Federal Register / Vol. 62, No. 162 / Thursday, August 21, 1997 / Notices 44503

4 MSRB Reports, Vol. 16, No. 3 (Sept. 1996) at 25.

1See Securities Exchange Act Release No. 25637

(May 2, 1988), 53 FR 16488 (May 9, 1988).

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

In September 1996, the Board

published a notice expressing its

concern over the costs of operating the

arbitration program in light of the

decreasing number of cases filed with

the Board.4 The Board stated that the

decline in its caseload makes it difficult

to justify the cost of continuing to

operate the arbitration program, and that

it was considering discontinuing its

arbitration program. The Board

requested comment on the impact that

such action would have on the public

and the industry, and specifically

requested comment on what effect, if

any, the elimination of its arbitration

program would have on bank dealers

who are not NASD members.

In response to its request, the Board

received comment letters from a dealer

and from an individual who serves as an

arbitrator for the Board. The dealer

expressed its concern that arbitrators

serving in other SRO arbitration

programs do not have sufficient

knowledge of the municipal securities

industry. In an attempt to address this

concern, the Board, in the next few

months, plans to forward its list of

arbitrators to the NASD.

With regard to bank dealers, the

dealer stated that the Board’s program

should not be eliminated until an

arbitration forum is established for these

dealers, and suggested that the Board

require bank dealers to use the NASD’s

arbitration program for resolving

disputes involving municipal securities.

The proposed rule change accomplishes

this.

The other commentator expressed his

belief that elimination of the Board’s

program will not impair the industry’s

arbitration process.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 days of the 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 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.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549. 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 inspection and copying at

the Commission’s Public Reference

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the Board. All

submissions should refer to File No.

SR–MSRB–97–04 and should be

submitted by September 11, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–22182 Filed 8–20–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–38936; File No. SR–NASD–

97–42]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the National Association of Securities

Dealers, Inc. To Amend NASD Rule

2320(g) To Provide Authority to the

Staff of NASD Regulation To Grant

Exemptions From Such Provision

August 14, 1997.

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

Securities Exchange Act of 1934

(‘‘Act’’), 15 U.S.C. 78s(b)(1), notice is

hereby given that on June 17, 1997, the

National Association of Securities

Dealers, Inc. (‘‘NASD’’ or ‘‘Association’’)

filed with the Securities and Exchange

Commission (‘‘Commission’’) the

proposed rule change as described in

Items I, II, and III below, which Items

have been prepared by the selfregulatory organization. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

NASD Regulation is proposing to

amend NASD Rule 2320(g) to provide

authority to the staff of NASD

Regulation to grant exemptions from

such provision. Below is the text of the

proposed rule change. Proposed new

language is in italics.

Rule 2320. Best Execution and

Interpositioning

(g) (1) In any transaction for or with

a customer pertaining to the execution

of an order in a non-Nasdaq security (as

defined in the Rule 6700 Series), a

member or person associated with a

member, shall contact and obtain

quotations from three dealers (or all

dealers if three or less) to determine the

best inter-dealer market for the subject

security.

(g)(2) The staff, upon written request,

after taking into consideration all

relevant factors, may exempt any

transaction or classes of transactions,

either unconditionally or on specified

terms from any or all of the provisions

of this paragraph if it determines that

such exemption is consistent with the

purpose of this rule, the protection of

investors, and the public interest. Any

decision whether to grant such an

exemption may be appealed to the

National Business Conduct Committee.

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 self-regulatory organization 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

NASD Rule 2320(g) (‘‘The Three

Quote Rule’’ or ‘‘Rule’’) originally was

adopted on May 2, 1988 1 as an

amendment to the NASD’s best

execution interpretation (‘‘Interpretation

of the Board of Governors—Execution of
44504 Federal Register / Vol. 62, No. 162 / Thursday, August 21, 1997 / Notices

2The Best Execution Interpretation in Article III,

Section 1 of the NASD’s Rules of Fair Practice was

converted into new NASD Rule 2320 in connection

with the NASD’s Manual revision project. See

Securities Exchange Act Release No. 36698 (January

11, 1996), 61 FR 1419 (January 19, 1996).

3See NASD Rule 2320(a).

4New Schedule H of the By-laws required NASD

members executing principal transactions in nonNasdaq securities to report price and volume data

for the days on which their sales or purchases

exceeded 50,000 shares or $10,000. In 1993,

member obligations under Schedule H were

modified or eliminated as a result of the NASD

adopting real-time reporting of transactions for nonNasdaq securities. See Securities Exechange Act

Release No. 32647 (July 16, 1993) , 58 FR 39262

(July 22, 1993).

5On March 31, 1997, the SEC granted permanent

approval of the OTC Bulletin Board. See Securities

Exchange Act Release No. 38456 (March 31, 1997),

62 FR 16635 (April 7, 1997) .

6See Securities Exchange Act Release No. 27975

(May 1, 1990), 55 FR 19123 (May 8, 1990).

7See Securities Exchange Act Release No. 29261

(May 31, 1991), 56 FR 29297 (June 26, 1991).

8See Securities Exchange Act Release No. 32647

(July 16, 1993), 58 FR 39262 (July 22, 1993).

9On October 15, 1990, the Securities Enforcement

Remedies and Penny Stock Reform Act of 1990

(‘‘Reform Act’’) was signed into law. Among other

things, the Reform Act amended the Exchange Act

by adding new Section 17B, which requires the

Commission to facilitate the development of one or

more automated quotation systems for the

collection and dissemination of information for all

penny stocks.

10See Rules 15g–1 through 15g–9 under the Act,

17 CFR 240.15g–1 through 240.15g–90.

11Penny Stock is defined under Rule 3a51–1 of

the Act, 17 CFR 240.3a51–1.

Retail Transactions in the Over-theCounter Market’’) under Article III,

Section 1 of the NASD’s Rules of Fair

Practice (currently NASD Rules).2 The

amendment expanded a member’s best

execution obligation to customers by

setting forth additional requirements for

customer transactions in non-Nasdaq

securities. In particular, the amendment

requires members that execute

transactions in non-Nasdaq securities on

behalf of customers to contact a

minimum of three dealers (or all dealers

if three or less) and obtain quotations in

determining the best inter-dealer

market. Under the best execution

interpretation, each member is generally

required to use reasonable diligence to

ascertain the best inter-dealer market for

a security, and to buy or sell in that

market so that the resultant price to the

customer is as favorable as possible

under prevailing market conditions.3

The Three Quote Rule was adopted in

connection with the NASD’s efforts to

develop a nationwide automated market

surveillance program for non-Nasdaq,

over-the-counter (‘‘OTC’’) securities

(commonly referred to as ‘‘pink sheet’’

stocks). Concurrent with these activities,

the NASD proposed and the

Commission approved new Schedule H

to the NASD’s By-Laws, which

established an electronic system of

mandatory price and volume reporting

for the over-the-counter non-Nasdaq

securities.4 The Three Quote Rule was

designed to create a standard to help

assure that members would fulfill their

best execution responsibilities to

customers in non-Nasdaq securities,

especially transactions involving

relatively illiquid securities with nontransparent prices.

OTC Bulletin Board Developments:

On May 1, 1990, the Commission issued

an order approving the operation of the

NASD’s OTC Bulletin Board Display

Service (‘‘OTC Bulletin Board’’) for a

pilot term of one year.5 The NASD

introduced the OTC Bulletin Board to

allow NASD eligible members to enter,

update and retrieve quotation

information on a real-time basis in nonNasdaq securities.6

Since the establishment of the OTC

Bulletin Board, significant market,

regulatory and technology related

improvements have occurred in the

non-Nasdaq marketplace. In particular,

the NASD has implemented

enhancements to the OTC Bulletin

Board to increase the reliability of

information contained therein. These

changes include: requiring that all

priced quotations entered by market

makers in domestic securities be firm

for at least one trading unit; 7 calculating

inside quotes for individual securities

and disseminating this information

through vendors; and establishing larger

minimum-size requirements for market

makers’ quotes in domestic securities.

Most recently, in July, 1993, the

Commission approved an NASD rule

change to implement real-time trade

reporting for members’ over-the-counter

transactions in certain non-Nasdaq

equity securities,8 and in April, 1994,

the NASD commenced real-time

dissemination of transaction reports via

the Nasdaq network and the networks of

commercial vendors, providing member

firms and their customers access to lastsale price and volume information for

these securities throughout the business

day.

The OTC Bulletin Board meets the

requirements of an ‘‘automated

quotation system’’ as the characteristics

of such system are described in Section

17B of the Act.9 As such, the OTC

Bulletin Board has assisted member

broker-dealer in complying with certain

disclosure regulations under Section

15(g) of the Act (Penny Stock Rules),10

and has deterred fraudulent and

manipulative trading practices in Penny

Stocks 11 due to, among other things,

real-time transaction reporting. Due to

the technological improvements to the

OTC Bulletin Board, the NASD’s

surveillance capabilities have been

enhanced, among other things, to permit

computerized analyses of market

makers’ quotation entries and reported

transactions.

Application of the Three Quote Rule

Some members who are active dealers

in the non-Nasdaq market have

questioned the value of the Three Quote

Rule in various situations in which it is

claimed that adherence to the

requirement may not assure the

satisfaction of the best execution

obligation and, in fact, may hinder

satisfaction of the obligation because of

the time delays involved in contacting

and collecting quotations from three

separate dealers. Some member brokerdealers have questioned whether the

Three Quote Rule should continue to

apply to all customer transactions in

non-Nasdaq securities due to the

technological and regulatory

improvements to the non-Nasdaq

marketplace, and, in particular, to the

OTC Bulletin Board, over the past seven

years.

Certain Non-Nasdaq Securities Quoted

on the OTC Bulletin Board

NASD Regulation believes that

general exemptive authority under the

Rule may be appropriate to provide

some flexibility to respond to changing

market conditions and respond to

particular fact situations. NASD

Regulation has not yet determined,

however, whether any particular class of

transactions should be exempted. Based

on the technological and regulatory

improvements made to the OTC Bulletin

Board market, arguably certain classes

of transactions on the OTC Bulletin

Board may warrant an exemption from

the requirements of the Three Quote

Rule if it can be demonstrated that the

Rule could serve as an impediment to

satisfying the best execution obligation.

For example, certain customer agency

orders in domestic equity securities may

pose different issues and concerns than

trades in the same securities in which

the member firm acts as principal in

effecting a transaction with its customer.

Facts to be considered in determining

whether to grant an exemptive request

could include: (1) The number of firms

publishing firm quotations and the

period of time during which such

quotations were published; (2) the size

of the customer order in relation to the

minimum size of the market makers’

quotations; (3) the transaction volume of

the security in question; and (4) the

number of dealers publishing quotations

through an electronic quotation medium

in comparison to dealers in the security

that do not publish such quotes.
Federal Register / Vol. 62, No. 162 / Thursday, August 21, 1997 / Notices 44505

12Non-Nasdaq security is defined in NASD Rule

6710 as ‘‘any equity security that is neither

included in the Nasdaq Stock Market nor traded on

any national securities exchange * * *.’’

13The term ‘‘national securities exchange’’ is not

defined in NASD rules, but the requirements to

qualify are set forth in Sections 6(a) and 19(a) of the

Act.

14 If a transaction is subject to the Three Quote

Rule (NASD Rule 2320(g)), then for books and

records purposes NASD Rule 3110(b)(2) requires

that ‘‘a person associated with a member shall

indicate on the memorandum for each transaction

in a non-Nasdaq security * * * the name of each

dealer contacted and the quotation received to

determine the best inter-dealer market.’’

1515 U.S.C. 78k–1(a)(1)(C).

1615 U.S.C. 78o–3(b)(6).

1715 U.S.C. 78o–3(b)(9).

Certain Foreign Securities Listed on a

Foreign Exchange

Questions have been raised about the

application of the Three Quote Rule to

the execution of customer transactions

in securities that are traded on certain

foreign exchanges, but not United States

exchanges. Because the Three Quote

Rule applies to transactions in all nonNasdaq securities,12 which are defined

to exclude securities traded only on a

‘‘national securities exchange,’’ the rule

by its terms applies to transactions

effected on any foreign exchange.13 For

example, where a member firm’s

customer places an agency order to buy

or sell a foreign security listed on a

foreign exchange, the Three Quote Rule

would require that the member brokerdealer contact at least three dealers and

obtain quotations prior to executing the

agency trade.14 In some circumstances,

it is argued, the exchange market may

constitute the best market for the

securities that are listed on that market,

and the time delay involved in

contacting three dealers in advance of a

customer transaction could hinder

obtaining the best execution for the

customer.

Nature of Customer

The nature of particular classes of

customers may be another factor in

determining whether an exemption is

appropriate. In some circumstances, for

example, an institutional customer may

prefer not to inform or broadcast to

other intermediaries or market

professionals its particular intent to buy

or sell a particular non–Nasdaq security.

Under these circumstances, when a

member broker-dealer contacts three

other dealers in collecting quotations, as

required by the Rule, in certain markets,

this activity may trigger or invite

additional market activity by the parties

contacted or others that may affect the

market price of the subject security.

Procedures in Exercising Exemptive

Authority

It is important to note that the grant

of an exemption to the Three Quote

Rule would not limit a member’s best

execution obligation. The staff expects

that the range of circumstances in which

exemptions may be granted would be

limited to those circumstances in which

it can be shown that the Three Quote

Rule would in fact hinder a member’s

best execution obligation.

The Office of the General Counsel of

NASD Regulation would be responsible

for strict compliance with discharging

this exemptive authority. Member

broker-dealers would be instructed to

submit all requests for exemptions to

the Office of General Counsel, NASD

Regulation, and would be required to

limit the requests to actual

contemplated transactions or situations.

The staff will not provide exemptions in

response to hypothetical situations or

transactions. The request should be

detailed and include all relevant

information necessary for the staff to

reach a determination on the request. If

a particular exemption involves a

particular class of transactions or class

of customers that may be relevant to

other member broker-dealers, the staff

will also publish such results to the

membership through a Notice to

Members or similar publication or

broadcast.

Staff determination will be subject to

review by the National Business

Conduct Committee.

2. Statutory Basis

NASD Regulation believes that the

proposed rule change is consistent with

Sections 11A(a)(1)(C),15 15A(b) (6),16

and 15A(b) (9) 17 of the Act. Section

11A(a) (1) (C) provides that it is in the

public interest to, among other things,

assure the economically efficient

execution of securities transactions.

Section 15A(b) (6) requires that the rules

of a national securities association be

designed to prevent fraudulent and

manipulative acts and practices, to

promote just and equitable principles of

trade, and 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.

Section 15A(b) (9) requires that rules of

an Association not impose any burden

on competition not necessary or

appropriate in furtherance of the

purposes of the Act.

B. Self-Regulatory Organization’s

Statement on Burden on Competition.

NASD does not believe that the

proposed rule change will impose any

inappropriate burden on competition.

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 35 days of the 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 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. In

particular, the Commission wishes to

solicit comment on whether an

exemption from the three quote rule

should be available on an individual

market maker basis, or whether an

exemption should only be available for

all market makers in a particular

security or class of securities. Also, the

Commission is soliciting comment on

the ability of market makers to monitor

and report on the quality of their

customers’ executions in securities that

have been exempted from the Three

Quote Rule. Persons making written

submissions should file six copies

thereof with the Secretary, Securities

and Exchange Commission, 450 Fifth

Street, N.W., Washington, D.C. 20549.

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 inspection and copying at

the Commission’s Public Reference

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the NASD. All
44506 Federal Register / Vol. 62, No. 162 / Thursday, August 21, 1997 / Notices

submissions should refer to File No.

SR–NASD–97–42 and should be

submitted by September 11, 1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–22183 Filed 8–20–97; 8:45 am]

BILLING CODE 8010–01–M

SOCIAL SECURITY ADMINISTRATION

Agency Information Collection

Activities: Proposed Collection

Requests

This notice lists information

collection packages that will require

submission to the Office of Management

and Budget (OMB), in compliance with

Public Law 104–13 effective October 1,

1995, The Paperwork Reduction Act of

1995.

1. Electronic Request for Replacement

SSA–1099/SSA–1042—0960–NEW. The

information requested will be used by

the Social Security Administration

(SSA) to provide replacement copies of

Forms SSA–1099/SSA–1042 needed to

prepare Federal tax returns. Over

700,000 requests are received annually

for replacement forms from Social

Security beneficiaries by SSA field

offices and teleservice centers. We

intend to offer the public the option to

use the Internet to request that SSA mail

to them a replacement SSA–1099/SSA–

1042, eliminating the need for a phone

call to a teleservice center or a visit to

a field office. The respondents are Title

II Social Security beneficiaries.

Number of Respondents: 7,000.

Frequency of Response: 1.

Average Burden Per Response: 5

minutes.

Estimated Annual Burden: 583 hours.

2. Discrimination Complaint Form—

0960–NEW. The information collected

on form SSA–437 will be used by SSA

to investigate and informally resolve

complaints of discrimination based on

race, color, national origin, sex, age,

religion and retaliation in any program

or activity conducted by SSA. A person

who believes that he or she has been

discriminated against on any of the

above bases may file a written

complaint of discrimination. The

information will be used to identify the

complainant; identify the alleged

discriminatory act; ascertain the date of

the alleged act; obtain the identity of the

individual(s)/facility/component that

allegedly discriminated; and ascertain

other relevant information that would

assist in the investigation and resolution

of the complaints. The respondents are

individuals who allege discrimination

on the grounds described above.

Number of Respondents: 250.

Frequency of Response: 1.

Average Burden Per Response: 1 hour.

Estimated Annual Burden: 250 hours.

3. Beneficiary Recontact Report—

0960–0536. SSA uses the information

collected on form SSA–1587–OCR–SM

to ensure that eligibility for benefits

continues after entitlement is

established for children ages 15 through

17. Studies show that children who

marry fail to report the marriage (which

is a terminating event). SSA asks

children ages 15, 16 and 17 information

about marital status to detect

overpayments and to avoid continuing

payments to those no longer entitled.

The respondents are applicants for Title

II benefits, ages 15 through 17.

Number of Respondents: 835,492.

Frequency of Response: 1.

Average Burden Per Response: 3

minutes.

Estimated Annual Burden: 41,775

hours.

4. Waiver of Right to Appear,

Disability Hearing—0960–0534. Form

SSA–773–U4 is used by claimants to

request waiver of their right to appear at

a disability hearing. The information

collected will be used to document that

claimants understand their right to

appear and the effects of their decision

to waive that right. The respondents are

claimants who wish to waive their right

to appear at a disability hearing, under

Titles II and XVI of the Social Security

Act.

Number of Respondents: 194.

Frequency of Response: 1.

Average Burden Per Response: 15

minutes.

Estimated Annual Burden: 48 hours.

Written comments and

recommendations regarding the

information collection(s) should be sent

within 60 days from the date of this

publication, directly to the SSA Reports

Clearance Officer at the following

address: Social Security Administration,

DCFAM, Attn: Nicholas E. Tagliareni,

6401 Security Blvd., 1–A–21 Operations

Bldg., Baltimore, MD 21235.

In addition to your comments on the

accuracy of the Agency’s burden

estimate, we are soliciting comments on

the need for the information; its

practical utility; ways to enhance its

quality, utility and clarity; and on ways

to minimize burden on respondents,

including the use of automated

collection techniques or other forms of

information technology.

To receive a copy of any of the forms

or clearance packages, call the SSA

Reports Clearance Officer on (410) 965–

4125 or write to him at the address

listed above.

Dated: August 15, 1997.

Nicholas E. Tagliareni,

Reports Clearance Officer, Social Security

Administration.

[FR Doc. 97–22170 Filed 8–20–97; 8:45 am]

BILLING CODE 4190–29–U

TENNESSEE VALLEY AUTHORITY

Paperwork Reduction Act of 1995, as

Amended by Public Law 104–13;

Submission for OMB Review;

Comment Request

AGENCY: Tennessee Valley Authority.

ACTION: Submission for OMB review;

comment request.

SUMMARY: The proposed information

collection described below will be

submitted to the Office of Management

and Budget (OMB) for review, as

required by the Paperwork Reduction

Act of 1995 (44 U.S.C. Chapter 35, as

amended). The Tennessee Valley

Authority is soliciting public comments

on this proposed collection as provided

by 5 CFR 1320.8(d)(1). Requests for

information, including copies of the

information collection proposed and

supporting documentation, should be

directed to the Acting Agency Clearance

Officer: Wilma H. McCauley, Tennessee

Valley Authority, 1101 Market Street

(WR 4Q), Chattanooga, Tennessee

37402–2801; (423) 751–2523.

Comments should be sent to OMB

Office of Information and Regulatory

Affairs, Attention: Desk Officer for

Tennessee Valley Authority no later

than September 22, 1997.

SUPPLEMENTARY INFORMATION:

Type of Request: Regular submission,

proposal to extend without revision a

currently approved collection of

information (OMB control number

3316–0019).

Title of Information Collection:

Energy Right Residential Program.

Frequency of Use: On occasion.

Type of Affected Public: Individuals

or households.

Small Business or Organizations

Affected: No.

Federal Budget Functional Category

Code: 271.

Estimated Number of Annual

Responses: 12,000.

Estimated Total Annual Burden

Hours: 3,600.

Estimated Average Burden Hours Per

Response: .3.

This information is used by

distributors of TVA power to assist in

identifying and financing energy