Federal Register / Vol. 73, No. 165 / Monday, August 25, 2008 / Notices 50061 

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

2 17 CFR 240.19b–4. 

Background: 

Eight Federal agencies have been 

cooperating under a new Memorandum 

of Understanding (MOU) on the 

research and development of 

multimedia environmental models for 

the past year. The new MOU continues 

a previous 5 year effort that began in 

2001 and establishes a framework 

facilitating cooperation and 

coordination among the following 

agencies (the specific research 

organization within the agency is in 

parentheses): U.S. Army Corps of 

Engineers (Engineer Research and 

Development Center); U.S. Department 

of Agriculture (Natural Resources 

Conservation Service); U.S. Department 

of Energy (Office of Biological and 

Environmental Research); U.S. 

Environmental Protection Agency; U.S. 

Geological Survey; U.S. National 

Oceanographic and Atmosphere 

Administration; U.S. Nuclear Regulatory 

Commission (Office of Nuclear 

Regulatory Research); and U.S. Bureau 

of Reclamation. These agencies are 

cooperating and coordinating in the 

research and development of 

multimedia environmental models, 

software and related databases, 

including development, enhancements, 

applications and assessments of site 

specific, generic, and process-oriented 

multimedia environmental models as 

they pertain to human and 

environmental health risk assessment. 

Multimedia model development and 

simulation supports interagency 

interests in risk assessment, uncertainty 

analyses, water supply issues and 

contaminant transport. 

Purpose of the Public Meeting: The 

annual public meeting provides an 

opportunity for the scientific 

community, other Federal and State 

agencies, and the public to be briefed on 

ISCMEM activities and their initiatives 

for the upcoming year, and to discuss 

technological advancements in 

multimedia environmental modeling. 

Proposed Agenda: The ISCMEM Chair 

will open the meeting with a brief 

overview of the goals of the MOU and 

an update on current activities of 

ISCMEM. This introduction will be 

followed by a series of invited 

presentations throughout the morning 

focusing on topics of mutual interest to 

ISCMEM participants. A detailed 

agenda with presentation titles and 

speakers will be posted on the MOU 

public Web site: http:// 

iscmem.sc.egov.usda.gov/. 

Meeting Access: The auditorium of 

the U.S. Nuclear Regulatory 

Commission Headquarters building at 

11545 Rockville Pike, Rockville, MD is 

across the street from the White Flint 

Metro stop. The most convenient 

transportation to the meeting venue is 

via Metro since there is extremely 

limited on-street parking. Please take 

Metro to the White Flint Metro stop on 

the Red Line. Please allow time to 

register with building security and to 

check with the entry guard station for 

signs for the ISCMEM public meeting 

room as you enter the building. 

Dated at Rockville, Maryland, this 19th day 

of August 2008. 

For the Nuclear Regulatory Commission. 

William R. Ott, 

Chief, Environmental Transport Branch, 

Division of Risk Analysis, Office of Nuclear 

Regulatory Research. 

[FR Doc. E8–19614 Filed 8–22–08; 8:45 am] 

BILLING CODE 7590–01–P 

NUCLEAR REGULATORY 

COMMISSION 

[Docket No. 50–302] 

Florida Power Corporation; Notice of 

Withdrawal of Application for 

Amendment to Facility Operating 

License 

The U.S. Nuclear Regulatory 

Commission (NRC, the Commission) has 

granted the request of Florida Power 

Corporation (FPC, the licensee) to 

withdraw its July 31, 2007, application 

for proposed amendment to Facility 

Operating License No. DPR–72 for the 

Crystal River Unit 3 Nuclear Generating 

Plant (CR–3) located in Citrus County, 

Florida. 

The proposed amendment would 

have revised the technical specifications 

to impose more restrictive voltage and 

frequency limits during surveillance 

testing of the emergency diesel 

generators. 

The Commission had previously 

issued a Notice of Consideration of 

Issuance of Amendment published in 

the Federal Register on January 29, 

2008 (73 FR 5222). Subsequently, by 

letter dated June 19, 2008 (Agencywide 

Documents Access and Management 

System (ADAMS) Accession No. 

ML081770040), the licensee withdrew 

the amendment request, and stated that 

FPC will continue to maintain 

administrative control of the emergency 

diesel generator voltage and frequency 

limits as described in the referenced 

license amendment request (LAR) 

submittal. In addition, the licensee 

plans to resubmit this LAR under a new 

identification number after additional 

evaluations have been completed. 

Further on July 24, 2008, in response 

to the NRC staff request for additional 

information, FPC: (1) Explained the 

basis for withdrawal of the amendment 

request, (2) committed to resubmit the 

amendment by November 7, 2008, and 

(3) provided assurance that the short 

term administrative controls, taken as 

corrective action in accordance with the 

guidance contained in NRC 

Administrative Letter 98–10, are 

effective and will remain in place until 

the LAR implementation. 

For further details with respect to this 

action, see the application for 

amendment dated July 31, 2007, and the 

licensee’s letters dated June 19 and July 

24, 2008, which withdrew the 

application for license amendment. 

Documents may be examined, and/or 

copied for a fee, at the NRC’s Public 

Document Room (PDR), located at One 

White Flint North, Public File Area O1 

F21, 11555 Rockville Pike (first floor), 

Rockville, Maryland. Publicly available 

records will be accessible electronically 

from the ADAMS Public Electronic 

Reading Room on the internet at the 

NRC Web site, http://www.nrc.gov/ 

reading-rm.html. Persons who do not 

have access to ADAMS or who 

encounter problems in accessing the 

documents located in ADAMS should 

contact the NRC PDR Reference staff by 

telephone at 1–800–397–4209 or 301–

415–4737, or by e-mail to pdr@nrc.gov. 

Dated at Rockville, Maryland, this 29 day 

of July, 2008. 

For the Nuclear Regulatory Commission. 

Farideh E. Saba, 

Senior Project Manager, Plant Licensing 

Branch II–2, Division of Operating Reactor 

Licensing, Office of Nuclear Reactor 

Regulation. 

[FR Doc. E8–19611 Filed 8–22–08; 8:45 am] 

BILLING CODE 7590–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58367; File No. SR–NYSE–

2008–75] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend 

Section 303A.02(b) of the Listed 

Company Manual with respect to Two 

of Its Director Independence Tests 

August 15, 2008. 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b-4 thereunder,2

notice is hereby given that on August 

12, 2008, the New York Stock Exchange 


ebenthall on PRODPC60 with NOTICES
50062 Federal Register / Vol. 73, No. 165 / Monday, August 25, 2008 / Notices 

3See Securities Act Release No. 8732A (August 

29, 2006). 

4See NASDAQ Marketplace Rule 4200(a)(15)(F) 

and Amex Company Guide Section 803(A)(2)(f). 

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

6 15 U.S.C. 78f(b)(5). 

LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with 

the Securities and Exchange 

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

the proposed rule change as described 

in Items I, II, and III below, which Items 

have been substantially prepared by 

NYSE. 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 

The Exchange proposes to make 

amendments to two of the tests with 

respect to the independence of directors 

set forth in Section 303A.02(b) of the 

Exchange’s Listed Company Manual 

(the ‘‘Manual’’). The text of the 

proposed rule change is available on the 

Exchange’s Web site (http:// 

www.nyse.com), at the Exchange’s 

Office of the Secretary and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

NYSE 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. NYSE 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 

The Exchange proposes to make 

amendments to two of the tests with 

respect to the independence of directors 

set forth in Section 303A.02(b) of the 

Manual. 

Direct Compensation Test 

Section 303A.02(b)(ii) of the Manual 

provides that a director may not be 

deemed independent for purposes of 

Section 303A if such director has 

received, or has an immediate family 

member who has received, during any 

twelve-month period within the last 

three years, more than $100,000 in 

direct compensation from the listed 

company, other than director and 

committee fees and pension or other 

forms of deferred compensation for 

prior service (provided such 

compensation is not contingent in any 

way on continued service). NYSE 

proposes to increase the dollar 

threshold in this test from $100,000 to 

$120,000. This change reflects the SEC’s 

August 2006 amendment to the dollar 

threshold applicable to related party 

transactions that must be disclosed 

under Item 404 of Regulation S–K.3

Prior to the SEC’s amendment to Item 

404, the applicable threshold for 

disclosures was $60,000. The NYSE 

believes that the monetary threshold in 

its independence definition should be 

consistent with the amount in 

Regulation S-K Item 404. Using a 

consistent standard would enhance the 

NYSE’s ability to assess compliance 

with the independent director 

requirements because companies are 

required to disclose compensation in 

excess of $120,000, but are not 

necessarily required to disclose 

compensation between $100,000 and 

$120,000. 

Auditor Test 

Additionally, NYSE is proposing to 

amend the bright line test set out in 

Section 303A.02(b)(iii) relating to a 

listed company’s internal or external 

auditor. The test currently precludes a 

director from being deemed 

independent if: 

• The director or an immediate family 

member is a current partner of a firm 

that is the company’s internal or 

external auditor; 

• The director is a current employee 

of such a firm; 

• The director has an immediate 

family member who is a current 

employee of such a firm and who 

participates in the firm’s audit, 

assurance or tax compliance (but not tax 

planning) practice; or 

• The director or an immediate family 

member was within the last three years 

(but is no longer) a partner or employee 

of such a firm and personally worked on 

the listed company’s audit within that 

time. 

NYSE’s experience to date has 

demonstrated that the current standard 

with respect to immediate family 

members has had the effect of 

precluding a director from being 

deemed independent in cases even 

where an immediate family member had 

no relationship to the listed company’s 

audit. For example, NYSE’s current test 

has required a listed company’s board to 

conclude that a director may no longer 

be deemed independent when the 

director’s child took an entry-level job 

in the audit practice of the listed 

company’s external auditor upon 

graduation from college, 

notwithstanding the fact that the child 

was a low-level employee in a different 

region and had no involvement with the 

listed company’s audit. 

In addition, NYSE’s proposed change 

will bring its standards more in line 

with the auditor tests utilized by Nasdaq 

and the American Stock Exchange.4

NYSE proposes to modify its current 

test with respect to a director’s 

immediate family member to cover only 

an immediate family member who: 

• Is a current partner of the 

company’s internal or external auditor; 

• Is a current employee of such a firm 

and personally works on the listed 

company’s audit; or 

• Was within the last three years a 

partner or employee of such a firm and 

personally worked on the listed 

company’s audit within that time. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) 5 of the Act in general, and 

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

of the Act,6 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 

amendment to Section 303A.02(b)(iii) 

will help to perfect the mechanism of a 

free and open market in that it will 

conform the Exchange’s approach to 

that of Nasdaq and Amex. 

The Exchange believes that this 

amendment is consistent with the 

protection of investors and the public 

interest because the amended test will 

continue to bar a finding of 

independence where a director has any 

material relationship with the listed 

company. The proposed amendment to 

Section 303A.02(b)(ii) furthers the 

protection of investors and the public 

interest in that it adopts the 

Commission’s own materiality threshold 

for related party transactions and will 

therefore provide a standard that is 

clear, straightforward, and easy for 

issuers to understand and apply. 


ebenthall on PRODPC60 with NOTICES
Federal Register / Vol. 73, No. 165 / Monday, August 25, 2008 / Notices 50063 

7 15 U.S.C. 78s(b)(3)(A). 

8 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–

4(f)(6)(iii) requires that a self-regulatory 

organization submit to the Commission written 

notice of its intent to file the proposed rule change, 

along with a brief description and text of the 

proposed rule change, at least five business days 

prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. The Commission notes that the 

Exchange has satisfied the five-day pre-filing notice 

requirement. 9 17 CFR 200.30–3(a)(12). 

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 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, if 

consistent with the protection of 

investors and the public interest, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 7 and Rule 19b–

4(f)(6) thereunder.8

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission may summarily abrogate 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act. 

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 

Number SR–NYSE–2008–75 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSE–2008–75. 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 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. 

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–NYSE–2008–75 and should 

be submitted on or before September 15, 

2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–19591 Filed 8–22–08; 8:45 am] 

BILLING CODE 8010–01–P 

SMALL BUSINESS ADMINISTRATION 

Audit and Financial Management 

Advisory (AFMAC) 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice of open Federal advisory 

committee meeting. 

SUMMARY: The SBA is issuing this notice 

to announce the location, date, time, 

and agenda for the next meeting of the 

Audit and Financial Management 

Advisory (AFMAC). The meeting will be 

open to the public. 

DATES: The meeting will be held on 

September 17, 2008 from 9 a.m. to 

approximately 12 p.m. Eastern Daylight 

Time. 

ADDRESSES: The meeting will be held at 

the U.S. Small Business Administration, 

409 3rd Street, SW., Office of the Chief 

Financial Officer Conference Room, 6th 

Floor, Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Pursuant 

to section 10(a)(2) of the Federal 

Advisory Committee Act (5 U.S.C., 

Appendix 2), SBA announces the 

meeting of the AFMAC. The AFMAC is 

tasked with providing recommendation 

and advice regarding the Agency’s 

financial management, including the 

financial reporting process, systems of 

internal controls, audit process and 

process for monitoring compliance with 

relevant laws and regulations. 

The purpose of the meeting is to 

discuss the SBA’s FY 2008 Financial 

Statements, Credit Subsidy Modeling, 

Audit Findings, FY 2008 Financial 

Report, FY 2008 Agency Performance 

Report, Lender Monitoring, FMFIA 

Assurance and A–123 Internal Control 

Program Results. 

FOR FURTHER INFORMATION CONTACT: The 

meeting is open to the public, however 

advance notice of attendance is 

requested. Anyone wishing to attend 

and/or make a presentation to the 

AFMAC must contact Jennifer Main, by 

fax or e-mail, in order to be placed on 

the agenda. Jennifer Main, Chief 

Financial Officer, 409 3rd Street, SW., 

6th Floor, Washington, DC 20416, 

phone: (202) 205–6449, fax: (202) 205–

6969, e-mail: Jennifer.Main@sba.gov. 

Additionally, if you need 

accommodations because of a disability 

or require additional information, please 

contact Jeff Brown at (202) 205–6117, email: Jeffrey.Brown@sba.gov, SBA, 

Office of Chief Financial Officer, 409 

3rd Street, SW., Washington, DC 20416. 

For more information, please visit our 

Web site at http://www.sba.gov/ 

aboutsba/sbaprograms/cfo/index.html. 

Dated: August 19, 2008. 

Cherylyn Lebon, 

SBA Committee Management Officer. 

[FR Doc. E8–19588 Filed 8–22–08; 8:45 am] 

BILLING CODE 8025–01–P 


ebenthall on PRODPC60 with NOTICES