50864 Federal Register / Vol. 74, No. 189 / Thursday, October 1, 2009 / Notices 

20 15 U.S.C. 78e and 78f. 21 15 U.S.C. 78mm. 

Sections 5 and 6 of the Exchange Act,20

and the rules and regulations 

thereunder, will continue to be exempt 

from the requirement to register as a 

national securities exchange under 

Section 6 of the Exchange Act, and from 

the prohibition in Section 5 of the 

Exchange Act against effecting 

transactions as an exchange unless it is 

registered as a national securities 

exchange or exempt from registration 

due to the limited volume of its 

transactions through March 24, 2010, 

subject to the following conditions: 

(1) The exchange must not: (a) Set 

rules governing the conduct of 

subscribers other than the conduct of 

such subscribers trading on such 

exchange; or (b) discipline subscribers 

other than by exclusion from trading; 

(2) The exchange must make and keep 

for a period of not less than three years, 

the first two years in an easily accessible 

place, the following records: 

• A record of subscribers in the 

exchange (identifying any affiliations 

between the exchange and subscribers 

in the exchange, including common 

directors, officers, or owners); 

• Daily summaries of trading, 

including (a) information identifying 

CDS in which transactions are effected; 

and (b) transaction volume, expressed in 

terms of number of trades and total U.S. 

dollar notional value; and 

• Time-sequenced records of order 

information, including: (a) Identity of 

the party entering an order; (b) 

identification of non-excluded CDS 

contract (including the reference entity, 

security, or index, and notional value); 

(c) date and time that order was 

received; (d) price (whether expressed 

as credit spread, rate, strike, or coupon); 

(e) whether the order is to buy or sell 

and any order conditions; (f) any 

subsequent modification or cancellation 

of the order; (g) date and time the order 

was executed, the size (e.g., notional 

value amount) executed, and the price; 

and (h) identity of the parties to the 

transaction; 

(3) The exchange must preserve the 

following records: 

• For a period of not less than three 

years, the first two years in an easily 

accessible place, all notices provided by 

such exchange to subscribers generally, 

whether written or communicated 

through automated means, including, 

but not limited to, notices addressing 

hours of system operations, system 

malfunctions, changes to system 

procedures, maintenance of hardware 

and software, instructions pertaining to 

access to the market and denials of, or 

limitations on, access to the exchange; 

and 

• During the life of the enterprise and 

of any successor enterprise, the 

exchange’s organizational documents 

and copies of reports filed with the 

Commission pursuant to this 

exemption; 

(4) An exchange must, within five 

days of commencing operation, submit 

a notice to the Commission that 

includes the following information: 

• Full legal name of the exchange; 

• A description of the exchange’s 

ownership structure; 

• Contact person and contact 

information; 

• A general description of what CDS 

contracts trade on the exchange; and 

• A description of how the exchange 

operates; 

(5) An exchange must report the 

following information to the 

Commission within 30 days of the end 

of each quarter: 

• The total dollar volume of 

transactions executed during the 

quarter, broken down by reference 

entity, security, or index; 

• The total unit volume and/or 

notional amount executed during the 

quarter, broken down by reference 

entity, security, or index; and 

• A list of all subscribers that effected 

transactions on the exchange during the 

quarter; 

(6) The exchange must establish 

adequate safeguards and procedures to 

protect subscribers’ confidential trading 

information. Such safeguards and 

procedures shall include: (a) Limiting 

access to the confidential trading 

information of subscribers to those 

employees of the exchange who are 

operating the system or responsible for 

its compliance with this exemption or 

any other applicable rules; and (b) 

implementing standards controlling 

employees of the exchange trading for 

their own accounts. The exchange must 

adopt and implement adequate 

oversight procedures to ensure that the 

safeguards and procedures established 

pursuant to this condition are followed; 

and 

(7) The exchange must provide access 

to the Commission to conduct on-site 

inspections of its facilities (including 

automated systems and systems 

environment), records, and personnel 

related to exchange activities. The 

exchange must cooperate with the 

Commission in connection with the 

investigation of any exchange 

subscribers. 

It is further ordered, pursuant to 

Section 36 of the Exchange Act,21 that 

until March 24, 2010, a broker or dealer 

that effects transactions in non-excluded 

CDS, or reports such transactions, on an 

exchange that is exempted pursuant to 

this Order will also continue to be 

exempt from the prohibition on trading 

activity in Section 5 of the Exchange 

Act. 

By the Commission. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E9–23622 Filed 9–30–09; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF TRANSPORTATION 

Pipeline and Hazardous Materials 

Safety Administration 

Office of Hazardous Materials Safety; 

Notice of Application for Special 

Permits 

AGENCY: Pipeline and Hazardous 

Materials Safety Administration 

(PHMSA), DOT. 

ACTION: List of applications for special 

permits. 

SUMMARY: In accordance with the 

procedures governing the application 

for, and the processing of, special 

permits from the Department of 

Transportation’s Hazardous Material 

Regulations (49 CFR part 107, subpart 

B), notice is hereby given that the Office 

of Hazardous Materials Safety has 

received the application described 

herein. Each mode of transportation for 

which a particular special permit is 

requested is indicated by a number in 

the ‘‘Nature of Application’’ portion of 

the table below as follows: 1—Motor 

vehicle, 2—Rail freight, 3—Cargo vessel, 

4—Cargo aircraft only, 5—Passengercarrying aircraft. 

DATES: Comments must be received on 

or before November 2, 2009. 

Address Comments To: Record 

Center, Pipeline and Hazardous, 

Materials Safety Administration, U.S. 

Department of Transportation, 

Washington, DC 20590. 

Comments should refer to the 

application number and be submitted in 

triplicate. If confirmation of receipt of 

comments is desired, include a selfaddressed stamped postcard showing 

the special permit number. 

FOR FURTHER INFORMATION CONTACT: 

Copies of the applications are available 

for inspection in the Records Center, 

East Building, PHH–30, 1200 New 

Jersey Avenue, SE., Washington DC or at 

http://regulations.gov. 

This notice of receipt of applications 

for special permit is published in 


PWALKER on DSK8KYBLC1PROD with NOTICES
Federal Register / Vol. 74, No. 189 / Thursday, October 1, 2009 / Notices 50865 

accordance with Part 107 of the Federal 

hazardous materials transportation law 

(49 U.S.C. 5117(b); 49 CFR 1.53(b)). 

Issued in Washington, DC, on September 

24, 2009. 

Delmer F. Billings, 

Director, Office of Hazardous Materials, 

Special Permits and Approvals. 

Application No. Docket No. Applicant Regulation(s) 

affected Nature of special permits thereof 

14902–N ................ ........................ Federal Aviation Administration.49 CFR 

171.2(k) 

To authorize the transportation in commerce of packagings identified as hazardous material which are actually non-hazardous for purposes of shipping and packaging drills conducted by FAA for air carriers. (modes 

4,5) 

[FR Doc. E9–23535 Filed 9–30–09; 8:45 am] 

BILLING CODE 4909–60–M 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Approval of Noise Compatibility 

Program, Destin-Ft. Walton Beach 

Airport, Destin, FL 

AGENCY: Federal Aviation 

Administration, DOT. 

ACTION: Notice. 

SUMMARY: The Federal Aviation 

Administration (FAA) announces its 

findings on the Noise Compatibility 

Program submitted by the Oklaloosa 

County under the provisions of 49 

U.S.C. (the Aviation Safety and Noise 

Abatement Act, hereinafter referred to 

as ‘‘the Act’’) and 14 CFR Part 150. 

These findings are made in recognition 

of the description of Federal and 

nonfederal responsibilities in Senate 

Report No. 96–52 (1980). On January 14, 

2009, the FAA determined that the 

noise exposure maps submitted by 

Okaloosa County under Part 150 were in 

compliance with applicable 

requirements. On July 7, 209, the FAA 

approved the Destin-Ft. Walton Beach 

Airport noise compatibility program. All 

of the recommendations of the program 

were approved. No program elements 

relating to new or revised flight 

procedures for noise abatement were 

proposed by the airport operators. 

DATES: Effective Date: The effective date 

of the FAA’s approval of the Destin-Ft. 

Walton Beach Airport Noise 

Compatibility Program is July 7, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Lindy McDowell, Federal Aviation 

Administration, Orlando Airports 

District Office, 5950 Hazeltine National 

Drive, Suite 400, Orlando, FL 32822, 

phone number; 407–812–6331. 

Documents reflecting this FAA action 

may be reviewed at this same location. 

SUPPLEMENTARY INFORMATION: This 

notice announces that the FAA has 

given its overall approval to the Noise 

Compatibility Program for Destin-Ft. 

Walton Beach Airport, effective July 7, 

2009. 

Under Section 47504 of the Act, an 

airport operator who has previously 

submitted a Noise Exposure Map may 

submit to the FAA a Noise 

Compatibility Program which sets forth 

the measures taken or proposed by the 

airport operator for the reduction of 

existing noncompatible land uses and 

prevention of additional noncompatible 

land uses within the area covered by the 

Noise Exposure Maps. The Act requires 

such programs to be developed in 

consultation with interested and 

affected parties including local 

communities, government agencies, 

airport users, and FAA personnel. 

Each airport noise compatibility 

program developed in accordance with 

Title 14 Code of Federal Regulations 

(CFR) Part 150 is a local program, not 

a Federal Program. The FAA does not 

substitute its judgment for that of the 

airport operator with respect to which 

measure should be recommended for 

action. The FAA’s approval or 

disapproval of 14 CFR Part 150 program 

recommendations is measured 

according to the standards expressed in 

14 CFR Part 150 and the Act, and is 

limited to the following determinations: 

a. The Noise Compatibility Program 

was developed in accordance with the 

provisions and procedures of 14 CFR 

Part 150; 

b. Program measures are reasonably 

consistent with achieving the goals of 

reducing existing non-compatible land 

uses around the airport and preventing 

the introduction of additional noncompatible land uses; 

c. Program measures would not create 

an undue burden on interstate or foreign 

commerce, unjustly discriminate against 

types or classes of aeronautical uses, 

violate the terms of airport grant 

agreements, or intrude into areas 

preempted by the Federal government; 

and 

d. Program measures relating to the 

use of flight procedures can be 

implemented within the period covered 

by the program without derogating 

safety, adversely affecting the efficient 

use and management of the navigable 

airspace and air traffic control systems, 

or adversely affecting other powers and 

responsibilities of the Administrator 

prescribed by law. 

Specific limitations with respect to 

FAA’s approval of an airport Noise 

Compatibility Program are delineated in 

14 CFR Part 150, Section 1505. 

Approval is not a determination 

concerning the acceptability of land 

uses under Federal, state, or local law. 

Approval does not by itself constitute an 

FAA implementing action. A request for 

Federal action or approval to implement 

specific noise compatibility measures 

may be required, and an FAA decision 

on the request may require an 

environmental assessment of the 

proposed action. Approval does not 

constitute a commitment by the FAA to 

financially assist in the implementation 

of the program nor a determination that 

all measures covered by the program are 

eligible for grant-in-aid funding from the 

FAA. Where Federal funding is sought, 

requests for program grants must be 

submitted to the FAA Airports District 

Office in Orlando, Florida. 

Okaloosa County submitted to the 

FAA on September 5, 2008, the Noise 

Exposure Maps, descriptions, and other 

documentation produced during the 

noise compatibility planning study 

conducted from June, 2004, through 

July, 2008. The Destin-Ft. Walton Beach 

Airport Noise Exposure Maps were 

determined by FAA to be in compliance 

with applicable requirements on 

January 14, 2009. Notice of this 

determination was published in the 

Federal Register on January 14, 2009. 

The Destin-Ft. Walton Beach Airport 

study contains a proposed Noise 

Compatibility Program comprised of 

actions designed for phased 

implementation by airport management 

and adjacent jurisdictions from the year 


PWALKER on DSK8KYBLC1PROD with NOTICES