49522 Federal Register / Vol. 76, No. 154 / Wednesday, August 10, 2011 / Notices 

8 15 U.S.C. 78f(b). 

9 15 U.S.C. 78f(b)(5). 

10 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

Institutional Broker and nonInstitutional Broker units. The CHX 

further believes that the articulation of 

these standards in the proposed 

Interpretation and Policy will provide 

clarity and direction to interested 

Institutional Brokers in creating their 

information barrier procedures. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act in general,8 and 

furthers the objectives of Section 6(b)(5) 

in particular,9 in that it is designed to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

facilitating transaction in securities, to 

remove impediments and perfect the 

mechanisms of a free and open market, 

and, in general, to protect investors and 

the public interest by setting forth the 

rules and principles governing the 

trading activity of Institutional Brokers. 

By permitting an Institutional Broker 

firm to operate a separate nonInstitutional Broker unit within the 

larger firm subject to the new 

information barrier requirements, the 

proposed new Rule 5 would provide 

protection to the customers of such 

firms. Rather than routing orders which 

were directed to the OTC marketplace to 

a third-party broker-dealer for 

execution, the proposed nonInstitutional Broker unit of the firm 

could handle and execute such orders. 

The Exchange believes that this 

handling could reduce the possibility 

for errors in transmission from one firm 

to another, as well as eliminate potential 

costs imposed by the third-party brokerdealer which might have to be borne by 

the order sender or the Institutional 

Broker firm. The creation and 

maintenance of adequate information 

barrier procedures, which are subject to 

the review, approval and inspection of 

the Exchange, should help ensure that 

the Institutional Broker and nonInstitutional Broker units are in fact 

being operated separately, and that 

treatment of the non-Institutional Broker 

unit as not being part of the facilities of 

the Exchange is appropriate. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

As the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) by order approve or disapprove 

the proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

No. SR–CHX–2011–20 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

Station Place, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–CHX–2011–20. This file 

number should be included on the 

subject line if e-mail is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

Internet Web site (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street, NE., 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of such filing 

also will be available for inspection and 

copying at the principal office of the 

Exchange. All comments received will 

be posted without change; the 

Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–CHX– 

2011–20 and should be submitted on or 

before August 31, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2011–20244 Filed 8–9–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–65033; File No. SR– 

NYSEAmex–2011–55] 

Self-Regulatory Organizations; NYSE 

Amex LLC; Notice of Filing of 

Proposed Rule Change Amending 

Section 101 of the NYSE Amex 

Company Guide To Adopt Additional 

Listing Requirements for Companies 

Applying To List After Consummation 

of a ‘‘Reverse Merger’’ With a Shell 

Company 

August 4, 2011. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),2 and Rule 19b–4 thereunder,3

notice is hereby given that, on July 22, 

2011, NYSE Amex LLC (the ‘‘Exchange’’ 

or ‘‘NYSE Amex’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 


emcdonald on DSK2BSOYB1PROD with NOTICES
Federal Register / Vol. 76, No. 154 / Wednesday, August 10, 2011 / Notices 49523 

4 In some cases a private company effects an 

exchange offer or other transaction pursuant to 

which it combines with a public shell company. 

5 15 U.S.C. 77a. 

6See Letter from Mary L. Schapiro to Hon. Patrick 

T. McHenry, dated April 27, 2011 (‘‘Schapiro 

Letter’’), at pages 3–4. 7See Schapiro Letter at page 4. 

8See ‘‘Investor Bulletin: Reverse Mergers’’ 2011– 

123. 

I. Self-Regulatory Organization’s 

Statement of the Terms of the Substance 

of the Proposed Rule Change 

The Exchange proposes to amend 

Section 101 of the NYSE Amex 

Company Guide (the ‘‘Company Guide’’) 

to adopt additional initial listing 

requirements for companies applying to 

list after consummation of a ‘‘reverse 

merger’’ with a shell company. The text 

of the proposed rule change is available 

at the Exchange, the Commission’s 

Public Reference Room, and http:// 

www.nyse.com. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of these statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

NYSE Amex proposes to adopt more 

stringent listing requirements for 

operating companies that become 

Exchange Act reporting companies by 

combining with a shell company which 

is an Exchange Act reporting company. 

The proposed listing requirements 

would apply to combinations with a 

shell company which is an Exchange 

Act reporting company, through a 

reverse merger, exchange offer or 

otherwise (a ‘‘reverse merger 

transaction’’). 

In a reverse merger transaction, an 

existing public shell company merges 

with a private operating company in a 

transaction in which the shell company 

is the surviving legal entity.4 While the 

public shell company survives the 

merger, the shareholders of the private 

operating company typically hold a 

large majority of the shares of the public 

company after the merger and the 

management and board of the private 

company will assume those roles in the 

post-merger public company. The assets 

and business operations of the postmerger surviving public company are 

primarily, if not solely, those of the 

former private operating company. The 

Exchange understands that private 

operating companies generally enter 

into reverse merger transactions to 

enable the company and its 

shareholders to sell shares in the public 

equity markets. By becoming a public 

reporting company via a reverse merger, 

a private operating company can access 

the public markets quickly and avoid 

the generally more expensive and 

lengthy process of going public by way 

of an initial public offering. While the 

public shell company is required to 

report the reverse merger in a Form 8– 

K filing with the Securities and 

Exchange Commission (the 

‘‘Commission’’), generally there are no 

registration requirements under the 

Securities Act of 1933 (the ‘‘Securities 

Act’’) 5 at that point in time, as there 

would be for an IPO. 

Significant regulatory concerns, 

including accounting fraud allegations, 

have arisen with respect to a number of 

reverse merger companies in recent 

times. The Commission has taken direct 

action against reverse merger 

companies. During 2011, the 

Commission has suspended trading in 

the securities of a number of reverse 

merger companies and has revoked the 

securities registration of a number of 

reverse merger companies.6 The 

Commission also recently brought an 

enforcement proceeding against an audit 

firm relating to its work for reverse 

merger companies.7 In addition, the 

Commission issued a bulletin on the 

risks of investing in reverse merger 

companies, noting potential market and 

regulatory risks related to investing in 

reverse merger companies.8

In response to these concerns, NYSE 

Regulation staff has been conducting 

heightened, risk-informed reviews of 

reverse merger companies seeking to list 

on the NYSE or NYSE Amex to consider 

factors other than the enumerated initial 

listing criteria in making listing 

determinations. In this regard, 

Commentary .01 to Section 101 of the 

Exchange’s Company Guide, provides 

that the Exchange has ‘‘broad 

discretionary authority over the initial 

and continued listing of securities in 

order to maintain the quality of and 

public confidence in its market, to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, and to 

protect investors and the public 

interest.’’ Thus, pursuant to Section 101 

of the Company Guide, ‘‘[t]he Exchange 

may use such discretion to deny initial 

inclusion, apply additional or more 

stringent criteria for the initial or 

continued inclusion of particular 

securities, or suspend or terminate the 

inclusion of particular securities based 

on any event, condition, or 

circumstance that exists or occurs that 

makes initial or continued inclusion of 

the securities on the Exchange 

inadvisable or unwarranted in the 

opinion of the Exchange, even though 

the securities meet all enumerated 

criteria for initial or continued listing.’’ 

In light of the well-documented 

concerns related to some reverse merger 

companies described above, the 

Exchange believes it is appropriate to 

codify in its rules specific requirements 

with respect to the initial listing 

qualification of reverse merger 

companies. As proposed, a reverse 

merger company would not be eligible 

for listing unless the combined entity 

had, immediately preceding the filing of 

the initial listing application: 

(1) Traded for at least one year in the 

U.S. over-the-counter market, on 

another national securities exchange or 

on a regulated foreign exchange 

following the consummation of the 

reverse merger and (i) In the case of a 

domestic issuer, filed with the 

Commission a Form 8–K including all of 

the information required by Item 2.01(f) 

of Form 8–K, including all required 

audited financial statements, or (ii) in 

the case of a foreign private issuer, filed 

the information described in (i) above 

on Form 20–F; 

(2) Maintained on both an absolute 

and an average basis for a sustained 

period a minimum closing stock price 

equal to the stock price requirement, 

including all requirements based on 

stock price, applicable to the initial 

listing standard under which the 

Reverse Merger Company was 

qualifying to list; and 

(3) Timely filed with the Commission 

all required reports since the 

consummation of the reverse merger, 

including the filing of at least one 

annual report containing audited 

financial statements for a full fiscal year 

commencing on a date after the date of 

filing with the Commission of the filing 

described in (1) above. 

In addition, a reverse merger company 

would be required to maintain through 

listing, on both an absolute and an 

average basis, a minimum closing stock 

price equal to the stock price 

requirement, including all requirements 

based on stock price, applicable to the 


emcdonald on DSK2BSOYB1PROD with NOTICES
49524 Federal Register / Vol. 76, No. 154 / Wednesday, August 10, 2011 / Notices 

9Section 110(a) of the Company Guide sets forth 

alternative distribution requirements for foreign 

companies. 

10The prospectus and registration statement 

covering the offering would thus need to relate to 

the combined financial statements and operations 

of the Reverse Merger Company. 

11 15 U.S.C. 78f(b). 

12 15 U.S.C. 78f(b)(5). 

initial listing standard under which the 

reverse merger company was qualifying 

to list. 

The Exchange believes that requiring 

a ‘‘seasoning period’’ prior to listing for 

reverse merger companies should 

provide greater assurance that the 

company’s operations and financial 

reporting are reliable, and will also 

provide time for its independent auditor 

to detect any potential irregularities, as 

well as for the company to identify and 

implement enhancements to address 

any internal control weaknesses. The 

seasoning period will also provide time 

for regulatory and market scrutiny of the 

company, and for any concerns that 

would preclude listing eligibility to be 

identified. 

In addition, the Exchange believes 

that the proposed rule change will 

increase transparency to issuers and 

market participants with respect to the 

factors considered by NYSE Regulation 

in assessing reverse merger companies 

for listing, and generally should reduce 

the risk of regulatory concerns with 

respect to these companies being 

discovered after listing. However, the 

Exchange notes that, while it believes 

the proposed requirements would be a 

meaningful additional safeguard, it is 

not possible to guarantee that a reverse 

merger company (or any other listed 

company) is not engaged in undetected 

accounting fraud or subject to other 

concealed and undisclosed legal or 

regulatory problems. 

For purposes of proposed Section 

101(e) of the Company Guide, a 

‘‘Reverse Merger’’ would mean any 

transaction whereby an operating 

company became an Exchange Act 

reporting company by combining with a 

shell company that was an Exchange 

Act reporting company, whether 

through a reverse merger, exchange 

offer, or otherwise. However, a Reverse 

Merger would not include the 

acquisition of an operating company by 

a listed company that qualified for 

initial listing under Section 119 of the 

Company Guide (i.e., the Exchange’s 

special purpose acquisition company 

(‘‘SPAC’’) listing standard). In 

determining whether a company was a 

shell company, the Exchange would 

consider, among other factors: Whether 

the company was considered a ‘‘shell 

company’’ as defined in Rule 12b–2 

under the Exchange Act; what 

percentage of the company’s assets were 

active versus passive; whether the 

company generated revenues, and if so, 

whether the revenues were passively or 

actively generated; whether the 

company’s expenses were reasonably 

related to the revenues being generated; 

how many employees worked in the 

company’s revenue-generating business 

operations; how long the company had 

been without material business 

operations; and whether the company 

had publicly announced a plan to begin 

operating activities or generate 

revenues, including through a near-term 

acquisition or transaction. 

In order to qualify for initial listing, 

a company that was formed by a Reverse 

Merger (a ‘‘Reverse Merger Company’’) 

would be required to comply with one 

of the initial listing standards for 

operating companies set forth in Section 

101(a)–(d) of the Company Guide and 

the applicable distribution, stock price 

and market value requirements of 

Section 102 of the Company Guide.9

Proposed Section 101(e) would 

supplement and not replace any 

applicable requirements of Sections 101 

and 102. However, in addition to the 

otherwise applicable requirements of 

Sections 101 and 102, a Reverse Merger 

Company would be eligible to submit an 

application for initial listing only if it 

meets the additional criteria specified 

above. 

The Exchange would have the 

discretion to impose more stringent 

requirements than those set forth above 

if the Exchange believed it was 

warranted in the case of a particular 

Reverse Merger Company based on, 

among other things, an inactive trading 

market in the Reverse Merger 

Company’s securities, the existence of a 

low number of publicly held shares that 

were not subject to transfer restrictions, 

if the Reverse Merger Company had not 

had a Securities Act registration 

statement or other filing subjected to a 

comprehensive review by the 

Commission, or if the Reverse Merger 

Company had disclosed that it had 

material weaknesses in its internal 

controls which had been identified by 

management and/or the Reverse Merger 

Company’s independent auditor and 

had not yet implemented an appropriate 

corrective action plan. 

A Reverse Merger Company would 

not be subject to the requirements of 

proposed Section 101(e) if it was listing 

in connection with a firm commitment 

underwritten public offering where the 

proceeds to the Reverse Merger 

Company were at least $40,000,000 and 

the offering was occurring subsequent to 

or concurrently with the reverse 

merger.10 In that case, the Reverse 

Merger Company would only need to 

meet the requirements of one of the 

initial listing standards in Sections 

101(a)–(d). The Exchange believes that it 

is appropriate to exempt Reverse merger 

Companies from the proposed rule 

where they are listing in conjunction 

with a sizable offering, as those 

companies would be subject to the same 

Commission review and due diligence 

by underwriters as a company listing in 

conjunction with its IPO, so it would be 

inequitable to subject them to more 

stringent requirements. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) 11 of the Act in general, and 

furthers the objectives of Section 6(b)(5) 

of the Act,12 in particular in that it is 

designed 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. The 

Exchange believes that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act in that, as discussed 

above under the heading ‘‘Purpose’’, its 

purpose is to apply more stringent 

initial listing requirements to a category 

of companies that have raised regulatory 

concerns, thereby furthering the goal of 

protection of investors and the public 

interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

As the Commission may designate up to 

90 days of such date if it finds such 


emcdonald on DSK2BSOYB1PROD with NOTICES
Federal Register / Vol. 76, No. 154 / Wednesday, August 10, 2011 / Notices 49525 

13 17 CFR 200.30–3(a)(12). 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

A. by order approve or disapprove 

such proposed rule change, or 

B. institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change, as amended, is consistent with 

the Act. Comments may be submitted by 

any of the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number SR–NYSEAmex–2011–55 on 

the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–NYSEAmex–2011–55. This 

file number should be included on the 

subject line if e-mail is used. 

To help the Commission process and 

review your comments more efficiently, 

please use only one method. The 

Commission will post all comments on 

the Commission’s Internet Web site 

(http://www.sec.gov/rules/sro.shtml). 

Copies of the submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room on official business 

days between the hours of 10 a.m. and 

3 p.m. Copies of such filing also will be 

available for inspection and copying at 

the principal office of NYSE Amex. All 

comments received will be posted 

without change; the Commission does 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. All 

submissions should refer to File 

Number SR–NYSEAmex–2011–55, and 

should be submitted on or before 

August 31, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2011–20242 Filed 8–9–11; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Delegation of Authority 339] 

Delegation by the Assistant Secretary 

of State for Educational and Cultural 

Affairs of Certain Functions to the 

Principal Deputy Assistant Secretary 

for Educational and Cultural Affairs 

By virtue of the authority vested in 

me as the Assistant Secretary of State for 

Educational and Cultural Affairs, 

including by Delegation of Authority 

No. 236–3 (August 28, 2000), and to the 

extent permitted by law, I hereby 

delegate to the Principal Deputy 

Assistant Secretary for Educational and 

Cultural Affairs: 

a. The functions in the North/South 

Center Act of 1991 (22 U.S.C. 2075) 

(relating to the operation of the Center 

for Cultural and Technical Interchange 

between North and South). 

b. The functions in the Center for 

Cultural and Technical Interchange 

between East and West Act of 1960 (22 

U.S.C. 2054) (relating to the operation of 

the Center for Cultural and Technical 

Interchange between East and West). 

c. The functions in the Arts and 

Artifacts Indemnity Act (20 U.S.C. 971) 

(relating to the certification on national 

interest for exhibits to provide 

indemnification). 

d. Representation of the Secretary of 

State on the Federal Council on the Arts 

and Humanities (pursuant to 20 U.S.C. 

958). 

e. The functions in section 102 of the 

Mutual Educational and Cultural 

Exchange Act of 1961, as amended (22 

U.S.C. 2452) (relating to the provision 

by grant, contract or otherwise for a 

wide variety of educational and cultural 

exchanges). 

Notwithstanding this Delegation, the 

Secretary, the Deputy Secretary, the 

Deputy Secretary for Management and 

Resources, and the Assistant Secretary 

for Educational and Cultural Affairs 

may at any time exercise any function 

or authority delegated herein. 

Any reference in this Delegation of 

Authority to any statute or delegation of 

authority shall be deemed to be a 

reference to such statute or delegation of 

authority as amended from time to time. 

This Delegation shall take effect 

immediately upon signature and shall 

remain in effect until revoked, or until 

an Under Secretary for Public 

Diplomacy and Public Affairs is 

appointed and enters on duty, 

whichever occurs first. Nothing in this 

Delegation of Authority shall be deemed 

to supersede or revoke any existing 

delegation of authority, which shall 

remain in force and effect during and 

after the term of this Delegation. 

Actions taken pursuant to any 

authority delegated herein, and which 

have been taken prior to and are in 

effect on the date of this Delegation, are 

hereby confirmed and ratified. Such 

actions shall remain in force as if taken 

under this Delegation, unless or until 

rescinded, amended, or superseded. 

This Delegation shall be published in 

the Federal Register. 

Dated: July 26, 2011. 

Ann Stock, 

Assistant Secretary, Educational and Cultural 

Affairs, U.S. Department of State. 

[FR Doc. 2011–20309 Filed 8–9–11; 8:45 am] 

BILLING CODE 4710–05–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Advisory Circular 20–24C, Approval of 

Propulsion Fuels and Lubricating Oils 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice of issuance of advisory 

circular. 

SUMMARY: This notice announces the 

issuance of Advisory Circular (AC) 20– 

24C, Approval of Propulsion Fuels and 

Lubricating Oils. This AC provides 

guidance on regulations and policy 

applicable to adding fuels and oils to 

type certificates as engine, aircraft, or 

auxiliary power unit (APU) operating 

limitations. It also provides acceptable 

methods, but not the only methods, that 

may be used to approve aircraft, 

engines, or APUs to operate with 

specified propulsion fuels and 

lubricating oils. 

DATES: The Engine and Propeller 

Directorate issued AC 20–24C on July 

29, 2011. 

FOR FURTHER INFORMATION CONTACT: The 

Federal Aviation Administration, Attn: 

Mark Rumizen, Aviation Fuels 

Specialist, Engine and Propeller 

Standards Staff, ANE–110, 12 New 

England Executive Park, Burlington, MA 


emcdonald on DSK2BSOYB1PROD with NOTICES