[Federal Register Volume 82, Number 105 (Friday, June 2, 2017)]
[Notices]
[Pages 25642-25648]
[FR Doc No: 2017-11471]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80812; File No. SR-FICC-2017-002]

Self-Regulatory Organizations; Fixed Income Clearing Corporation;
Order Instituting Proceedings To Determine Whether To Approve or
Disapprove a Proposed Rule Change To Implement the Capped Contingency
Liquidity Facility in the Government Securities Division Rulebook

May 30, 2017.

I. Introduction

    On March 1, 2017, Fixed Income Clearing Corporation (``FICC'')
filed with the Securities and Exchange Commission (``Commission'')
proposed rule change SR-FICC-2017-002 (``Proposed Rule Change'')
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ to implement a Capped
Contingency Liquidity Facility in FICC's Government Securities Division
Rulebook.\3\ The Proposed Rule Change was published for comment in the
Federal Register on March 20, 2017.\4\ To date, the Commission has
received three comment letters to the Proposed Rule Change.\5\ On April
25, 2017, the Commission designated a longer period within which to
approve the Proposed Rule Change, disapprove the Proposed Rule Change,
or institute proceedings to determine whether to approve or disapprove
the Proposed Rule Change.\6\ This order institutes proceedings under
Section 19(b)(2)(B) of the Act \7\ to determine whether to approve or
disapprove the Proposed Rule Change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ FICC also filed the Proposed Rule Change as advance notice
SR-FICC-2017-802 (``Advance Notice'') pursuant to Section 806(e)(1)
of the Payment, Clearing, and Settlement Supervision Act of 2010, 12
U.S.C. 5465(e)(1), and Rule 19b-4(n)(1)(i) under the Act, 17 CFR
240.19b-4(n)(1)(i). Notice of filing of the Advance Notice was
published for comment in the Federal Register on March 15, 2017.
Securities Exchange Act Release No. 80191 (March 9, 2017), 82 FR
13876 (March 15, 2017) (SR-FICC-2017-802). The Commission extended
the deadline for its review period of the Advance Notice from April
30, 2017 to June 29, 2017. Securities Exchange Act Release No. 80520
(April 25, 2017), 82 FR 20404 (May 1, 2017) (SR-FICC-2017-802). The
proposal in the Proposed Rule Change and the Advance Notice shall
not take effect until all regulatory actions required with respect
to the proposal are completed.
    \4\ Securities Exchange Act Release No. 80234 (March 14, 2017),
82 FR 14401 (March 20, 2017) (SR-FICC-2017-002).
    \5\ See letter from Robert E. Pooler, Chief Financial Officer,
Ronin Capital LLC, dated April 10, 2017, to Robert W. Errett, Deputy
Secretary, Commission; letter from Alan B. Levy, Managing Director,
Industrial and Commercial Bank of China Financial Services LLC
(``ICBC''), Philip Vandermause, Director, Aardvark Securities LLC,
David Rutter, Chief Executive Officer, LiquidityEdge LLC, Robert
Pooler, Chief Financial Officer, Ronin Capital LLC, Jason
Manumaleuna, Chief Financial Officer and EVP, Rosenthal Collins
Group LLC, and Scott Skyrm, Managing Director, Wedbush Securities
Inc. (``ICBC Letter''); and letter from Timothy J. Cuddihy, Managing
Director, FICC, dated March 8, 2017, to Robert W. Errett, Deputy
Secretary, Commission (``FICC Letter''), available at https://www.sec.gov/comments/sr-ficc-2017-002/ficc2017002.htm. Since the
proposal contained in the Proposed Rule Change was also filed as an
Advance Notice, Release No. 80191, supra note 3, the Commission is
considering all public comments received on the proposal regardless
of whether the comments are submitted to the Proposed Rule Change or
the Advance Notice.
    \6\ See Securities Exchange Act Release No. 80524 (April 25,
2017), 82 FR 20685 (May 3, 2017).
    \7\ 15 U.S.C. 78s(b)(2)(B).
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II. Description of the Proposed Rule Change

    FICC's current liquidity resources for its Government Securities
Division (``GSD'') \8\ consist of (i) cash in GSD's clearing fund; (ii)
cash that can be obtained by entering into uncommitted repo
transactions using securities in the clearing fund; (iii) cash that can
be obtained by entering into uncommitted repo transactions using the
securities that were destined for delivery to the defaulting GSD
member; and (iv) uncommitted bank loans.\9\
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    \8\ FICC operates two divisions--GSD and the Mortgage-Backed
Securities Division (``MBSD''). GSD provides trade comparison,
netting, risk management, settlement and central counterparty
services for the U.S. government securities market, while MBSD
provides the same services for the U.S. mortgage-backed securities
market. Because GSD and MBSD are separate divisions of FICC, each
division maintains its own rules, members, margin from their
respective members, clearing fund, and liquid resources.
    \9\ See Notice, 82 at 14402.
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    With this Proposed Rule Change, FICC proposes to amend its GSD
Rulebook (``GSD Rules'') \10\ to establish a rules-based, committed
liquidity resource (i.e., the Capped Contingency Liquidity
Facility[supreg] (``CCLF'')) as an additional liquidity resource
designed to provide FICC with a committed liquidity resource to meet
its cash settlement obligations in the event of a default of the GSD
Netting Member or family of affiliated Netting Members (``Affiliated
Family'') to which FICC has the largest exposure in extreme but
plausible market conditions.\11\
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    \10\ GSD Rules, available at www.dtcc.com/legal/rules-and-procedures.aspx.
    \11\ As defined in the GSD Rules, the term ``Netting Member''
means a GSD member that is a member of the GSD Comparison System and
the Netting System. Id.
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A. Overview of the Proposal

    CCLF would be invoked only if FICC declared a ``CCLF Event,'' which
would occur only if FICC ceased to act for a Netting Member in
accordance to GSD Rule 22A (referred to as a ``default'') and,
subsequent to such default, FICC determined that its other, above-
described liquidity resources could not generate sufficient cash to
statisfy FICC's payment obligations to the non-defaulting Netting
Members. Once FICC declares a CCLF Event, each Netting Member could be
called upon to enter into repurchase transactions with FICC (``CCLF
Transactions'') up to a pre-determined capped dollar amount, as
described below.
1. Declaration of a CCLF Event
    Following a default, FICC would first obtain liquidity through its
other available non-CCLF liquidity resources.

If FICC determined that these sources of liquidity would be
insufficient to meet FICC's payment obligation to its non-defaulting
Netting Members, FICC would declare a CCLF Event. FICC would notify all
Netting Members of FICC's need to make such a declaration and enter
into CCLF Transactions, as necessary, by issuing an Important Notice.
2. CCLF Transactions
    Upon declaring a CCLF Event, FICC would meet its liquidity need by
initiating CCLF Transactions with non-defaulting Netting Members. The
Proposed Rule Change would clarify that the original transaction that
created FICC's initial obligation to pay cash to the now Direct
Affected Member, and the Direct Affected Member's initial obligation to
deliver securities to FICC, would be deemed satisfied by entry into the
CCLF Transaction, and that such settlement would be final.
    Each CCLF Transaction would be governed by the terms of the
September 1996 Securities Industry and Financial Markets Association
Master Repurchase Agreement,\12\ which would be incorporated by
reference into the GSD Rules as a master repurchase agreement between
FICC as seller and each Netting Member as buyer, with certain
modifications as outlined in the GSD Rules (``CCLF MRA'').
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    \12\ The September 1996 Securities Industry and Financial
Markets Association Master Repurchase Agreement (``SIFMA MRA'') is
available at http://www.sifma.org/services/standard-forms-and-documentation/mra,-gmra,-msla-and-msftas/. The SIFMA MRA would be
incorporated by reference into the GSD Rules without referenced
annexes, other than Annex VII (Transactions Involving Registered
Investment Companies), which would be applicable to any Netting
Member that is a registered investment company. FICC represents
that, at the time of filing the Proposed Rule Change, there were no
registered investment companies that are also GSD Netting Members.
See Notice, 82 at 14402.
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    To initiate CCLF Transactions with non-defaulting Netting Members,
FICC would identify the non-defaulting Netting Members that are
obligated to deliver securities destined for the defaulting Netting
Member (``Direct Affected Members'') and, in return, would be obligated
to receive a cash payment. FICC would need to finance those
transactions through CCLF, in order to cover the defaulting Netting
Member's failure to deliver the cash payment (``Financing Amount'').
FICC would notify each Direct Affected Member of the Direct Affected
Member's Financing Amount and whether such Direct Affected Member
should deliver to FICC or suppress any securities that were destined
for the defaulting Netting Member. FICC would then initiate CCLF
Transactions with each Direct Affected Member for the Direct Affected
Member's purchase of the securities (``Financed Securities'') that were
destined for the defaulting Netting Member.\13\ The aggregate purchase
price of the CCLF Transactions with the Direct Affected Member could
equal but never exceed the Direct Affected Member's maximum funding
obligation (``Individual Total Amount'').\14\
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    \13\ FICC states that it would have the authority to initiate
CCLF Transactions with respect to any securities that are in the
Direct Affected Member's portfolio which are bound to the defaulting
Netting Member.
    \14\ The sizing of each Direct Affected Member's Individual
Total Amount is described below in Section II.B.
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    If any Direct Affected Member's Financing Amount exceeds its
Individual Total Amount (``Remaining Financing Amount''), FICC would
advise the following categories of Netting Members (collectively,
``Affected members'') that FICC intends to initiate CCLF Transactions
with them for the Remaining Financing Amount: (i) All other Direct
Affected Members with a Financing Amount less than its Individual Total
Amount; and (ii) each Netting Member that has not otherwise entered
into CCLF Transactions with FICC (``Indirect Affected Members'').
    FICC states that the order in which FICC would enter into CCLF
Transactions for the Remaining Financing Amount would be based upon the
Affected Members that have the most funding available within their
Individual Total Amounts.\15\ No Affected Member would be obligated to
enter into CCLF Transactions greater than its Individual Total Amount.
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    \15\ See Notice, 82 at 14403.
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    After receiving approval from FICC's Board of Directors to do so,
FICC would engage its investment advisor during a CCLF Event to
minimize liquidation losses on the Financed Securities through hedging,
strategic dispositions, or other investment transactions as determined
by FICC under relevant market conditions. Once FICC liquidates the
underlying securities by selling them to a new buyer (``Liquidating
Trade''), FICC would instruct the Affected Member to close the CCLF
Transaction by delivering the Financed Securities to FICC in order to
complete settlement of the Liquidating Trade. FICC would attempt to
unwind the CCLF Transactions in the order it entered into the
Liquidating Trades. Each CCLF Transaction would remain open until the
earlier of (i) such time that FICC liquidates the Affected Member's
Financed Securities; (ii) such time that FICC obtains liquidity through
its available liquid resources; or (iii) 30 or 60 calendar days after
entry into the CCLF Transaction for U.S. government bonds and mortgage-
backed securities, respectively.

B. CCLF Sizing and Allocation

    According to FICC, its overall liquidity need during a CCLF Event
would be determined by the cash settlement obligations presented by the
default of a Netting Member and its Affiliated Family, as described
below. An additional amount (``Liquidity Buffer'') would be added to
account for both changes in Netting Members' cash settlement
obligations that may not be observed during the six-month look-back
period during which CCLF would be sized, and the possibility that the
defaulting Netting Member is the largest CCLF contributor.
    FICC believes that its proposal would allocate FICC's observed
liquidity need during a CCLF Event among all Netting Members based on
their historical settlement activity, but states that Netting Members
that present the highest cash settlement obligations would be required
to maintain higher CCLF funding obligations.\16\
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    \16\ Id.
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    The steps that FICC would take to size its overall liquidity need
during a CCLF event and then size and allocate each Netting Member's
CCLF contribution requirement are described below.
Step 1: CCLF Sizing
(A) Historical Cover 1 Liquidity Requirement
    FICC's historical liquidity need for the six-month look-back period
would be equal to the largest liquidity need generated by an Affiliated
Family during the preceding six-month period. The amount which would be
determined by calculating the largest sum of an Affiliated Family's
obligation to receive GSD eligible securities, plus the net dollar
amount of its Funds-Only Settlement Amount \17\ (collectively, the
``Historical Cover 1 Liquidity Requirement''). FICC believes that it is
appropriate to calculate the Historical Cover 1 Liquidity Requirement
in this manner because the default of such an

Affiliated Family would generate the largest liquidity need for
FICC.\18\
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    \17\ According to FICC, the Funds-Only Settlement Amount
reflects the amount that FICC collects and passes to the contra-side
once FICC marks the securities in a Netting Member's portfolio to
the current market value. FICC states that this amount is the
difference between the contract value and the current market value
of a Netting Member's GSD portfolio. FICC states that it would
consider this amount when calculating the Historical Cover 1
Liquidity Requirement because in the event that an Affiliated Family
defaults, the Funds-Only Settlement Amount would also reflect the
cash obligation to non-defaulting Netting Members. Id.
    \18\ Id.
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(B) Liquidity Buffer
    According to FICC, it is cognizant that the Historical Cover 1
Liquidity Requirement would not account for changes in a Netting
Member's current trading behavior, which could result in a liquidity
need greater than the Historical Cover 1 Liquidity Requirement. To
account for this potential shortfall, FICC proposes to add a Liquidity
Buffer as an additional amount to the Historical Cover 1 Liquidity
Requirement, which would help to better anticipate GSD's total
liquidity need during a CCLF Event.
    FICC states that the Liquidity Buffer would initially be 20 percent
of the Historical Cover 1 Liquidity Requirement (and between 20 to 30
percent thereafter), subject to a minimum amount of $15 billion.\19\
FICC believes that 20 to 30 percent of the Historical Cover 1 Liquidity
Requirement is appropriate based on its analysis and statistical
measurement of the variance of its daily liquidity need throughout 2015
and 2016.\20\ FICC also believes that the $15 billion minimum dollar
amount is necessary to cover changes in a Netting Member's trading
activity that could exceed the amount that is implied by such
statistical measurement.\21\
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    \19\ See Notice, 82 at 14404. For example, if the Historical
Cover 1 Liquidity Requirement was $100 billion, the Liquidity Buffer
initially would be $20 billion ($100 billion x 0.20), for a total of
$120 billion in potential liquidity resources.
    \20\ According to FICC, it uses a statistical measurement called
the ``coefficient of variation,'' which is calculated as the
standard deviation divided by the mean, to quantify the variance of
Affiliated Families' daily liquidity needs. See Notice, 82 at 14403.
FICC states that this is a typical approach used to compare
variability across different data sets. Id. FICC states that it will
use the coefficient of variation to set the Liquidity Buffer by
quantifying the variance of each Affiliated Family's daily liquidity
need. Id. FICC believes that a Liquidity Buffer of 20 to 30 percent,
subject to a minimum of $15 billion, would be an appropriate
Liquidity Buffer because FICC found that, throughout 2015 and 2016,
the coefficient of variation ranged from an average of 15 to 19
percent for Affiliated Families with liquidity needs above $50
billion, and an average of 18 to 21 percent for Affiliated Families
with liquidity needs above $35 billion. Id.
    \21\ Id.
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    FICC would have the discretion to adjust the Liquidity Buffer,
within the range of 20 to 30 percent of the Historical Cover 1
Liquidity Requirement, based on its analysis of the stability of the
Historical Cover 1 Liquidity Requirement over various time horizons.
According to FICC, this would help ensure that its liquidity resources
are sufficient under a wide range of potential market scenarios that
may lead to a change in a Netting Member's trading behavior. FICC also
states that it would analyze the trading behavior of Netting Members
that present larger liquidity needs than the majority of the Netting
Members, as described below.\22\
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    \22\ Id.
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(C) Aggregate Total Amount
    FICC's anticipated total liquidity need during a CCLF Event (i.e.,
the sum of the Historical Cover 1 Liquidity Requirement plus the
Liquidity Buffer) would be referred to as the ``Aggregate Total
Amount.'' The Aggregate Total Amount initially would be set to the
Historical Cover 1 Liquidity Requirement plus the greater of 20 percent
of the Historical Cover 1 Liquidity Requirement or $15 billion.
Step 2: Allocation of the Aggregate Total Amount Among Netting Members
(A) Allocation of the Aggregate Regular Amount Among Netting Members
    The Aggregate Total Amount would be allocated among Netting Members
in order to arrive at each Netting Member's Individual Total Amount.
FICC would take a tiered approach in its allocation of the Aggregate
Total Amount. First, FICC would determine the portion of the Aggregate
Total Amount that should be allocated among all Netting Members
(``Aggregate Regular Amount''), which FICC states initially would be
set at $15 billion.\23\ FICC believes that this amount is appropriate
because the average Netting Member's liquidity need from 2015 to 2016
was approximately $7 billion, with a majority of Netting Members having
liquidity needs less than $15 billion.\24\ Based on that analysis, FICC
believes that the $15 billion Aggregate Regular Amount should capture
the liquidity needs of a majority of the Netting Members.\25\
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    \23\ Id.
    \24\ From 2015 to 2016, 59 percent of all Netting Members
presented average liquidity needs between $0 to $5 billion, 78
percent of all Netting Members presented average liquidity needs
between $0 and $10 billion, and 85 percent of all Netting Members
presented average liquidity needs between $0 and $15 billion. Id.
    \25\ Id.
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    Second, as discussed in more detail below, after allocating the $15
billion Aggregate Regular Amount, FICC would allocate the remainder of
the Aggregate Total Amount (``Aggregate Supplemental Amount'') among
Netting Members that incurred liquidity needs above the Aggregate
Regular Amount within the six-month look-back period. For example, a
Netting Member with a $7 billion peak daily liquidity need would only
contribute to the $15 billion Aggregate Regular Amount, based on the
calculation described below. Meanwhile a Netting Member with a $45
billion Aggregate Regular Amount would contribute towards the $15
billion Aggregate Regular Amount and the Aggregate Supplemental Amount,
as described below.
    FICC believes that this tiered approach reflects a reasonable,
fair, and transparent balance between FICC's need for sufficient
liquidity resources and the burdens of the funding obligations on each
Netting Member's management of its own liquidity.\26\
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    \26\ Id.
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    Under the proposal, the Aggregate Regular Amount would be allocated
among all Netting Members, but Netting Members with larger Receive
Obligations \27\ would be required to contribute a larger amount. FICC
believes that this approach is appropriate because a defaulting Netting
Member's Receive Obligations are the primary cash settlement
obligations that FICC would have to satisfy as a result of the default
of an Affiliated Family.\28\ However, FICC also believes that, because
FICC guarantees both sides of a GSD Transaction and all Netting Members
benefit from FICC's risk mitigation practices, some portion of the
Aggregate Regular Amount should be allocated based on Netting Members'
aggregate Deliver Obligations \29\ as well.\30\ As a result, FICC
proposes to allocate the Aggregate Regular Amount based on a scaling
factor. Given that the Aggregate Regular Amount would be initially
sized at $15 billion and would cover approximately 80 percent of
Netting Members' observed liquidity needs, FICC proposes to set the
scaling factor in the range of 65 to 85 percent to the value of Netting
Members' Receive Obligations, and in the range of 15 to 35 percent to
the value of Netting Members' Deliver Obligations.\31\
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    \27\ ``Receive Obligation'' means a Netting Member's obligation
to receive eligible netting securities from FICC at the appropriate
settlement value, either in satisfaction of all or a part of a Net
Long Position, or to implement a collateral substitution in
connection with a Repo Transaction with a right of substitution. GSD
Rules, supra note 10.
    \28\ See Notice, 82 at 14404.
    \29\ ``Deliver Obligation'' means a Netting Member's obligation
to deliver eligible netting securities to FICC at the appropriate
settlement value either in satisfaction of all or a part of a Net
Short Position or to implement a collateral substitution in
connection with a Repo Transaction with a right of substitution. GSD
Rules, supra note 10.
    \30\ See Notice, 82 at 14404.
    \31\ See Notice, 82 at 14404.
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    FICC states that it would initially assign a 20 percent weighting

percentage to a Netting Member's aggregate peak Deliver Obligations
(``Deliver Scaling Factor'') and the remaining percentage difference,
80 percent in this case, to a Netting Member's aggregate peak Receive
Obligations (``Receive Scaling Factor'').\32\ FICC would have the
discretion to adjust these scaling factors based on a quarterly
analysis that would, in part, assess Netting Members' observed
liquidity needs that are at or below $15 billion. FICC believes that
this assessment would help ensure that the Aggregate Regular Amount
would be appropriately allocated across all Netting Members.\33\
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    \32\ For example, assume that a Netting Member's peak Receive
and Deliver Obligations represent 5 and 3 percent, respectively, of
the sum of all Netting Members' peak Receive and Deliver
Obligations. The Netting Member's portion of the Aggregate Regular
Amount (``Individual Regular Amount'') would be $600 million ($15
billion * 0.80 Receive Scaling Factor * 0.05 Peak Receive Obligation
Percentage), plus $90 million ($15 billion * 0.20 Deliver Scaling
Factor * 0.03 Peak Deliver Obligation Percentage), for a total of
$690 million.
    \33\ See Notice, 82 at 14404.
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(B) FICC's Allocation of the Aggregate Supplemental Amount Among
Netting Members
    The remainder of the Aggregate Total Amount (i.e., the Aggregate
Supplemental Amount) would be allocated among Netting Members that
present liquidity needs greater than $15 billion using Liquidity Tiers.
As described in greater detail in the Notice, the specific allocation
of the Aggregate Supplemental Amount to each Liquidity Tier would be
based on the frequency that Netting Members generated liquidity needs
within each Liquidity Tier, relative to the other Liquidity Tiers.\34\
More specifically, once the Aggregate Supplemental Amount is divided
among the Liquidity Tiers, the amount within each Liquidity Tier would
be allocated among the applicable Netting Members, based on the
relative frequency that a Netting Member generated liquidity needs
within each Liquidity Tier.\35\ FICC explains that this allocation
would result in a larger proportion of the Aggregate Supplemental
Amount being borne by those Netting Members who present the highest
liquidity needs.\36\
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    \34\ See Notice, 82 at 14404-05.
    \35\ For example, if the Aggregate Supplemental Amount is $50
billion and Tier 1 has a relative frequency weighting of 33 percent,
all Netting Members that have generated liquidity needs that fall
within Tier 1 would collectively fund $16.5 billion ($50 billion *
0.33) of the Supplemental Amount. Each Netting Member in that tier
would be responsible for contributing toward the $16.5 billion,
based on the relative frequency that the member generated liquidity
needs within that tier.
    \36\ See Notice, 82 at 14404-05.
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    The sum of a Netting Member's allocation across all Liquidity Tiers
would be such Netting Member's Individual Supplemental Amount. FICC
would add each Netting Member's Individual Supplemental Amount (if any)
to its Individual Regular Amount to arrive at such Netting Member's
Individual Total Amount.

C. FICC's Ongoing Assessment of the Sufficiency of CCLF

    As described above, the Aggregate Total Amount and each Netting
Member's Individual Total Amount (i.e., each Netting Member's
allocation of the Aggregate Total Amount) would initially be calculated
using a six-month look-back period that FICC would reset every six
months (``reset period''). FICC states that, on a quarterly basis, FICC
would assess the following parameters used to calculate the Aggregate
Total Amount (and could consider changes to such parameters, if
necessary and appropriate):
     The largest peak daily liquidity need of an Affiliated
Family;
     the Liquidity Buffer;
     the Aggregate Regular Amount;
     the Aggregate Supplemental Amount;
     the Deliver Scaling Factor and the Receive Scaling Factor
used to allocate the Aggregate Regular Amount;
     the increments for the Liquidity Tiers; and
     the length of the look-back period and the reset period
for the Aggregate Total Amount.\37\
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    \37\ See Notice, 82 at 14406.
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    FICC represents that, in the event that any changes to the above-
referenced parameters result in an increase in a Netting Member's
Individual Total Amount, such increase would be effective as of the
next bi-annual reset.\38\
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    \38\ Id.
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    Additionally, on a daily basis, FICC would examine the Aggregate
Total Amount to ensure that it is sufficient to satisfy FICC's
liquidity needs. If FICC determines that the Aggregate Total Amount is
insufficient to satisfy its liquidity needs, FICC would have the
discretion to change the length of the six-month look-back period, the
reset period, or otherwise increase the Aggregate Total Amount.
    Any increase in the Aggregate Total Amount resulting from FICC's
quarterly assessments or FICC's daily monitoring would be subject to
approval from FICC management, as described in the Notice.\39\
Increases to a Netting Member's Individual Total Amount as a result of
its daily monitoring would not be effective until ten business days
after FICC issues an Important Notice regarding the increase.
Reductions to the Aggregate Total Amount would be reflected at the
conclusion of the reset period.
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    \39\ Id.
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D. Implementation of the Proposed Changes and Required Attestation From
Each Netting Member

    The CCLF proposal would become operative 12 months after the later
date of the Commission's approval of the Proposed Rule Change and the
Commission's no objection to the related Advance Notice. FICC
represents that, during this 12-month period, it would periodically
provide each Netting Member with estimated Individual Total Amounts.
FICC states that the delayed implementation and the estimated
Individual Total Amounts are designed to give Netting Members the
opportunity to assess the impact that the CCLF proposal would have on
their business profile.\40\
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    \40\ Id.
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    FICC states that, as of the implementation date and annually
thereafter, FICC would require that each Netting Member attest that it
incorporated its Individual Total Amount into its liquidity plans.\41\
This required attestation, which would be from an authorized officer of
the Netting Member or otherwise in form and substance satisfactory to
FICC, would certify that (i) such officer has read and understands the
GSD Rules, including the CCLF rules; (ii) the Netting Member's
Individual Total Amount has been incorporated into the Netting Member's
liquidity planning; \42\ (iii) the Netting Member acknowledges and
agrees that its Individual Total Amount may be changed at the
conclusion of any reset period or otherwise upon ten business days'
Notice; (iv) the Netting Member will incorporate any changes to its
Individual Total Amount into its liquidity planning; and (v) the
Netting Member will continually reassess its liquidity plans and
related operational plans, including in the event of any changes to
such Netting Member's Individual Total Amount, to ensure such Netting
Member's ability to meet its Individual Total Amount. FICC states that
it may require any Netting Member

to provide FICC with a new certification in the foregoing form at any
time, including upon a change to a Netting Member's Individual Total
Amount or in the event that a Netting Member undergoes a change in its
corporate structure.\43\
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    \41\ Id.
    \42\ According to FICC, the attestation would not refer to the
actual dollar amount that has been allocated as the Individual Total
Amount. FICC explains that each Netting Member's Individual Total
Amount would be made available to such Member via GSD's access
controlled portal Web site. Id.
    \43\ Id.
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    On a quarterly basis, FICC would conduct due diligence to assess
each Netting Member's ability to meet its Individual Total Amount. This
due diligence would include a review of all information that the
Netting Member has provided FICC in connection with its ongoing
reporting obligations pursuant to the GSD Rules and a review of other
publicly available information. FICC also would test its operational
procedures for invoking a CCLF Event, and Netting Members would be
required to participate in such tests. If a Netting Member failed to
participate in such testing when required by FICC, FICC would be
permitted to take disciplinary measures as set forth in GSD Rule 3,
Section 7.\44\
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    \44\ GSD Rules, supra note 10.
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E. Liquidity Funding Reports Provided to Netting Members

    On each business day, FICC would make a liquidity funding report
available to each Netting Member that would include (i) the Netting
Member's Individual Total Amount, Individual Regular Amount and, if
applicable, its Individual Supplemental Amount; (ii) FICC's Aggregate
Total Amount, Aggregate Regular Amount, and Aggregate Supplemental
Amount; and (iii) FICC's regulatory liquidity requirements as of the
prior business day. The liquidity funding report would be provided for
informational purposes only.

II. Summary of Comments Received

    The Commission received three comment letters in response to the
Proposed Rule Change.\45\ Two comment letters, the Ronin Letter and
ICBC Letter, objected to the Proposed Rule Change. One comment letter
from FICC responded to the objections raised by Ronin.
---------------------------------------------------------------------------

    \45\ See supra, note 4.
---------------------------------------------------------------------------

A. Objecting Comments

    Ronin argues that the Proposed Rule Change would (1) place an
unfair and anticompetitive burden on smaller Netting Members because
such members do not present any settlement risk to FICC; (2) cause
concentration and systemic risk by potentially forcing smaller Netting
Members to leave GSD (as well as creating a barrier to entry for
prospective new Netting Members) or clear their trades through larger
Netting Members; and (3) cause FICC's liquidity needs to grow by
potentially increasing the size of FICC's largest Netting Members.\46\
As an alternative to the Proposed Rule Change, Ronin suggests that FICC
should instead impose CCLF requirements only on larger Bank Netting
Members that present FICC with settlement risk.\47\
---------------------------------------------------------------------------

    \46\ Ronin Letter at 1-9.
    \47\ Ronin Letter at 7-9.
---------------------------------------------------------------------------

    Similarly, ICBC argues that the Proposed Rule Change would result
in harmful consequences to smaller Netting Members and other industry
participants.\48\ Specifically, ICBC argues that the Proposed Rule
Change could force smaller Netting Members to exit the clearing
business or terminate their membership with FICC due to the cost of
CCLF funding obligations, thereby (1) increasing market concentration;
(2) decreasing market competition; (3) increasing FICC's credit
exposure to its largest participant families; and (4) driving smaller
Netting Members to clear transactions bilaterally instead of through a
central counterparty.\49\
---------------------------------------------------------------------------

    \48\ ICBC Letter at 2-7.
    \49\ ICBC Letter at 2-6.
---------------------------------------------------------------------------

    Although ICBC acknowledges that FICC, as a registered clearing
agency, is required to maintain sufficient financial resources to
withstand a default by the largest participant family to which FICC has
exposure in ``extreme but plausible conditions,'' \50\ ICBC argues that
the scenario that CCLF is designed to address is not ``plausible''
because U.S. government securities are riskless assets that would not
suffer a from liquidity shortage, even amidst a financial crisis
similar to that in 2008.\51\ Moreover, ICBC argues that CCLF is
unnecessary because FICC's current risk models have proven to be
effective.\52\
---------------------------------------------------------------------------

    \50\ ICBC Letter at 1-2.
    \51\ ICBC Letter at 3.
    \52\ Id.
---------------------------------------------------------------------------

    ICBC also argues that CCLF could (i) result in FICC's refusal to
clear certain trades, thereby increasing the burden on the Bank of New
York, the only private bank that clears a large portion of U.S.
government securities; \53\ (ii) cause FICC members to reduce their
balance sheets devoted to the U.S. government securities markets, which
would have broad negative effects on markets and taxpayers; \54\ (iii)
negatively impact traders with hedge positions, resulting in negative
downstream effects on the smooth functioning of the U.S. government
securities market; \55\ and (iv) effectively drain liquidity from other
markets by requiring more liquidity to be available to FICC than is
necessary.\56\
---------------------------------------------------------------------------

    \53\ ICBC Letter at 2, 5.
    \54\ ICBC Letter at 3.
    \55\ ICBC Letter at 4.
    \56\ ICBC Letter at 5.
---------------------------------------------------------------------------

B. Supporting Comment

    The FICC Letter written in support of the proposal primarily
responds to Ronin's assertions. In response to Ronin's concerns
regarding the potential economic impacts on smaller non-bank Netting
Members, FICC states that CCLF was designed to minimize the burden on
smaller Netting Members and achieve a fair and appropriate allocation
of liquidity burdens.\57\ Specifically, FICC notes that it sought to
structure CCLF so that (1) each Netting Member's CCLF requirement would
be a function of the liquidity risk that each Netting Member's activity
presents to GSD; (2) the allocation of the CCLF requirement to each
Netting Member would be a ``fraction'' of the Netting Member's peak
liquidity exposure that it presents to GSD; \58\ and (3) the proposal
would fairly allocate higher CCLF requirements to Netting Members that
generate higher liquidity needs.\59\ FICC further notes that, since
CCLF contributions would be a function of the peak liquidity exposure
that each Netting Member presents to FICC, FICC asserts that each
Netting Member would be able to reduce its CCLF contribution by
altering its trading activity.\60\
---------------------------------------------------------------------------

    \57\ FICC Letter at 3-4.
    \58\ Id. at 3. FICC represents that the ratio of CCLF
requirement to Netting Member's peak liquidity need is significantly
larger, on average, for the top 10 Netting Members compared to all
other members. Id. at 4.
    \59\ Id. at 3-4. FICC notes that the Aggregate Regular Amount
(proposed to be sized at $15 billion) would be applied to all
Netting Members on a pro-rata basis, while the Aggregate
Supplemental Amount, which would make up approximately 80 percent of
the Aggregate Total Amount, would only apply to the Netting Members
generating the largest liquidity needs (i.e., in excess of $15
billion). Id. at 4.
    \60\ Id. at 3, 7.
---------------------------------------------------------------------------

    In response to Ronin's assertion that CCLF could promote
concentration and systemic risk, FICC argues that the proposal would
actually reduce systemic risk. Specifically, FICC asserts that, by
providing FICC with committed liquidity to meet its cash settlement
obligations to non-defaulting members during extreme market stress,
CCLF would promote settlement finality and the safety and soundness of
the securities settlement system, thereby reducing systemic risk, as
discussed further below.\61\
---------------------------------------------------------------------------

    \61\ Id. at 7-8.
---------------------------------------------------------------------------

    Finally, in response to Ronin's concern that CCLF could cause
FICC's liquidity needs to grow, FICC notes that

in its outreach to Netting Members over the past two years, bilateral
meetings with individual Netting Members, and testing designed to
evaluate the impact that changes to a Netting Member's trading behavior
could have on the Historical Cover 1 Liquidity Requirement, FICC has
found opportunities for Netting Members to reduce their CCLF
requirements and, as a result, decrease the Historical Cover 1
Liquidity Requirement.\62\ Specifically, FICC notes that during its
test period, which spanned from December 1, 2016 to January 31, 2017,
35 participating Netting Members voluntarily adjusted their settlement
behavior and settlement patterns to identify opportunities to reduce
their CCLF requirements.\63\ According to FICC, the test resulted in an
approximate $5 billion reduction in FICC's peak Historical Cover 1
Liquirity Requirement, highlighting that growth of the Historical Cover
1 Liquidity Requirement could be limited under the proposal.\64\
---------------------------------------------------------------------------

    \62\ Id. at 8-9.
    \63\ Id. at 9-10.
    \64\ Id.
---------------------------------------------------------------------------

IV. Proceedings To Determine Whether To Approve or Disapprove the
Proposed Rule Change and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act \65\ to determine whether the Proposed Rule
Change should be approved or disapproved. Institution of proceedings is
appropriate at this time in view of the legal and policy issues raised
by the Proposed Rule Change. As noted above, institution of proceedings
does not indicate that the Commission has reached any conclusions with
respect to any of the issues involved. Rather, the Commission seeks and
encourages interested persons to comment on the Proposed Rule Change,
and provide arguments to support the Commission's analysis as to
whether to approve or disapprove the Proposed Rule Change.
---------------------------------------------------------------------------

    \65\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

    Pursuant to Section 19(b)(2)(B) of the Act,\66\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of the Proposed Rule Change's consistency with the Act and the
rules thereunder. Specifically, the Commission believes that the
Proposed Rule Change raises questions as to whether it is consistent
with (i) Section 17A(b)(3)(F) of the Act,\67\ which requires, in part,
that clearing agency rules be designed to assure the safeguarding of
securities in the custody or control of the clearing agency and, in
general, protect investors and the public interest; (ii) Section
17A(b)(3)(I) of the Act,\68\ which provides that clearing agency rules
cannot impose a burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act; and (ii) Rule
17Ad-22(e)(7) under the Act,\69\ which requires FICC to establish,
implement, maintain and enforce written policies and procedures
reasonably designed to effectively measure, monitor, and manage
liquidity risk that arises in or is borne by FICC, including measuring,
monitoring, and managing its settlement and funding flows on an ongoing
and timely basis, and its use of intraday liquidity.\70\
---------------------------------------------------------------------------

    \66\ Id.
    \67\ 15 U.S.C. 78q-1(b)(3)(F).
    \68\ 15 U.S.C. 78q-1(b)(3)(I).
    \69\ 17 CFR 240.17Ad-22(e)(7).
    \70\ Id.
---------------------------------------------------------------------------

    Specifically, Rule 17Ad-22(e)(7) requires policies and procedures
for (i) maintaining sufficient liquid resources to effect same-day
settlement of payment obligations in the event of a default of the
participant family that would generate the largest aggregate payment
obligation for the covered clearing agency in extreme but plausible
market conditions; \71\ (ii) holding qualifying liquid resources
sufficient to satisfy payment obligations owed to clearing members;
\72\ (iii) undertaking due diligence to confirm that FICC has a
reasonable basis to believe each of its liquidity providers, whether or
not such liquidity provider is a clearing member, has (a) sufficient
information to understand and manage the liquidity provider's liquidity
risks and (b) the capacity to perform as required under its commitments
to provide liquidity; \73\ and (iv) maintaining and testing with each
liquidity provider, to the extent practicable, FICC's procedures and
operational capacity for accessing its relevant liquid resources.\74\
---------------------------------------------------------------------------

    \71\ 17 CFR 240.17Ad-22(e)(7)(i).
    \72\ 17 CFR 240.17Ad-22(e)(7)(ii).
    \73\ 17 CFR 240.17Ad-22(e)(7)(iv).
    \74\ 17 CFR 240.17Ad-22(e)(7)(v).
---------------------------------------------------------------------------

V. Request for Written Comments

    The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to issues
raised by the Proposed Rule Change. In particular, the Commission
invites the written views of interested persons concerning whether the
Proposed Rule Change is consistent with Sections 17A(b)(3)(F) and
17A(b)(3)(I) of the Act, Rule 17Ad-22(e)(7) under the Act, cited above,
or any other provision of the Act, or the rules and regulations
thereunder. Interested persons are invited to submit written data,
views, and arguments on or before June 19, 2017. Any person who wishes
to file a rebuttal to any other person's submission must file that
rebuttal on or before June 23, 2017. 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-FICC-2017-002 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-FICC-2017-002. 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 filings also will be available
for inspection and copying at the principal office of FICC and on
DTCC's Web site (http://dtcc.com/legal/sec-rule-filings.aspx). 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-FICC-2017-002 and
should be submitted on or before June 19, 2017. If comments are
received, any rebuttal comments should be submitted on or before June
23, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\75\
---------------------------------------------------------------------------

    \75\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-11471 Filed 6-1-17; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 122 (Tuesday, June 27, 2017)]
[Notices]
[Page 29074]
[FR Doc No: 2017-13375]

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

[EPA-HQ-OECA-2013-0350; FRL-9964-16-OEI]

Information Collection Request Submitted to OMB for Review and
Approval; Comment Request; The Consolidated Air Rule (CAR) for the
Synthetic Organic Chemical Manufacturing Industry (SOCMI) (Renewal)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: The Environmental Protection Agency has submitted an
information collection request (ICR), ``The Consolidated Air Rule (CAR)
for the Synthetic Organic Chemical Manufacturing Industry (SOCMI)
(Renewal)'' to the Office of Management and Budget (OMB) for review and
approval in accordance with the Paperwork Reduction Act. This is a
proposed extension of the ICR, which is currently approved through June
30, 2017. Public comments were previously requested via the Federal
Register on May 3, 2016 during a 60-day comment period. This notice
allows for an additional 30 days for public comments. A fuller
description of the ICR is given below, including its estimated burden
and cost to the public. An Agency may not conduct or sponsor and a
person is not required to respond to a collection of information unless
it displays a currently valid OMB control number.

DATES: Additional comments may be submitted on or before July 27, 2017.

ADDRESSES: Submit your comments, referencing Docket ID Number EPA-HQ-
OECA-2013-0350, to (1) EPA online using www.regulations.gov (our
preferred method), by email to<EMAIL_ADDRESS>or by mail to: EPA
Docket Center, Environmental Protection Agency, Mail Code 28221T, 1200
Pennsylvania Ave. NW., Washington, DC 20460, and (2) OMB via email to
<EMAIL_ADDRESS>Address comments to OMB Desk Officer for
EPA.
    EPA's policy is that all comments received will be included in the
public docket without change including any personal information
provided, unless the comment includes profanity, threats, information
claimed to be Confidential Business Information (CBI) or other
information whose disclosure is restricted by statute.

FOR FURTHER INFORMATION CONTACT: Patrick Yellin, Monitoring,
Assistance, and Media Programs Division, Office of Compliance, Mail
Code 2227A, Environmental Protection Agency, 1200 Pennsylvania Ave.
NW., Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax
number:<PHONE_NUMBER>; email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Supporting documents for this ICR (The
Consolidated Air Rule (CAR) for the Synthetic Organic Chemical
Manufacturing Industry (SOCMI) (Renewal); EPA ICR No. 1854.10; OMB
Control No. 2060-0443), which explain in detail the information that
the EPA will be collecting are available in the public docket for this
ICR. The docket can be viewed online at www.regulations.gov or in
person at the EPA Docket Center, EPA West, Room 3334, 1301 Constitution
Ave. NW., Washington, DC. The telephone number for the Docket Center is
202-566-1744. For additional information about EPA's public docket,
visit http://www.epa.gov/dockets.
    Abstract: The synthetic organic chemical manufacturing industry
(SOCMI) is regulated by both New Source Performance Standards (NSPS)
and National Emission Standards for Hazardous Air Pollutants (NESHAP)
standards. The affected entities are subject to the General Provisions
of the NSPS at 40 CFR part 60, Subpart A, and any changes or additions
to the Provisions specified at 40 CFR part 60, Subparts Ka, Kb, VV,
VVa, DDD, III, NNN and RRR. The affected entities are also subject to
the General Provisions of the NESHAP at 40 CFR part 63, Subpart A, and
any changes, or additions to the Provisions specified at 40 CFR part
63, Subparts BB, Y, V, F, G, H and I. As an alternative, SOCMI sources
may choose to comply with the above standards under the consolidated
air rule (CAR) at 40 CFR part 65 as promulgated December 14, 2000.
Synthetic organic chemical manufacturing facilities subject to NSPS
requirements must notify EPA of construction, modification, startups,
shutdowns, date and results of initial performance test and excess
emissions. Semiannual reports are also required. Synthetic organic
chemical manufacturing facilities subject to NESHAP requirements must
submit one-time-only reports of any physical or operational changes and
the results of initial performance tests. Owners or operators are also
required to maintain records of the occurrence and duration of any
startup, shutdown, or malfunction in the operation of an affected
facility, or any period during which the monitoring system is
inoperative. Periodic reports are also required semiannually at a
minimum.
    Form Numbers: None.
    Respondents/affected entities: Synthetic organic chemical
manufacturing facilities.
    Respondent's obligation to respond: Mandatory (40 CFR part 65).
    Estimated number of respondents: 5,198 (total).
    Frequency of response: Initially, occasionally, semiannually and
annually.
    Total estimated burden: 2,210,000 hours (per year). Burden is
defined at 5 CFR 1320.3(b).
    Total estimated cost: $337,000,000 (per year), which includes
$105,000,000 annualized capital or operation & maintenance costs.
    Changes in the Estimates: There is an increase in the total
estimated respondent labor burden and associated labor, capital/startup
and O&M costs. This increase is not due to any program changes.
Overall, the change in burden from the most recently-approved ICR is
due to two reasons. First, the number of sources has increased industry
growth. There is an estimated growth in the number of sources for the
following referencing Subparts: Subpart Kb, Subpart VVa, Subpart DDD,
Subpart III, Subpart NNN, Subpart RRR, Subpart V, and Subparts F, G, H
and I (i.e., the HON). Second, this ICR assumes that all existing
sources will have to familiarize with the regulatory requirements each
year resulting in a small increase in labor burden and associated labor
costs for all of the Subparts.

Courtney Kerwin,
Director, Regulatory Support Division.
[FR Doc. 2017-13375 Filed 6-26-17; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 81, Number 182 (Tuesday, September 20, 2016)]
[Rules and Regulations]
[Pages 64693-64698]
[FR Doc No: 2016-21543]

Vol. 81

Tuesday,

No. 182

September 20, 2016

Part IV

 Department of Commerce

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Bureau of Industry and Security

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15 CFR Parts 744

Revisions to the Entity List; Final Rule

Federal Register / Vol. 81 , No. 182 / Tuesday, September 20, 2016 /
Rules and Regulations

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DEPARTMENT OF COMMERCE

Bureau of Industry and Security

15 CFR Part 744

[160609506-6506-01]
RIN 0694-AH00

Revisions to the Entity List

AGENCY: Bureau of Industry and Security, Commerce.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: This final rule amends the Export Administration Regulations
(EAR) by revising the license requirement to apply to all items subject
to the EAR for twelve Chinese entities on the Entity List. These
revisions are made in order to address national security concerns
resulting from the removal of certain subparagraphs of Export Control
Classification Numbers (ECCNs) 5A992, 5D992 and 5E992 that occurs in
the 2015 Wassenaar Implementation rule, which is also published
elsewhere in this issue of the Federal Register. This rule also brings
the general Entity List license requirements, policies and procedures
under a single section of the EAR to assist the public to better locate
and comply with these regulations.

DATES: This rule is effective September 20, 2016.

FOR FURTHER INFORMATION CONTACT: For questions relating to the Entity
List, please contact the Chair, End-User Review Committee, Office of
the Assistant Secretary, Export Administration, Bureau of Industry and
Security, Department of Commerce, Phone:<PHONE_NUMBER>, Fax: (202)
482-3911, Email<EMAIL_ADDRESS>All other questions may be directed
to Sharron Cook, Office of Exporter Services, Regulatory Policy
Division:<PHONE_NUMBER>, Email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Background

    The Entity List (Supplement No. 4 to part 744) identifies entities
and other persons reasonably believed to be involved, or to pose a
significant risk of being or becoming involved, in activities contrary
to the national security or foreign policy interests of the United
States. The EAR imposes additional license requirements on, and limits
the availability of most license exceptions for, exports, reexports,
and transfers (in-country) to those listed. The ``license requirement''
for each listed entity or person is identified in the License
Requirement column on the Entity List. The impact on the availability
of license exceptions is described in the Federal Register notice
adding entities or other persons to the Entity List or to the extent
specified within the entries on the Entity List. BIS places entities
and other persons on the Entity List pursuant to sections of part 744
(Control Policy: End-User and End-Use Based) and part 746 (Embargoes
and Other Special Controls) of the EAR.
    The End-User Review Committee (ERC), composed of representatives of
the Departments of Commerce (Chair), State, Defense, Energy and, where
appropriate, the Treasury, makes all decisions regarding additions to,
removals from, or other modifications to the Entity List. Generally,
the ERC makes all decisions to modify an entry by unanimous vote. The
modifications in this Entity List rule are being made pursuant to the
unanimous clearance of this rule by the Departments of Commerce, State,
Defense and Energy.

Revisions to the Entity List

    To maintain the level of national security warranted for certain
encryption items, this rule revises the license requirements for twelve
entities. The removal of ECCNs 5A992.a and .b, 5D992.a and .b and
5E992.a from the Commerce Control List (CCL) implemented in a separate
rule entitled ``Wassenaar Arrangement 2015 Plenary Agreements
Implementation, Removal of Foreign National Review Requirements, and
Information Security Updates,'' also published in today's Federal
Register, designates these encryption items as EAR99. To prevent these
EAR99 encryption items from being exported, reexported or transferred
to certain prohibited end users without a license, this rule revises
the license requirements of twelve Chinese entities on the Entity List
to ``all items subject to the EAR.'' Currently, the license
requirements for each of the twelve entities exclude EAR99 items. With
the publication of this rule, EAR99 items will be included in the scope
of the license requirements for these entities. This rule revises the
license requirements for the following twelve entities in China: 33
Institute, 35 Institute, 54th Research Institute of China, Baotou
Guanghua Chemical Industrial Corporation, Beijing Aerospace Automatic
Control Institute (BICD), Beijing Institute of Structure and
Environmental Engineering (BISE), China Aerodynamics Research and
Development Center (CARDC), Northwestern Polytechnical University,
Shanghai Academy of Spaceflight Technology (SAST), Shanghai Institute
of Space Power Sources, Southwest Research Institute of Electronics
Technology, and Xi'an Research Institute of Navigation Technology.

Consolidation of Entity List Regulatory Provisions

    This rule also reorganizes the information found in part 744 of the
EAR in order to facilitate finding the regulations pertaining to the
Entity List. The intent is to consolidate and not change any of
existing requirements, procedures or policies. Specifically, this rule
removes paragraph (c) from Sec.  744.1 and moves it to Sec.  744.16, in
which Entity List license requirements, policies and procedures may now
be found. While Section 1 of most parts of the EAR is used to explain
what is included in the part, prior to this rule, Sec.  744.1 included
general license requirements for the Entity List. While other sections
in part 744 pertain to the criteria used to add specific entities on
the Entity List, Sec.  744.16 will now be dedicated to general license
requirements, license policies, license exception eligibility and other
policies for the Entity List.

Saving Clause

    Shipments of items removed from eligibility for a License Exception
or export, reexport or transfer (in-country) without a license (NLR) as
a result of this regulatory action that were en route aboard a carrier
to a port of export, reexport or transfer (in-country), on September
20, 2016, pursuant to actual orders for export, reexport or transfer
(in-country) to a foreign destination, may proceed to that destination
under the previous eligibility for a license exception or export,
reexport or transfer (in-country) without a license (NLR).

Export Administration Act

    Since August 21, 2001, the Export Administration Act of 1979, as
amended, has been in lapse. However, the President, through Executive
Order 13222 of August 17, 2001, 3 CFR, 2001 Comp., p. 783 (2002), as
amended by Executive Order 13637 of March 8, 2013, 78 FR 16129 (March
13, 2013), and as extended by the Notice of August 4, 2016, 81 FR 52587
(August 8, 2016), has continued the EAR in effect under the
International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.).
BIS continues to carry out the provisions of the Export Administration
Act, as appropriate and to the extent permitted by law, pursuant to
Executive Order 13222 as amended by Executive Order 13637.

Rulemaking Requirements

    1. Executive Orders 13563 and 12866 direct agencies to assess all
costs and

benefits of available regulatory alternatives and, if regulation is
necessary, to select regulatory approaches that maximize net benefits
(including potential economic, environmental, public health and safety
effects, distributive impacts, and equity). Executive Order 13563
emphasizes the importance of quantifying both costs and benefits, of
reducing costs, of harmonizing rules, and of promoting flexibility.
This rule has been determined to not be significant for purposes of
Executive Order 12866.
    2. Notwithstanding any other provision of law, no person is
required to respond to nor be subject to a penalty for failure to
comply with a collection of information, subject to the requirements of
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) (PRA),
unless that collection of information displays a currently valid Office
of Management and Budget (OMB) Control Number. This regulation involves
collections previously approved by OMB under control number 0694-0088,
Simplified Network Application Processing System, which includes, among
other things, license applications and carries a burden estimate of
43.8 minutes for a manual or electronic submission. Total burden hours
associated with the PRA and OMB control number 0694-0088 are not
expected to increase as a result of this rule. You may send comments
regarding the collection of information associated with this rule,
including suggestions for reducing the burden, to Jasmeet K. Seehra,
Office of Management and Budget (OMB), by email to
<EMAIL_ADDRESS>or by fax to<PHONE_NUMBER>.
    3. This rule does not contain policies with Federalism implications
as that term is defined in Executive Order 13132.
    4. The provisions of the Administrative Procedure Act (5 U.S.C.
553) requiring notice of proposed rulemaking, the opportunity for
public comment and a delay in effective date are inapplicable because
this regulation involves a military or foreign affairs function of the
United States. (See 5 U.S.C. 553(a)(1)). BIS implements this rule to
protect U.S. national security or foreign policy interests by
rationalizing and harmonizing controls for better compliance,
administration, and enforcement of items being exported, reexported, or
transferred (in-country) to the persons on the Entity List. If this
rule were delayed to allow for notice and comment and a delay in
effective date, EAR99 items would continue to be exported, reexported
and transferred (in-country) without a license to persons or entities
on the Entity List, contrary to the national security or foreign policy
interests of the United States. Further, no other law requires that a
notice of proposed rulemaking and an opportunity for public comment be
given for this rule. Because a notice of proposed rulemaking and an
opportunity for public comment are not required to be given for this
rule by 5 U.S.C. 553, or by any other law, the analytical requirements
of the Regulatory Flexibility Act, 5 U.S.C. 601 et seq., are not
applicable. Accordingly, no regulatory flexibility analysis is required
and none has been prepared.
    5. For the revisions to Section 744.16, the Department finds there
is good cause under 5 U.S.C. 553(b)(3)(B) to waive the provisions of
the Administrative Procedure Act requiring prior notice and the
opportunity for public comment to the provision of this rule, because
the provisions have not been changed, but consolidated into one section
so that these provisions may be more easily found in the EAR. Further,
no other law requires that a notice of proposed rulemaking and an
opportunity for public comment be given for this rule. Because a notice
of proposed rulemaking and an opportunity for public comment are not
required to be given for this rule by 5 U.S.C. 553, or by any other
law, the analytical requirements of the Regulatory Flexibility Act, 5
U.S.C. 601 et seq., are not applicable. Accordingly, no regulatory
flexibility analysis is required and none has been prepared.

List of Subjects in 15 CFR Part 744

    Exports, Reporting and recordkeeping requirements, Terrorism.

    Accordingly, part 744 of the Export Administration Regulations (15
CFR parts 730 through 774) is amended as follows:

PART 744--[AMENDED]

0
1. The authority citation for 15 CFR part 744 continues to read as
follows:

    Authority:  50 U.S.C. 4601 et seq.; 50 U.S.C. 1701 et seq.; 22
U.S.C. 3201 et seq.; 42 U.S.C. 2139a; 22 U.S.C. 7201 et seq.; 22
U.S.C. 7210; E.O. 12058, 43 FR 20947, 3 CFR, 1978 Comp., p. 179;
E.O. 12851, 58 FR 33181, 3 CFR, 1993 Comp., p. 608; E.O. 12938, 59
FR 59099, 3 CFR, 1994 Comp., p. 950; E.O. 12947, 60 FR 5079, 3 CFR,
1995 Comp., p. 356; E.O. 13026, 61 FR 58767, 3 CFR, 1996 Comp., p.
228; E.O. 13099, 63 FR 45167, 3 CFR, 1998 Comp., p. 208; E.O. 13222,
66 FR 44025, 3 CFR, 2001 Comp., p. 783; E.O. 13224, 66 FR 49079, 3
CFR, 2001 Comp., p. 786; Notice of September 18, 2015, 80 FR 57281
(September 22, 2015); Notice of November 12, 2015, 80 FR 70667
(November 13, 2015); Notice of January 20, 2016, 81 FR 3937 (January
22, 2016); Notice of August 4, 2016, 81 FR 52587 (August 8, 2016).

0
2. Section 744.1 is amended by revising the twelfth sentence in
paragraph (a)(1) and by removing paragraph (c).
    The revision reads as follows:

Sec.  744.1  General provisions.

    (a)(1) * * * Section 744.16 sets forth the license requirements,
policies and procedures for the Entity List. * * *
* * * * *

0
3. Section 744.16 is revised to read as follows:

Sec.  744.16  Entity List.

    The Entity List (Supplement No. 4 to part 744) identifies persons
reasonably believed to be involved, or to pose a significant risk of
being or becoming involved, in activities contrary to the national
security or foreign policy interests of the United States. The entities
are added to the Entity List pursuant to sections of part 744 (Control
Policy: End-User and End-Use Based) and part 746 (Embargoes and Other
Special Controls) of the EAR.
    (a) License requirements. The public is hereby informed that in
addition to the license requirements for items specified on the
Commerce Control List (CCL), you may not export, reexport, or transfer
(in-country) items specified on the Entity List to listed entities
without a license from BIS. The specific license requirement for each
listed entity is identified in the license requirement column on the
Entity List in Supplement No. 4 to this part.
    (b) License exceptions. No license exceptions are available for
exports, reexports or transfers (in-country) to listed entities of
specified items, except license exceptions for items listed in Sec.
740.2(a)(5) of the EAR destined to listed Indian or Pakistani entities
to ensure the safety of civil aviation and safe operation of commercial
passenger aircraft, and in the case of entities added to the Entity
List pursuant to Sec.  744.20, to the extent specified on the Entity
List.
    (c) License review policy--(1) General review policy. The license
review policy for each listed entity is identified in the License
Review Policy column on the Entity List.
    (d) The End-User Review Committee (ERC). The End-User Review
Committee (ERC), composed of representatives of the Departments of
Commerce (Chair), State, Defense, Energy and, where appropriate, the
Treasury, generally makes decisions regarding additions to, removals
from, or other modifications to the Entity List.

    (e) Removal or modification requests. Any entity listed on the
Entity List may request that its listing be removed or modified. All
such requests, including reasons therefor, must be in writing and sent
to: Chair, End-User Review Committee, Bureau of Industry and Security,
U.S. Department of Commerce, 14th Street and Pennsylvania Avenue NW.,
Room 3886, Washington, DC 20230.
    (1) Review. The ERC will review such requests in accordance with
the procedures set forth in Supplement No. 5 to this part.
    (2) BIS action. The Deputy Assistant Secretary for Export
Administration will convey the decision on the request to the requester
in writing. That decision will be the final agency action on the
request.

0
4. In Supplement No. 4 to part 744, under ``China, People's Republic
of,'' revise the entries for the following entities:
0
a. 33 Institute;
0
b. 35 Institute;
0
c. 54th Research Institute of China;
0
d. Baotou Guanghua Chemical Industrial Corporation;
0
e. Beijing Aerospace Automatic Control Institute (BICD);
0
f. Beijing Institute of Structure and Environmental Engineering (BISE);
0
g. China Aerodynamics Research and Development Center (CARDC);
0
h. Northwestern Polytechnical University;
0
i. Shanghai Academy of Spaceflight Technology (SAST);
0
j. Shanghai Institute of Space Power Sources;
0
k. Southwest Research Institute of Electronics Technology; and
0
 l. Xi'an Research Institute of Navigation Technology.
    The revisions read as follows:

Supplement No. 4 to Part 744--Entity List

----------------------------------------------------------------------------------------------------------------
                                                                              License review    Federal Register
        Country                     Entity             License requirement        policy            citation
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------
CHINA, PEOPLE'S                                                 * * * * * *
 REPUBLIC OF
                         33 Institute, a.k.a., the     For all items        See Sec.           66 FR 24266, 5/14/
                          following three aliases:      subject to the       744.3(d) of this   01.
                         --Beijing Automation Control   EAR.                 part.             75 FR 78883, 12/
                          Equipment Institute                                                   17/10.
                          (BACEI);                                                             77 FR 58006, 9/19/
                         --Beijing Institute of                                                 12.
                          Automatic Control                                                    81 FR [INSERT FR
                          Equipment, China Haiying                                              PAGE NUMBER 9/20/
                          Electromechanical                                                     16.
                          Technology Academy; and
                         --No. 33 Research Institute
                          of the Third Academy of
                          China Aerospace Science and
                          Industry Corp (CASIC):
                         Yungang, Fengtai District,
                          Beijing
                         35 Institute, a.k.a., the     For all items        See Sec.           66 FR 24266, 5/14/
                          following four aliases:       subject to the       744.3(d) of this   01.
                         --Beijing Hangxing Machine     EAR.                 part.             75 FR 78883, 12/
                          Building Corporation;                                                 17/10.
                         --Beijing Huahang Radio                                               77 FR 58006, 9/19/
                          Measurements Research                                                 12.
                          Institute, China Haiying                                             81 FR [INSERT FR
                          Electronic Mechanical                                                 PAGE NUMBER 9/20/
                          Technical Research Academy;                                           16.
                         --Huahang Institute of Radio
                          Measurement; and
                         --No. 35 Research Institute
                          of the Third Academy of
                          China Aerospace Science and
                          Industry Corp (CASIC):
                         54th Research Institute of    For all items        See Sec.           66 FR 24266, 5/14/
                          China, a.k.a., the            subject to the       744.3(d) of this   01.
                          following three aliases:      EAR.                 part.             75 FR 78883, 12/
                         --China Electronics                                                    17/10.
                          Technology Group Corp.                                               77 FR 58006, 9/19/
                          (CETC) 54th Research                                                  12.
                          Institute;                                                           81 FR [INSERT FR
                         --Communication, Telemetry                                             PAGE NUMBER 9/20/
                          and Telecontrol Research                                              16.
                          Institute (CTI); and
                         --Shijiazhuang Communication
                          Observation and Control
                          Technology Institute.
----------------------------------------------------------------------------------------------------------------
                                                               * * * * * * *
----------------------------------------------------------------------------------------------------------------
                         Baotou Guanghua Chemical      For all items        See Sec.           66 FR 24266, 5/14/
                          Industrial Corporation        subject to the       744.2(d) of this   01
                          (Parent Organization: China   EAR.                 part.             75 FR 78883, 12/
                          National Nuclear Group                                                17/10.
                          Corporation (CNNC)),                                                 81 FR [INSERT FR
                          a.k.a., the following five                                            PAGE NUMBER 9/20/
                          aliases:                                                              16.
                         --202 Plant, Baotou Nuclear
                          Energy Facility;
                         --Baotou Guanghua Chemical
                          Industrial Corporation;

                         --Baotou Guanghua Chemical
                          Industry Company;
                         --Baotou Nuclear Fuel
                          Element Plant; and
                         --China Nuclear Baotou
                          Guanghua Chemical Industry
                          Company.
                         202 Factory Baotou, Inner
                          Mongolia.
----------------------------------------------------------------------------------------------------------------
                                                               * * * * * * *
----------------------------------------------------------------------------------------------------------------
                         Beijing Aerospace Automatic   For all items        See Sec.   744.3   64 FR 28909, 5/28/
                          Control Institute (BICD),     subject to the       of this part.      99.
                          a.k.a., the following four    EAR.                                   75 FR 78883, 12/
                          aliases:                                                              17/10.
                         --12th Research Institute                                             77 FR 58006, 9/19/
                          China Academy of Launch                                               12.
                          Vehicle Technology (CALT);                                           81 FR [INSERT FR
                         --Beijing Institute of Space                                           PAGE NUMBER 9/20/
                          Automatic Control;                                                    16.
                         --Beijing Spaceflight
                          Autocontrol Research
                          Institute; and
                         --China Aerospace Science
                          and Technology Corp First
                          Academy 12th Research
                          Institute.
                         51 Yong Ding Road, Beijing;
                          and No. 50 Yongding Road,
                          Haidian District, Beijing,
                          China, 100854.
----------------------------------------------------------------------------------------------------------------
                                                               * * * * * * *
----------------------------------------------------------------------------------------------------------------
                         Beijing Institute of          For all items        See Sec.   744.3   64 FR 28909, 5/28/
                          Structure and Environmental   subject to the       of this part.      99
                          Engineering (BISE), a.k.a.,   EAR.                                   75 FR 78877, 12/
                          the following two aliases:                                            17/10.
                         --702nd Research Institute,                                           81 FR [INSERT FR
                          China Academy of Launch                                               PAGE NUMBER 9/20/
                          Vehicle Technology (CALT);                                            16.
                          and
                         --Beijing Institute of
                          Strength and Environmental
                          Engineering
                         No. 30 Wanyuan Road,
                          Beijing.
----------------------------------------------------------------------------------------------------------------
                                                               * * * * * * *
----------------------------------------------------------------------------------------------------------------
                         China Aerodynamics Research   For all items        See Sec.   744.3   64 FR 28910, 5/28/
                          and Development Center        subject to the       of this part.      99.
                          (CARDC).                      EAR.                                   81 FR [INSERT FR
                         Sichuan Province.                                                      PAGE NUMBER 9/20/
                                                                                16.
----------------------------------------------------------------------------------------------------------------
                                                               * * * * * * *
----------------------------------------------------------------------------------------------------------------
                         Northwestern Polytechnical    For all items        See Sec.           66 FR 24266, 5/14/
                          University, a.k.a., the       subject to the       744.3(d) of this   01.
                          following three aliases:      EAR.                 part.             75 FR 78883, 12/
                         --Northwestern Polytechnic                                             17/10.
                          University;                                                          77 FR 58006, 9/19/
                         --Northwest Polytechnic                                                12.
                          University; and                                                      881 FR [INSERT FR
                         --Northwest Polytechnical                                              PAGE NUMBER 9/20/
                          University.                                                           16.
                         127 Yonyi Xilu, Xi'an 71002
                          Shaanxi, China; and
                         Youyi Xi Lu, Xi'an, Shaanxi,
                          China; and No. 1 Bianjia
                          Cun, Xi'an; and
                         West Friendship Rd. 59,
                          Xi'an; and 3 10 W Apt 3,
                          Xi'an.
----------------------------------------------------------------------------------------------------------------
                                                               * * * * * * *
----------------------------------------------------------------------------------------------------------------
                         Shanghai Academy of           For all items        See Sec.   744.3   64 FR 28909, 5/28/
                          Spaceflight Technology        subject to the       of this part.      99.
                          (SAST), a.k.a., the           EAR.                                   75 FR 78877, 12/
                          following four aliases:                                               17/10.
                         --8th Research Academy of                                             81 FR [INSERT FR
                          China Aerospace;                                                      PAGE NUMBER 9/20/
                         --Shanghai Astronautics                                                16.
                          Industry Bureau;

                         --Shanghai Bureau of
                          Astronautics (SHBOA); and
                         --Shanghai Bureau of Space.
                         Shanghai, Spaceflight Tower,
                          222 Cao Xi Road, Shanghai,
                          200233:
                         Shanghai Institute of Space   For all items        See Sec.   744.3   64 FR 28909, 5/28/
                          Power Sources, a.k.a., the    subject to the       of this part.      99.
                          following three aliases:      EAR.                                   75 FR 78883, 12/
                         --811th Research Institute,                                            17/10.
                          8th Academy, China                                                   77 FR 58006, 9/19/
                          Aerospace Science and                                                 12.
                          Technology Corp. (CASC);                                             81 FR [INSERT FR
                         --Shanghai Space Energy                                                PAGE NUMBER 9/20/
                          Research Institute; and                                               16.
                         --Shanghai Space Power
                          Supply Research Institute.
                         388 Cang Wu Road, Shanghai;
                          and
                         Dongchuan Rd., 2965
                          Shanghai.
----------------------------------------------------------------------------------------------------------------
                                                               * * * * * * *
----------------------------------------------------------------------------------------------------------------
                         Southwest Research Institute  For all items        See Sec.           66 FR 24267, 5/14/
                          of Electronics Technology,    subject to the       744.3(d) of this   01.
                          a.k.a., the following three   EAR.                 part.             75 FR 78883, 12/
                          aliases:                                                              17/10.
                         --10th Research Institute of                                          77 FR 58006, 9/19/
                          China Electronic Technology                                           12.
                          Group Corp (CETC);                                                   81 FR [INSERT FR
                         --CETC 10th Research                                                   PAGE NUMBER 9/20/
                          Institute; and                                                        16.
                         --Southwest Institute of
                          Electronic Technology
                          (SWIET);
                         No. 6 Yong Xin Street,
                          Chengdu; and
                         No. 90 Babao Street,
                          Chengdu; and
                         48 Chadianzi Street East,
                          Jinniu District, Chengdu,
                          610036.
----------------------------------------------------------------------------------------------------------------
                                                               * * * * * * *
----------------------------------------------------------------------------------------------------------------
                         Xi'an Research Institute of   For all items        See Sec.           66 FR 24267, 5/14/
                          Navigation Technology,        subject to the       744.3(d) of this   01.
                          a.k.a., the following two     EAR.                 part.             75 FR 78883, 12/
                          aliases:                                                              17/10.
                         --20th Research Institute of                                          77 FR 58006, 9/19/
                          China Electronic Technology                                           12.
                          Group Corp (CETC); and                                               81 FR [INSERT FR
                         --CETC 20th Research                                                   PAGE NUMBER 9/20/
                          Institute                                                             16.
                         1 Baisha Rd., Xi'an,
                          Shaanxi.
----------------------------------------------------------------------------------------------------------------
                                                               * * * * * * *
----------------------------------------------------------------------------------------------------------------

    Dated: September 1, 2016.
Kevin J. Wolf,
Assistant Secretary for Export Administration.
[FR Doc. 2016-21543 Filed 9-19-16; 8:45 am]
 BILLING CODE 3510-33-P


[Federal Register Volume 78, Number 178 (Friday, September 13, 2013)]
[Notices]
[Page 56695]
[FR Doc No: 2013-22363]

-----------------------------------------------------------------------

ENVIRONMENTAL PROTECTION AGENCY

[3ER-FRL-9011-1]

Environmental Impacts Statements; Notice of Availability

    Responsible Agency: Office of Federal Activities, General
Information<PHONE_NUMBER> or http://www.epa.gov/compliance/nepa/.

Weekly receipt of Environmental Impact Statements
Filed 09/03/2013 through 09/06/2013
Pursuant to 40 CFR 1506.9.

Notice

    Section 309(a) of the Clean Air Act requires that EPA make public
its comments on EISs issued by other Federal agencies. EPA's comment
letters on EISs are available at: http://www.epa.gov/compliance/nepa/eisdata.html.

EIS No. 20130263, Draft EIS, FHWA, NV, Pyramid Highway/US 395
Connection, Comment Period Ends: 11/12/2013, Contact: Abdelmoez Abdalla
775-687-1231
EIS No. 20130264, Final EIS, FHWA, CO, Interstate 25 Improvements
through Pueblo, Review Period Ends: 10/15/2013, Contact: Chris Horn
720-963-3017
EIS No. 20130265, Final EIS, USFS, UT, Fishlake National Forest Oil and
Gas Leasing Analysis Project, Review Period Ends: 10/21/2013, Contact:
Rob Hamilton<PHONE_NUMBER>
EIS No. 20130266, Draft EIS, USN, GU, The Mariana Islands Training and
Testing, Comment Period Ends: 11/12/2013, Contact: John Van Name 808-
471-1714
EIS No. 20130267, Final Supplement, USFS, CA, Sierra Nevada Forest Plan
Amendment (SNFPA), Review Period Ends: 11/18/2013, Contact: Donald
Yasuda<PHONE_NUMBER>
EIS No. 20130268, Final EIS, USFWS, WV, Proposed Issuance of an
Incidental Take Permit For the Beech Ridge Energy Wind Project Habitat
Conservation Plan, Review Period Ends: 10/15/2013, Contact: Laura Hill
304-636-6586
EIS No. 20130269, Draft EIS, NRC, 00, Generic--Waste Confidence,
Comment Period Ends: 11/27/2013, Contact: Sarah Lopas<PHONE_NUMBER>
EIS No. 20130270, Draft EIS, FHWA, OH, Cleveland Opportunity Corridor
Project, Comment Period Ends: 10/28/2013, Contact: Naureen Dar 614-280-
6846
EIS No. 20130271, Final EIS, HUD, NY, Halletts Point Rezoning, Review
Period Ends: 10/15/2013, Contact: Robert Dobruskin<PHONE_NUMBER>
EIS No. 20130272, Final EIS, USFS, AK, Greens Creek Mine Tailings
Disposal Facility Expansion, Review Period Ends: 10/28/2013, Contact:
Sarah Samuelson<PHONE_NUMBER>

Amended Notices

    EIS No. 20130159, Final Supplement, USACE, IN, Indianapolis North
Flood Damage Reduction Project, Review Period Ends: 10/31/2013,
Contact: Keith Keeney<PHONE_NUMBER> Revision to FR Notice Published 07/
05/2013; Extending Comment Period from 09/06/2013 to 10/31/2013
EIS No. 20130260, Draft EIS, BIA, NV, Moapa Solar Energy Center,
Comment Period Ends: 10/21/2013, Contact: Amy Heuslein<PHONE_NUMBER>
Revision to FR Notice Published 09/06/2013; Correction to Comment
Period--Change from 10/14/2013 to 10/21/2013 and Contact Phone Number
should be<PHONE_NUMBER>.

    Dated: September 10, 2013.
Aimee S. Hessert,
Deputy Director, NEPA Compliance Division, Office of Federal
Activities.
[FR Doc. 2013-22363 Filed 9-12-13; 8:45 am]
BILLING CODE 6560-50-P