[Federal Register Volume 81, Number 34 (Monday, February 22, 2016)]
[Notices]
[Page 8710]
[FR Doc No: 2016-03546]

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ENVIRONMENTAL PROTECTION AGENCY

[FRL-9941-47-OEI]

Cross-Media Electronic Reporting: Authorized Program Revision
Approval, State of South Carolina

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: This notice announces EPA's approval of the State of South
Carolina's request to revise/modify certain of its EPA-authorized
programs to allow electronic reporting.

DATES: EPA's approval is effective February 22, 2016.

FOR FURTHER INFORMATION CONTACT: Karen Seeh, U.S. Environmental
Protection Agency, Office of Environmental Information, Mail Stop
2823T, 1200 Pennsylvania Avenue NW., Washington, DC 20460, (202) 566-
1175<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: On October 13, 2005, the final Cross-Media
Electronic Reporting Rule (CROMERR) was published in the Federal
Register (70 FR 59848) and codified as part 3 of title 40 of the CFR.
CROMERR establishes electronic reporting as an acceptable regulatory
alternative to paper reporting and establishes requirements to assure
that electronic documents are as legally dependable as their paper
counterparts. Subpart D of CROMERR requires that state, tribal or local
government agencies that receive, or wish to begin receiving,
electronic reports under their EPA-authorized programs must apply to
EPA for a revision or modification of those programs and obtain EPA
approval. Subpart D provides standards for such approvals based on
consideration of the electronic document receiving systems that the
state, tribe, or local government will use to implement the electronic
reporting. Additionally, Sec.  3.1000(b) through (e) of 40 CFR part 3,
subpart D provides special procedures for program revisions and
modifications to allow electronic reporting, to be used at the option
of the state, tribe or local government in place of procedures
available under existing program-specific authorization regulations. An
application submitted under the subpart D procedures must show that the
state, tribe or local government has sufficient legal authority to
implement the electronic reporting components of the programs covered
by the application and will use electronic document receiving systems
that meet the applicable subpart D requirements.
    On January 5, 2016, the South Carolina Department of Health and
Environmental Control (SC DHEC) submitted an application titled State
and Local Emissions Inventory System for revisions/modifications to two
of its EPA-approved air programs under title 40 CFR to allow new
electronic reporting. EPA reviewed SC DHEC's request to revise/modify
its EPA-authorized programs and, based on this review, EPA determined
that the application met the standards for approval of authorized
program revisions/modifications set out in 40 CFR part 3, subpart D. In
accordance with 40 CFR 3.1000(d), this notice of EPA's decision to
approve South Carolina's request to revise/modify its following EPA-
authorized air programs to allow electronic reporting under 40 CFR
parts 51 and 70, is being published in the Federal Register:

Part 52--Approval and Promulgation of Implementation Plans; and
Part 70--State Operating Permit Programs.

    SC DHEC was notified of EPA's determination to approve its
application with respect to the authorized programs listed above.

Matthew Leopard,
Director, Office of Information Collection.
[FR Doc. 2016-03546 Filed 2-19-16; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 76, Number 10 (Friday, January 14, 2011)]
[Notices]
[Pages 2730-2732]
[FR Doc No: 2011-772]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63687; File No. SR-BX-2011-002]

Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Establish
a $5 Strike Price Program on the Boston Options Exchange Facility

January 10, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on January 10, 2011, NASDAQ OMX BX, Inc. (the ``Exchange'') filed
with the Securities and Exchange Commission (the ``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Exchange filed the proposed
rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule
19b-4(f)(6) thereunder,\4\ which renders the proposal effective upon
filing with the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend Chapter IV, Section 6 (Series of
Options Contracts Open for Trading) of the Rules of the Boston Options
Exchange Group, LLC (``BOX'') to allow BOX to list and trade series in
intervals of $5 or greater where the strike price is more than $200 in
up to five (5) option classes on individual stocks (``$5 Strike Price
Program''), and to clarify that BOX may list option classes designated
by other securities exchanges that employ a similar $5 Strike Price
Program under their respective rules. The text of the proposed rule
change is available from the principal office of the Exchange, on the
Commission's Web site at http://www.sec.gov, at the Commission's Public
Reference Room, and also on the Exchange's Internet Web site at http://nasdaqomxbx.cchwallstreet.com/NASDAQOMXBX/Filings/.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in Sections A, B, and C below, of the
most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this proposed rule change is to modify Chapter IV,
Section 6(d) of the BOX Rules to allow BOX to list and trade options
series in intervals of $5 or greater where the strike price is more
than $200 in up to five (5) option classes on individual stocks (``$5
Strike Price Program'') to provide investors and traders additional
opportunities and strategies to hedge high priced securities.
Additionally, this proposed rule change will clarify that BOX may list
series on any other option classes if those classes are specifically
designated by other securities exchanges that employ a similar $5
Strike Price Program under their respective rules. Similar reciprocity
currently is permitted with BOX's $1 Strike Program, $.50 Strike
Program and $2.50 Strike Program.\5\
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    \5\ See Supplementary Material .02, .03, and .06 to Chapter IV,
Section 6 of the BOX Rules.
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    Currently, Chapter IV, Section 6(d)(iii) of the BOX Rules permits
strike price intervals of $10 or greater where the strike price is
greater than $200.\6\ The Exchange is proposing to add the proposed $5
Strike Price Program as an exception to the $10 or greater program
language in Chapter IV, Section 6. The proposal would allow BOX to list
series in intervals of $5 or greater where the strike price is more
than $200 in up to five (5) option classes on individual stocks. The
Exchange specifically proposes to create a new sub-section (d)(v) to
Chapter IV, Section 6 which would state, ``BOX may list series in
intervals of $5 or greater where the strike price is more than $200 in
up to

five (5) option classes on individual stocks. BOX may list $5 strike
prices on any other option classes if those classes are specifically
designated by other securities exchanges that employ a similar $5
Strike Price Program under their respective rules.'' BOX believes the
$5 Strike Price Program would offer investors a greater selection of
strike prices at a lower cost. For example, if an investor wanted to
purchase an option with an expiration of approximately one month, a $5
strike interval could offer a wider choice of strike prices, which may
result in reduced outlays in order to purchase the option. By way of
illustration, using Google, Inc. (``GOOG'') as an example, if GOOG
would trade at $610 \7\ with approximately one month remaining until
expiration, the front month (one month remaining) at-the-money call
option (the 610 strike) would trade at approximately $17.50 and the
next highest available strike (the 620 strike) would trade at
approximately $13.00. By offering a 615 strike an investor would be
able to trade a GOOG front month call option at approximately $15.25,
thus providing an additional choice at a different price point.
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    \6\ Chapter IV, Section 6(d) of the BOX Rules also permits
strike price intervals of $5.00 or greater where the strike price is
greater than $25.00 but less than $200; and $2.50 or greater where
the strike price is $25.00 or less.
    \7\ The prices listed in this example are assumptions and not
based on actual prices. The assumptions are made for illustrative
purposes only using the stock price as a hypothetical.
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    Similarly, if an investor wanted to hedge exposure to an underlying
stock position by selling call options, the investor may choose an
option term with two months remaining until expiration. An additional
$5 strike interval could offer additional and varying yields to the
investor. For example if Apple, Inc. (``AAPL'') would trade at $310 \8\
with approximately two months remaining until expiration, the second
month (two months remaining) at-the-money call option (the 310 strike)
would trade at approximately $14.50 and the next highest available
strike (the 320) strike would trade at $9.90. The 310 strike would
yield a return of 4.67% and the 320 strike would yield a return of
3.20%. If the 315 strike were available, that series would be priced at
approximately $12.20 (a yield of 3.93%) and would minimize the risk of
having the underlying stock called away at expiration.
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    \8\ The prices listed in this example are assumptions and not
based on actual prices. The assumptions are made for illustrative
purposes only using the stock price as a hypothetical.
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    With regard to the impact of this proposal on system capacity, BOX
has analyzed its capacity and represents that it and the Options Price
Reporting Authority have the necessary systems capacity to handle the
potential additional traffic associated with the listing and trading of
classes on individual stocks $5 Strike Price Program.
    The proposed $5 Strike Price Program would provide investors
increased opportunities to improve returns and manage risk in the
trading of equity options that overlie high priced stocks. In addition,
the proposed $5 Strike Price Program would allow investors to establish
equity options positions that are better tailored to meet their
investment, trading and risk management requirements. Finally, the
Exchange proposes to clarify that the options in the $5 Strike Price
Program may be listed and traded in series that are listed by BOX or
other securities exchanges that employ a similar $5 Strike Price
Program, pursuant to the rules of the other securities exchanges.
Similar reciprocity currently is permitted with BOX's $1 Strike
Program, $.50 Strike Program and $2.50 Strike Program.\9\
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    \9\ See Supplementary Material .02, .03, and .06 to Chapter IV,
Section 6 of the BOX Rules.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \10\ in general, and furthers the objectives of Section
6(b)(5) of the Act \11\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest. The Exchange believes the $5 Strike Price Program proposal
would provide the investing public and other market participants
increased opportunities because a $5 series in high priced stocks would
provide market participants additional opportunities to hedge high
priced securities. This would allow investors to better manage their
risk exposure. Moreover, the Exchange believes the proposed $5 Strike
Price Program would benefit investors by giving them more flexibility
to closely tailor their investment decisions in a greater number of
securities. While the $5 Strike Price Program will generate additional
quote traffic, BOX does not believe that this increased traffic will
become unmanageable since the proposal is limited to a fixed number of
classes. Further, BOX does not believe that the proposal will result in
a material proliferation of additional series because it is limited to
a fixed number of classes and BOX does not believe that the additional
price points will result in fractured liquidity. Finally, the Exchange
believes that clarifying that BOX may list and trade options in series
that are listed by BOX or other securities exchanges that employ a
similar $5 Strike Price Program will provide its Options Participants
greater clarity on the types of options that may be listed by BOX.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    The Exchange has neither solicited nor received comments on the
proposed rule change.

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

    Because the foregoing proposed rule change does not significantly
affect the protection of investors or the public interest, does not
impose any significant burden on competition, and, by its terms, does
not become operative for 30 days from the date on which it was filed,
or such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b-
4(f)(6) thereunder.\13\
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    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Commission has waived the five-day prefiling requirement in this
case.
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    The Exchange has requested that the Commission waive the 30-day
operative delay. The Commission believes that waiver of the operative
delay is consistent with the protection of investors and the public
interest because the $5 Strike Price Program is substantially similar
to that of another exchange that is already effective and
operative.\14\ Therefore, the Commission

designates the proposal operative upon filing.\15\
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    \14\ See Securities Exchange Act Release No. 63654 (January 6,
2011) (SR-Phlx-2010-158) (order approving establishment of a $5
Strike Price Program). See also Securities Exchange Act Release No.
63658 (January 6, 2011) (SR-Phlx-2011-02) (notice of filing and
immediate effectiveness of reciprocity provision related to the $5
Strike Price Program).
    \15\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-BX-2011-002 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-BX-2011-002. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; 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-BX-2011-002 and should be
submitted on or before February 4, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-772 Filed 1-13-11; 8:45 am]
BILLING CODE 8011-01-P