[Federal Register: March 8, 2006 (Volume 71, Number 45)]
[Notices]
[Page 11620]
[DOCID:fr08mr06-80]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-ORD-2005-0562; FRL-8042-2]

Board of Scientific Counselors, Science to Achieve Results
(STAR)/Greater Research Opportunities (GRO) Fellowship Subcommittee
Meeting--April 2006

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of meeting.

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SUMMARY: Pursuant to the Federal Advisory Committee Act, Public Law 92-
463, the Environmental Protection Agency, Office of Research and
Development (ORD), gives notice of one meeting (via conference call) of
the Board of Scientific Counselors (BOSC) Science to Achieve Results
(STAR)/Greater Research Opportunities (GRO) Fellowship Subcommittee.

DATES: The public conference call will be held on Monday, April 3, 2006
from 3 p.m. to 5 p.m. All times noted are eastern time. The meeting may
adjourn early if all business is finished. Requests for the draft
agenda or for making oral presentations at the conference call will be
accepted up to 1 business day before the conference call.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-HQ-
ORD-2005-0562, by one of the following methods:
     http://www.regulations.gov: Follow the on-line

instructions for submitting comments.
     E-mail: Send comments by electronic mail (e-mail) to:
<EMAIL_ADDRESS>Attention Docket ID No. EPA-HQ-ORD-2005-0562.

     Fax: Fax comments to:<PHONE_NUMBER>, Attention Docket ID
No. EPA-HQ-ORD-2005-0562.
     Mail: Send comments by mail to: Board of Scientific
Counselors, Science to Achieve Results (STAR)/Greater Research
Opportunities (GRO) Fellowship Subcommittee--Winter/Spring 2006 Docket,
Mailcode: 28221T, 1200 Pennsylvania Ave., NW, Washington, DC, 20460,
Attention Docket ID No. EPA-HQ-ORD-2005-0562.
     Hand Delivery or Courier. Deliver comments to: EPA Docket
Center (EPA/DC), Room B102, EPA West Building, 1301 Constitution
Avenue, NW., Washington, DC, Attention Docket ID No. EPA-HQ-ORD-2005-
0562. Note: this is not a mailing address. Such deliveries are only
accepted during the docket's normal hours of operation, and special
arrangements should be made for deliveries of boxed information.
    Instructions: Direct your comments to Docket ID No. EPA-HQ-ORD-
2005-0562. EPA's policy is that all comments received will be included
in the public docket without change and may be made available online at
http://www.regulations.gov, including any personal information

provided, unless the comment includes information claimed to be
Confidential Business Information (CBI) or other information whose
disclosure is restricted by statute. Do not submit information that you
consider to be CBI or otherwise protected through http://www.regulations.gov or email. The http://www.regulations.gov website is

an ``anonymous access'' system, which means EPA will not know your
identity or contact information unless you provide it in the body of
your comment. If you send an e-mail comment directly to EPA without
going through http://www.regulations.gov, your e-mail address will be

automatically captured and included as part of the comment that is
placed in the public docket and made available on the Internet. If you
submit an electronic comment, EPA recommends that you include your name
and other contact information in the body of your comment and with any
disk or CD-ROM you submit. If EPA cannot read your comment due to
technical difficulties and cannot contact you for clarification, EPA
may not be able to consider your comment. Electronic files should avoid
the use of special characters, any form of encryption, and be free of
any defects or viruses. For additional information about EPA's public
docket visit the EPA Docket Center homepage at http://www.epa.gov/epahome/dockets.htm
.

    Docket: All documents in the docket are listed in the http://www.regulations.gov
 index. Although listed in the index, some

information is not publicly available, e.g., CBI or other information
whose disclosure is restricted by statute. Certain other material, such
as copyrighted material, will be publicly available only in hard copy.
Publicly available docket materials are available either electronically
in http://www.regulations.gov or in hard copy at the Board of

Scientific Counselors, Science to Achieve Results (STAR)/Greater
Research Opportunities (GRO) Fellowship Subcommittee--Winter/Spring
2006 Docket, EPA/DC, EPA West, Room B102, 1301 Constitution Ave., NW,
Washington, DC. The Public Reading Room is open from 8:30 a.m. to 4:30
p.m., Monday through Friday, excluding legal holidays. The telephone
number for the Public Reading Room is<PHONE_NUMBER>, and the telephone
number for the ORD Docket is<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: The Designated Federal Officer via
mail at: Lorelei Kowalski, Mail Code 8104-R, Office of Science Policy,
Office of Research and Development, Environmental Protection Agency,
1200 Pennsylvania Avenue, NW., Washington, DC 20460; via phone/voice
mail at:<PHONE_NUMBER>; via fax at:<PHONE_NUMBER>; or via e-mail at:
<EMAIL_ADDRESS>

SUPPLEMENTARY INFORMATION:

General Information

    Participation in the conference call will be by teleconference
only--meeting rooms will not be used. Members of the public who wish to
obtain the call-in number and access code to participate in the
conference call may contact Lorelei Kowalski, the Designated Federal
Officer, via any of the contact methods listed in the FOR FURTHER
INFORMATION CONTACT section above, by 4 working days prior to the
conference call.
    The purpose of the conference call is to resolve any outstanding
issues, and to finalize, if possible, the subcommittee's draft report
(which is then submitted to the BOSC Executive Committee for review/
approval). Proposed agenda items for the conference call include, but
are not limited to: discussion of responses to charge questions, and
resolution of comments on other parts of the draft report. The
conference call is open to the public. Details on the purpose of the
STAR/GRO Fellowship Subcommittee can be obtained by reviewing the
subcommittee charge at: http://www.epa.gov/osp/bosc/subcomm-star.htm.

    Information on Services for Individuals with Disabilities: For
information on access or services for individuals with disabilities,
please contact Lorelei Kowalski at<PHONE_NUMBER> or
<EMAIL_ADDRESS>To request accommodation of a disability,

please contact Lorelei Kowalski, preferably at least 10 days prior to
the meeting, to give EPA as much time as possible to process your
request.

    Dated: March 1, 2006.
Kevin Y. Teichman,
Director, Office of Science Policy.
 [FR Doc. E6-3226 Filed 3-7-06; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register: April 29, 2010 (Volume 75, Number 82)]
[Notices]
[Page 22597-22598]
[DOCID:fr29ap10-73]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. Docket No. FDA-2009-N-0506]

Agency Information Collection Activities; Submission for Office
of Management and Budget Review; Comment Request; Bar Code Label
Requirement for Human Drug and Biological Products

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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SUMMARY: The Food and Drug Administration (FDA) is announcing that a
proposed collection of information has been submitted to the Office of
Management and Budget (OMB) for review and clearance under the
Paperwork Reduction Act of 1995.

DATES: Fax written comments on the collection of information by June 1,
2010.

ADDRESSES: To ensure that comments on the information collection are
received, OMB recommends that written comments be faxed to the Office
of Information and Regulatory Affairs, OMB, Attn: FDA Desk Officer,
FAX:<PHONE_NUMBER>, or e-mailed to<EMAIL_ADDRESS>All
comments should be identified with the OMB control number 0910-0537.
Also include the FDA docket number found in brackets in the heading of
this document.

FOR FURTHER INFORMATION CONTACT: Elizabeth Berbakos, Office of
Information Management, Food and Drug Administration, 1350 Piccard Dr.,
PI50-400B, Rockville, MD 20850,<PHONE_NUMBER>,
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: In compliance with 44 U.S.C. 3507, FDA has
submitted the following proposed collection of information to OMB for
review and clearance.

Bar Code Label Requirement for Human Drug and Biological Products--OMB
Control Number 0910-0537--Extension

    In the Federal Register of February 26, 2004 (69 FR 9120), we
issued new regulations that required human drug product and biological
product labels to have bar codes. The rule required bar codes on most
human prescription drug products and on over-the-counter (OTC) drug
products that are dispensed under an order and commonly used in health
care facilities. The rule also required machine-readable information on
blood and blood components. For human prescription drug products and
OTC drug products that are dispensed under an order and commonly used
in health care facilities, the bar code must contain the National Drug
Code number for the product. For blood and blood components, the rule
specifies the minimum contents of the machine-readable information in a
format approved by the Director, Center for Biologics Evaluation and
Research as blood centers have generally agreed upon the information to
be encoded on the label. The rule is intended to help reduce the number
of medication errors in hospitals and other health care settings by
allowing health care professionals to use bar code scanning equipment
to verify that the right drug (in the right dose and right route of
administration) is being given to the right patient at the right time.
    Most of the information collection burden resulting from the final
rule, as calculated in table 1 of the final rule (69 FR 9120 at 9149),
was a one-time burden that does not occur after the rule's compliance
date of April 26, 2006. In addition, some of the information collection
burden estimated in the final rule is now covered in other OMB-approved
information collection packages for FDA. However, parties may continue
to seek an exemption from the bar code requirement under certain,
limited circumstances. Section 201.25(d) (21 CFR 201.25(d)) requires
submission of a written request for an exemption and describes the
contents of such requests. Based on the number of exemption requests we
have received, we estimate that approximately two exemption requests
may be submitted annually, and that each exemption request will require
24 hours to complete. This would result in an annual reporting burden
of 48 hours.
    In the Federal Register of November 6, 2009 FR 74 57495, FDA
published a 60-day notice requesting public comment on the proposed
collection of information. No comments were received on the information
collection.
    FDA estimates the burden of this collection of information as
follows:

                                                      Table 1--Estimated Annual Reporting Burden\1\
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                                                                               Number of
                   21 CFR Section                          Number of        Responses  per       Total Annual          Hours per          Total Hours
                                                          Respondents          Respodent           Responses           Response
--------------------------------------------------------------------------------------------------------------------------------------------------------
201.25(d)                                                              2                   1                   2                  24                  48
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ There are no capital costs or operating and maintenance costs associated with this collection of information.

    Dated: April 23, 2010.
Leslie Kux,
Acting Assistant Commissioner for Policy.
[FR Doc. 2010-9902 Filed 4-28-10; 8:45 am]
BILLING CODE 4160-01-S


[Federal Register Volume 87, Number 117 (Friday, June 17, 2022)]
[Rules and Regulations]
[Pages 36390-36392]
[FR Doc No: 2022-13088]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2022-0589; Project Identifier AD-2022-00376-E;
Amendment 39-22084; AD 2022-12-12]
RIN 2120-AA64

Airworthiness Directives; Pratt & Whitney Division Turbofan
Engines

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule; request for comments.

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SUMMARY: The FAA is adopting a new airworthiness directive (AD) for
certain Pratt & Whitney Division (PW) PW4062 model turbofan engines.
This AD was prompted by a report of a manufacturing quality escape due
to insufficient cooling of the low-pressure turbine (LPT) stage 5 air
seal resulting in a reduction of the low-cycle fatigue (LCF) life
limit. This AD requires removal and replacement of the LPT stage 5 air
seal with a part eligible for installation. The FAA is issuing this AD
to address the unsafe condition on these products.

DATES: This AD is effective July 5, 2022.
    The FAA must receive comments on this AD by August 1, 2022.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to https://www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE, Washington, DC 20590.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.

Examining the AD Docket

    You may examine the AD docket at https://www.regulations.gov by
searching for and locating Docket No. FAA-2022-0589; or in person at
Docket Operations between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays. The AD docket contains this final rule, any
comments received, and other information. The street address for Docket
Operations is listed above.

FOR FURTHER INFORMATION CONTACT: Carol Nguyen, Aviation Safety
Engineer, ECO Branch, FAA, 1200 District Avenue, Burlington, MA 01803;
phone:<PHONE_NUMBER>; email: [email protected].

SUPPLEMENTARY INFORMATION:

Background

    The FAA received a report from the manufacturer of a quality
escape, resulting in a life reduction of the LPT stage 5 air seal
installed on certain PW4062 model turbofan engines. Subsequent
investigation by the manufacturer revealed that insufficient cooling
after heat treatment resulted in non-conformance to the design
specifications. This non-conformance lowers the LCF capability in a
section of the LPT stage 5 air seal that already has an LCF life limit,
resulting in a reduction in the LCF life limit from 15,000 cycles to
8,240 cycles. This condition, if not addressed, could result in the
uncontained release of the LPT stage 5 air seal, damage to the engine,
and damage to the airplane. The FAA is issuing this AD to address the
unsafe condition on these products.

FAA's Determination

    The FAA is issuing this AD because the agency has determined the
unsafe condition described previously is likely to exist or develop in
other products of the same type design.

AD Requirements

    This AD requires removal and replacement of the LPT stage 5 air
seal.

Justification for Immediate Adoption and Determination of the Effective
Date

    Section 553(b)(3)(B) of the Administrative Procedure Act (APA) (5
U.S.C. 551 et seq.) authorizes agencies to dispense with notice and
comment procedures for rules when the agency, for ``good cause,'' finds
that those procedures are ``impracticable, unnecessary, or contrary to
the public interest.'' Under this section, an agency, upon finding good
cause, may issue a final rule without providing notice and seeking
comment prior to issuance. Further, section 553(d) of the APA
authorizes agencies to make rules effective in less than thirty days,
upon a finding of good cause.
    The FAA has found the risk to the flying public justifies waiving
notice and comment prior to adoption of this rule because no domestic
operators use this product. It is unlikely that the FAA will receive
any adverse comments or useful information about this AD from any U.S.
operator. Accordingly, notice and opportunity for prior public comment
are unnecessary, pursuant to 5 U.S.C. 553(b)(3)(B). In addition, for
the foregoing reason, the FAA finds that good cause exists pursuant to
5 U.S.C. 553(d) for making this amendment effective in less than 30
days.

Comments Invited

    The FAA invites you to send any written data, views, or arguments
about this final rule. Send your comments to an address listed under
ADDRESSES. Include ``Docket No. FAA-2022-0589; Project Identifier AD-
2022-00376-E'' at the beginning of your comments. The most helpful
comments reference a specific portion of the final rule, explain the
reason for any recommended change, and include supporting data. The FAA
will consider all comments received by the closing date and may amend
this final rule because of those comments.
    Except for Confidential Business Information (CBI) as described in
the following paragraph, and other information as described in 14 CFR
11.35, the FAA will post all comments received, without change, to
https://www.regulations.gov, including any personal information you
provide. The agency will also post a report summarizing each
substantive verbal contact received about this final rule.

Confidential Business Information

    CBI is commercial or financial information that is both customarily
and actually treated as private by its owner. Under the Freedom of
Information Act (FOIA) (5 U.S.C. 552), CBI is exempt from public
disclosure. If your comments responsive to this AD contain commercial
or financial information that is customarily treated as private, that
you actually treat as private, and that is relevant or responsive to
this AD, it is important that you clearly designate the submitted
comments as CBI. Please mark each page of your submission containing
CBI as ``PROPIN.'' The FAA will treat such marked submissions as
confidential under the FOIA, and they will not be placed in the public
docket of this AD. Submissions containing CBI

should be sent to Carol Nguyen, Aviation Safety Engineer, ECO Branch,
FAA, 1200 District Avenue, Burlington, MA 01803. Any commentary that
the FAA receives which is not specifically designated as CBI will be
placed in the public docket for this rulemaking.

Regulatory Flexibility Act

    The requirements of the Regulatory Flexibility Act (RFA) do not
apply when an agency finds good cause pursuant to 5 U.S.C. 553 to adopt
a rule without prior notice and comment. Because FAA has determined
that it has good cause to adopt this rule without prior notice and
comment, RFA analysis is not required.

Costs of Compliance

    The FAA estimates that this AD affects 0 engines installed on
airplanes of U.S. registry.
    The FAA estimates the following costs to comply with this AD:

                                                 Estimated Costs
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per      Cost on U.S.
                Action                         Labor cost           Parts cost        product        operators
----------------------------------------------------------------------------------------------------------------
Remove and replace LPT stage 5 air      49 work-hours x $85 per         $165,270        $169,435              $0
 seal.                                   hour = $4,165.
----------------------------------------------------------------------------------------------------------------

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. Subtitle VII: Aviation Programs
describes in more detail the scope of the Agency's authority.
    The FAA is issuing this rulemaking under the authority described in
Subtitle VII, Part A, Subpart III, Section 44701: General requirements.
Under that section, Congress charges the FAA with promoting safe flight
of civil aircraft in air commerce by prescribing regulations for
practices, methods, and procedures the Administrator finds necessary
for safety in air commerce. This regulation is within the scope of that
authority because it addresses an unsafe condition that is likely to
exist or develop on products identified in this rulemaking action.

Regulatory Findings

    This AD will not have federalism implications under Executive Order
13132. This AD will not have a substantial direct effect on the States,
on the relationship between the national government and the States, or
on the distribution of power and responsibilities among the various
levels of government.
    For the reasons discussed above, I certify that this AD:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866, and
    (2) Will not affect intrastate aviation in Alaska.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

The Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA amends 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority: 49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new airworthiness
directive:
2022-12-12 Pratt & Whitney Division: Amendment 39-22084; Docket No.
FAA-2022-0589; Project Identifier AD-2022-00376-E.

(a) Effective Date

    This airworthiness directive (AD) is effective July 5, 2022.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to Pratt & Whitney Division (PW) PW4062 model
turbofan engines with an installed low-pressure turbine (LPT) stage
5 air seal, part number (P/N) 50N324, having a serial number (S/N)
listed in Table 1 to paragraph (c) of this AD, installed.

[GRAPHIC] [TIFF OMITTED] TR17JN22.033

(d) Subject

    Joint Aircraft System Component (JASC) Code 7250, Turbine
Section.

(e) Unsafe Condition

    This AD was prompted by a report of a manufacturing quality
escape due to insufficient cooling of the LPT stage 5 air seal
resulting in a reduction of the life of the low-cycle fatigue (LCF)
life limit. The FAA is issuing this AD to prevent failure of the LPT
stage 5 air seal. The unsafe condition, if not addressed, could
result in the uncontained release of the LPT stage 5 air seal,
damage to the engine, and damage to the airplane.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Required Actions

    At the next piece-part exposure, or before the LPT stage 5 air
seal accumulates 8,240 cycles since new, whichever occurs first
after the effective date of this AD, remove the LPT stage 5 air seal
from service and replace it with a part eligible for installation.

(h) Definitions

    (1) For the purpose of this AD, ``piece-part exposure'' is when
an LPT stage 5 air seal has been disassembled from the engine.
    (2) For the purpose of this AD, a ``part eligible for
installation'' is an LPT stage 5 air seal, P/N 50N324, with an S/N
not listed in Table 1 to Paragraph (c) of this AD.

(i) Alternative Methods of Compliance (AMOCs)

    (1) The Manager, ECO Branch, FAA, has the authority to approve
AMOCs for this AD, if requested using the procedures found in 14 CFR
39.19. In accordance with 14 CFR 39.19, send your request to your
principal inspector or local Flight Standards District Office, as
appropriate. If sending information directly to the manager of the
certification office, send it to the attention of the person
identified in paragraph (j) of this AD and email to: [email protected].
    (2) Before using any approved AMOC, notify your appropriate
principal inspector, or lacking a principal inspector, the manager
of the local flight standards district office/certificate holding
district office.

(j) Related Information

    For more information about this AD, contact Carol Nguyen,
Aviation Safety Engineer, ECO Branch, FAA, 1200 District Avenue,
Burlington, MA 01803; phone:<PHONE_NUMBER>; email:
[email protected].

(k) Material Incorporated by Reference

    None.

    Issued on June 14, 2022.
Christina Underwood,
Acting Director, Compliance & Airworthiness Division, Aircraft
Certification Service.
[FR Doc. 2022-13088 Filed 6-16-22; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 81, Number 59 (Monday, March 28, 2016)]
[Notices]
[Pages 17231-17234]
[FR Doc No: 2016-06862]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77415; File No. SR-OCC-2016-006]

Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Related to the Voluntary Termination by Offset and Re-Matching of
Matched-Book Positions in the Stock Loan/Hedge Program

March 22, 2016.
    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 March 15, 2016, The Options Clearing Corporation (``OCC'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared primarily by OCC. OCC filed the proposed rule
change pursuant to Section 19(b)(3)(A)(iii) \3\ of the Act and Rule
19b-4(f)(4)(i) \4\ thereunder so that the proposal was effective upon
filing with the Commission. The Commission is publishing this notice to
solicit comments on the rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(4)(i).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    The purpose of this proposed rule change is to enhance the overall
resilience of OCC's Stock Loan/Hedge Program \5\ by allowing OCC to
close out the Matched-Book Positions (as defined herein) of Hedge
Clearing Members requesting an orderly wind down of Matched-Book
Positions through the termination by offset and ``re-matching'' of such
positions without requiring the transfer of securities against the
payment of settlement prices as currently required under OCC's rules.
All capitalized terms not defined herein have the same meaning as in
OCC's By-Laws and Rules.\6\
---------------------------------------------------------------------------

    \5\ See Article XXI of OCC's By-Laws and Chapter XXII of OCC's
Rules. It is also noted that no changes are being proposed to
Article XXIA of OCC's By-Laws or Chapter XXIIA of OCC's Rules, which
address OCC's Market Loan Program.
    \6\ Staff has inserted this sentence based on OCC's request to
clarify the use of capitalized terms by OCC in these statements
prepared by OCC.
---------------------------------------------------------------------------

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

    In its filing with the Commission, OCC 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. OCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

1. Purpose
    OCC proposes amendments to its By-Laws and Rules designed to
enhance the overall resilience of OCC's Stock Loan/Hedge Program by
allowing OCC to close out the Matched-Book Positions of a Hedge
Clearing Member requesting an orderly wind down of Matched-Book
Positions through the termination by offset and re-matching of such
positions without requiring the transfer of securities against the
payment of settlement prices as currently required under OCC's rules.
The proposed termination by offset and re-matching of stock loan and
borrow positions is designed to leave the affected Clearing Members
with the same net position in such stock loan and borrow positions as
prior to the adjustment.
Background
    In the Stock Loan/Hedge Program, OCC acts as a central counterparty
(``CCP'') for Hedge Loans that are directly negotiated by Hedge
Clearing Members and sent to OCC for clearance and settlement. A
prospective Lending Clearing Member and a prospective Borrowing
Clearing Member identify each other (independent of OCC) and agree on
the terms of the stock loan. The Hedge Clearing Members then send the
details of the stock loan to The Depository Trust Company
(``Depository'') with a certain ``reason code,'' \7\ which designates
the stock loan as a Hedge Loan for guaranty and clearance at OCC. The
Lending Clearing Member instructs the Depository to transfer a
specified number of shares of Eligible Stock to the account of the
Borrowing Clearing Member, and the Borrowing Clearing Member instructs
the Depository to transfer the appropriate amount of cash collateral to
the account of the Lending Clearing Member.\8\ The Depository then
sends the Hedge Loan information to OCC via an end-of-day report.\9\
After OCC receives the report from the Depository, OCC validates and
novates the stock loan transaction and becomes the lender to the
Borrowing Clearing Member and the borrower to the Lending Clearing
Member.\10\
---------------------------------------------------------------------------

    \7\ Unique reason codes were created by the Depository for
Clearing Members to designate stock loan transactions intended to be
sent to OCC for novation and guarantee.
    \8\ See OCC Rule 2202(a).
    \9\ See OCC Rule 2202(b).
    \10\ Id.
---------------------------------------------------------------------------

    After novation, as part of the guaranty, OCC makes Mark-to-Market
Payments for all Hedge Loans on a daily basis to collateralize all
loans to the negotiated levels.\11\ As the CCP, OCC guarantees the
return of the full value of cash collateral to a Borrowing Clearing
Member and the Loaned Stock, or value of that Loaned Stock, to the
Lending

Clearing Member. Settlements generally are combined and netted against
other OCC settlement obligations in a Hedge Clearing Member's account,
including trade premiums and margin deficits. A Hedge Clearing Member's
open positions in the Stock Loan/Hedge Program are factored into the
Hedge Clearing Member's overall Margin \12\ and Clearing Fund
contribution requirements.\13\
---------------------------------------------------------------------------

    \11\ Mark-to-Market Payments are based on the value of the
loaned securities and made between Clearing Members using OCC's cash
settlement system. The percentage of the value of the loaned
securities, either 100% or 102%, is dependent upon the agreement
between the two Hedge Clearing Members party to the transaction.
    \12\ See OCC Rules 601 and 2203.
    \13\ See OCC Rule 1001.
---------------------------------------------------------------------------

    A significant portion of the activity in OCC's stock lending
programs relates to what is often referred to as matched-book activity
where a Hedge Clearing Member maintains in an account a stock loan
position for a specified number of shares of an Eligible Stock
reflecting a stock lending transaction with one Hedge Clearing Member
(the Borrowing Clearing Member) and also maintains in that same account
a stock borrow position for the same number, or lesser number, of
shares of the same Eligible Stock with another Hedge Clearing Member
(the Lending Clearing Member) (such positions being ``Matched-Book
Positions''). From a daily mark-to-market settlement perspective, there
are typically no obligations related to Matched-Book Positions because
the member is simultaneously borrowing and lending the same securities
(and quantity), which are marked to the same price. OCC's margin
process recognizes this and currently nets loans and borrows in the
same security prior to calculating exposure, resulting in no margin on
a perfectly matched position.
    Currently, in order for a Hedge Clearing Member to close out its
stock loan positions, including Matched-Book Positions, the Hedge
Clearing Member is required to terminate its loans through instructions
issued to the Depository to transfer a specified quantity of the loaned
stock against payment of the settlement price in accordance with the
process prescribed in Rule 2208. Borrowing and Lending Clearing Member
counterparties to the Matched-Book Positions that wish to maintain
equivalent stock loan positions at OCC would then be required to
initiate new stock loans, through the process described above, in
accordance with Rule 2202. Throughout this process of terminating and
reestablishing stock loan positions, a number of operational steps are
required to effectuate and settle those transactions, which introduce
the potential for market disruption. For example, because OCC maintains
stock loan inventory on a bilateral basis (i.e., maintains the borrower
and lender to a transaction) and guarantees the return of cash
collateral and the Loaned Stock, or price of the Loaned Stock, if a
Hedge Clearing Member with Matched-Book Positions fails to fulfill its
obligations for the recall of loans and return of borrowed shares,
there would be a temporary imbalance of the previously ``matched-book''
position. In addition, the successful initiation of new replacement
stock loans for the Borrowing or Lending Clearing Members could be
subject to disruption by operational or execution risks, with the
result that one ``leg'' of the initiating transaction would fail.
Moreover, the Borrowing and Lending Clearing Members lose the
protections afforded by OCC's guaranty of their stock loan positions
until the newly initiated stock loan positions have been accepted,
novated, and guaranteed by OCC.
    The proposed rule change would permit a Hedge Clearing Member to
request the orderly wind down of Matched-Book Positions, subject to the
agreement of all affected Borrowing and Lending Clearing Members,
without requiring the transfer of securities against the payment of
settlement prices as currently required under OCC Rules 2202, 2208 and
2209. OCC believes the proposed rule change would eliminate the
potential risks described above associated with the transfer of
securities and funds and provide the overall marketplace with more
stability with respect to the process of voluntarily closing out
Matched-Book Positions in the Stock Loan/Hedge Program.
Voluntary Termination by Offset and Re-Matching
    OCC proposes to amend its By-Laws and Rules to permit a Hedge
Clearing Member to request an orderly wind down of its Matched-Book
Positions, contingent upon the explicit agreement of the requesting
Hedge Clearing Member, its counterparty Borrowing Clearing Member, and
counterparty Lending Clearing Member, and at the sole discretion of
OCC, without requiring the transfer of securities against the payment
of settlement prices as currently required under OCC's rules. First,
OCC proposes to amend Article I of its By-Laws to add new defined terms
``Matched-Book Borrowing Clearing Member,'' which would mean, with
respect to any Matched-Book Positions, the Hedge Clearing Member that
borrows Eligible Stock from a Hedge Clearing Member maintaining
Matched-Book Positions in that Eligible Stock and ``Matched-Book
Lending Clearing Member,'' which would mean, with respect to any
Matched-Book Positions, the Hedge Clearing Member that lends Eligible
Stock to a Hedge Clearing Member maintaining Matched-Book Positions in
that Eligible Stock. OCC also proposes to add a new definition for
``Matched-Book Positions,'' which would be defined as Hedge Loan
positions in which a single Hedge Clearing Member borrows Eligible
Stock from its Matched-Book Lending Clearing Member and lends an equal
or lesser amount of the same Eligible Stock to its Matched-Book
Borrowing Clearing Member.
    In addition, OCC proposes to amend Rule 2208 to adopt new rules for
the voluntary termination by offset and re-matching of Matched-Book
Positions. Specifically, OCC proposes to adopt new Rule 2208(e)(1),
which would provide that a Hedge Clearing Member may submit a written
request to OCC to effect one or more position adjustments to terminate
by offset all or some of its Matched-Book Positions if the following
conditions are met. First, the requesting Hedge Clearing Member, its
Matched-Book Lending Clearing Member, and its Matched-Book Borrowing
Clearing Member have furnished to the Corporation their written
agreement to (i) the termination by offset of such Matched-Book
Positions maintained in the requesting Hedge Clearing Member's account
and (ii) the Corporation's re-matching the stock borrow position for
the same number of shares in the same Eligible Stock maintained in a
designated account of the Matched-Book Borrowing Clearing Member
against the stock loan position for the same number of shares in the
same Eligible Stock maintained in a designated account of the Matched-
Book Lending Clearing Member. Second, the written agreement furnished
by the requesting Hedge Clearing Member, the Matched-Book Borrowing
Clearing Member, and the Matched-Book Lending Clearing Member must be
in the form specified by OCC. Third, the written request to terminate
by offset and to re-match stock loan and borrow positions may be for
less than the total number of shares of the Eligible Stock that is the
subject of the stock loan and borrow positions maintained, as
applicable, by the requesting Hedge Clearing Member, the Matched-Book
Borrowing Clearing Member, and Matched-Book Lending Clearing Member,
but must be for an equal number of shares.
    Additionally, proposed Rule 2208(e)(2) would provide that, if OCC
in its sole discretion approves the requested termination by offset and
re-matching of positions, the requesting Hedge Clearing Member, the
Matched-Book Borrowing Clearing Member, and Matched-Book Lending
Clearing

Member would not be required to issue instructions to the Depository to
terminate such stock loans and stock borrow positions maintained in the
Stock Loan/Hedge Program or to initiate new stock lending transactions
for inclusion in the Stock Loan/Hedge Program as currently required
under Rules 2202(a) and 2208(a).
    Proposed Rules 2208(e)(3) and (4) would provide that, from and
after the time OCC has completed the requested position adjustments to
terminate by offset and re-match the specified stock loan and borrow
positions, the requesting Hedge Clearing Member would have no further
obligation under the By-Laws and Rules with respect to such positions;
however, the Borrowing Clearing Member with re-matched stock borrow
positions remains obligated as a Borrowing Clearing Member and the
Lending Clearing Member with re-matched stock loan positions remains
obligated as a Lending Clearing Member with respect to the re-matched
positions as specified in the By-Laws and Rules applicable to the Stock
Loan/Hedge Program.
    Proposed Rule 2208(e)(5) would require the requesting Hedge
Clearing Member and re-matched Borrowing Clearing Member and Lending
Clearing Member to make any necessary bookkeeping entries at the
Depository necessitated by the termination by offset and re-matching
upon notification that the termination by offset and re-matching has
been completed as set forth in proposed Rule 2209(h).
    In addition, OCC proposes to adopt new Rule 2209(h) to specify
that, in the event of a termination by offset and re-matching of a
stock loan under proposed Rule 2208(e), such termination by offset and
re-match shall be complete upon OCC completing all position adjustments
in the accounts of the requesting Hedge Clearing Member, the Matched-
Book Borrowing Clearing Member, and the Matched-Book Lending Clearing
Member in accordance with Rule 2208(e) and the earlier of (i)
communicating confirmation of the transaction in the form of direct
written communications with the requesting Hedge Clearing Member, the
Matched-Book Borrowing Clearing Member, and the Matched-Book Lending
Clearing Member or (ii) when systems reports are produced and provided
to the Clearing Members reflecting the transaction.
    OCC also proposes conforming and clean-up changes to Article XXI,
Sections 2, 3 and 4 of its By-Laws. Article XXI, Section 2 would be
revised to (i) account for the netting of stock loan and stock borrow
positions during the voluntary termination by offset and re-matching of
Matched-Book Positions in accordance with proposed Rule 2208(e) and
(ii) make clean-up changes to ensure the consistent use of the defined
term ``Eligible Stock.'' Additionally, Article XXI, Sections 3 and 4
would be revised to state that the voluntary termination by offset of
Matched-Book Positions in accordance with proposed Rule 2208(e) would
be excluded from the requirement to pay the settlement price against
delivery of the Loaned Stock as currently required for all terminations
under OCC's existing rules.
2. Statutory Basis
    OCC believes the proposed rule change is consistent with Section
17A(b)(3)(F) of the Securities Exchange Act of 1934, as amended (the
``Act''),\14\ and the rules thereunder applicable to OCC. The proposed
rule change would allow OCC to close out the Matched-Book Positions of
Hedge Clearing Members, which could include distressed Hedge Clearing
Members or Hedge Clearing Members otherwise wishing to wind down their
Matched-Book Positions in an orderly manner, through the termination by
offset and re-matching of such positions. As described above, under
OCC's existing rules, the close out of Matched-Book Positions requires
the transfer of securities against the payment of settlement prices.
Moreover, to the extent Borrowing and Lending Clearing Member
counterparties to the Matched-Book Positions wish to continue to
maintain equivalent stock loan positions at OCC, those members would be
required to initiate new stock loans to replace the closed out
positions. Throughout this process of terminating and reestablishing
stock loan positions, a number of operational steps are required to
effectuate and settle those transactions, which introduce the potential
for execution and operational risks and thereby pose risks to the
prompt and accurate clearance and settlement of securities transactions
and the safeguarding of securities and funds associated therewith.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    The proposed rule change would eliminate these risks by allowing
OCC and its Hedge Clearing Members to close out Matched-Book Positions
through a process of termination by offset and re-matching without
requiring the transfer of securities and funds. Moreover, due to the
nature of Matched-Book Positions, the proposed position adjustments
would enable the requesting Hedge Clearing Member to orderly wind down
its Matched-Book Positions while ensuring the Matched-Book Borrowing
and Matched-Book Lending Clearing Members' positions are continuously
protected by OCC's guaranty. OCC therefore believes the proposed rule
change is designed to promote the prompt and accurate clearance of
settlement of securities transactions, the safeguarding of securities
and funds in the custody or control of OCC or for which it is
responsible and, in general, to protect investors and the public
interest in accordance with Section 17A(b)(3)(F) of the Act.\15\
---------------------------------------------------------------------------

    \15\ Id.
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    OCC does not believe that the proposed rule change would have any
impact or impose any burden on competition.\16\ The proposed rules
would be equally applicable to all Hedge Clearing Members at OCC. The
proposed rule change is designed to allow for the termination by offset
and re-matching of Matched-Book Positions without requiring the
transfer of securities and funds between Hedge Clearing Members and
exposing OCC's members to the risks attendant to such transfers (as
described in detail above). Accordingly, OCC does not believe that the
proposed rule change would have any impact or impose any burden on
competition.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78q-1(b)(3)(I).
---------------------------------------------------------------------------

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants or Others

    Written comments on the proposed rule change were not and are not
intended to be solicited with respect to the proposed rule change and
none have been received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    The foregoing rule change has become effective upon filing \17\
pursuant to Section 19(b)(3)(A)(iii) of the Act \18\ and Rule 19b-
4(f)(4)(i) thereunder \19\ as it effects a change in an existing
service of a registered clearing agency that (1) does not adversely
affect the safeguarding of securities or funds in the custody or
control of the clearing agency or for which it is responsible and (2)
does not significantly affect the respective rights

or obligations of the clearing agency or persons using the service. 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.
---------------------------------------------------------------------------

    \17\ Notwithstanding its immediate effectiveness, implementation
of this rule change will be delayed until this change is deemed
certified under CFTC Regulation Sec.  40.6.
    \18\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \19\ 17 CFR 240.19b-4(f)(4)(i).
---------------------------------------------------------------------------

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-OCC-2016-006 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-OCC-2016-006. 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
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of OCC and on OCC's
Web site at http://www.theocc.com/components/docs/legal/rules_and_bylaws/sr_occ_16_006.pdf.
    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-OCC-2016-006
and should be submitted on or before April 18, 2016.
---------------------------------------------------------------------------

    \20\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
Brent J. Fields,
Secretary.
[FR Doc. 2016-06862 Filed 3-25-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: October 5, 2007 (Volume 72, Number 193)]
[Proposed Rules]
[Page 56975]
[DOCID:fr05oc07-27]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R03-OAR-2007-0511; FRL-8477-1]

Approval and Promulgation of Air Quality Implementation Plans;
Pennsylvania; Carbon Monoxide Maintenance Plan Update; Limited
Maintenance Plan in Philadelphia County

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: EPA proposes to approve the State Implementation Plan (SIP)
revision submitted by the State of Pennsylvania for the purpose of
establishing a limited maintenance plan for carbon monoxide in
Philadelphia County for the maintenance period of 2007-2017. In the
Final Rules section of this Federal Register, EPA is approving the
State's SIP submittal as a direct final rule without prior proposal
because the Agency views this as a noncontroversial submittal and
anticipates no adverse comments. A detailed rationale for the approval
is set forth in the direct final rule. If no adverse comments are
received in response to this action, 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. Any parties interested in commenting
on this action should do so at this time.

DATES: Comments must be received in writing by November 5, 2007.

ADDRESSES: Submit your comments, identified by Docket ID Number EPA-
R03-OAR-2007-0511 by one of the following methods:
    A. http://www.regulations.gov. Follow the on-line instructions for

submitting comments.
    B. E-mail<EMAIL_ADDRESS>    C. Mail: EPA-R03-OAR-2007-0511, Marilyn Powers, Acting Chief, Air
Quality Planning Branch, Mailcode 3AP21, U.S. Environmental Protection
Agency, Region III, 1650 Arch Street, Philadelphia, Pennsylvania 19103.
    D. Hand Delivery: At the previously-listed EPA Region III address.
Such deliveries are only accepted during the Docket's normal hours of
operation, and special arrangements should be made for deliveries of
boxed information.
    Instructions: Direct your comments to Docket ID No. EPA-R03-OAR-
2007-0511. EPA's policy is that all comments received will be included
in the public docket without change, and may be made available online
at http://www.regulations.gov, including any personal information

provided, unless the comment includes information claimed to be
Confidential Business Information (CBI) or other information whose
disclosure is restricted by statute. Do not submit information that you
consider to be CBI or otherwise protected through http://www.regulations.gov or e-mail. The http://www.regulations.gov Web site

is an ``anonymous access'' system, which means EPA will not know your
identity or contact information unless you provide it in the body of
your comment. If you send an e-mail comment directly to EPA without
going through http://www.regulations.gov, your e-mail address will be

automatically captured and included as part of the comment that is
placed in the public docket and made available on the Internet. If you
submit an electronic comment, EPA recommends that you include your name
and other contact information in the body of your comment and with any
disk or CD-ROM you submit. If EPA cannot read your comment due to
technical difficulties and cannot contact you for clarification, EPA
may not be able to consider your comment. Electronic files should avoid
the use of special characters, any form of encryption, and be free of
any defects or viruses.
    Docket: All documents in the electronic docket are listed in the
http://www.regulations.gov index. Although listed in the index, some

information is not publicly available, i.e., CBI or other information
whose disclosure is restricted by statute. Certain other material, such
as copyrighted material, is not placed on the Internet and will be
publicly available only in hard copy form. Publicly available docket
materials are available either electronically in http://www.regulations.gov
 or in hard copy during normal business hours at the

Air Protection Division, U.S. Environmental Protection Agency, Region
III, 1650 Arch Street, Philadelphia, Pennsylvania 19103. Copies of the
State submittal are available at the Pennsylvania Department of
Environmental Resources Bureau of Air Quality Control, P.O. Box 8468,
400 Market Street, Harrisburg, Pennsylvania 17105; and the Department
of Public Health, Air Management Services, 321 University Avenue,
Philadelphia, Pennsylvania 19104.

FOR FURTHER INFORMATION CONTACT: Catherine L. Magliocchetti, (215) 814-
2174, or by e-mail at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: For further information regarding this SIP
revision submitted by the State of Pennsylvania for the purpose of
establishing a limited maintenance plan for carbon monoxide in
Philadelphia County for the maintenance period of 2007-2017, please see
the information provided in the direct final action, with the same
title, that is located in the ``Rules and Regulations'' section of this
Federal Register publication.

    Dated: September 14, 2007.
Donald S. Welsh,
Regional Administrator, Region III.
[FR Doc. E7-19517 Filed 10-4-07; 8:45 am]

BILLING CODE 6560-50-P