[Federal Register: February 25, 2009 (Volume 74, Number 36)]
[Notices]
[Page 8594-8596]
[DOCID:fr25fe09-105]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59410; File No. SR-ISE-2009-06]

Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change Relating to Fee Changes

February 17, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on February 11, 2009, the International Securities Exchange, LLC
(the ``Exchange'' or the ``ISE'') filed with the Securities and
Exchange Commission (the ``Commission'') the proposed rule change, as
described in Items I, II, and III below, which items have been prepared
by the self-regulatory organization. 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The ISE is proposing to amend its Schedule of Fees to establish
fees for transactions in options on 7 Premium Products.\3\ The text of
the proposed rule change is available on the Exchange's Web site
(http://www.ise.com), at the principal office of the Exchange, and at
the Commission's Public Reference Room.
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    \3\ Premium Products is defined in the Schedule of Fees as the
products enumerated therein.
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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 Exchange is proposing to amend its Schedule of Fees to
establish fees for transactions in options on the ProShares Ultra DJ-
AIG Crude Oil ETF (``UCO''), the ProShares UltraShort DJ-AIG Crude Oil
ETF (``SCO''),\4\ the ProShares

UltraShort MidCap 400 ETF (``MZZ''),\5\ the ProShares UltraShort 7-10
Year Treasury ETF (``PST''),\6\ the iShares GSCI Commodity Indexed
Trust ETF (``GSG''),\7\ the ProShares Ultra Gold ETF (``UGL'') and the
ProShares UltraShort Gold ETF (``GLL''). The Exchange represents that
UCO, SCO, MZZ, PST, GSG, UGL and GLL are eligible for options trading
because they constitute ``Exchange-Traded Fund Shares,'' as defined by
ISE Rule 502(h).
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    \4\ ``Dow Jones,'' AIG``[supreg]'', ``The Dow Jones-AIG Crude
Oil Sub-Index SM'' and ``DJ-AIGCL SM'' are
service marks of Dow Jones & Company, Inc. and American
International Group, Inc. (``American International Group''), as the
case may be, and have been licensed for use by ProShares Capital
Management. The ProShares UltraShort DJ-AIG Crude Oil ETF (``SCO'')
and the ProShares Ultra DJ-AIG Crude Oil ETF (``UCO'') are based on
the Dow Jones-AIG Crude Oil Index SM and are not
sponsored, endorsed, sold or promoted by Dow Jones, AIG Financial
Products Corp. (``AIG-FP''), American International Group, or any of
their respective subsidiaries or affiliates. Dow Jones, AIG-FP, and
American International Group have not licensed or authorized ISE to
(i) engage in the creation, listing, provision of a market for
trading, marketing, and promotion of options on SCO and UCO or (ii)
to use and refer to any of their trademarks or service marks in
connection with the listing, provision of a market for trading,
marketing, and promotion of options on SCO and UCO or with making
disclosures concerning options on SCO and UCO under any applicable
federal or state laws, rules or regulations. Dow Jones, AIG-FP, and
American International Group do not sponsor, endorse, or promote
such activity by ISE and are not affiliated in any manner with ISE.
    \5\ ``Standard & Poor's'', ``S&P'', ``S&P 400'', and ``Standard
& Poor's 400'' are trademarks of The McGraw-Hill Companies, Inc.
(``McGraw-Hill'') and have been licensed for use for certain
purposes by ProShares Trust. All other trademarks and service marks
are the property of their respective owners. The ProShares
UltraShort MidCap 400 ETF (``MZZ'') is not sponsored, endorsed, sold
or promoted by Standard & Poor's, (``S&P''), a division of McGraw-
Hill. S&P has not licensed or authorized ISE to (i) engage in the
creation, listing, provision of a market for trading, marketing, and
promotion of options on MZZ or (ii) to use and refer to any of their
trademarks or service marks in connection with the listing,
provision of a market for trading, marketing, and promotion of
options on MZZ or with making disclosures concerning options on MZZ
under any applicable federal or state laws, rules or regulations.
S&P does not sponsor, endorse, or promote such activity by ISE and
is not affiliated in any manner with ISE.
    \6\ ``Barclays Capital'' and ``Barclays Capital Inc.'' are
trademarks of Barclays Capital Inc. (``Barclays'') and have been
licensed for use for certain purposes by ProShares Trust. All other
trademarks and service marks are the property of their respective
owners. The ProShares UltraShort 7-10 Treasury ETF (``PST'') is not
sponsored, endorsed, sold or promoted by Barclays. Barclays has not
licensed or authorized ISE to (i) engage in the creation, listing,
provision of a market for trading, marketing, and promotion of
options on PST or (ii) to use and refer to any of their trademarks
or service marks in connection with the listing, provision of a
market for trading, marketing, and promotion of options on PST or
with making disclosures concerning options on PST under any
applicable federal or state laws, rules or regulations. Barclays
does not sponsor, endorse, or promote such activity by ISE and is
not affiliated in any manner with ISE.
    \7\ iShares [supreg] is a registered trademark of Barclays
Global Investors, N.A. (``BGI''), a wholly owned subsidiary of
Barclays Bank PLC. ``GSCI [supreg]'' is a registered trademark of
Goldman, Sachs & Co. (``Goldman'') and has been licensed for use for
certain purposes by BGI. All other trademarks and service marks are
the property of their respective owners. The iShares GSCI Commodity
Indexed Trust (``GSG'') is not sponsored, sold, endorsed or promoted
by Goldman. Goldman and BGI have not licensed or authorized ISE to
(i) engage in the creation, listing, provision of a market for
trading, marketing, and promotion of options on GSG or (ii) to use
and refer to any of their trademarks or service marks in connection
with the listing, provision of a market for trading, marketing, and
promotion of options on GSG or with making disclosures concerning
options on GSG under any applicable federal or state laws, rules or
regulations. Goldman and BGI do not sponsor, endorse, or promote
such activity by ISE and are not affiliated in any manner with ISE.
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    All of the applicable fees covered by this filing are identical to
fees charged by the Exchange for all other Premium Products.
Specifically, the Exchange is proposing to adopt an execution fee for
all transactions in options on UCO, SCO, MZZ, PST, GSG, UGL and GLL.\8\
The amount of the execution fee for products covered by this filing
shall be $0.18 per contract for all Public Customer Orders \9\ and
$0.20 per contract for all Firm Proprietary orders. The amount of the
execution fee for all ISE Market Maker transactions shall be equal to
the execution fee currently charged by the Exchange for ISE Market
Maker transactions in equity options.\10\ Finally, the amount of the
execution fee for all non-ISE Market Maker transactions shall be $0.45
per contract.\11\ Further, since options on UCO, SCO, MZZ, PST, GSG,
UGL and GLL are multiply-listed, the Exchange's Payment for Order Flow
fee shall apply to all these products. The Exchange believes the
proposed rule change will further the Exchange's goal of introducing
new products to the marketplace that are competitively priced.
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    \8\ These fees will be charged only to Exchange members. Under a
pilot program that is set to expire on July 31, 2009, these fees
will also be charged to Linkage Principal Orders (``Linkage P
Orders'') and Linkage Principal Acting as Agent Orders (``Linkage P/
A Orders''). The amount of the execution fee charged by the Exchange
for Linkage P Orders and Linkage P/A Orders is $0.24 [sic] per
contract side and $0.15 [sic] per contract side, respectively. See
Securities Exchange Act Release No. 58143 (July 11, 2008), 73 FR
41388 (July 18, 2008) (SR-ISE-2008-52). The Commission notes that
the Exchange failed to accurately reflect the increased execution
fees for linkage orders, which are now $0.27 for Linkage P orders
and $0.18 for Linkage P/A orders. See Securities Exchange Act
Release No. 58139 (July 10, 2008), 73 FR 41142 (July 17, 2008) (SR-
ISE-2008-54).
    \9\ Public Customer Order is defined in Exchange Rule 100(a)(39)
as an order for the account of a Public Customer. Public Customer is
defined in Exchange Rule 100(a)(38) as a person or entity that is
not a broker or dealer in securities.
    \10\ The Exchange applies a sliding scale, between $0.01 and
$0.18 per contract side, based on the number of contracts an ISE
market maker trades in a month.
    \11\ The amount of the execution fee for non-ISE Market Maker
transactions executed in the Exchange's Facilitation and
Solicitation Mechanisms is $0.19 per contract.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\12\ in general, and
furthers the objectives of Section 6(b)(4),\13\ in particular, in that
it is designed to provide for the equitable allocation of reasonable
dues, fees and other charges among its members and other persons using
its facilities.
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    \12\ 15 U.S.C. 78f.
    \13\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not impose any burden on competition
that is 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 not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3) of the Act \14\ and Rule 19b-4(f)(2) \15\ thereunder. At any
time within 60 days of the filing of such proposed rule change, the
Commission may summarily abrogate 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.
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    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposal 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 No. SR-ISE-2009-06 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 No. SR-ISE-2009-06. 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 inspection and copying in the
Commission's Public Reference Room, 100 F Street, NE., Washington, DC
20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of such filing also will be available for inspection and
copying at the principal office of the ISE. 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 No. SR-ISE-2009-06 and should be submitted on or
before March 18, 2009.
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    \16\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E9-3979 Filed 2-24-09; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 7 (Wednesday, January 10, 2018)]
[Rules and Regulations]
[Pages 1190-1194]
[FR Doc No: 2018-00287]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 19

[FRL-9972-92-OECA]

Civil Monetary Penalty Inflation Adjustment Rule

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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SUMMARY: The Environmental Protection Agency (EPA) is promulgating this
final rule to adjust the level of statutory civil monetary penalty
amounts under the statutes EPA administers. This action is mandated by
the Federal Civil Penalties Inflation Adjustment Act of 1990, as
amended through the Federal Civil Penalties Inflation Adjustment Act
Improvements Act of 2015 (``the 2015 Act''). The 2015 Act prescribes a
formula for annually adjusting statutory civil penalties to reflect
inflation, maintain the deterrent effect of statutory civil penalties,
and promote compliance with the law. The rule does not necessarily
revise the penalty amounts that EPA chooses to seek pursuant to its
civil penalty policies in a particular case. EPA's civil penalty
policies, which guide enforcement personnel in how to exercise EPA's
statutory penalty authorities, take into account a number of fact-
specific considerations, e.g., the seriousness of the violation, the
violator's good faith efforts to comply, any economic benefit gained by
the violator as a result of its noncompliance, and a violator's ability
to pay.

DATES: This final rule is effective on January 15, 2018.

FOR FURTHER INFORMATION CONTACT: David Smith-Watts, Office of Civil
Enforcement, Office of Enforcement and Compliance Assurance, Mail Code
2241A, Environmental Protection Agency, 1200 Pennsylvania Avenue NW,
Washington, DC 20460, telephone number:<PHONE_NUMBER>; [email protected].

SUPPLEMENTARY INFORMATION:

I. Background

    Since 1990, federal agencies have been required to issue
regulations adjusting for inflation the statutory civil penalties \1\
that can be imposed under

the laws administered by that agency. The Federal Civil Penalties
Inflation Adjustment Act of 1990, as amended by the Debt Collection
Improvement Act of 1996 (DCIA), required agencies to review their
statutory civil penalties every 4 years, and to adjust the statutory
civil penalty amounts for inflation if the increase met the DCIA's
adjustment methodology. In accordance with the DCIA, EPA reviewed and,
as appropriate, adjusted the civil penalty levels under each of the
statutes the agency implements in 1996 (61 FR 69360), 2004 (69 FR
7121), 2008 (73 FR 75340), and 2013 (78 FR 66643).
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    \1\ The Federal Civil Penalties Inflation Adjustment Act of
1990, Public Law 101-410, 28 U.S.C. 2461 note, defines ``civil
monetary penalty'' as ``any penalty, fine, or other sanction that--
(A)(i) is for a specific monetary amount as provided by Federal law;
or (ii) has a maximum amount provided for by Federal law; and (B) is
assessed or enforced by an agency pursuant to Federal law; and (C)
is assessed or enforced pursuant to an administrative proceeding or
a civil action in the Federal courts.''
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    The 2015 Act \2\ requires agencies to: (1) Adjust the level of
statutory civil penalties with an initial ``catch-up'' adjustment
through an interim final rulemaking; and (2) beginning January 15,
2017, make subsequent annual adjustments for inflation. The purpose of
the 2015 Act is to maintain the deterrent effect of civil penalties by
translating originally enacted statutory civil penalty amounts to
today's dollars and rounding statutory civil penalties to the nearest
dollar.
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    \2\ The Federal Civil Penalties Inflation Adjustment Act
Improvements Act of 2015 (Section 701 of Pub. L.114-74) was signed
into law on Nov. 2, 2015, and further amended the Federal Civil
Penalties Inflation Adjustment Act of 1990.
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    As required by the 2015 Act, EPA issued a catch up rule on July 1,
2016, which was effective August 1, 2016 (81 FR 43091), and EPA made
its first annual adjustment on January 12, 2017, which was effective
January 15, 2017 (82 FR 3633). Today's rule implements the second
annual penalty inflation adjustments mandated by the 2015 Act. Section
4 of the 2015 Act requires each federal agency to publish annual
adjustments to all civil penalties under the laws implemented by that
agency. These annual adjustments are required to be published by
January 15 of each year. The 2015 Act describes the method for
calculating the adjustments. Each statutory maximum civil monetary
penalty is multiplied by the cost-of-living adjustment, which is the
percentage by which the Consumer Price Index for all Urban Consumers
(CPI-U) for the month of October 2017 exceeds the CPI-U for the month
of October 2016.
    With this rule, the new statutory maximum (or minimum \3\) penalty
levels listed in the sixth column of Table 2 of 40 CFR 19.4 will apply
to all civil penalties assessed on or after January 15, 2018, for
violations that occurred after November 2, 2015, when the 2015 Act was
enacted. The former maximum statutory civil penalty levels, which are
in the fifth column of Table 2 to 40 CFR 19.4, will now apply only to
violations that occurred after November 2, 2015, where the penalties
were assessed on or after January 15, 2017 but before January 15, 2018.
The statutory penalty levels for violations that occurred after
November 2, 2015, where the penalties were assessed on or after August
1, 2016 but before January 15, 2017, are codified in the fourth column
of Table 2 to 40 CFR 19.4. The statutory civil penalty levels that
apply to violations that occurred on or before November 2, 2015, are
codified at Table 1 to 40 CFR 19.4.
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    \3\ Under Section 3(2)(A) of the 2015 Act, ``civil monetary
penalty'' means ``a specific monetary amount as provided by Federal
law''; or ``has a maximum amount provided for by Federal law.'' EPA-
administered statutes generally refer to statutory maximum
penalties, with the following exceptions: Section 311(b)(7)(D) of
the Clean Water Act, 33 U.S.C. 1321(b)(7)(D), refers to a minimum
penalty of ``not less than $100,000 . . .''; Section 104B(d)(1) of
the Marine Protection, Research, and Sanctuaries Act, 33 U.S.C.
1414b(d)(1), refers to an exact penalty of $600 ``[f]or each dry ton
(or equivalent) of sewage sludge or industrial waste dumped or
transported by the person in violation of this subsection in
calendar year 1992 . . .''; and Section 325(d)(1) of the Emergency
Planning and Community Right-to-Know Act, 42 U.S.C. 11045(d)(1),
refers to an exact civil penalty of $25,000 for each frivolous trade
secret claim.
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    The formula for determining the cost-of-living or inflation
adjustment to statutory civil penalties consists of the following
steps:
    Step 1: The cost-of-living adjustment multiplier for 2018, based on
the CPI-U of October 2017, is 1.02041.\4\ Multiply 1.02041 by the
current penalty amount. This is the raw adjusted penalty value.
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    \4\ Office of Management and Budget Memorandum, Implementation
of the Penalty Inflation Adjustments for 2018, Pursuant to the
Federal Civil Penalties Inflation Adjustment Act Improvements Act of
2015 (OMB Memorandum M-18-03) at p. 1 (December 15, 2017).
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    Step 2: Round the raw adjusted penalty value. Section 5 of the 2015
Act states that any adjustment shall be rounded to the nearest multiple
of $1. The result is the final penalty value for the year.

II. The 2015 Act Requires Federal Agencies To Publish Annual Penalty
Inflation Adjustments Notwithstanding Section 553 of the Administrative
Procedures Act

    Section 4 of the 2015 Act directs federal agencies to publish the
second annual adjustments no later than January 15, 2018. In accordance
with section 553 of the Administrative Procedures Act (APA), most rules
are subject to notice and comment and are effective no earlier than 30
days after publication in the Federal Register. However, Section
4(b)(2) of the 2015 Act provides that each agency shall make the annual
inflation adjustments ``notwithstanding section 553'' of the APA.
According to OMB guidance issued to Federal agencies on the
implementation of the 2018 annual adjustment,\5\ the phrase
``notwithstanding section 553'' means that ``the public procedure the
APA generally provides--notice, an opportunity for comment, and a delay
in effective date--is not required for agencies to issue regulations
implementing the annual adjustment.'' Consistent with the language of
the 2015 Act and OMB's implementation guidance, this rule is not
subject to notice and an opportunity for public comment and will be
effective immediately upon publication.
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    \5\ See OMB Memorandum M-18-03 at p. 4.
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III. Statutory and Executive Order Reviews

    Additional information about these statutes and Executive Orders
can be found at http://www2.epa.gov/laws-regulations/laws-and-executive-orders.

A. Executive Order 12866: Regulatory Planning and Review and Executive
Order 13563: Improving Regulation and Regulatory Review

    This action is not a significant regulatory action and was
therefore not submitted to the Office of Management and Budget (OMB)
for review.

B. Executive Order 13771: Reducing Regulations and Controlling
Regulatory Costs

    This action is not an Executive Order 13771 regulatory action
because this action is not significant under Executive Order 12866.

C. Paperwork Reduction Act (PRA)

    This action does not impose an information collection burden under
the PRA. This rule merely increases the level of statutory civil
penalties that can be imposed in the context of a federal civil
administrative enforcement action or civil judicial case for violations
of EPA-administered statutes and their implementing regulations.

D. Regulatory Flexibility Act (RFA)

    This action is not subject to the RFA. The RFA applies only to
rules subject to notice and comment rulemaking requirements under the
APA, 5 U.S.C. 553, or any other statute. Because the 2015 Act directs
Federal agencies to publish this rule notwithstanding section 553 of
the APA, this rule is not subject to notice and comment requirements or
the RFA.

E. Unfunded Mandates Reform Act (UMRA)

    This action does not contain any unfunded mandate as described in
UMRA, 2 U.S.C. 1531-1538, and does not significantly or uniquely affect
small governments. This action is required by the 2015 Act, without the
exercise of any policy discretion by EPA. This action also imposes no
enforceable duty on any state, local or tribal governments or the
private sector. Because the calculation of any increase is formula-
driven pursuant to the 2015 Act, EPA has no policy discretion to vary
the amount of the adjustment.

F. Executive Order 13132: Federalism

    This action does not have federalism implications. It will not have
a substantial direct effect on the states, on the relationship between
the national government and the states, or on the distribution of power
and responsibilities among the various levels of government.

G. Executive Order 13175: Consultation and Coordination With Indian
Tribal Governments

    This action does not have tribal implications as specified in
Executive Order 13175. This rule merely reconciles the real value of
current statutory civil penalty levels to reflect and keep pace with
the levels originally set by Congress when the statutes were enacted.
The calculation of the increases is formula-driven and prescribed by
statute, and EPA has no discretion to vary the amount of the adjustment
to reflect any views or suggestions provided by commenters.
Accordingly, this rule will not have a substantial direct effect on
tribal governments, 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.

H. Executive Order 13045: Protection of Children From Environmental
Health Risks and Safety Risks

    The EPA interprets Executive Order 13045 as applying only to those
regulatory actions that concern environmental health or safety risks
that the EPA has reason to believe may disproportionately affect
children, per the definition of ``covered regulatory action'' in
section 2-202 of the Executive Order. This action is not subject to
Executive Order 13045 because it does not concern an environmental
health risk or safety risk.

I. Executive Order 13211: Actions That Significantly Affect Energy
Supply, Distribution, or Use

    This action is not subject to Executive Order 13211, because it is
not a significant regulatory action under Executive Order 12866.

J. National Technology Transfer and Advancement Act (NTTAA)

    The rulemaking does not involve technical standards.

K. Executive Order 12898: Federal Actions To Address Environmental
Justice in Minority Populations and Low-Income Populations

    The EPA believes that this action is not subject to Executive Order
12898 (59 FR 7629, February 16, 1994) because it does not establish an
environmental health or safety standard. Rather, this action is
mandated by the 2015 Act, which prescribes a formula for adjusting
statutory civil penalties on an annual basis to reflect inflation.

L. Congressional Review Act (CRA)

    This action is subject to the CRA, and EPA will submit a rule
report to each House of the Congress and to the Comptroller General of
the United States. The CRA allows the issuing agency to make a rule
effective sooner than otherwise provided by the CRA if the agency makes
a good cause finding that notice and comment rulemaking procedures are
impracticable, unnecessary or contrary to the public interest (5 U.S.C.
808(2)). The 2015 Act directs Federal agencies to publish their annual
penalty inflation adjustments ``notwithstanding section 553 [of the
APA].'' Because OMB has instructed Federal agencies that this provision
means that ``notice, an opportunity for comment, and a delay in the
effective date'' are not required for agencies to issue regulations
implementing the annual adjustment,\6\ EPA finds that the APA's notice
and comment rulemaking procedures are impracticable, unnecessary or
contrary to the public interest.
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    \6\ See OMB Memorandum M-18-03 at p. 4.
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List of Subjects in 40 CFR Part 19

    Environmental protection, Administrative practice and procedure,
Penalties.

    Dated: January 3, 2018.
E. Scott Pruitt,
Administrator.

    For the reasons set out in the preamble, EPA amends title 40,
chapter I, part 19 of the Code of Federal Regulations as follows:

PART 19--ADJUSTMENT OF CIVIL MONETARY PENALTIES FOR INFLATION

0
1. The authority citation for part 19 continues to read as follows:

    Authority: Pub. L. 101-410, Oct. 5, 1990, 104 Stat. 890, as
amended by Pub. L. 104-134, title III, sec. 31001(s)(1), Apr. 26,
1996, 110 Stat. 1321-373; Pub. L. 105-362, title XIII, sec. 1301(a),
Nov. 10, 1998, 112 Stat. 3293; Pub. L. 114-74, title VII, sec.
701(b), Nov. 2, 2015, 129 Stat. 599.

0
2. Revise Sec.  19.2 to read as follows:

Sec.  19.2  Effective date.

    The statutory penalty levels in the last column of Table 1 to Sec.
19.4 apply to all violations which occurred after December 6, 2013
through November 2, 2015, and to violations occurring after November 2,
2015, where penalties were assessed before August 1, 2016. The
statutory civil penalty levels set forth in the fourth column of Table
2 of Sec.  19.4 apply to all violations which occurred after November
2, 2015, where the penalties were assessed on or after August 1, 2016
and before January 15, 2017. The statutory civil penalty levels set
forth in the fifth column of Table 2 of Sec.  19.4 apply to all
violations which occurred after November 2, 2015, where the penalties
were assessed after January 15, 2017 but before January 15, 2018. The
statutory civil penalty levels set forth in the sixth and last column
of Table 2 of Sec.  19.4 apply to all violations which occur or
occurred after November 2, 2015, where the penalties are assessed after
January 15, 2018.

0
3. In Sec.  19.4, revise the introductory text and table 2 to read as
follows:

Sec.  19.4  Statutory civil penalties, as adjusted for inflation, and
tables.

    Table 1 to Sec.  19.4 sets out the statutory civil penalty
provisions of statutes administered by EPA, with the original statutory
civil penalty levels, as enacted, and the operative statutory civil
penalty levels, as adjusted for inflation, for violations that occurred
on or before November 2, 2015, and for violations that occurred after
November 2, 2015, where penalties were assessed before August 1, 2016.
Table 2 to Sec.  19.4 sets out the statutory civil penalty provisions
of statutes administered by EPA, with the third column displaying the
original statutory civil penalty levels, as enacted. The fourth column
of Table 2 displays the operative statutory civil penalty levels where
penalties were assessed on or after August 1, 2016 but before January
15, 2017, for violations that occurred after November 2, 2015. The
fifth column displays the operative statutory civil penalty levels

where penalties are assessed on or after January 15, 2017 but before
January 15, 2018, for violations that occur or occurred after November
2, 2015. The sixth and last column displays the operative statutory
civil penalty levels where penalties are assessed on or after January
15, 2018, for violations that occur or occurred after November 2, 2015.
* * * * *

                                          Table 2 of Section 19.4--Civil Monetary Penalty Inflation Adjustments
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Statutory civil     Statutory civil
                                                                                penalties for       penalties for      Statutory civil
                                                                                violations that     violations that      penalties for
                                                                                occurred after      occurred after      violations that
                                                                            Statutory civil    November 2, 2015,   November 2, 2015,    occurred after
            U.S. Code citation                  Environmental statute        penalties, as      where penalties     where penalties    November 2, 2015,
                                                                                enacted       are assessed on or  are assessed on or    where penalties
                                                                                after August 1,    after January 15,  are assessed on or
                                                                                2016 but before     2017 but before    after January 15,
                                                                                January 15, 2017    January 15, 2018          2018
--------------------------------------------------------------------------------------------------------------------------------------------------------
7 U.S.C. 136l.(a)(1)......................  FEDERAL INSECTICIDE,                      $5,000             $18,750             $19,057             $19,446
                                             FUNGICIDE, AND RODENTICIDE
                                             ACT (FIFRA).
7 U.S.C. 136l.(a)(2) \1\..................  FIFRA.......................     1,000/500/1,000   2,750/1,772/2,750   2,795/1,801/2,795   2,852/1,838/2,795
15 U.S.C. 2615(a)(1)......................  TOXIC SUBSTANCES CONTROL ACT              25,000              37,500              38,114              38,892
                                             (TSCA).
15 U.S.C. 2647(a).........................  TSCA........................               5,000              10,781              10,957              11,181
15 U.S.C. 2647(g).........................  TSCA........................               5,000               8,908               9,054               9,239
31 U.S.C. 3802(a)(1)......................  PROGRAM FRAUD CIVIL REMEDIES               5,000              10,781              10,957              11,181
                                             ACT (PFCRA).
31 U.S.C. 3802(a)(2)......................  PFCRA.......................               5,000              10,781              10,957              11,181
33 U.S.C. 1319(d).........................  CLEAN WATER ACT (CWA).......              25,000              51,570              52,414              53,484
33 U.S.C. 1319(g)(2)(A)...................  CWA.........................       10,000/25,000       20,628/51,570       20,965/52,414       21,393/53,484
33 U.S.C. 1319(g)(2)(B)...................  CWA.........................      10,000/125,000      20,628/257,848      20,965/262,066      21,393/267,415
33 U.S.C. 1321(b)(6)(B)(i)................  CWA.........................       10,000/25,000       17,816/44,539       18,107/45,268       18,477/46,192
33 U.S.C. 1321(b)(6)(B)(ii)...............  CWA.........................      10,000/125,000      17,816/222,695      18,107/226,338      18,477/230,958
33 U.S.C. 1321(b)(7)(A)...................  CWA.........................        25,000/1,000        44,539/1,782        45,268/1,811        46,192/1,848
33 U.S.C. 1321(b)(7)(B)...................  CWA.........................              25,000              44,539              45,268              46,192
33 U.S.C. 1321(b)(7)(C)...................  CWA.........................              25,000              44,539              45,268              46,192
33 U.S.C. 1321(b)(7)(D)...................  CWA.........................       100,000/3,000       178,156/5,345       181,071/5,432       184,767/5,543
33 U.S.C. 1414b(d)(1).....................  MARINE PROTECTION, RESEARCH,                 600               1,187               1,206               1,231
                                             AND SANCTUARIES ACT (MPRSA).
33 U.S.C. 1415(a).........................  MPRSA.......................      50,000/125,000     187,500/247,336     190,568/251,382     194,457/256,513
33 U.S.C. 1901 note (see 1409(a)(2)(A))...  CERTAIN ALASKAN CRUISE SHIP        10,000/25,000       13,669/34,172       13,893/34,731       14,177/35,440
                                             OPERATIONS (CACSO).
33 U.S.C. 1901 note (see 1409(a)(2)(B))...  CACSO.......................      10,000/125,000      13,669/170,861      13,893/173,656      14,177/177,200
33 U.S.C. 1901 note (see 1409(b)(1))......  CACSO.......................              25,000              34,172              34,731              35,440
33 U.S.C. 1908(b)(1)......................  ACT TO PREVENT POLLUTION                  25,000              70,117              71,264              72,718
                                             FROM SHIPS (APPS).
33 U.S.C. 1908(b)(2)......................  APPS........................               5,000              14,023              14,252              14,543
42 U.S.C. 300g-3(b).......................  SAFE DRINKING WATER ACT                   25,000              53,907              54,789              55,907
                                             (SDWA).
42 U.S.C. 300g-3(g)(3)(A).................  SDWA........................              25,000              53,907              54,789              55,907
42 U.S.C. 300g-3(g)(3)(B).................  SDWA........................        5,000/25,000       10,781/37,561       10,957/38,175       11,181/38,954
42 U.S.C. 300g-3(g)(3)(C).................  SDWA........................              25,000              37,561              38,175              38,954
42 U.S.C. 300h-2(b)(1)....................  SDWA........................              25,000              53,907              54,789              55,907
42 U.S.C. 300h-2(c)(1)....................  SDWA........................      10,000/125,000      21,563/269,535      21,916/273,945      22,363/279,536
42 U.S.C. 300h-2(c)(2)....................  SDWA........................       5,000/125,000      10,781/269,535      10,957/273,945      11,181/279,536
42 U.S.C. 300h-3(c).......................  SDWA........................        5,000/10,000       18,750/40,000       19,057/40,654       19,446/41,484
42 U.S.C. 300i(b).........................  SDWA........................              15,000              22,537              22,906              23,374
42 U.S.C. 300i-1(c).......................  SDWA........................   100,000/1,000,000   131,185/1,311,850   133,331/1,333,312   136,052/1,360,525
42 U.S.C. 300j(e)(2)......................  SDWA........................               2,500               9,375               9,528               9,722
42 U.S.C. 300j-4(c).......................  SDWA........................              25,000              53,907              54,789              55,907
42 U.S.C. 300j-6(b)(2)....................  SDWA........................              25,000              37,561              38,175              38,954
42 U.S.C. 300j-23(d)......................  SDWA........................        5,000/50,000        9,893/98,935      10,055/100,554      10,260/102,606
42 U.S.C. 4852d(b)(5).....................  RESIDENTIAL LEAD-BASED PAINT              10,000              16,773              17,047              17,395
                                             HAZARD REDUCTION ACT OF
                                             1992.
42 U.S.C. 4910(a)(2)......................  NOISE CONTROL ACT OF 1972...              10,000              35,445              36,025              36,760
42 U.S.C. 6928(a)(3)......................  RESOURCE CONSERVATION AND                 25,000              93,750              95,284              97,229
                                             RECOVERY ACT (RCRA).
42 U.S.C. 6928(c).........................  RCRA........................              25,000              56,467              57,391              58,562
42 U.S.C. 6928(g).........................  RCRA........................              25,000              70,117              71,264              72,718
42 U.S.C. 6928(h)(2)......................  RCRA........................              25,000              56,467              57,391              58,562
42 U.S.C. 6934(e).........................  RCRA........................               5,000              14,023              14,252              14,543
42 U.S.C. 6973(b).........................  RCRA........................               5,000              14,023              14,252              14,543
42 U.S.C. 6991e(a)(3).....................  RCRA........................              25,000              56,467              57,391              58,562
42 U.S.C. 6991e(d)(1).....................  RCRA........................              10,000              22,587              22,957              23,426
42 U.S.C. 6991e(d)(2).....................  RCRA........................              10,000              22,587              22,957              23,426
42 U.S.C. 7413(b).........................  CLEAN AIR ACT (CAA).........              25,000              93,750              95,284              97,229
42 U.S.C. 7413(d)(1)......................  CAA.........................      25,000/200,000      44,539/356,312      45,268/362,141      46,192/369,532
42 U.S.C. 7413(d)(3)......................  CAA.........................               5,000               8,908               9,054               9,239
42 U.S.C. 7524(a).........................  CAA.........................        25,000/2,500        44,539/4,454        45,268/4,527        46,192/4,619
42 U.S.C. 7524(c)(1)......................  CAA.........................             200,000             356,312             362,141             369,532
42 U.S.C. 7545(d)(1)......................  CAA.........................              25,000              44,539              45,268              46,192
42 U.S.C. 9604(e)(5)(B)...................  COMPREHENSIVE ENVIRONMENTAL               25,000              53,907              54,789              55,907
                                             RESPONSE, COMPENSATION, AND
                                             LIABILITY ACT (CERCLA).
42 U.S.C. 9606(b)(1)......................  CERCLA......................              25,000              53,907              54,789              55,907
42 U.S.C. 9609(a)(1)......................  CERCLA......................              25,000              53,907              54,789              55,907

42 U.S.C. 9609(b).........................  CERCLA......................       25,000/75,000      53,907/161,721      54,789/164,367      55,907/167,722
42 U.S.C. 9609(c).........................  CERCLA......................       25,000/75,000      53,907/161,721      54,789/164,367      55,907/167,722
42 U.S.C. 11045(a)........................  EMERGENCY PLANNING AND                    25,000              53,907              54,789              55,907
                                             COMMUNITY RIGHT-TO-KNOW ACT
                                             (EPCRA).
42 U.S.C. 11045(b)(1)(A)..................  EPCRA.......................              25,000              53,907              54,789              55,907
42 U.S.C. 11045(b)(2).....................  EPCRA.......................       25,000/75,000      53,907/161,721      54,789/164,367      55,907/167,722
42 U.S.C. 11045(b)(3).....................  EPCRA.......................       25,000/75,000      53,907/161,721      54,789/164,367      55,907/167,722
42 U.S.C. 11045(c)(1).....................  EPCRA.......................              25,000              53,907              54,789              55,907
42 U.S.C. 11045(c)(2).....................  EPCRA.......................              10,000              21,563              21,916              22,363
42 U.S.C. 11045(d)(1).....................  EPCRA.......................              25,000              53,907              54,789              55,907
42 U.S.C. 14304(a)(1).....................  MERCURY-CONTAINING AND                    10,000              15,025              15,271              15,583
                                             RECHARGEABLE BATTERY
                                             MANAGEMENT ACT (BATTERY
                                             ACT).
42 U.S.C. 14304(g)........................  BATTERY ACT.................              10,000              15,025              15,271              15,583
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Note that 7 U.S.C. 136l.(a)(2) contains three separate statutory maximum civil penalty provisions. The first mention of $1,000 and the $500
  statutory maximum civil penalty amount were originally enacted in 1978 (Pub. L. 95-396), and the second mention of $1,000 was enacted in 1972 (Pub. L.
  92-516).

[FR Doc. 2018-00287 Filed 1-9-18; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 86, Number 195 (Wednesday, October 13, 2021)]
[Notices]
[Pages 56972-56975]
[FR Doc No: 2021-22164]

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

DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2021-0002; Internal Agency Docket No. FEMA-B-2171]

Changes in Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, Department of Homeland
Security.

ACTION: Notice.

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

SUMMARY: This notice lists communities where the addition or
modification of Base Flood Elevations (BFEs), base flood depths,
Special Flood Hazard Area (SFHA) boundaries or zone designations, or
the regulatory floodway (hereinafter referred to as flood hazard
determinations), as shown on the Flood Insurance Rate Maps (FIRMs), and
where applicable, in the supporting Flood Insurance Study (FIS)
reports, prepared by the Federal Emergency Management Agency (FEMA) for
each community, is appropriate because of new scientific or technical
data. The FIRM, and where applicable, portions of the FIS report, have
been revised to reflect these flood hazard determinations through
issuance of a Letter of Map Revision (LOMR), in accordance with Federal
Regulations. The LOMR will be used by insurance agents and others to
calculate appropriate flood insurance premium rates for new buildings
and the contents of those buildings. For rating purposes, the currently
effective community number is shown in the table below and must be used
for all new policies and renewals.

DATES: These flood hazard determinations will be finalized on the dates
listed in the table below and revise the FIRM panels and FIS report in
effect prior to this determination for the listed communities.
    From the date of the second publication of notification of these
changes in a newspaper of local circulation, any person has 90 days in
which to request through the community that the Deputy Associate
Administrator for Insurance and Mitigation reconsider the changes. The
flood hazard determination information may be changed during the 90-day
period.

ADDRESSES: The affected communities are listed in the table below.
Revised flood hazard information for each community is available for
inspection at

both the online location and the respective community map repository
address listed in the table below. Additionally, the current effective
FIRM and FIS report for each community are accessible online through
the FEMA Map Service Center at https://msc.fema.gov for comparison.
    Submit comments and/or appeals to the Chief Executive Officer of
the community as listed in the table below.

FOR FURTHER INFORMATION CONTACT: Rick Sacbibit, Chief, Engineering
Services Branch, Federal Insurance and Mitigation Administration, FEMA,
400 C Street SW, Washington, DC 20472,<PHONE_NUMBER>, or (email)
[email protected]; or visit the FEMA Mapping and Insurance
eXchange (FMIX) online at https://www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: The specific flood hazard determinations are
not described for each community in this notice. However, the online
location and local community map repository address where the flood
hazard determination information is available for inspection is
provided.
    Any request for reconsideration of flood hazard determinations must
be submitted to the Chief Executive Officer of the community as listed
in the table below.
    The modifications are made pursuant to section 201 of the Flood
Disaster Protection Act of 1973, 42 U.S.C. 4105, and are in accordance
with the National Flood Insurance Act of 1968, 42 U.S.C. 4001 et seq.,
and with 44 CFR part 65.
    The FIRM and FIS report are the basis of the floodplain management
measures that the community is required either to adopt or to show
evidence of having in effect in order to qualify or remain qualified
for participation in the National Flood Insurance Program (NFIP).
    These flood hazard determinations, together with the floodplain
management criteria required by 44 CFR 60.3, are the minimum that are
required. They should not be construed to mean that the community must
change any existing ordinances that are more stringent in their
floodplain management requirements. The community may at any time enact
stricter requirements of its own or pursuant to policies established by
other Federal, State, or regional entities. The flood hazard
determinations are in accordance with 44 CFR 65.4.
    The affected communities are listed in the following table. Flood
hazard determination information for each community is available for
inspection at both the online location and the respective community map
repository address listed in the table below. Additionally, the current
effective FIRM and FIS report for each community are accessible online
through the FEMA Map Service Center at https://msc.fema.gov for
comparison.

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

Michael M. Grimm,
Assistant Administrator for Risk Management, Department of Homeland
Security, Federal Emergency Management Agency.

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                            Chief executive officer of                                    Online location of letter of map                            Community
         State and county          Location and case No.             community               Community map repository                 revision                Date of modification       No.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Colorado:
    Larimer......................  Town of Johnstown,     Mr. Matt LeCerf, Manager, Town  Planning and Development       https://msc.fema.gov/portal/        Dec. 27, 2021.........       080250
                                    (21-08-0288P).         of Johnstown, 450 South         Department, 450 South Parish   advanceSearch.
                                                           Parish Avenue, Johnstown, CO    Avenue, Johnstown, CO 80534.
                                                           80534.
    Larimer......................  Unincorporated areas   The Honorable John Kefalas,     Larimer County Engineering     https://msc.fema.gov/portal/        Dec. 27, 2021.........       080101
                                    of Larimer County,     Chairman, Larimer County        Department, 200 West Oak       advanceSearch.
                                    (21-08-0288P).         Board of Commissioners, 200     Street, Suite 3000, Fort
                                                           West Oak Street, Suite 2200,    Collins, CO 80521.
                                                           Fort Collins, CO 80521.
Connecticut: New Haven...........  Town of Guilford, (21- The Honorable Matthew T. Hoey,  Engineering Department, 50     https://msc.fema.gov/portal/        Dec. 17, 2021.........       090077
                                    01-0936P).             III, First Selectman, Town of   Boston Street, Guilford, CT    advanceSearch.
                                                           Guilford Board of Selectmen,    06437.
                                                           31 Park Street, Guilford, CT
                                                           06437.
Florida:
    Charlotte....................  Unincorporated areas   The Honorable Bill Truex,       Charlotte County Community     https://msc.fema.gov/portal/        Jan. 10, 2022.........       120061
                                    of Charlotte County,   Chairman, Charlotte County      Development Department,        advanceSearch.
                                    (21-04-5021P).         Board of Commissioners, 18500   18400 Murdock Circle, Port
                                                           Murdock Circle, Suite 536,      Charlotte, FL 33948.
                                                           Port Charlotte, FL 33948.
    Miami-Dade...................  City of Doral, (21-04- The Honorable Juan Carlos       Building Department, 8401      https://msc.fema.gov/portal/        Dec. 27, 2021.........       120041
                                    2105P).                Bermudez, Mayor, City of        Northwest 53rd Terrace,        advanceSearch.
                                                           Doral, 8401 Northwest 53rd      Doral, FL 33166.
                                                           Terrace, Doral, FL 33166.
    Polk.........................  Unincorporated areas   Mr. Bill Beasley, Polk County   Polk County Floodplain         https://msc.fema.gov/portal/        Jan. 6, 2022..........       120261
                                    of Polk County, (20-   Manager, 330 West Church        Management Department, 330     advanceSearch.
                                    04-4035P).             Street, Bartow, FL 33831.       West Church Street, Bartow,
                                                                                FL 33831.
    Sarasota.....................  Unincorporated areas   The Honorable Alan Maio,        Sarasota County Planning and   https://msc.fema.gov/portal/        Dec. 29, 2021.........       125144
                                    of Sarasota County,    Chairman, Sarasota County       Development Services           advanceSearch.
                                    (21-04-4167P).         Board of Commissioners, 1660    Department, 1001 Sarasota
                                                           Ringling Boulevard, Sarasota,   Center Boulevard, Sarasota,
                                                           FL 34236.                       FL 34236.

Georgia: Richmond................  City of Augusta, (21-  The Honorable Hardie Davis,     Planning and Development       https://msc.fema.gov/portal/        Dec. 27, 2021.........       130158
                                    04-3238X).             Jr., Mayor, City of Augusta,    Department, 535 Telfair        advanceSearch.
                                                           535 Telfair Street, Suite       Street, Suite 300, Augusta,
                                                           200, Augusta, GA 30901.         GA 30901.
Kentucky: Jefferson..............  Louisville-Jefferson   The Honorable Greg Fischer,     Louisville-Jefferson County    https://msc.fema.gov/portal/        Jan. 3, 2022..........       210120
                                    County Metro           Mayor, Louisville-Jefferson     Metropolitan Sewer District,   advanceSearch.
                                    Government, (21-04-    County Metro Government, 527    700 West Liberty Street,
                                    2298P).                West Jefferson Street,          Louisville, KY 40203.
                                                           Louisville, KY 40202.
Louisiana:
    Jefferson....................  City of Harahan, (20-  The Honorable Tim Baudier,      City Hall, 6437 Jefferson      https://msc.fema.gov/portal/        Dec. 29, 2021.........       225200
                                    06-2494P).             Mayor, City of Harahan, 6437    Highway, Harahan, LA 70123.    advanceSearch.
                                                           Jefferson Highway, Harahan,
                                                           LA 70123.
    Jefferson....................  Unincorporated areas   The Honorable Cynthia Lee       Jefferson Parish Joseph S.     https://msc.fema.gov/portal/        Dec. 29, 2021.........       225199
                                    of Jefferson Parish,   Sheng, Jefferson Parish         Yenni Building, 1221 Elmwood   advanceSearch.
                                    (20-06-2494P).         President, 1221 Elmwood Park    Park Boulevard, Suite 310,
                                                           Boulevard, 10th Floor,          Jefferson, LA 70123.
                                                           Jefferson, LA 70123.
Maryland: Prince George's........  City of Laurel, (21-   The Honorable Craig A. Moe,     City Hall, 8103 Sandy Spring   https://msc.fema.gov/portal/        Dec. 27, 2021.........       240053
                                    03-0404P).             Mayor, City of Laurel, 8103     Road, Laurel, MD 20707.        advanceSearch.
                                                           Sandy Spring Road, Laurel, MD
                                                           20707.
Massachusetts: Barnstable........  Town of Falmouth, (21- The Honorable Douglas C.        Inspectional Services          https://msc.fema.gov/portal/        Jan. 10, 2022.........       255211
                                    01-1047P).             Brown, Chairman, Town of        Department, 59 Town Hall       advanceSearch.
                                                           Falmouth Board of Selectmen,    Square, Falmouth, MA 02540.
                                                           59 Town Hall Square,
                                                           Falmouth, MA 02540.
Montana: Lewis and Clark.........  Unincorporated areas   The Honorable Andy Hunthausen,  Lewis and Clark County         https://msc.fema.gov/portal/        Dec. 20, 2021.........       300038
                                    of Lewis and Clark     Chairman, Lewis and Clark       Municipality Building, 316     advanceSearch.
                                    County, (21-08-        County Board of                 North Park Avenue, Suite
                                    0279P).                Commissioners, 316 North Park   230, Helena, MT 59623.
                                                           Avenue, Suite 345, Helena, MT
                                                           59623.
New Hampshire: Rockingham........  Town of Salem, (21-01- The Honorable Cathy A. Stacey,  Town Hall, 33 Geremonty        https://msc.fema.gov/portal/        Jan. 3, 2022..........       330142
                                    0607P).                Chair, Town of Salem Board of   Drive, Salem, NH 03079.        advanceSearch.
                                                           Selectmen, 33 Geremonty
                                                           Drive, Salem, NH 03079.
North Dakota: Cass...............  City of Harwood, (21-  The Honorable Blake Hankey,     City Hall, 108 Main Street,    https://msc.fema.gov/portal/        Dec. 2, 2021..........       380338
                                    08-0691X).             Mayor, City of Harwood, 108     Harwood, ND 58042.             advanceSearch.
                                                           Main Street, Harwood, ND
                                                           58042.
South Carolina:
    Charleston...................  Town of Mount          The Honorable Will Haynie,      Town Hall, 100 Ann Edwards     https://msc.fema.gov/portal/        Jan. 6, 2022..........       455417
                                    Pleasant, (21-04-      Mayor, Town of Mount            Lane, Mount Pleasant, SC       advanceSearch.
                                    3056P).                Pleasant, 100 Ann Edwards       29464.
                                                           Lane, Mount Pleasant, SC
                                                           29464.
    Charleston...................  Unincorporated areas   The Honorable Teddie E. Pryor,  Charleston County Building     https://msc.fema.gov/portal/        Jan. 6, 2022..........       455413
                                    of Charleston          Sr., Chairman, Charleston       Department, 4045 Bridge View   advanceSearch.
                                    County, (21-04-        County Council, 4045 Bridge     Drive, North Charleston, SC
                                    3056P).                View Drive, North Charleston,   29405.
                                                           SC 29405.
Texas:
    Clay.........................  City of Henrietta,     The Honorable Roy Boswell,      City Hall, 101 North Main      https://msc.fema.gov/portal/        Dec. 17, 2021.........       480126
                                    (20-06-3454P).         Mayor, City of Henrietta, 101   Street, Henrietta, TX 76365.   advanceSearch.
                                                           North Main Street, Henrietta,
                                                           TX 76365.
    Clay.........................  Unincorporated areas   The Honorable Mike Campbell,    County-City Municipal          https://msc.fema.gov/portal/        Dec. 17, 2021.........       480742
                                    of Clay County, (20-   Clay County Judge, P.O. Box     Building, 101 North Main       advanceSearch.
                                    06-3454P).             548, Henrietta, TX 76365.       Street, Henrietta, TX 76365.
    Comal........................  City of New            The Honorable Rusty Brockman,   City Hall, 550 Landa Street,   https://msc.fema.gov/portal/        Dec. 27, 2021.........       485493
                                    Braunfels, (21-06-     Mayor, City of New Braunfels,   New Braunfels, TX 78130.       advanceSearch.
                                    0004P).                550 Landa Street, New
                                                           Braunfels, TX 78130.

    Comal........................  Unincorporated areas   The Honorable Sherman Krause,   Comal County Engineering       https://msc.fema.gov/portal/        Dec. 27, 2021.........       485463
                                    of Comal County, (21-  Comal County Judge, 100 Main    Department, 195 David Jonas    advanceSearch.
                                    06-0004P).             Plaza, New Braunfels, TX        Drive, New Braunfels, TX
                                                           78130.                          78132.
    Denton and Tarrant...........  City of Fort Worth,    The Honorable Mattie Parker,    Transportation and Public      https://msc.fema.gov/portal/        Dec. 3, 2021..........       480596
                                    (21-06-1349P).         Mayor, City of Fort Worth,      Works Department,              advanceSearch.
                                                           200 Texas Street, Fort Worth,   Engineering Vault, 200 Texas
                                                           TX 76102.                       Street, Fort Worth, TX
                                                                                76102.
    Harris.......................  Unincorporated areas   The Honorable Lina Hidalgo,     Harris County Permit Office,   https://msc.fema.gov/portal/        Dec. 20, 2021.........       480287
                                    of Harris County,      Harris County Judge, 1001       10555 Northwest Freeway,       advanceSearch.
                                    (20-06-1514P).         Preston Street, Suite 911,      Suite 120, Houston, TX
                                                           Houston, TX 77002.              77092.
    Harris.......................  Unincorporated areas   The Honorable Lina Hidalgo,     Harris County Permit Office,   https://msc.fema.gov/portal/        Dec. 13, 2021.........       480287
                                    of Harris County,      Harris County Judge, 1001       10555 Northwest Freeway,       advanceSearch.
                                    (21-06-0685P).         Preston Street, Suite 911,      Suite 120, Houston, TX
                                                           Houston, TX 77002.              77092.
    Kendall......................  Unincorporated areas   The Honorable Darrel L. Lux,    Kendall County Courthouse,     https://msc.fema.gov/portal/        Nov. 17, 2021.........       480417
                                    of Kendall County,     Kendall County Judge, 201       201 East San Antonio Avenue,   advanceSearch.
                                    (21-06-0592P).         East San Antonio Avenue,        Suite 100, Boerne, TX 78006.
                                                           Suite 122, Boerne, TX 78006.
    Midland......................  City of Midland, (21-  The Honorable Patrick Payton,   City Hall, 300 North Loraine   https://msc.fema.gov/portal/        Jan. 7, 2022..........       480477
                                    06-2222P).             Mayor, City of Midland, 300     Street, Midland, TX 79701.     advanceSearch.
                                                           North Loraine Street,
                                                           Midland, TX 79701.
    Tarrant......................  City of Arlington,     The Honorable Jim Ross, Mayor,  Public Works and               https://msc.fema.gov/portal/        Dec. 3, 2021..........       485454
                                    (20-06-3516P).         City of Arlington, P.O. Box     Transportation Department,     advanceSearch.
                                                           90231, Arlington, TX 76004.     101 West Abram Street,
                                                                                Arlington, TX 76010.
    Tarrant......................  City of Fort Worth,    The Honorable Mattie Parker,    Transportation and Public      https://msc.fema.gov/portal/        Dec. 3, 2021..........       480596
                                    (20-06-3516P).         Mayor, City of Fort Worth,      Works Department,              advanceSearch.
                                                           200 Texas Street, Fort Worth,   Engineering Vault, 200 Texas
                                                           TX 76102.                       Street, Fort Worth, TX
                                                                                76102.
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[FR Doc. 2021-22164 Filed 10-12-21; 8:45 am]
BILLING CODE 9110-12-P


[Federal Register Volume 81, Number 233 (Monday, December 5, 2016)]
[Notices]
[Pages 87636-87637]
[FR Doc No: 2016-29090]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213

Extension:
    Rule 17-1, SEC File No. 270-505, OMB Control No. 3235-0562

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the collections
of information summarized below. The Commission plans to submit these
existing collections of information to the Office of Management and
Budget for extension and approval.
    Section 17(d) (15 U.S.C. 80a-17(d)) of the Investment Company Act
of 1940 (15 U.S.C. 80a et seq.) (the ``Act'') prohibits first- and
second-tier affiliates of a fund, the fund's principal underwriters,
and affiliated persons of the fund's principal underwriters, acting as
principal, to effect any transaction in which the fund or a company
controlled by the fund is a joint or a joint and several participant in
contravention of the Commission's rules. Rule 17d-1 (17 CFR 270.17d-1)
prohibits an affiliated person of or principal underwriter for any fund
(a ``first-tier affiliate''), or any affiliated person of such person
or underwriter (a ``second-tier affiliate''), acting as principal, from
participating in or effecting any transaction in connection with a
joint enterprise or other joint arrangement in which the fund is a
participant, unless prior to entering into the enterprise or
arrangement ``an application regarding [the transaction] has been filed
with the Commission and has been granted by an order.'' In reviewing
the proposed affiliated transaction, the rule provides that the
Commission will consider whether the proposal is (i) consistent with
the provisions, policies, and purposes of the Act, and (ii) on a basis
different from or less advantageous than that of other participants in
determining whether to grant an exemptive application for a proposed
joint enterprise, joint arrangement, or profit-sharing plan.
    Rule 17d-1 also contains a number of exceptions to the requirement
that a fund must obtain Commission approval prior to entering into
joint transactions or arrangements with affiliates. For example, funds
do not have to obtain Commission approval for certain employee
compensation plans, certain tax-deferred employee benefit plans,
certain transactions involving small business investment companies, the
receipt of securities or cash by certain affiliates pursuant to a plan
of reorganization, certain arrangements regarding liability insurance
policies and transactions with ``portfolio affiliates'' (companies that
are affiliated with the fund solely as a result of the fund (or an
affiliated fund) controlling them or owning more than five percent of
their voting securities) so long as certain other affiliated persons of
the fund (e.g., the fund's adviser, persons controlling the fund, and
persons under common control with the fund) are not parties to the
transaction and do not have a ``financial interest'' in a party to the
transaction. The rule excludes from the definition of ``financial
interest'' any interest that the fund's board of directors (including a
majority of the directors who are not interested persons of the fund)
finds to be not material, as long as the board records the basis for
its finding in their meeting minutes.
    Thus, the rule contains two filing and recordkeeping requirements
that constitute collections of information. First, rule 17d-1 requires
funds that wish to engage in a joint transaction or arrangement with
affiliates to meet the procedural requirements for obtaining exemptive
relief from the rule's prohibition on joint transactions or
arrangements involving first- or second-tier affiliates. Second, rule
17d-1 permits a portfolio affiliate to enter into a joint transaction
or arrangement with the fund if a prohibited participant has a
financial interest that the fund's board determines is not material and
records the basis for this finding in their meeting minutes. These
requirements of rule 17d-1 are designed to prevent fund insiders from
managing funds for their own benefit, rather than for the benefit of
the funds' shareholders.
    Based on an analysis of past filings, Commission staff estimates
that 18 funds file applications under section 17(d) and rule 17d-1 per
year. The staff understands that funds that file an application
generally obtain assistance from outside counsel to prepare the
application. The cost burden of using outside counsel is discussed
below. The Commission staff estimates that each applicant will spend an
average of 154 hours to comply with the Commission's applications
process. The Commission staff therefore estimates the annual burden
hours per year for all funds under rule 17d-1's application process to
be 2772 hours at a cost of $1,113,228.\1\ The Commission, therefore,
requests authorization to increase the inventory of total burden hours
per year for all funds under rule 17d-1 from the current authorized
burden of 2002 hours to 2772 hours. The increase is due to an increase
in the number of funds that filed applications for exemptions under
rule 17d-1.
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    \1\ The Commission staff estimates that a senior executive, such
as the fund's chief compliance officer, will spend an average of 62
hours and a mid-level compliance attorney will spend an average of
92 hours to comply with this collection of information: 62 hours +
92 hours = 154 hours. 18 funds x 154 burden hours = 2772 burden
hours. The Commission staff estimate that the chief compliance
officer is paid $493 per hour and the compliance attorney is paid
$340 per hour. ($493 per hour x 62 hours) + ($340 per hour x 92
hours) = $61,846 per fund. $61,846 x 18 funds = $1,113,228. The $493
and $340 per hour figures are based on salary information compiled
by SIFMA's Management & Professional Earnings in the Securities
Industry, 2013. The Commission staff has modified SIFMA's
information to account for an 1800-hour work year and inflation, and
multiplied by 5.35 to account for bonuses, firm size, employee
benefits, and overhead.
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    As noted above, the Commission staff understands that funds that
file an application under rule 17d-1 generally use outside counsel to
assist in preparing the application. The staff estimates that, on
average, funds spend an additional $93,131 for outside legal services
in connection with seeking Commission approval of affiliated joint
transactions. Thus, the staff estimates that the total annual cost
burden imposed by the exemptive application requirements of rule 17d-1
is $1,676,358.\2\
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    \2\ The estimate is based on the following calculation: $93,131
x 18 funds = $1,676,358.
---------------------------------------------------------------------------

    We estimate that funds currently do not rely on the exemption from
the term ``financial interest'' with respect to any interest that the
fund's board of directors (including a majority of the directors who
are not interested persons of the fund) finds to be not material.
Accordingly, we estimate that annually there will be no transactions
under rule 17d-1 that will result in this aspect of the collection of
information.
    Based on these calculations, the total annual hour burden is
estimated to be 2772 hours and the total annual cost burden is
estimated to be $1,676,358.
    The estimate of average burden hours is made solely for the
purposes of the Paperwork Reduction Act. The estimate is not derived
from a comprehensive or even a representative survey or study of the
costs of Commission rules. Complying with these collections of
information requirement is necessary to obtain the benefit of relying
on rule 17d-1. Responses will not be kept confidential. 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 control number.
    Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information will
have practical utility; (b) the accuracy of the agency's estimate of
the burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information collected; and (d)
ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication.
    Please direct your written comments to Pamela Dyson, Director/Chief
Information Officer, Securities and Exchange Commission, C/O Remi
Pavlik-Simon, 100 F Street NE., Washington, DC 20549; or send an email
to<EMAIL_ADDRESS>
    Dated: November 22, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-29090 Filed 12-2-16; 8:45 am]
 BILLING CODE 8011-01-P