Federal Register / Vol. 76, No. 173 / Wednesday, September 7, 2011 / Rules and Regulations 55235 

Cumberland, MD, Greater Cumberland Rgnl, 

RNAV (GPS) RWY 23, Orig-A 

Albert Lea, MN, Albert Lea Muni, Takeoff 

Minimums and Obstacle DP, Amdt 1 

Moorhead, MN, Moorhead Muni, Takeoff 

Minimums and Obstacle DP, Orig 

Potosi, MO, Washington County, RNAV 

(GPS) RWY 2, Amdt 2 

Billings, MT, Billings Logan Intl, RNAV 

(GPS) RWY 25, Orig-B 

Bowman, ND, Bowman Muni, Takeoff 

Minimums and Obstacle DP, Orig 

Mohall, ND, Mohall Muni, Takeoff 

Minimums and Obstacle DP, Orig 

Hugo, OK, Stan Stamper Muni, Takeoff 

Minimums and Obstacle DP, Orig 

Madill, OK, Madill Muni, Takeoff Minimums 

and Obstacle DP, Amdt 1 

Miami, OK, Miami Muni, Takeoff Minimums 

and Obstacle DP, Orig 

Mooreland, OK, Mooreland Muni, Takeoff 

Minimums and Obstacle DP, Orig 

Stillwater, OK, Stillwater Rgnl, Takeoff 

Minimums and Obstacle DP, Orig 

Beaver Falls, PA, Beaver County, LOC RWY 

10, Amdt 4 

Lehighton, PA, Jake Arner Memorial, NDB 

RWY 8, Amdt 3, CANCELLED 

Lehighton, PA, Jake Arner Memorial, NDB 

RWY 26, Amdt 4, CANCELLED 

Columbia/Mount Pleasant, TN, Maury 

County, Takeoff Minimums and Obstacle 

DP, Amdt 2 

Smyrna, TN, Smyrna, Takeoff Minimums and 

Obstacle DP, Amdt 6 

Sparta, TN, Upper Cumberland Rgnl, RNAV 

(GPS) RWY 4, Orig-B 

Sparta, TN, Upper Cumberland Rgnl, RNAV 

(GPS) RWY 22, Orig-B 

Brownsville, TX, Brownsville/South Padre 

Island Intl, RNAV (GPS) RWY 17, Orig 

Brownsville, TX, Brownsville/South Padre 

Island Intl, Takeoff Minimums and 

Obstacle DP, Orig 

El Paso, TX, Horizon, Takeoff Minimums and 

Obstacle DP, Orig 

Kenedy, TX, Karnes County, Takeoff 

Minimums and Obstacle DP, Amdt 1 

Sinton, TX, Alfred C ‘Bubba’ Thomas, VOR 

RWY 32, Amdt 9 

Sweetwater, TX, Avenger Field, Takeoff 

Minimums and Obstacle DP, Orig 

Nephi, UT, Nephi Muni, NEPHI ONE 

Graphic DP 

Nephi, UT, Nephi Muni, RNAV (GPS) RWY 

17, Orig 

Nephi, UT, Nephi Muni, RNAV (GPS) RWY 

35, Orig 

Nephi, UT, Nephi Muni, Takeoff Minimums 

and Obstacle DP, Orig 

New Richmond, WI, New Richmond Rgnl, 

RNAV (GPS) RWY 14, Amdt 2 

New Richmond, WI, New Richmond Rgnl, 

RNAV (GPS) RWY 32, Amdt 2 

[FR Doc. 2011–22444 Filed 9–6–11; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 97 

[Docket No. 30800; Amdt. No. 3441] 

Standard Instrument Approach 

Procedures, and Takeoff Minimums 

and Obstacle Departure Procedures; 

Miscellaneous Amendments 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule. 

SUMMARY: This rule establishes, amends, 

suspends, or revokes Standard 

Instrument Approach Procedures 

(SIAPs) and associated Takeoff 

Minimums and Obstacle Departure 

Procedures for operations at certain 

airports. These regulatory actions are 

needed because of the adoption of new 

or revised criteria, or because of changes 

occurring in the National Airspace 

System, such as the commissioning of 

new navigational facilities, adding new 

obstacles, or changing air traffic 

requirements. These changes are 

designed to provide safe and efficient 

use of the navigable airspace and to 

promote safe flight operations under 

instrument flight rules at the affected 

airports. 

DATES: This rule is effective September 

7, 2011. The compliance date for each 

SIAP, associated Takeoff Minimums, 

and ODP is specified in the amendatory 

provisions. 

The incorporation by reference of 

certain publications listed in the 

regulations is approved by the Director 

of the Federal Register as of September 

7, 2011. 

ADDRESSES: Availability of matter 

incorporated by reference in the 

amendment is as follows: 

For Examination 

1. FAA Rules Docket, FAA 

Headquarters Building, 800 

Independence Avenue, SW., 

Washington, DC 20591; 

2. The FAA Regional Office of the 

region in which the affected airport is 

located; 

3. The National Flight Procedures 

Office, 6500 South MacArthur Blvd., 

Oklahoma City, OK 73169 or 

4. The National Archives and Records 

Administration (NARA). For 

information on the availability of this 

material at NARA, call 202–741–6030, 

or go to: http://www.archives.gov/ 

federal_register/ 

code_of_federal_regulations/ 

ibr_locations.html. 

Availability—All SIAPs are available 

online free of charge. Visit http:// 

nfdc.faa.gov to register. Additionally, 

individual SIAP and Takeoff Minimums 

and ODP copies may be obtained from: 

1. FAA Public Inquiry Center (APA– 

200), FAA Headquarters Building, 800 

Independence Avenue, SW., 

Washington, DC 20591; or 

2. The FAA Regional Office of the 

region in which the affected airport is 

located. 

FOR FURTHER INFORMATION CONTACT: 

Harry J. Hodges, Flight Procedure 

Standards Branch (AFS–420) Flight 

Technologies and Programs Division, 

Flight Standards Service, Federal 

Aviation Administration, Mike 

Monroney Aeronautical Center, 6500 

South MacArthur Blvd., Oklahoma City, 

OK 73169 (Mail Address: P.O. Box 

25082 Oklahoma City, OK 73125) 

telephone: (405) 954–4164. 

SUPPLEMENTARY INFORMATION: This rule 

amends Title 14, Code of Federal 

Regulations, part 97 (14 CFR part 97) by 

amending the referenced SIAPs. The 

complete regulatory description of each 

SIAP is listed on the appropriate FAA 

Form 8260, as modified by the National 

Flight Data Center (FDC)/Permanent 

Notice to Airmen (P–NOTAM), and is 

incorporated by reference in the 

amendment under 5 U.S.C. 552(a), 1 

CFR part 51, and § 97.20 of Title 14 of 

the Code of Federal Regulations. 

The large number of SIAPs, their 

complex nature, and the need for a 

special format make their verbatim 

publication in the Federal Register 

expensive and impractical. Further, 

airmen do not use the regulatory text of 

the SIAPs, but refer to their graphic 

depiction on charts printed by 

publishers of aeronautical materials. 

Thus, the advantages of incorporation 

by reference are realized and 

publication of the complete description 

of each SIAP contained in FAA form 

documents is unnecessary. This 

amendment provides the affected CFR 

sections and specifies the types of SIAP 

and the corresponding effective dates. 

This amendment also identifies the 

airport and its location, the procedure 

and the amendment number. 

The Rule 

This amendment to 14 CFR part 97 is 

effective upon publication of each 

separate SIAP as amended in the 

transmittal. For safety and timeliness of 

change considerations, this amendment 

incorporates only specific changes 

contained for each SIAP as modified by 

FDC/P–NOTAMs. 

The SIAPs, as modified by FDC 

P–NOTAM, and contained in this 


jlentini on DSK4TPTVN1PROD with RULES
55236 Federal Register / Vol. 76, No. 173 / Wednesday, September 7, 2011 / Rules and Regulations 

amendment are based on the criteria 

contained in the U.S. Standard for 

Terminal Instrument Procedures 

(TERPS). In developing these changes to 

SIAPs, the TERPS criteria were applied 

only to specific conditions existing at 

the affected airports. All SIAP 

amendments in this rule have been 

previously issued by the FAA in a FDC 

NOTAM as an emergency action of 

immediate flight safety relating directly 

to published aeronautical charts. The 

circumstances which created the need 

for all these SIAP amendments requires 

making them effective in less than 30 

days. 

Because of the close and immediate 

relationship between these SIAPs and 

safety in air commerce, I find that notice 

and public procedure before adopting 

these SIAPs are impracticable and 

contrary to the public interest and, 

where applicable, that good cause exists 

for making these SIAPs effective in less 

than 30 days. 

Conclusion 

The FAA has determined that this 

regulation only involves an established 

body of technical regulations for which 

frequent and routine amendments are 

necessary to keep them operationally 

current. It, therefore—(1) Is not a 

‘‘significant regulatory action’’ under 

Executive Order 12866; (2) is not a 

‘‘significant rule’’ under DOT regulatory 

Policies and Procedures (44 FR 11034; 

February 26, 1979); and (3) does not 

warrant preparation of a regulatory 

evaluation as the anticipated impact is 

so minimal. For the same reason, the 

FAA certifies that this amendment will 

not have a significant economic impact 

on a substantial number of small entities 

under the criteria of the Regulatory 

Flexibility Act. 

List of Subjects in 14 CFR Part 97 

Air Traffic Control, Airports, 

Incorporation by reference, and 

Navigation (Air). 

Issued in Washington, DC on August 19, 

2011. 

John M. Allen, 

Director, Flight Standards Service. 

Adoption of the Amendment 

Accordingly, pursuant to the 

authority delegated to me, Title 14, 

Code of Federal Regulations, part 97, 14 

CFR part 97, is amended by amending 

Standard Instrument Approach 

Procedures, effective at 0901 UTC on 

the dates specified, as follows: 

PART 97—STANDARD INSTRUMENT 

APPROACH PROCEDURES 

■ 1. The authority citation for part 97 

continues to read as follows: 

Authority: 49 U.S.C. 106(g), 40103, 40106, 

40113, 40114, 40120, 44502, 44514, 44701, 

44719, 44721–44722. 

■ 2. Part 97 is amended to read as 

follows: 

By amending: § 97.23 VOR, VOR/ 

DME, VOR or TACAN, and VOR/DME 

or TACAN; § 97.25 LOC, LOC/DME, 

LDA, LDA/DME, SDF, SDF/DME; 

§ 97.27 NDB, NDB/DME; § 97.29 ILS, 

ILS/DME, MLS, MLS/DME, MLS/RNAV; 

§ 97.31 RADAR SIAPs; § 97.33 RNAV 

SIAPs; and § 97.35 COPTER SIAPs, 

identified as follows: 

* * * EFFECTIVE UPON PUBLICATION 

AIRAC date State City Airport FDC No. FDC Date Subject 

22–Sep–11 ... CO Denver ................... Denver Intl ............................. 1/1391 8/16/11 ILS OR LOC RWY 7, Amdt 2A. 

22–Sep–11 ... CO Denver ................... Denver Intl ............................. 1/1393 8/16/11 ILS RWY 26, Amdt 2. 

22–Sep–11 ... TX Dallas-Fort Worth .. Dallas/Fort Worth Intl ............ 1/7239 7/28/11 RNAV (RNP) Z RWY 31R, Amdt 

1B. 

22–Sep–11 ... TX Dallas-Fort Worth .. Dallas/Fort Worth Intl ............ 1/7240 7/28/11 RNAV (RNP) Z RWY 31L, OrigC. 

22–Sep–11 ... TX Dallas-Fort Worth .. Dallas/Fort Worth Intl ............ 1/7241 7/28/11 RNAV (GPS) Y RWY 31L, Orig. 

22–Sep–11 ... TX Dallas-Fort Worth .. Dallas/Fort Worth Intl ............ 1/7242 7/28/11 CONVERGING ILS RWY 31R, 

Amdt 7B. 

22–Sep–11 ... TX Eastland ................ Eastland Muni ....................... 1/7445 7/28/11 NDB RWY 35, Amdt 3. 

22–Sep–11 ... IA Monticello .............. Monticello Rgnl ...................... 1/7975 8/2/11 RNAV (GPS) RWY 15, Amdt 1. 

22–Sep–11 ... MA Lawrence ............... Lawrence Muni ...................... 1/8163 8/8/11 ILS OR LOC Z RWY 5, Orig. 

22–Sep–11 ... TX Houston ................. Houston-Southwest ............... 1/8752 8/8/11 LOC/DME RWY 9, Amdt 3A. 

22–Sep–11 ... WI Oconto ................... Oconto/J. Douglas Bake Memorial.1/8920 8/8/11 GPS RWY 11, Orig. 

22–Sep–11 ... WI Oconto ................... Oconto/J. Douglas Bake Memorial.1/8922 8/8/11 GPS RWY 29, Orig-A. 

22–Sep–11 ... KS Harper ................... Harper Muni .......................... 1/9393 8/9/11 VOR OR GPS B, Amdt 1. 

22–Sep–11 ... IL Alton/St. Louis ....... St Louis Rgnl ......................... 1/9395 8/9/11 VOR A, Amdt 9. 

22–Sep–11 ... IN Indianapolis ........... Indianapolis Executive .......... 1/9445 8/8/11 ILS OR LOC RWY 36, Amdt 5. 

22–Sep–11 ... IN Indianapolis ........... Indianapolis Executive .......... 1/9446 8/8/11 RNAV (GPS) RWY 36, Orig-A. 

22–Sep–11 ... IN Marion ................... Marion Muni .......................... 1/9712 8/9/11 VOR RWY 15, Amdt 10A. 

22–Sep–11 ... GA Brunswick .............. Malcolm McKinnon ................ 1/9942 8/16/11 Takeoff Minimums and Obstacle 

DP, Amdt 2. 

22–Sep–11 ... WI Milwaukee ............. Milwaukee/Lawrence J 

Timmerman.

1/9970 8/9/11 RNAV (GPS) RWY 15L, Orig. 

22–Sep–11 ... WI Milwaukee ............. Milwaukee/Lawrence J 

Timmerman.

1/9971 8/9/11 LOC RWY 15L, Amdt 6. 

22–Sep–11 ... WI Milwaukee ............. Milwaukee/Lawrence J 

Timmerman.

1/9972 8/9/11 VOR RWY 4L, Amdt 9. 

22–Sep–11 ... WI Milwaukee ............. Milwaukee/Lawrence J 

Timmerman.

1/9973 8/9/11 VOR RWY 15L, Amdt 14. 


jlentini on DSK4TPTVN1PROD with RULES
Federal Register / Vol. 76, No. 173 / Wednesday, September 7, 2011 / Rules and Regulations 55237 

1 15 U.S.C. 80a. All statutory references to the 

Investment Company Act are to 15 U.S.C. 80a, and, 

unless otherwise stated, all references to rules 

under the Investment Company Act are to Title 17, 

Part 270 of the Code of Federal Regulations [17 CFR 

270]. All references to the Securities Act of 1933 

(the ‘‘Securities Act’’) are to 15 U.S.C. 77a, and, 

unless otherwise stated, all references to rules 

under the Securities Act are to Title 17, Part 230 

of the Code of Federal Regulations [17 CFR 230]. All 

references to the Securities Exchange Act of 1934 

(the ‘‘Exchange Act’’) are to 15 U.S.C. 78a, and, 

unless otherwise stated, all references to rules 

under the Exchange Act are to Title 17, Part 240 [17 

CFR 240]. 

2The staff has also issued no-action and other 

letters that relate to fund use of derivatives. In 

addition to Investment Company Act provisions, 

funds using derivatives must comply with all other 

applicable statutory and regulatory requirements, 

such as other Federal securities law provisions, the 

Internal Revenue Code (the ‘‘IRC’’), Regulation T of 

the Federal Reserve Board (‘‘Regulation T’’), and the 

rules and regulations of the Commodity Futures 

Trading Commission (the ‘‘CFTC’’). See also Title 

VII of the Dodd-Frank Wall Street Reform and 

Consumer Protection Act, Public Law 111–203, 124 

Stat. 1376 (2010) (the ‘‘Dodd-Frank Act’’), available 

at http://www.sec.gov/about/laws/wallstreetreformcpa.pdf. 

[FR Doc. 2011–22450 Filed 9–6–11; 8:45 am] 

BILLING CODE 4910–13–P 

SECURITIES AND EXCHANGE 

COMMISSION 

17 CFR Part 271 

[Release No. IC–29776; File No. S7–33–11] 

RIN 3235–AL22 

Use of Derivatives by Investment 

Companies Under the Investment 

Company Act of 1940 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Concept release; request for 

comments. 

SUMMARY: The Securities and Exchange 

Commission (the ‘‘Commission’’) and its 

staff are reviewing the use of derivatives 

by management investment companies 

registered under the Investment 

Company Act of 1940 (the ‘‘Investment 

Company Act’’ or ‘‘Act’’) and companies 

that have elected to be treated as 

business development companies 

(‘‘BDCs’’) under the Act (collectively, 

‘‘funds’’). To assist in this review, the 

Commission is issuing this concept 

release and request for comments on a 

wide range of issues relevant to the use 

of derivatives by funds, including the 

potential implications for fund leverage, 

diversification, exposure to certain 

securities-related issuers, portfolio 

concentration, valuation, and related 

matters. In addition to the specific 

issues highlighted for comment, the 

Commission invites members of the 

public to address any other matters that 

they believe are relevant to the use of 

derivatives by funds. The Commission 

intends to consider the comments to 

help determine whether regulatory 

initiatives or guidance are needed to 

improve the current regulatory regime 

for funds and, if so, the nature of any 

such initiatives or guidance. 

DATES: Comments should be received on 

or before November 7, 2011. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

Electronic Comments 

• Use the Commission’s Internet 

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

rules/concept.shtml); 

• Send an e-mail to rulecomments@sec.gov; or 

• Use the Federal eRulemaking Portal 

(http://www.regulations.gov). Follow the 

instructions for submitting comments. 

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 S7–33–11. This file number 

should be included on the subject line 

if comments are submitted by e-mail. To 

help us 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/concept.shtml). Comments are also 

available for public inspection and 

copying 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. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. Therefore, you should 

only submit information that you wish 

to make available publicly. 

FOR FURTHER INFORMATION CONTACT: 

Edward J. Rubenstein, Senior Special 

Counsel, or Michael S. Didiuk, Senior 

Counsel, at (202) 551–6825, Office of 

Chief Counsel, Division of Investment 

Management, Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–5030. 

SUPPLEMENTARY INFORMATION: 

Table of Contents 

I. Introduction 

A. Purpose and Scope of the Concept 

Release 

B. Background Concerning the Use of 

Derivatives by Funds 

C. Request for Comment 

II. Derivatives Under the Senior Securities 

Restrictions of the Investment Company 

Act 

A. Purpose, Scope, and Application of the 

Act’s Senior Securities Limitations 

1. Statutory Restrictions on Senior 

Securities and Related Commission 

Guidance 

2. Staff No-Action Letters Concerning the 

Segregated Account Approach 

B. Alternative Approaches to the 

Regulation of Portfolio Leverage 

1. The Current Asset Segregation Approach 

2. Other Approaches 

C. Request for Comment 

1. Issues Concerning the Current Asset 

Segregation Approach 

2. Alternatives to the Current Asset 

Segregation Approach 

3. Related Matters 

III. Derivatives Under the Investment 

Company Act’s Diversification 

Requirements 

A. The Diversification Requirements 

B. Application of the Diversification 

Requirements to a Fund’s Use of 

Derivatives 

1. Valuation of Derivatives for Purposes of 

Determining a Fund’s Classification as 

Diversified or Non-Diversified 

2. Identification of the Issuer of a 

Derivative for Purposes of Determining a 

Fund’s Classification as Diversified or 

Non-Diversified 

C. Request for Comment 

IV. Exposure to Securities-Related Issuers 

Through Derivatives 

A. Investment Company Act Limitations on 

Investing in Securities-Related Issuers 

B. Counterparty to a Derivatives 

Investment 

C. Exposure to Other Securities-Related 

Issuers Through Derivatives 

D. Valuation of Derivatives for Purposes of 

Rule 12d3–1 Under the Investment 

Company Act 

E. Request for Comment 

V. Portfolio Concentration 

A. Investment Company Act Provisions 

Regarding Portfolio Concentration 

B. Issues Relating to the Application of the 

Act’s Concentration Provisions to a 

Fund’s Use of Derivatives 

C. Request for Comment 

VI. Valuation of Derivatives 

A. Investment Company Act Valuation 

Requirements 

B. Application of the Valuation 

Requirements to a Fund’s Use of 

Derivatives 

C. Request for Comment 

VII. General Request for Comment 

* * * * * 

I. Introduction 

The activities of funds, including 

their use of derivatives, are regulated 

extensively under the Investment 

Company Act,1 Commission rules, and 

Commission guidance.2 Derivatives may 


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