[Federal Register: September 3, 2010 (Volume 75, Number 171)]
[Proposed Rules]
[Page 54076-54078]
[DOCID:fr03se10-31]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

44 CFR Part 61

[Docket ID: FEMA-2010-0021]
RIN 1660-AA70

National Flood Insurance Program, Policy Wording Correction

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Proposed rule; request for comments.

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SUMMARY: By this Notice of Proposed Rulemaking, the Federal Emergency
Management Agency (FEMA) is proposing a technical correction to the
FEMA, Federal Insurance and Mitigation Administration, Standard Flood
Insurance Policy regulations. In this proposed rule, FEMA intends to
increase the clarity of one of the provisions of the Standard Flood
Insurance Policy by adding in two unintentionally omitted words.

DATES: Comments must be submitted on or before November 2, 2010.

ADDRESSES: You may submit comments, identified by Docket ID: FEMA-2010-
0021, by one of the following methods:
    Federal eRulemaking Portal: http://www.regulations.gov. Follow the
instructions for submitting comments.
    E-mail<EMAIL_ADDRESS>Include Docket ID: FEMA-2010-0021 in
the subject line of the message.
    Fax:<PHONE_NUMBER>.
    Mail/Hand Delivery/Courier: Office of Chief Counsel, Federal
Emergency Management Agency, Room 835, 500 C Street, SW., Washington,
DC 20472-3100.
    To avoid duplication, please use only one of these methods. All
comments received will be posted without change to http://
www.regulations.gov, including any personal information provided. For
instructions on submitting comments, See the Public Participation
portion of the SUPPLEMENTARY INFORMATION section.

FOR FURTHER INFORMATION CONTACT: Edward L. Connor, Acting Federal
Insurance and Mitigation Administrator, DHS/FEMA, 1800 South Bell
Street, Arlington, VA 20598-3010. Phone:<PHONE_NUMBER>. Facsimile:
(202) 646-7970. E-mail<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Public Participation

    Interested persons are invited to participate in this rulemaking by
submitting written data, views, or arguments on all aspects of this
Notice of Proposed Rulemaking (NPRM). Comments that will provide the
most assistance to the Federal Emergency Management Agency (FEMA) in
developing this rule will refer to a specific provision of the NPRM,
explain the reason for any comments, and include other information or
authority that supports such comments. All comments received will be
posted, without change, to http://www.regulations.gov and will include
any personal information you have provided. If you submit a comment,

please include the Docket ID for this rulemaking, FEMA-2010-0021,
indicate the specific section of this document to which each comment
applies, and provide a reason for each suggestion or recommendation.

A. Privacy Act

    Please be aware that anyone is able to search the electronic form
of all comments received into any of our dockets by the name of the
individual who submitted the comment (or signed the comment, if
submitted on behalf of an association, business, labor union, etc.) You
may want to review the Federal Docket Management System system of
records notice published in the Federal Register on March 24, 2005 (70
FR 15086).

B. Submission of Sensitive Information

    Do not submit comments that include trade secrets, confidential
commercial or financial information to the public regulatory docket.
Please submit such comments separately from other comments on the rule.
Comments containing this type of information should be appropriately
marked as containing such information and submitted by mail to the
address specified in the ADDRESSES section of this NPRM. If FEMA
receives a request to examine or copy this information, FEMA will treat
it as any other request under the Freedom of Information Act (FOIA), 5
U.S.C. 552, and the Department of Homeland Security's FOIA regulation
found in 6 CFR part 5 and FEMA's regulations found in 44 CFR part 5.

C. Public Meeting

    FEMA does not plan to hold a public meeting on this NPRM, but you
may submit a request for one at the address specified in the ADDRESSES
section of this NPRM explaining why one would be beneficial. If FEMA
determines that a public meeting would aid this rulemaking, FEMA will
hold one at a time and place announced by a notice in the Federal
Register.

II. Background

    Under the authority of sections 1304 and 1345 of the National Flood
Insurance Act of 1968, Public Law 90-448, 82 Stat. 574, as amended (42
U.S.C. 4011, 4081), FEMA provides insurance protection against flood
damage to homeowners, businesses, and others by means of the National
Flood Insurance Program (NFIP). The sale of flood insurance is largely
implemented by private insurance companies that participate in the NFIP
Write-Your-Own (WYO) Program. Through the WYO Program, insurance
companies enter into agreements with FEMA to sell and service flood
insurance policies and adjust claims after flood losses.
    The policy sold is the FEMA Standard Flood Insurance Policy (SFIP),
which is published in 44 CFR part 61, Appendix A. The SFIP has six
parts, the Dwelling Form (App A(1)), General Property Form (App A(2)),
Residential Condominium Building Association Policy (App A(3)),
Endorsement to Dwelling Form (App A(4)), Endorsement to General
Property Form (App A(5)), and the Endorsement to Residential
Condominium Building Association Policy (App A(6)). The language in the
Dwelling Form and the General Property Form are similar with respect to
their discussion of the property covered. For example, the paragraph at
44 CFR part 61 Appendix A(1) III.B.3 contains the same substance as the
paragraph at 44 CFR part 61 Appendix A(2) III.B.4.
    However, 44 CFR part 61 Appendix A(2) III.B.4 reads:

    Items of property in a building enclosure below the lowest
elevated floor of an elevated post-FIRM building located in zones
A1-A30, AE, AH, AR, AR/A, AR/AE, AR/AH, AR/A1-A30, V1-V30, or VE, or
in a basement, regardless of the zone, is limited to the following
items, if installed in their functioning locations and, if necessary
for operation, connected to a power source: * * *

    While 44 CFR part 61 Appendix A(1) III.B.3 reads:

    Coverage for items of property in a building enclosure below the
lowest elevated floor of an elevated post-FIRM building located in
zones A1-A30, AE, AH, AR, AR/A, AR/AE, AR/AH, AR/A1-A30, V1-V30, or
VE, or in a basement, regardless of the zone, is limited to the
following items, if installed in their functioning locations and, if
necessary for operation, connected to a power source: * * *

III. Discussion of Rule

    On May 31, 2000, FEMA published an NPRM at 65 FR 34823 that
proposed to revise the SFIP so that it would conform to ``plain
language'' standards. The rule also proposed changes that would bring
the three forms of the SFIP more in line with the format of the
insurance industry's homeowners policy. FEMA also proposed changes in
the coverage.
    On October 12, 2000, FEMA published a final rule at 65 FR 60757.
The final rule changed the SFIP so that it was in ``plain language''
and restructured the format to resemble the homeowners policy. FEMA
also made changes in the policy's coverage and addressed the comments
received after the publication of the NPRM.
    The SFIP General Property Form is missing ``Coverage for'' at the
beginning of 44 CFR part 61 Appendix A(2) III.B.4. This omission
started in the NPRM. However, the omission did not affect 44 CFR until
the final rule's effective date of December 31, 2000. The words
``Coverage for'' do not substantively change the effect of the
paragraph in question, as FEMA has always interpreted the substance of
the paragraph as discussing those items which are or are not covered by
the policy. However, to clarify and ensure consistency with the other
paragraphs in Appendix A, FEMA is proposing to correct the paragraph by
adding the words ``Coverage for'' at the beginning of 44 CFR part 61
Appendix A(2) III.B.4. With this proposed change, it would be clear on
its face that the paragraph discusses the limitations of coverage for
these certain types of items.

IV. Regulatory Analyses

A. Executive Order 12866, Regulatory Planning and Review

    This proposed rule is not a ``significant regulatory action'' under
section 3(f) of Executive Order 12866, ``Regulatory Planning and
Review'' (58 FR 51735, Oct. 4, 1993), accordingly FEMA has not
submitted it to the Office of Management and Budget (OMB) for review.
This rule is solely adding two unintentionally omitted words to the
SFIP and will not affect the way that FEMA interprets or applies the
policy. FEMA expects that this change would have no economic impact.

B. Regulatory Flexibility Act

    The Regulatory Flexibility Act (5 U.S.C. 601-612) requires that
special consideration be given to the effects of proposed regulations
on small entities. This rule will not have an economic impact on the
regulated public. Therefore, FEMA certifies that this will not have a
significant economic impact on a substantial number of small entities.

C. Paperwork Reduction Act of 1995

    As required by the Paperwork Reduction Act of 1995 (PRA) Public Law
104-13 (44 U.S.C. 3501 et seq.), as amended, an agency may not conduct
or sponsor, and a person is not required to respond to, a collection of
information unless the collection of information displays a valid OMB
control number.
    Although this proposed regulatory change will not result in a new
collection of information affected by the PRA, the collection of
information for the National Flood Insurance Program Policy Forms is
approved under OMB

Number, 1660-0006. The expiration date for 1660-0006 is August 31,
2012.

D. Executive Order 13132, Federalism

    A rule has implications for federalism under Executive Order 13132,
``Federalism'' (64 FR 43255, Aug. 10, 1999), if it has a substantial
direct effect on State or local governments and would either preempt
State law or impose a substantial direct cost of compliance on them.
FEMA has analyzed this proposed rule under Executive Order and
determined that it does not have implications for federalism.

E. Unfunded Mandates Reform Act of 1995

    The Unfunded Mandates Reform Act of 1995, Public Law 104-4, 109
Stat. 48 (Mar. 22, 1995) (2 U.S.C. 1501 et seq.), requires Federal
agencies to assess the effects of their discretionary regulatory
actions that may result in the expenditure by a State, local, or Tribal
government, in the aggregate, or by the private sector of $100,000,000
or more in any one year. As this proposed rule will not have a
substantive effect on the public, this rule is not an unfunded Federal
mandate.

F. Executive Order 12630, Taking of Private Property

    This rule will not effect a taking of private property or otherwise
have taking implications under Executive Order 12630, ``Governmental
Actions and Interference with Constitutionally Protected Property
Rights'' (53 FR 8859, Mar. 18, 1988).

G. Executive Order 12898, Environmental Justice

    Under Executive Order 12898, as amended ``Federal Actions To
Address Environmental Justice in Minority Populations and Low-Income
Populations'' (59 FR 7629, Feb. 16, 1994), FEMA incorporates
environmental justice into its policies and programs. Executive Order
12898 requires each Federal agency to conduct its programs, policies,
and activities that substantially affect human health or the
environment, in a manner that ensures that those programs, policies,
and activities do not have the effect of excluding persons from
participation in, denying persons the benefit of, or subjecting persons
to discrimination because of their race, color, or national origin or
income level.
    No action that FEMA can anticipate under this proposed rule will
have a disproportionately high and adverse human health or
environmental effect on any segment of the population. Accordingly, the
requirements of Executive Order 12898 do not apply to this proposed
rule.

H. Executive Order 12988, Civil Justice Reform

    This proposed rule meets applicable standards in sections 3(a) and
3(b)(2) of Executive Order 12988, ``Civil Justice Reform'' (61 FR 4729,
Feb. 7, 1996), to minimize litigation, eliminate ambiguity, and reduce
burden.

I. Executive Order 13175, Consultation and Coordination With Indian
Tribal Governments

    This proposed rule does not have tribal implications under
Executive Order 13175, ``Consultation and Coordination With Indian
Tribal Governments'' (65 FR 67249, Nov. 9, 2000), because it does not
have a substantial direct effect on one or more Indian Tribes, on the
relationship between the Federal Government and Indian Tribes, or on
the distribution of power and responsibilities between the Federal
Government and Indian Tribes.

J. Executive Order 13045, Protection of Children From Environmental
Health Risks and Safety Risks

    This proposed rule will not create environmental health risks or
safety risks for children under Executive Order 13045, Protection of
Children From Environmental Health Risks and Safety Risks (62 FR 19885,
Apr. 23, 1997).

K. National Environmental Policy Act

    Rulemaking is a major Federal action subject to the National
Environmental Policy Act of 1969, Public Law 91-190, 83 Stat. 852 (Jan.
1, 1970) (42 U.S.C. 4321 et seq.), as amended. The List of exclusion
categories at 44 CFR 10.8(d)(2)(ii) excludes the preparation, revision,
and adoption of regulations from the preparation of an environmental
assessment or environmental impact statement, where the rule relates to
actions that qualify for categorical exclusions. Technical corrections
to a rulemaking are categorically excluded under 44 CFR 10.8(d)(2)(i)
and no extraordinary circumstances exist requiring the need to develop
an environmental assessment or environmental impact statement. Thus,
the preparation, revision, and adoption of regulations related to this
action is categorically excluded.

List of Subjects in 44 CFR Part 61

    Flood insurance, Reporting and recordkeeping requirements.

    For the reasons stated in the preamble, FEMA proposes to amend 44
CFR chapter I as follows:

PART 61--INSURANCE COVERAGE AND RATES

    1. The authority citation for part 61 continues to read as follows:

    Authority: 42 U.S.C. 4001 et seq.; Reorganization Plan No. 3 of
1978, 43 FR 41943, 3 CFR, 1978 Comp., p. 329; E.O. 12127 of Mar. 31,
1979, 44 FR 19367, 3 CFR, 1979 Comp., p. 376.

Appendix A(2) to Part 61--[AMENDED]

    2. Amend Appendix A(2) to part 61, by removing ``Items'' and adding
``Coverage for items'' in its place in paragraph III.B.4.

    Dated: August 27, 2010.
W. Craig Fugate,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2010-22045 Filed 9-2-10; 8:45 am]
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[Federal Register Volume 80, Number 233 (Friday, December 4, 2015)]
[Proposed Rules]
[Page 75845]
[FR Doc No: 2015-30100]

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Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.

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Federal Register / Vol. 80, No. 233 / Friday, December 4, 2015 /
Proposed Rules

ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R03-OAR-2008-0931; FRL-9939-29-Region 3]

Approval and Promulgation of Air Quality Implementation Plans;
Maryland; Attainment Demonstration for the Baltimore 8-Hour Ozone
Moderate Nonattainment Area; Withdrawal of Proposed Rule

AGENCY: Environmental Protection Agency (EPA).

ACTION: Withdrawal of proposed rule.

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SUMMARY: The EPA is withdrawing its proposed rule to disapprove
Maryland's June 4, 2007 ozone attainment demonstration for the
Baltimore Area. This withdrawal action is being taken under section 110
of the CAA.

DATES: The proposed rule published on May 8, 2009 (74 FR 21594),
regarding the ozone attainment demonstration portion of Maryland's June
4, 2007 comprehensive SIP revision request for the Baltimore Area, is
withdrawn as of December 4, 2015.

ADDRESSES: EPA has established docket number EPA-R03-OAR-2008-0931 for
this action. The index to the docket is available electronically at
http://www.regulations.gov and in hard copy at Air Protection Division,
U.S. Environmental Protection Agency, Region III, 1650 Arch Street,
Philadelphia, Pennsylvania 19103.

FOR FURTHER INFORMATION CONTACT: Maria A. Pino,<PHONE_NUMBER>, or by
email at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: On May 8, 2009 (74 FR 21594), EPA published
a proposed rule to disapprove the ozone attainment demonstration
portion of a comprehensive State Implementation Plan (SIP) revision
request submitted by the State of Maryland on June 4, 2007 to meet the
Clean Air Act (CAA) requirements for attaining the 1997 8-hour ozone
National Ambient Air Quality Standard (NAAQS) for the Baltimore
moderate nonattainment area (Baltimore Area). On May 26, 2015 (80 FR
29970), EPA determined that the Baltimore Area attained the 1997 8-hour
ozone NAAQS, thereby suspending the area's obligations to submit an
attainment demonstration and other planning requirements related to
attainment of the 1997 8-hour ozone NAAQS for as long as the area
continues to attain the standard. On October 20, 2015, the State of
Maryland withdrew the attainment demonstration (including modeling and
weight of evidence), 2009 attainment year inventory, contingency
measures for attainment, and 2009 transportation conformity budgets
contained in Maryland's June 4, 2007 SIP revision request.

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Carbon monoxide,
Incorporation by reference, Nitrogen dioxide, Ozone, Reporting and
recordkeeping requirements, Volatile organic compounds.

    Dated: November 10, 2015.
Shawn M. Garvin,
Regional Administrator, Region III.
[FR Doc. 2015-30100 Filed 12-3-15; 8:45 am]
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[Federal Register Volume 80, Number 125 (Tuesday, June 30, 2015)]
[Notices]
[Pages 37330-37331]
[FR Doc No: 2015-15975]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 31689; 812-14392]

Context Capital Advisers, LLC, et al.; Notice of Application

June 24, 2015.
AGENCY:  Securities and Exchange Commission (``Commission'').

ACTION:  Notice of an application under section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from rule 12d1-2(a)
under the Act.

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SUMMARY:  Applicants request an order to permit open-end management
investment companies relying on rule 12d1-2 under the Act to invest in
certain financial instruments.

APPLICANTS: Context Capital Funds (the ``Trust''), Context Capital
Advisers, LLC (``Context Capital'') and Context Advisers II, L.P.
(``Context II'').

DATES:  Filing Date: The application was filed on November 26, 2014,
and amended on April 13, 2015.

HEARING OR NOTIFICATION OF HEARING:  An order granting the application
will be issued unless the Commission orders a hearing. Interested
persons may request a hearing by writing to the Commission's Secretary
and serving applicants with a copy of the request, personally or by
mail. Hearing requests should be received by the Commission by 5:30
p.m. on July 20, 2015 and should be accompanied by proof of service on
applicants, in the form of an affidavit or, for lawyers, a certificate
of service. Hearing requests should state the nature of the writer's
interest, the reason for the request, and the issues contested. Persons
who wish to be notified of a hearing may request notification by
writing to the Commission's Secretary.

ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street,
NE., Washington, DC 20549-1090; Applicants: Context Capital Funds,
Three Canal Plaza, Suite 600, Portland, Maine 04101; Context Capital
Advisers, LLC and Context Advisers II, L.P., 401 City Avenue, Suite
815, Bala Cynwyd, PA 19004.

FOR FURTHER INFORMATION CONTACT:  Vanessa M. Meeks, Senior Counsel, or
Melissa R. Harke, Branch Chief, at<PHONE_NUMBER> (Division of
Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION:  The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site by searching for the file number, or for an
applicant using the Company name box, at http://www.sec.gov/search/search.htm or by calling<PHONE_NUMBER>.

Applicants' Representations

    1. The Trust is organized under Delaware law as a statutory trust
and is registered under the Act as an open-end management investment
company. The Trust is a series trust which currently consists of two
series. Context Capital is a limited liability corporation organized
under the laws of Delaware and is registered as an investment adviser
under the Investment Advisers Act of 1940 (the ``Advisers Act'').
Context Capital currently serves as the investment adviser to the
Context Alternative Strategies Fund, a series of the Trust. Context II
is a limited partnership organized under the laws of Delaware and is
registered as an investment adviser under the Advisers Act. Context II
currently serves as the investment adviser to the Context Macro
Opportunities Fund.
    2. Applicants request an exemption to the extent necessary to
permit any existing or future series of the Trust and any other
registered open-end management investment company or series thereof
that: (a) is advised by Context Capital, Context II or any investment
adviser controlling, controlled by, or under common control with
Context Capital or Context II (any such adviser, Context Capital or
Context II, an ``Adviser'' and collectively, the ``Advisers''); \1\ (b)
is in the same group of investment companies as defined in section
12(d)(1)(G) of the Act as the Trust; (c) invests in other registered
open-end management investment companies (``Underlying Funds'') in
reliance on section 12(d)(1)(G) of the Act; and (d) also is eligible to
invest in securities (as defined in section 2(a)(36) of the Act) in
reliance on rule 12d1-2 under the Act (each a ``Fund of Funds''), also
to invest, to the extent consistent with its investment objectives,
policies, strategies and limitations, in financial instruments that may
not be securities within the meaning of section 2(a)(36) of the Act
(``Other Investments'').\2\
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    \1\ Each Adviser will be registered as an investment adviser
under the Advisers Act.
    \2\ Every existing entity that currently intends to rely on the
requested order is named as an applicant. Any entity that relies on
the order in the future will do so only in accordance with the terms
and condition in the application.
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    3. Consistent with each Adviser's respective fiduciary obligations
under the Act, each Fund of Funds' board of trustees will review the
advisory fees charged by the applicable Fund of Funds' Adviser to
ensure that they are based on services provided that are in addition
to, rather than duplicative of, services provided pursuant to the
advisory agreement of any investment company in which the Fund of Funds
may invest.

Applicants' Legal Analysis

    1. Section 12(d)(1)(A) of the Act provides that no registered
investment company (``acquiring company'') may acquire securities of
another investment company (``acquired company'') if such securities
represent more than 3% of the acquired company's outstanding voting
stock or more than 5% of the acquiring company's total assets, or if
such securities, together with the securities of other investment
companies, represent more than 10% of the acquiring company's total
assets. Section 12(d)(1)(B) of the Act provides that no registered
open-end investment company may sell its securities to another
investment company if the sale will cause the acquiring company to own
more than 3% of the acquired company's voting stock, or cause more than
10% of the acquired company's voting stock to be owned by investment

companies and companies controlled by them.
    2. Section 12(d)(1)(G) of the Act provides, in part, that section
12(d)(1) will not apply to securities of an acquired company purchased
by an acquiring company if: (i) The acquired company and acquiring
company are part of the same group of investment companies; (ii) the
acquiring company holds only securities of acquired companies that are
part of the same group of investment companies, Government securities,
and short-term paper; (iii) the aggregate sales loads and distribution-
related fees of the acquiring company and the acquired company are not
excessive under rules adopted pursuant to section 22(b) or section
22(c) of the Act by a securities association registered under section
15A of the Securities Exchange Act of 1934 or by the Commission; and
(iv) the acquired company has a policy that prohibits it from acquiring
securities of registered open-end investment companies or registered
unit investment trusts in reliance on section 12(d)(1)(F) or (G) of the
Act.
    3. Rule 12d1-2 under the Act permits a registered open-end
investment company or a registered unit investment trust that relies on
section 12(d)(1)(G) of the Act to acquire, in addition to securities
issued by another registered investment company in the same group of
investment companies, Government securities, and short-term paper: (i)
Securities issued by an investment company that is not in the same
group of investment companies, when the acquisition is in reliance on
section 12(d)(1)(A) or 12(d)(1)(F) of the Act; (ii) securities (other
than securities issued by an investment company); and (iii) securities
issued by a money market fund, when the investment is in reliance on
rule 12d1-1 under the Act. For the purposes of rule 12d1-2,
``securities'' means any security as defined in section 2(a)(36) of the
Act.
    4. Section 6(c) of the Act provides that the Commission may exempt
any person, security, or transaction from any provision of the Act, or
from any rule under the Act, if such exemption is necessary or
appropriate in the public interest and consistent with the protection
of investors and the purposes fairly intended by the policies and
provisions of the Act. Applicants submit that their request for relief
meets this standard.
    5. Applicants request an order under section 6(c) of the Act for an
exemption from rule 12d1-2(a) to allow the Funds of Funds to invest in
Other Investments while investing in Underlying Funds. Applicants state
that the Funds of Funds will comply with rule 12d1-2 under the Act, but
for the fact that the Funds of Funds may invest a portion of their
assets in Other Investments. Applicants assert that permitting the
Funds of Funds to invest in Other Investments as described in the
application would not raise any of the concerns that the requirements
of section 12(d)(1) were designed to address.

Applicants' Condition

    Applicants agree that any order granting the requested relief will
be subject to the following condition:
    Applicants will comply with all provisions of rule 12d1-2 under the
Act, except for paragraph (a)(2) to the extent that it restricts any
Fund of Funds from investing in Other Investments as described in the
application.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-15975 Filed 6-29-15; 08:45 am]
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