOR INFORMATION: 

Information on the hearing may be 

obtained from Connie M. Downs at (202) 

336–8438, via e-mail at 

connie.downs@opic.gov., or via 

facsimile at (202) 218–0136. 

SUPPLEMENTARY INFORMATION: OIC is a 

U.S. Government agency that provides, 

on a commercial basis, political risk 

insurance and financing in friendly 

developing countries and emerging 

democracies for environmentally sound 

projects that confer positive 

developmental benefits upon the project 

country while creating employment in 

the U.S. OPIC is required by section 

231A(c) of the Foreign Assistance Act of 

1961, as amended (the ‘‘Act’’) to hold at 

least one public hearing each year. 

Dated: December 7, 2010. 

Connie M. Downs, 

OPIC Corporate Secretary. 

[FR Doc. 2010–31095 Filed 12–7–10; 4:15 pm] 

BILLING CODE 3210–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63430; File No. 4–618] 

Program for Allocation of Regulatory 

Responsibilities Pursuant to Rule 17d– 

2; Order Approving and Declaring 

Effective a Plan for the Allocation of 

Regulatory Responsibilities Between 

BATS Exchange, Inc., BATS YExchange, Inc., Chicago Board 

Options Exchange, Inc., Chicago Stock 

Exchange, Inc., EDGA Exchange, Inc., 

EDGX Exchange, Inc., Financial 

Industry Regulatory Authority, Inc., 

The NASDAQ Stock Market LLC, 

NASDAQ OMX BX, Inc., NASDAQ OMX 

PHLX LLC, National Stock Exchange, 

Inc., New York Stock Exchange LLC, 

NYSE Amex LLC, and NYSE Arca, Inc. 

Relating to Regulation NMS Rules 

December 3, 2010. 

On October 15, 2010, BATS Exchange, 

Inc. (‘‘BATS’’), BATS Y-Exchange, Inc. 

(‘‘BATS Y’’), Chicago Board Options 

Exchange, Inc. (‘‘CBOE’’),1 Chicago Stock 

Exchange, Inc. (‘‘CHX’’), EDGA 

Exchange, Inc. (‘‘EDGA’’), EDGX 

Exchange, Inc. (‘‘EDGX’’), Financial 

Industry Regulatory Authority, Inc. 

(‘‘FINRA’’), The NASDAQ Stock Market 

LLC (‘‘NASDAQ’’), NASDAQ OMX BX, 

Inc. (‘‘BX’’), NASDAQ OMX PHLX LLC 

(‘‘PHLX’’), National Stock Exchange, Inc. 

(‘‘NSX’’), New York Stock Exchange LLC 

(‘‘NYSE’’), NYSE Amex LLC (‘‘NYSE 

Amex’’), and NYSE Arca, Inc. (‘‘NYSE 

Arca’’) (together, the ‘‘Participating 

Organizations’’ or the ‘‘Parties’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’) a 

plan for the allocation of regulatory 

responsibilities with respect to certain 

Regulation NMS Rules (‘‘17d–2 Plan’’ or 

the ‘‘Plan’’). The Plan was published for 

comment on November 8, 2010.2 The 

Commission received no comments on 

the Plan. This order approves and 

declares effective the Plan. 

I. Introduction 

Section 19(g)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’),3 among 

other things, requires every selfregulatory organization (‘‘SRO’’) 

registered as either a national securities 

exchange or national securities 

association to examine for, and enforce 

compliance by, its members and persons 

associated with its members with the 

Act, the rules and regulations 

thereunder, and the SRO’s own rules, 

unless the SRO is relieved of this 

responsibility pursuant to Section 17(d) 

or Section 19(g)(2) of the Act.4 Without 

this relief, the statutory obligation of 

each individual SRO could result in a 

pattern of multiple examinations of 

broker-dealers that maintain 

memberships in more than one SRO 

(‘‘common members’’). Such regulatory 

duplication would add unnecessary 

expenses for common members and 

their SROs. 

Section 17(d)(1) of the Act 5 was 

intended, in part, to eliminate 

unnecessary multiple examinations and 

regulatory duplication.6 With respect to 

a common member, Section 17(d)(1) 

authorizes the Commission, by rule or 

order, to relieve an SRO of the 


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Federal Register / Vol. 75, No. 236 / Thursday, December 9, 2010 / Notices 76759 

7 17 CFR 240.17d–1 and 17 CFR 240.17d–2, 

respectively. 

8See Securities Exchange Act Release No. 12352 

(April 20, 1976), 41 FR 18808 (May 7, 1976). 

9See Securities Exchange Act Release No. 12935 

(October 28, 1976), 41 FR 49091 (November 8, 

1976). 

10See Paragraph 1 of the proposed 17d–2 Plan; 

see e.g., Securities Exchange Act Release No. 58350 

(August 13, 2008), 73 FR 48247 (August 18, 2008) 

(File No. 4–566) (notice of filing of proposed insider 

trading plan) and Securities Exchange Act Release 

No. 58536 (September 12, 2008) (File No. 4–566) 

(order approving and declaring effective the plan). 

11 15 U.S.C. 78q(d). 

12 17 CFR 240.17d–2(c). 

13Paragraph 1 of the Plan provides that whenever 

a Common Member ceases to be a member of its 

DREA, the DREA shall promptly inform the 

Common Member’s DEA, which will become such 

Common Member’s DEA. 

14See, e.g., Paragraph 7 of the Plan (Sharing of 

Work Papers, Data and Related Information) and 

Paragraph 5 (sharing of customer complaints). 

15See Paragraph 22 of the Plan. 

16 17 CFR 200.30–3(a)(34). 

responsibility to receive regulatory 

reports, to examine for and enforce 

compliance with applicable statutes, 

rules, and regulations, or to perform 

other specified regulatory functions. 

To implement Section 17(d)(1), the 

Commission adopted two rules: Rule 

17d–1 and Rule 17d–2 under the Act.7

Rule 17d–1 authorizes the Commission 

to name a single SRO as the designated 

examining authority (‘‘DEA’’) to examine 

common members for compliance with 

the financial responsibility 

requirements imposed by the Act, or by 

Commission or SRO rules.8 When an 

SRO has been named as a common 

member’s DEA, all other SROs to which 

the common member belongs are 

relieved of the responsibility to examine 

the firm for compliance with the 

applicable financial responsibility rules. 

On its face, Rule 17d–1 deals only with 

an SRO’s obligations to enforce member 

compliance with financial responsibility 

requirements. Rule 17d–1 does not 

relieve an SRO from its obligation to 

examine a common member for 

compliance with its own rules and 

provisions of the federal securities laws 

governing matters other than financial 

responsibility, including sales practices 

and trading activities and practices. 

To address regulatory duplication in 

these and other areas, the Commission 

adopted Rule 17d–2 under the Act.9

Rule 17d–2 permits SROs to propose 

joint plans for the allocation of 

regulatory responsibilities with respect 

to their common members. Under 

paragraph (c) of Rule 17d–2, the 

Commission may declare such a plan 

effective if, after providing for 

appropriate notice and comment, it 

determines that the plan is necessary or 

appropriate in the public interest and 

for the protection of investors; to foster 

cooperation and coordination among the 

SROs; to remove impediments to, and 

foster the development of, a national 

market system and a national clearance 

and settlement system; and is in 

conformity with the factors set forth in 

Section 17(d) of the Act. Commission 

approval of a plan filed pursuant to Rule 

17d–2 relieves an SRO of those 

regulatory responsibilities allocated by 

the plan to another SRO. 

II. Proposed Plan 

The proposed 17d–2 Plan is intended 

to reduce regulatory duplication for 

firms that are members of more than one 

Party to the proposed 17d–2 Plan. 

Pursuant to the proposed 17d–2 Plan, 

the Designated Regulation NMS 

Examining Authority (‘‘DREA’’) would 

assume examination and enforcement 

responsibilities for broker-dealers that 

are members of more than one 

Participating Organization (‘‘Common 

Members’’) with respect to certain 

applicable laws, rules, and regulations. 

FINRA would serve as the DREA for 

Common Members that are members of 

FINRA. The DEA would serve as the 

DREA for Common Members that are 

not members of FINRA. 

The text of the Plan delineates the 

proposed regulatory responsibilities 

with respect to the Parties. Included in 

the proposed Plan is an exhibit (the 

‘‘Covered Regulation NMS Rules’’) that 

lists the Federal securities laws, rules, 

and regulations, for which the DREA 

would bear responsibility under the 

Plan for overseeing and enforcing with 

respect to Common Members. 

Specifically, under the 17d–2 Plan, 

the DREA would assume examination 

and enforcement responsibility relating 

to compliance by Common Members 

with the Covered Regulation NMS 

Rules. Under the Plan, each 

Participating Organization would retain 

full responsibility for examination, 

surveillance and enforcement with 

respect to trading activities or practices 

involving its own marketplace, unless 

otherwise allocated pursuant to a 

separate Rule 17d–2 agreement.10

III. Discussion 

The Commission finds that the 

proposed Plan is consistent with the 

factors set forth in Section 17(d) of the 

Act 11 and Rule 17d–2(c) thereunder 12

in that the proposed Plan is necessary 

or appropriate in the public interest and 

for the protection of investors, fosters 

cooperation and coordination among 

SROs, and removes impediments to and 

fosters the development of the national 

market system. In particular, the 

Commission believes that the proposed 

Plan should reduce unnecessary 

regulatory duplication by allocating to 

the DREA certain examination and 

enforcement responsibilities for 

Common Members that would 

otherwise be performed by each Party.13

Accordingly, the proposed Plan 

promotes efficiency by reducing costs to 

Common Members. Furthermore, 

because the Parties will coordinate their 

regulatory functions in accordance with 

the proposed Plan, the Plan should 

promote investor protection.14

The Commission is hereby declaring 

effective a plan that allocates regulatory 

responsibility for certain provisions of 

the federal securities laws, rules, and 

regulations as set forth in Exhibit A to 

the Plan. The Commission notes that 

any amendment to the Plan must be 

approved by the relevant Parties as set 

forth in Paragraph 22 of the Plan and 

must be filed with and approved by the 

Commission before it may become 

effective.15

IV. Conclusion 

This Order gives effect to the Plan 

filed with the Commission in File No. 

4–618. The Parties shall notify all 

members affected by the Plan of their 

rights and obligations under the Plan. 

It is therefore ordered, pursuant to 

Section 17(d) of the Act, that the Plan 

in File No. 4–618 is hereby approved 

and declared effective. 

It is further ordered that the Parties 

who are not the DREA as to a particular 

Common Member are relieved of those 

regulatory responsibilities allocated to 

the Common Member’s DREA under the 

Plan to the extent of such allocation. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–30946 Filed 12–8–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63418; File No. SR– 

NYSEAmex–2010–108] 

Self-Regulatory Organizations; NYSE 

Amex LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Eliminate Market and 

Stop Orders in Nasdaq-Listed 

Securities Traded on the Exchange 

December 2, 2010. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 


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