[Federal Register Volume 81, Number 23 (Thursday, February 4, 2016)]
[Notices]
[Pages 6098-6099]
[FR Doc No: 2016-02020]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Noise Exposure Map Notice; Great Falls International Airport,
Great Falls, MT

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Noise Exposure Map notice.

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SUMMARY: The Federal Aviation Administration (FAA) announces its
determination that the Noise Exposure Maps submitted by the Great Falls
International Airport Authority for the Great Falls International
Airport under the provisions of 40 U.S.C. 47501 et seq. (Aviation
Safety and Noise Abatement Act) and 14 CFR 150 are in compliance with
applicable requirements.

DATES: Effective Date: The effective date of the FAA's determination on
the Noise Exposure Maps is January 27, 2016.

FOR FURTHER INFORMATION CONTACT: Mr. Scott Eaton at the Federal
Aviation Administration, FAA Building, Ste. 2, 2725 Skyway Drive,
Helena, Montana 59602-1213, Telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: This Notice announces that the FAA finds
that the Noise Exposure Maps submitted for Great Falls International
Airport are in compliance with applicable requirements of Title 14 Code
of Federal Regulations (CFR) Part 150, effective January 27, 2016.
Under 49 U.S.C., Section 47503, Aviation Safety and Noise Abatement Act
(the Act), an airport operator may submit to the FAA Noise Exposure
Maps which meet applicable regulations and which depict non-compatible
land uses as of the date of submission of such maps, a description of
projected aircraft operations, and the ways in which such operations
will affect such maps. The Act requires such maps to be developed in
consultation with interested parties in the local community, government
agencies, and persons using the airport. An airport operator who has
submitted noise exposure maps that are found by FAA to be in compliance
with the requirements of the U.S. Code of Federal Regulations (CFR)
Part 150, promulgated pursuant to the Act, may submit a noise
compatibility program for FAA approval which sets forth the measures
the operator has taken or proposes to take to reduce existing non-
compatible uses and prevent the introduction of additional non-
compatible uses.
    The FAA has completed its review of the Noise Exposure Maps and
accompanying documentation submitted by the Great Falls International
Airport Authority. The documentation that constitutes the ``noise
exposure maps'' as defined in CFR part 150 Section 150.7 includes: Part
150 Noise Exposure Map Update Report, Figure 1 Existing (2015) Airport
Layout and Land Use Base Map, Figure 2 Forecast (2020) Airport layout
and Land Use Base Map, Figure 5 Runway 3/21 Modeled Arrival and
Departure Flight Tracks, Figure 6 Runway 3/21 Modeled Flight Pattern
Tracks, Figure 7 Runway 16/34 Modeled Arrival and Departure Flight
Tracks, Figure 8 Runway 16/34 Modeled Flight Pattern Tracks, Figure 9
Runway 7/25 Modeled Arrival and Departure Flight Tracks, Figure 10
Runway 7/25 Modeled Flight Pattern, Figure 11 Helicopter Modeled
Arrival and Departure Flight Tracks, Figure 12 Existing Condition
(2015) Noise Exposure Map, Figure 13 Forecast Condition (2020) Noise
Exposure Map, Appendix F Forecast of Aircraft Operations at GTF 2015
and 2020, Appendix J Non-Standard Modeling Profiles Request Letter,
Appendix K FAA Approval of Non-Standard Modeling Profiles, and Appendix
L Public Consultation. The FAA has determined that these noise exposure
maps and accompanying documentation are in compliance with applicable
requirements. This determination is effective on January 27, 2016.
    The FAA's determination on an airport operator's noise exposure
maps is limited to a finding that the maps were developed in accordance
with the procedures contained in Appendix A of CFR part 150. Such
determination does not constitute approval of the airport operator's
data, information or plans, or a commitment to approve a Noise
Compatibility Program or to fund implementation of that Program. If
questions arise concerning the precise relationship of specific
properties to noise exposure contours depicted on a Noise Exposure Map
submitted under Section 47503 of the Act, it should be noted that the
FAA is not involved in any way in determining the relative locations of
specific properties with regard to the depicted noise exposure
contours, or in interpreting the Noise Exposure Maps to resolve
questions concerning, for example, which properties should be covered
by the

provisions of Section 47506 of the Act. These functions are inseparable
from the ultimate land use control and planning responsibilities of
local government. These local responsibilities are not changed in any
way under Part 150 or through FAA's review of Noise Exposure Maps.
Therefore, the responsibility for the detailed overlaying of noise
exposure contours onto the map depicting properties on the surface
rests exclusively with the airport operator that submitted those maps,
or those public agencies and planning agencies with which consultation
is required under Section 47503 of the Act. The FAA has relied on the
certification by the airport operator, under Section 150.21 of part
150, that the statutorily required consultation has been accomplished.
    Copies of the full Noise Exposure Map documentation are available
for examination at the following locations:
    Federal Aviation Administration Authority, Helena Airports District
Office, FAA Building, Ste. 2, 2725 Skyway Drive, Helena, MT 59602.
    Great Falls International Airport, 2800 Terminal Drive, Great
Falls, MT 59404.
    Questions may be directed to the individual named above under the
heading, FOR FURTHER INFORMATION CONTACT.

    Issued in Renton, Washington, on January 27, 2016.
Randall Fiertz,
Manager, Airports Division, Northwest Mountain Region.
[FR Doc. 2016-02020 Filed 2-3-16; 8:45 am]
 BILLING CODE P


[Federal Register Volume 77, Number 172 (Wednesday, September 5, 2012)]
[Notices]
[Pages 54636-54640]
[FR Doc No: 2012-21761]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67751; File No. SR-FINRA-2012-024]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing of Amendment No. 1 and Order Granting
Accelerated Approval of Proposed Rule Change, as Modified by Amendment
No. 1, Relating to FINRA Rule 4210 (Margin Requirements)

August 29, 2012.

I. Introduction

    On May 23, 2012, Financial Industry Regulatory Authority, Inc.
(``FINRA'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend FINRA Rule 4210 (Margin Requirements).
The proposed rule was published for comment in the Federal Register on
June 6, 2012.\3\ The Commission received one comment on the proposed
rule change.\4\ On July 13, 2012, FINRA extended the time period for
Commission action until September 4, 2012.\5\ FINRA filed Amendment No.
1 to the proposed rule change and responded to the comment letter on
August 13, 2012.\6\ The Commission is publishing this notice and order
to solicit comment on Amendment No. 1 and to approve the proposed rule
change, as modified by Amendment No. 1, on an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 67088 (May 31, 2012), 77
FR 33527 (``Notice'').
    \4\ Letter to Elizabeth M. Murphy, Secretary, Commission from
David Aman, Esq., Cleary Gottlieb Steen & Hamilton LLP, dated June
27, 2012 (``Aman Letter'').
    \5\ See http://www.finra.org/web/groups/industry/@ip/<EMAIL_ADDRESS>    \6\ Amendment No. 1 and response to Aman Letter, dated Aug. 13,
2012 (``Amendment No. 1''). The text of Amendment No. 1 is available
on FINRA's Web site at http://www.finra.org, at the principal office
of FINRA, and at the Commission's Public Reference Room. See section
III. below (describing Amendment No. 1).
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II. Description of the Proposal

    FINRA has proposed to amend FINRA Rule 4210 (Margin Requirements)
to: (1) Revise the definitions and margin treatment of option spread
strategies; (2) clarify the maintenance margin requirement for non-
margin eligible equity securities; (3) clarify the maintenance margin
requirements for non-equity securities; (4) eliminate the current
exemption from the free-riding prohibition for designated accounts; (5)
conform the definition of ``exempt account''; and (6) eliminate the
requirement to stress test portfolio margin accounts in the aggregate.
In addition, the proposed rule change would amend FINRA Rule 4210 to
make non-substantive technical and stylistic changes.

Option Spread Strategies

    Basic option spreads can be paired in such ways that they offset
each other in terms of risk. The total risk of the combined spreads is
less than the sum of the risk of both spread positions if viewed as
stand-alone strategies. FINRA Rule 4210(f)(2) currently recognizes
several specific option spread strategies.\7\ These strategies consist
of either a ``long'' and a ``short'' option contract or two ``long''
and two ``short'' option contracts. The ``long'' and ``short'' option
contracts have the same underlying security or instrument and the
``long'' option contracts must expire on or after the expiration of the
``short'' option contracts.
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    \7\ See FINRA Rule 4210(f)(2)(A) that currently recognizes the
following spread strategies: box spread, butterfly spread, calendar
(or time) spread, ``long'' calendar butterfly spread, ``long''
calendar condor spread, ``long'' condor spread, ``short'' calendar
iron butterfly spread, ``short'' calendar iron condor spread,
``short'' iron butterfly spread and ``short'' iron condor spread.
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    While the strategies recognized under FINRA Rule 4210 are the most
common types of option spread strategies used by investors, there are
other combinations of calls and/or puts that are similar in terms of
their risk profile. Accordingly, FINRA proposed a broader definition of
a spread in FINRA Rule 4210(f)(2)(A)(xxxii) to mean a ``long'' and
``short'' position in different call option series, different put
option series, or a combination of call and put option series, that
collectively have a limited risk/reward profile, and meet the following
conditions: (1) All options must have the same underlying security or
instrument; (2) all ``long'' and ``short'' option contracts must be
either all American-style or all European-style; \8\ (3) all ``long''
and ``short'' option contracts must be either all listed or all over-
the-counter (``OTC''); \9\ (4) the aggregate underlying contract value
of ``long'' versus ``short'' contracts within option type(s) must be
equal; and (5) the ``short'' option(s) must expire on or before the
expiration date of the ``long'' option(s).
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    \8\ American-style options can be exercised or assigned at any
time during the life of the contract. European-style options can
only be exercised or assigned at the time of expiration.
    \9\ See FINRA Rule 4210(f)(2)(A)(xxvi) (renumbered as
4210(f)(2)(A)(xxiv)) that defines a listed option as an option
contract that is traded on a national securities exchange and is
issued and guaranteed by a registered clearing agency. See also
FINRA Rule 4210(f)(2)(A)(xxxii) (renumbered as 4210(f)(2)(A)(xxvii))
that defines an OTC option as an over-the-counter option contract
that is not traded on a national securities exchange and is issued
and guaranteed by the carrying broker-dealer.
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    The proposed revised margin requirements set forth in FINRA Rule
4210(f)(2)(H) would require that the ``long'' option contracts within
such spreads must be paid for in full. The margin required for the
``short'' option contracts within such spreads would be the lesser of:
(1) The margin required pursuant to FINRA Rule 4210(f)(2)(E); or (2)
the maximum potential loss. The maximum potential loss would be
determined by computing the intrinsic value of the options at price
points for the underlying security or instrument that are set to
correspond to every exercise price present in the spread. The intrinsic
values are netted at each price point, and the maximum potential loss
is the greatest loss, if any. The proceeds of the ``short'' options may
be applied towards the cost of the ``long'' options and/or any margin
requirement. FINRA Rule 4210(f)(2)(H)(iv) would also make clear that
OTC option contracts that comprise a spread must be issued and

guaranteed by the same carrying broker-dealer and the carrying broker-
dealer must also be a FINRA member. If the OTC option contracts are not
issued and guaranteed by the same carrying broker-dealer, or if the
carrying broker-dealer is not a FINRA member, then the ``short'' option
contracts must be margined separately pursuant to FINRA Rule
4210(f)(2)(E)(iii) or (E)(iv). In addition, FINRA proposes to amend
FINRA Rule 4210(f)(2)(N) to similarly conform the margin requirements
for spreads that are permitted in a cash account.
    FINRA proposed to eliminate the definitions for the option spread
strategies currently recognized within the rule, along with the
specific margin requirements associated with each spread, with the
exception of a ``long'' box spread consisting of European-style
options.\10\ FINRA Rule 4210(f)(2)(H)(v)g.\11\ currently allows a
margin requirement equal to 50% of the aggregate difference in the
exercise prices. This is the only spread strategy that allows loan
value, and FINRA believes that retaining this provision is appropriate.
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    \10\ See FINRA Rule 4210(f)(2)(A)(vi). A box spread means an
aggregation of positions in a ``long'' call and ``short'' put with
the same exercise price (``buy side'') coupled with a ``long'' put
and ``short'' call with the same exercise price (``sell side'')
structured as: (1) A ``long'' box spread in which the sell side
exercise price exceeds the buy side exercise price; or (2) a
``short'' box spread in which the buy side exercise price exceeds
the sell side exercise price, all of which have the same contract
size, underlying component or index and time of expiration, and are
based on the same aggregate current underlying value.
    \11\ FINRA Rule 4210(f)(2)(H)(v)g. would be renumbered as FINRA
Rule 4210(f)(2)(H)(v)e.
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Non-Margin Eligible Equity Securities

    FINRA proposed to clarify the maintenance margin requirement for
non-margin eligible equity securities. FINRA Rule 4210(c)(1) prescribes
a maintenance margin requirement of 25% of the current market value of
all securities (except for security futures contracts) held ``long'' in
an account. FINRA believes that non-margin eligible equity securities
should be subject to more stringent margin requirements in light of the
nature of such securities. Accordingly, FINRA proposed to amend FINRA
Rule 4210(c)(1) regarding securities held ``long'' to clarify that the
maintenance margin requirement of 25% of the current market value would
apply only to margin securities as defined in Regulation T.\12\
Consequently, non-margin eligible equity securities would be excluded
from such margin treatment and the maintenance margin requirement for
non-margin eligible equity securities would be 100% of the current
market value.\13\ This maintenance margin requirement of 100% for non-
margin eligible equity securities is consistent with the requirement
outlined in Regulatory Notice 11-16. However, FINRA noted that two
provisions of Regulatory Notice 11-16 would be superseded. Firms may no
longer extend maintenance loan value on non-margin eligible equity
securities either to satisfy maintenance margin deficiencies or when
used to collateralize non-purpose loans, except as otherwise provided
by FINRA in writing. To this end, FINRA would allow a firm to extend
credit on a non-margin eligible security \14\ only to the extent: (1)
The security is collateralizing a non-purpose loan debit; and (2) such
security can be liquidated in a period not exceeding 20 business days,
based on a rolling 20 business day median trading volume. The
maintenance loan value for the non-margin eligible security would be
calculated based on the applicable maintenance margin requirements for
a margin eligible security. If the security fails to meet the trading
volume requirement, then the security would no longer be entitled to
maintenance loan value, and a 100% maintenance margin requirement would
be applied together with a deduction to net capital pursuant to Rule
15c3-1 and, if applicable, FINRA Rule 4110(a). Notwithstanding the
foregoing, FINRA would allow that in the case of offshore mutual funds,
a firm may extend maintenance loan value, based on a 25% maintenance
margin requirement, to collateralize a non-purpose loan, provided that
the fund has an affiliation with a U.S.-based fund registered with the
SEC under the Investment Company Act of 1940, and the fund shares can
be liquidated or redeemed daily.
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    \12\ See Federal Reserve Regulation T (``Regulation T'') section
200.2 for the definition of margin security.
    \13\ See Regulatory Notice 11-16 (April 2011) and Regulatory
Notice 11-30 (June 2011) (Regulatory Notice 11-30 delayed the
effective date of Regulatory Notice 11-16 until October 3, 2011).
    \14\ The exception to permit firms to extend maintenance loan
value would apply to both equity and non-equity non-margin eligible
securities.
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    Similar to the treatment above, FINRA also proposed to amend Rule
4210(f)(8)(B)(iii) to clarify that the special maintenance margin
requirement for day traders, based on the cost of all day trades made
during the day, would be 25% for margin eligible equity securities, and
100% for non-margin eligible equity securities.\15\
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    \15\ The special maintenance margin requirement for non-margin
eligible equity securities for day traders is consistent with the
margin requirements outlined in Regulatory Notice 11-16.
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    In addition, FINRA proposed to adopt new paragraph (g)(7)(E) of
FINRA Rule 4210 regarding the margin requirements for non-margin
eligible equity securities held in a portfolio margin account.
Consistent with the margin treatment above, the provision would clarify
that non-margin eligible equity securities held ``long'' in a portfolio
margin account would have a maintenance margin requirement equal to
100% of the current market value at all times.\16\ Paragraph (g)(7)(E)
would also provide that non-margin eligible equity securities held
``short'' in a portfolio margin account would have a maintenance margin
requirement equal to 50% of the current market value at all times.\17\
FINRA believes that setting this specific requirement is necessary to
help ensure that customers do not attempt to circumvent the initial
margin requirements of Regulation T and place all short sales in a
portfolio margin account to obtain lower margin requirements.\18\
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    \16\ The maintenance margin requirement for non-margin eligible
equity securities held ``long'' in a portfolio margin account is
consistent with the margin requirements outlined in Regulatory
Notice 11-16.
    \17\ The maintenance margin requirement for ``short'' non-margin
eligible equity securities held in a portfolio margin account would
supersede the maintenance margin requirement for such securities
specified in Regulatory Notice 11-16.
    \18\ See Rule 4210(g)(7).
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    FINRA also proposed to amend paragraph (g)(7)(D) of FINRA Rule 4210
to clarify that although non-margin eligible equity securities are not
eligible for portfolio margin treatment, they may be carried in a
portfolio margin account, provided that the member uses strategy-based
margin requirements unless such securities are subject to other
provisions of paragraph (g). For example, non-margin eligible equity
securities may be carried in a portfolio margin account, but the
amendment would clarify that they would be subject to the margin
treatment set forth in FINRA Rule 4210(g)(7)(E), rather than FINRA Rule
4210(c).

Non-Equity Securities \19\
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    \19\ See section III. below (describing Amendment No. 1).
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    In the Notice, FINRA proposed to further amend FINRA Rule 4210 to
clarify the appropriate maintenance margin requirement for non-equity
securities in a margin account. Paragraph (c)(4) stipulates a
maintenance margin requirement for each bond held ``short'' in a margin
account. Paragraph (e)(2)(C) stipulates the maintenance margin
requirements on any positions in specified non-equity

securities \20\ that are inconsistent with the requirements in
paragraph (c)(4). FINRA received several inquiries as to the
appropriate maintenance margin requirement for any ``short'' non-equity
security. Accordingly, in the Notice, FINRA proposed to amend FINRA
Rule 4210 to clarify that the margin requirements in paragraph (c)(4)
would apply to non-margin eligible, non-equity securities held
``short'' \21\ while the margin requirements in paragraph (e)(2)(C)
would apply to the specified margin-eligible non-equity securities held
``short'' or ``long.'' \22\ FINRA also proposed to add a reference to
``short'' or ``long'' to each of paragraphs (e)(2)(B), (F) and (G) to
further clarify that such provisions apply to securities held short or
long.
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    \20\ Paragraph (e)(2)(C) provides the maintenance margin
requirements for (1) investment grade debt securities and (2) all
other listed non-equity securities and all other margin eligible
non-equity securities as defined in FINRA Rule 4210(a)(16).
    \21\ Non-margin eligible non-equity securities held ``long''
would be excluded from such margin treatment, and the maintenance
margin requirement for such securities would be 100% of the current
market value.
    \22\ See also FINRA Rule 4210(e)(2)(A), which establishes the
maintenance margin requirements for long or short positions on
obligations issued or guaranteed by the United States or obligations
that are highly rated foreign sovereign debt securities.
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``Free-Riding''

    ``Free-riding'' is the purchase of a security and the selling of
the same security in the cash account, using the proceeds of the sale
to satisfy the purchase. Such activity is prohibited under section
220.8(a)(1)(ii) of Regulation T. FINRA Rule 4210(f)(9) addresses free-
riding in the cash account and currently exempts broker-dealers and
``designated accounts.'' \23\ While the term ``designated account''
generally includes banks, savings associations, insurance companies,
investment companies, states or political subdivisions, and ERISA
pension or profit sharing plans, FINRA believes that it is appropriate
to treat such accounts as any other customer regarding this activity.
Accordingly, FINRA proposed to eliminate this exemption for designated
accounts consistent with Regulation T.
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    \23\ See FINRA Rule 4210(a)(4) for the definition of
``designated account.''
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``Exempt Account''

    Certain non-equity securities such as exempted securities, mortgage
related securities, highly rated foreign sovereign debt securities, and
investment grade debt securities may be subject to reduced maintenance
margin requirements (or require no margin be deposited) for an ``exempt
account,'' as defined in FINRA Rule 4210(a)(13).\24\ FINRA Rule
4210(f)(2)(E)(iv) regarding reduced maintenance margin requirements for
OTC put and call options on certain U.S. Government and U.S. Government
Agency debt securities retained an earlier definition of ``exempt
account'' that was not updated in 2003 when the New York Stock Exchange
and National Association of Securities Dealers amended the definition
of ``exempt account'' by raising the dollar threshold in paragraph
(a)(13) for all other purposes in their respective margin rules.\25\
The definition of ``exempt account'' currently referenced in paragraph
(f)(2)(E)(iv) was retained as a result of comment letters received by
the SEC in 2003, expressing concern that customers who no longer
qualified as ``exempt accounts'' in the amended paragraph (a)(13)
definition would be subject to higher maintenance margin requirements
for the securities addressed in paragraph (f)(2)(E)(iv). Therefore,
such definition was maintained only for the provision in paragraph
(f)(2)(E)(iv) to allow existing customers to continue to avail
themselves of the reduced margin requirements. However, the SEC noted
that exempt accounts that met the requirements for exempt account
status would be ``grandfathered'' on the existing credit transactions
but that the new requirements (the current paragraph (a)(13) ``exempt
account'' requirements) would apply to any new credit transactions or
roll-overs of existing transactions.\26\ In light of the application of
the 2003 exempt account definition to new and roll-over transactions
and the significant passage of time, FINRA believes that maintaining
these separate definitions is no longer necessary and proposes to
delete the definition of ``exempt account'' contained in paragraph
(f)(2)(E)(iv) and require an exempt account to satisfy the definition
of ``exempt account'' in paragraph (a)(13) to qualify for the reduced
margin on such options.
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    \24\ See FINRA Rule 4210(e)(2)(F), (G) and (H).
    \25\ See Securities Exchange Act Release No. 48407 (August 25,
2003), 68 FR 52259 (September 2, 2003) (Order Approving File No. SR-
NASD-00-08) (``NASD Order''); Securities Exchange Act Release No.
48365 (August 19, 2003), 68 FR 51314 (August 26, 2003) (Order
Approving File No. SR-NYSE-98-14); and Securities Exchange Act
Release No. 48133 (July 7, 2003), 68 FR 41672 (July 14, 2003)
(Notice of Filing of File No. SR-NYSE-98-14) (``NYSE Notice of
Filing'').
    \26\ See note 20, page 52261 of the NASD Order and page 41676 of
NYSE Notice of Filing.
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Portfolio Margin

    FINRA proposed to eliminate the monitoring requirement contained in
FINRA Rule 4210(g)(1)(D) that stress testing of accounts must be done
in the aggregate for portfolio margin accounts. The rule would continue
to require firms to stress test portfolio margin accounts on an
individual account basis. FINRA has been reviewing the portfolio margin
program and believes that the stress testing on an individual account
basis is sufficient from a risk perspective.

Technical Changes

    Finally, the proposed rule change would amend FINRA Rule 4210 to
make non-substantive technical and stylistic changes to encourage
consistency throughout the rule and enhance readability.
    FINRA stated that it would announce the effective date of the
proposed rule change in a Regulatory Notice to be published no later
than 60 days following Commission approval. The effective date would be
no later than 90 days following publication of the Regulatory Notice
announcing Commission approval.

III. Summary of Comment Received, FINRA's Response and Description of
Amendment No. 1

    As stated above, the Commission received one comment letter in
response to the proposed rule change generally supporting the proposal,
particularly the modernization of the treatment of option spread
strategies.\27\ The commenter stated, however, that the consequences of
the proposed changes to the margin requirements for ``non-margin
eligible, non-equity securities'' have not been fully considered and
recommended that FINRA investigate the extent to which FINRA members
presently extend credit against these securities and withdraw or modify
this element of the proposed amendments. The commenter stated that the
securities that would become unmarginable would include any non-
investment grade debt securities that are not registered under Section
5 of the Securities Act of 1933. The commenter explained that since the
high-yield debt market is to a great extent an institutional market,
where it is usual for debt to trade under Rule 144A, the proposal would
cut off credit to a substantial part of the high yield debt market, and
could have significant adverse effects on FINRA members, investors and
issuers.
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    \27\ Aman Letter, supra note 4.
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    The commenter also recommended technical changes to the proposal,
including: (1) That the 100% maintenance margin requirement on non-
margin eligible equity securities be

set forth in a new subsection to FINRA Rule 4210; (2) that the margin
requirements for certain non-equity securities be moved from FINRA Rule
4210(e) to FINRA Rule 4210(c); and (3) that FINRA define ``non-margin
eligible, non-equity security.''
    In response to the comment regarding the 100% maintenance margin
requirement for non-margin eligible, non-equity securities, FINRA
proposes to further analyze the impact of this proposed change on
member firms and the market. Accordingly, Amendment No. 1 would
eliminate the requirements applicable to non-margin eligible, non-
equity securities from the proposed rule. To effectuate this change,
FINRA proposes to delete the exclusion of non-equity securities from
FINRA Rule 4210(c)(1) as originally proposed in the Notice. In
addition, FINRA proposes to delete in FINRA Rule 4210(c)(4) the
reference to non-margin eligible, non-equity securities as originally
proposed in the Notice. The margin requirement for non-equities held
``long'' in an account would be margined as provided in FINRA Rule
4210(c)(1) unless they otherwise meet an exception for the type of non-
equity security provided in FINRA Rule 4210(e).
    In response to the technical comments in the Aman Letter, FINRA
agrees that amending the proposed rule further to clarify the 100%
maintenance margin requirement for non-margin eligible equity
securities held ``long'' would be beneficial. In Amendment No. 1, FINRA
proposes to add a new subparagraph (6) to FINRA Rule 4210(c) to
effectuate this clarification. Also in response to technical comments,
with regard to the margin requirements for non-equity securities and
the exceptions provided in FINRA Rule 4210(e), FINRA proposes in
Amendment No. 1 to modify Rule 4210(c) by prefacing that the margin
provisions are as stated except as set forth in Rule 4210(e) as well as
Rule 4210(f) (the margin requirements for options and warrants) and
Rule 4210(g) (portfolio margin requirements).
    In response to the comment that FINRA define ``non-margin eligible,
non-equity securities,'' Amendment No. 1 would delete that term in
FINRA Rule 4210(c)(4) in light of the elimination of the proposal to
amend the margin requirements for such securities. Finally, and
unrelated to any specific comment, Amendment No. 1 would make certain
clarifying changes to Rule 4210(c) to eliminate the reference to
``plus'' as the maintenance margin provisions are not additive.

IV. Discussion and Commission's Findings

    After careful review of the proposed rule change, the comment
received, and Amendment No. 1, the Commission finds that the proposed
rule change, as modified by Amendment No. 1, is consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to a national securities association.\28\ In particular, the
Commission finds that the proposed rule change is consistent with
Section 15A(b)(6) of the Act, which requires, among other things, that
FINRA rules be designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, and, in
general, to protect investors and the public interest.\29\ More
specifically, the Commission believes that the proposed rule change
modernizes the treatment of option spread strategies while maintaining
margin requirements that are commensurate with the risk of those
strategies. Further, because it is consistent with changes being
approved to Chicago Board Options Exchange, Incorporated, Rule
12.3,\30\ the proposed rule change will provide for a more uniform
application of margin requirements for similar products. The Commission
believes that FINRA has adequately responded to the concerns raised in
the Aman Letter by deleting the 100% maintenance margin requirement for
non-margin eligible, non-equity securities until such time as FINRA has
had additional opportunity to more fully evaluate the effects of such a
change. In addition, the Commission believes that FINRA has adequately
responded to the technical comments by making the changes described in
Amendment No. 1.
---------------------------------------------------------------------------

    \28\ In approving this rule change, the Commission notes that it
has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
    \29\ 15 U.S.C. 78o-3(b)(6).
    \30\ See Securities Exchange Act Release No. 67752 (Aug. 29,
2012) (SR-CBOE-2012-043) (order approving changes to CBOE Rule 12.3
relating to spread margin rules).
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V. Accelerated Approval

    The Commission finds good cause, pursuant to Section 19(b)(2) of
the Act,\31\ for approving the proposed rule change, as modified by
Amendment No. 1, prior to the 30th day after publication of Amendment
No. 1 in the Federal Register. In response to certain concerns raised
in the Aman Letter, FINRA proposed in Amendment No. 1 to eliminate the
increase in the margin requirement applicable to long positions in non-
margin eligible, non-equity securities to 100%. In Amendment No. 1,
FINRA also proposed other technical changes responsive to the comments
made in the Aman Letter. Accordingly, the Commission finds that good
cause exists to approve the proposal, as modified by Amendment No. 1,
on an accelerated basis.
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    \31\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

VI. Solicitation of Comments

    Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether Amendment No. 1
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 email to<EMAIL_ADDRESS>Please include
File Number SR-FINRA-2012-024 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-FINRA-2012-024. This
file number should be included on the subject line if email 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 FINRA. 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-FINRA-2012-024 and should be
submitted on or before September 26, 2012.

VII. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\32\ that the proposed rule change (SR-FINRA-2012-024), as modified
by Amendment No. 1, be and hereby is, approved on an accelerated basis.
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    \32\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
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    \33\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-21761 Filed 9-4-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 223 (Wednesday, November 18, 2020)]
[Notices]
[Pages 73537-73540]
[FR Doc No: 2020-25380]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90395; File No. SR-NASDAQ-2020-075]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Make Technical and Conforming Amendments to The Nasdaq Options Market
Rules at Options 4

November 12, 2020.
    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 November 3, 2020, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit

comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend The Nasdaq Options Market (``NOM'')
Rules at Options 4, Section 3, ``Criteria for Underlying Securities,''
Options 4, Section 5, ``Series of Options Contracts Open for Trading,''
and Options 4, Section 6, which is currently reserved, to relocate
certain rule text and make other minor technical amendments.
    The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/nasdaq/rules, at
the principal office of the Exchange, 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, the Exchange 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
    The Exchange proposes to amend Options 4, Section 3, ``Criteria for
Underlying Securities,'' Options 4, Section 5, ``Series of Options
Contracts Open for Trading,'' and Options 4, Section 6, which is
currently reserved, to relocate certain rule text and make other minor
technical amendments. This rule change is similar to a rule change
filed by Nasdaq BX, Inc.\3\
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    \3\ See Securities Exchange Act Release No. 90218 (October 19,
2020), 85 FR 67579 (October 23, 2020) (SR-BX-2020-030) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Make
Technical Amendments to the Options Listing Rules).
---------------------------------------------------------------------------

Options 4, Section 3
    The Exchange proposes to amend Options 4, Section 3(1)(i) to add
the words ``or ETNs'' after the phrase ``collectively known as ``Index-
Linked Securities'' for additional clarity. The Exchange believes that
this addition of ``ETNs'' will assist Participants in locating this
rule text.
Options 4, Section 5
Relocate Rule Text
    The Exchange proposes to relocate certain portions of the
Supplementary Material to Options 4, Section 5 in order that rule text
related to certain strike listing programs be placed with related rule
text. Proposed relocated rule text is not being amended with this
proposal.
    The Exchange proposes to relocate Supplementary Material .11 within
Options 4, Section 5 to new Options 4, Section 5(a)(1).
    The Exchange proposes to relocate Supplementary Material .14 within
Options 4, Section 5 to new Options 4, Section 5(e).
    The Exchange proposes to relocate Supplementary Material .12 within
Options 4, Section 5 to new Options 4, Section 5(f).
    The Exchange proposes to relocate Supplementary Material .02 within
Options 4, Section 5 to new Options 4, Section 6.
    The Exchange proposes to relocate Supplementary Material .07 within
Options 4, Section 5 to new Options 4, Section 5(h).
    The Exchange proposes to relocate Supplementary Material .08 within
Options 4, Section 5 to new Options 4, Section 5(i).
    The Exchange proposes to relocate Options 4, Section 5(d)(iv) to
Supplementary Material .02 within Options 4, Section 5 and add a title
``$2.50 Strike Price Interval Program.'' \4\
---------------------------------------------------------------------------

    \4\ The Exchange proposes to relocate current Supplementary
Material .02 to Options 4, Section 5 to new Options 4, Section 6, as
described below.
---------------------------------------------------------------------------

    The Exchange proposes to delete the first sentence of Supplementary
Material .03(e) within Options 4, Section 5, which provides ``The
interval between strike prices on Short Term Option Series shall be the
same as the strike prices for series in that same option class that
expire in accordance with the normal monthly expiration cycle.'' The
Exchange notes that this rule text is not necessary because with the
relocation of the strike listing rules for Short Term Option Series,
which are proposed to be relocated from Supplementary Material .13 of
Options 4, Section 5 to the end of Supplementary .03(e) of Options 4,
Section 5, the reference becomes unnecessary.
    The Exchange proposes to relocate Supplementary Material .13 within
Options 4, Section 5 to the end of Supplementary .03(e) of Options 4,
Section 5.
Other Technical Amendments
    The Exchange proposes to update certain outdated citations to rule
text within Options 4, Section 5. The Exchange proposes to lowercase
the term ``customer'' within Options 4, Section 5(c). The Exchange
proposes to re-number and re-letter certain sections for consistency,
and remove reserved sections from the rule. The Exchange proposes to
utilize the defined term ``Commission'' \5\ within Options 4, Section
5(f). The Exchange proposes to add the words ``Long-Term Options Series
or'' before the term ``LEAPS'' and add quotation marks in that same
sentence within current Supplementary Material .01(b)(v) at Options 5,
Section 5 which is being renumbered as Supplementary Material .01(b)(5)
at Options 5, Section 5.
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    \5\ The terms ``Commission'' or ``SEC'' mean the Securities and
Exchange Commission (SEC), established pursuant to the Act. See
General 1(b)(7).
---------------------------------------------------------------------------

Options 4, Section 6
    The Exchange proposes to amend Options 4, Section 6, which is
currently reserved. Similar to Nasdaq ISE, LLC (``ISE'') and Nasdaq BX,
Inc., the Exchange proposes to relocate current Supplementary Material
.02 to Options 4, Section 5 to new Options 4, Section 6 and title the
section ``Select Provisions of Options Listing Procedures Plan.'' The
Exchange proposes to update and conform the rule text of current
Supplementary Material .02 to Options 4, Section 5 to mirror the rule
text within ISE Options 4, Section 6 as well as BX Options 4, Section
6. The Exchange proposes to add this sentence. ``A complete copy of the
current OLPP may be accessed at: http://www.optionsclearing.com/products/options_listing_proceduresplan.pdf '' to the end of proposed
Options 4, Section 6(a) to provide greater detail. The Exchange also
proposes to add a clause which provides that, ``The series exercise
price range limitations contained in subparagraph (a) above do not
apply with regard to: the listing of Flexible Exchange Options,''
similar to ISE and BX. In addition to renumbering this section to
correspond to ISE's and BX's numbering, the Exchange proposes
additional rule text which mirrors ISE's and BX's rule text which
states,

    (iii) The Exchange may designate up to five options classes to
which the series exercise price range may be up to 100% above and
below the price of the underlying security (which underlying
security price shall be determined in accordance with subparagraph
(i) above). Such designations shall be made on an annual basis and
shall not be removed during the calendar year unless the options

class is delisted by the Exchange, in which case the Exchange may
designate another options class to replace the delisted class. If a
designated options class is delisted by the Exchange but continues
to trade on at least one options exchange, the options class shall
be subject to the limitations on listing new series set forth in
subparagraph (i) above unless designated by another exchange.
    (iv) If the Exchange that has designated five options classes
pursuant to subparagraph (iii) above requests that one or more
additional options classes be excepted from the limitations on
listing new series set forth in subparagraph (i) above, the
additional options class(es) shall be so designated upon the
unanimous consent of all exchanges that trade the options class(es).
Additionally, pursuant to the Exchange's request, the percentage
range for the listing of new series may be increased to more than
100% above and below the price of the underlying security for an
options class, by the unanimous consent of all exchanges that trade
the designated options class.
    Exceptions for an additional class or for an increase of the
exercise price range shall apply to all standard expiration months
existing at the time of the vote, plus the next standard expiration
month to be added, and also to any non-standard expirations that
occur prior to the next standard monthly expiration.

    The Exchange believes that the addition of this rule text will
harmonize NOM's Rule to ISE's Options 4, Section 6 as well as BX
Options 4, Section 6 and also memorialize certain aspects of the
Options Listing Procedures Plan so that market participants will have
ease of reference in locating language concerning the Options Listing
Procedures Plan.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\6\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\7\ in particular, in that it is designed to promote
just and equitable principles of trade, 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's proposal to make a non-substantive amendment to Options
4, Section 3 to add the more commonly used term ``ETN'' next to
``Index-Linked Securities'' will allow Participants to search the rule
text using the term ``ETN''.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    Amending Options 4, Section 5 to relocate rule text within the
related listing program will make the rule easier to understand. The
rule text being relocated is not amended by this proposal. The
remainder of the rule changes within Options 4, Section 5 are non-
substantive and intended to provide clarity to the rule text.
    Relocating current Supplementary Material .02 to Options 4, Section
5 to new Options 4, Section 6 and titling the section ``Select
Provisions of Options Listing Procedures Plan'' will harmonize NOM's
listing rules with those of ISE and BX. Further, the Exchange believes
that the addition of rule text within Options 4, Section 6, similar to
ISE Options 4, Section 6 and BX Options 4, Section 6, will provide
market participants with ease of reference in locating language
concerning the Options Listing Procedures Plan.
    The Exchange believes that the proposed amendments are consistent
with the Act and the protection of investors and the general public
because the amendments bring greater clarity to NOM's listing rules.

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. The proposed rule changes
are non-substantive and are intended to provide greater clarity.

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

    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, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-
4(f)(6) thereunder.\9\
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give 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 Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \10\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \11\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay. As
the proposed rule change raises no novel issues and promotes clarity
and consistency within the Exchange's options listing rules, the
Commission believes that waiver of the 30-day operative delay is
consistent with the protection of investors and the public interest.
Accordingly, the Commission hereby waives the operative delay and
designates the proposed rule change operative upon filing.\12\
---------------------------------------------------------------------------

    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 17 CFR 240.19b-4(f)(6)(iii).
    \12\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend 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. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change should be approved or
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 email to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2020-075 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-NASDAQ-2020-075. This
file number should be included on the subject line if email 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 website (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 website 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 10:00 a.m. and 3:00 p.m. Copies of
the filing also will be available for inspection and copying at the
principal office of the Exchange. All comments received will be posted
without change. Persons submitting comments are cautioned that we do
not redact or edit personal identifying information from comment
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
NASDAQ-2020-075, and should be submitted on or before December 9, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-25380 Filed 11-17-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 36 (Friday, February 22, 2013)]
[Proposed Rules]
[Page 12267]
[FR Doc No: 2013-04012]

=======================================================================
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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R04-OAR-2012-0961; FRL-9782-7]

Approval and Promulgation of Air Quality Implementation Plans;
Charlotte, Raleigh/Durham and Winston-Salem Carbon Monoxide Limited
Maintenance Plan

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: EPA is proposing to approve a limited maintenance plan update
submitted by the State of North Carolina, through the North Carolina
Department of Environment and Natural Resources, on August 2, 2012. The
limited maintenance plan update is for the Charlotte, Raleigh/Durham
and Winston-Salem carbon monoxide (CO) maintenance areas. Specifically,
the State submitted a limited maintenance plan update for CO, showing
continued attainment of the 8-hour CO National Ambient Air Quality
Standard for the Charlotte, Raleigh/Durham and Winston-Salem Areas. The
8-hour CO NAAQS is 9 parts per million. EPA is proposing to approve the
limited maintenance plan update because the State has demonstrated that
it is consistent with the Clean Air Act and EPA's policy for limited
maintenance plans.

DATES: Written comments must be received on or before March 25, 2013.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R04-
OAR-2012-0961, by one of the following methods:
    1. www.regulations.gov: Follow the on-line instructions for
submitting comments.
    2. Email<EMAIL_ADDRESS>    3. Fax:<PHONE_NUMBER>.
    4. Mail: EPA-R04-OAR-2012-0961, Regulatory Development Section, Air
Planning Branch, Air, Pesticides and Toxics Management Division, U.S.
Environmental Protection Agency, Region 4, 61 Forsyth Street SW.,
Atlanta, Georgia 30303-8960.
    5. Hand Delivery or Courier: Lynorae Benjamin, Chief, Regulatory
Development Section, Air Planning Branch, Air, Pesticides and Toxics
Management Division, U.S. Environmental Protection Agency, Region 4, 61
Forsyth Street SW., Atlanta, Georgia 30303-8960. Such deliveries are
only accepted during the Regional Office's normal hours of operation.
The Regional Office's official hours of business are Monday through
Friday, 8:30 to 4:30, excluding federal holidays.
    Please see the direct final rule which is located in the Rules
section of this Federal Register for detailed instructions on how to
submit comments.

FOR FURTHER INFORMATION CONTACT: Richard Wong, Regulatory Development
Section, Air Planning Branch, Air, Pesticides and Toxics Management
Division, U.S. Environmental Protection Agency, Region 4, 61 Forsyth
Street SW., Atlanta, Georgia 30303-8960. The telephone number is (404)
562-8726. Mr. Wong can also be reached via electronic mail at
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: For additional information see the direct
final rule which is published in the Rules Section of this Federal
Register. A detailed rationale for the approval is set forth in the
direct final rule. If no adverse comments are received in response to
this rule, no further activity is contemplated. If EPA receives adverse
comments, the direct final rule will be withdrawn and all public
comments received will be addressed in a subsequent final rule based on
this proposed rule. EPA will not institute a second comment period on
this document. Any parties interested in commenting on this document
should do so at this time.

    Dated: February 11, 2013.
A. Stanley Meiburg,
Acting Regional Administrator, Region 4.
[FR Doc. 2013-04012 Filed 2-21-13; 8:45 am]
BILLING CODE 6560-50-P