[Federal Register Volume 87, Number 97 (Thursday, May 19, 2022)]
[Notices]
[Pages 30546-30548]
[FR Doc No: 2022-10733]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94907; File No. SR-CboeBZX-2022-006]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order
Instituting Proceedings To Determine Whether To Approve or Disapprove a
Proposed Rule Change To List and Trade Shares of the WisdomTree Bitcoin
Trust Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares

May 13, 2022.
    On January 25, 2022, Cboe BZX Exchange, Inc. (``BZX'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to list and trade shares (``Shares'') of the
WisdomTree Bitcoin Trust (``Trust'') under BZX Rule 14.11(e)(4),
Commodity-Based Trust Shares. The proposed rule change was published
for comment in the Federal Register on February 14, 2022.\3\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 94184 (Feb. 8,
2022), 87 FR 8318 (``Notice''). The Commission has received no
comments on the proposed rule change.
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    On March 18, 2022, pursuant to Section 19(b)(2) of the Act,\4\ the
Commission designated a longer period within which to approve the
proposed rule change, disapprove the proposed rule change, or institute
proceedings to determine whether to disapprove the proposed rule
change.\5\ This order institutes proceedings under Section 19(b)(2)(B)
of the Act \6\ to determine whether to approve or disapprove the
proposed rule change.
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    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 94476, 87 FR 16800
(Mar. 24, 2022). The Commission designated May 15, 2022, as the date
by which it should approve, disapprove, or institute proceedings to
determine whether to disapprove the proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
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I. Summary of the Proposal

    As described in more detail in the Notice,\7\ the Exchange proposes
to list and trade the Shares of the Trust under BZX Rule 14.11(e)(4),
which governs the listing and trading of Commodity-Based Trust Shares
on the Exchange.
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    \7\ See Notice, supra note 3.
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    The investment objective of the Trust would be to gain exposure to
the price of bitcoin, less expenses and liabilities of the Trust's
operation.\8\ The Trust would hold bitcoin, and it would calculate the
Trust's net asset value (``NAV'') daily based on the value of bitcoin
as reflected by the CF Bitcoin US Settlement Price (``Reference
Rate''). The Reference Rate was created, and is administered, by CF
Benchmarks Ltd., an independent entity. The Reference Rate aggregates
the trade flow of several bitcoin platforms. The current platform
composition of the Reference Rate is Bitstamp, Coinbase, Gemini, itBit,
and Kraken. In calculating the Reference Rate, the methodology creates
a joint list of the trade prices and sizes from the constituent
platforms between 3:00 p.m. E.T. and 4:00 p.m. E.T. The methodology
then divides this list into 12 equally-sized time intervals of 5
minutes and calculates the volume-weighted median trade price for each
of those time intervals. The Reference Rate is the arithmetic mean of
these 12 volume-weighted median trade prices.\9\
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    \8\ See id. at 8329. WisdomTree Digital Commodity Services, LLC
(``Sponsor'') is the sponsor of the Trust, and Delaware Trust
Company is the trustee. U.S. Bank, N.A. would serve as the custodian
of the Trust (``Custodian''). U.S. Bancorp Fund Services, LLC dba
U.S. Bank Global Fund Services would be the administrator and
transfer agent (``Administrator'') of the Trust. Foreside Fund
Services LLC would be the marketing agent in connection with the
creation and redemption of Shares. See id. at 8318-19, 8329.
    \9\ See id. at 8329-30.
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    Each Share would represent a fractional undivided beneficial
interest in and ownership of the Trust. The Trust's assets would
consist of bitcoin held by the Custodian on behalf of the Trust. The
Trust generally does not intend to hold cash or cash equivalents.
However, there may be situations where the Trust would unexpectedly
hold cash on a temporary basis.\10\
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    \10\ See id. at 8329.
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    The Administrator would determine the NAV and NAV per Share of the
Trust, on each day that the Exchange is open for regular trading, after
4:00 p.m. E.T. (often by 5:30 p.m. E.T. and almost always by 8:00 p.m.
E.T.). The NAV of the Trust is the aggregate value of the Trust's
assets less total liabilities of the Trust, each determined on the
basis of generally accepted accounting principles. In determining the
Trust's

NAV, the Administrator values the bitcoin held by the Trust based on
the price set by the Reference Rate as of 4:00 p.m. E.T.\11\
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    \11\ See id. at 8330.
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    The Trust would provide information regarding the Trust's bitcoin
holdings, as well as an Intraday Indicative Value (``IIV'') per Share
updated every 15 seconds, as calculated by the Exchange or a third-
party financial data provider during the Exchange's Regular Trading
Hours (9:30 a.m. to 4:00 p.m. E.T.). The IIV would be calculated by
using the prior day's closing NAV per Share as a base and updating that
value during Regular Trading Hours to reflect changes in the value of
the Trust's bitcoin holdings during the trading day.\12\
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    \12\ See id. at 8334.
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    When the Trust sells or redeems its Shares, it would do so in ``in-
kind'' transactions in blocks of 50,000 Shares at the Trust's NAV.
Authorized participants would deliver, or facilitate the delivery of,
bitcoin to the Trust's account with the Custodian in exchange for
Shares when they purchase Shares, and the Trust, through the Custodian,
would deliver bitcoin to such authorized participants when they redeem
Shares with the Trust.\13\
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    \13\ See id. at 8329.
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    Although the Trust would not be an investment company registered
under the Investment Company Act of 1940, as amended (``1940 Act''),
the Exchange represents that:
     The Trust would qualify as an investment company under
Accounting Standards Update 2013-08 and, as such, the Sponsor would
ensure that the Trust's financial statements would be audited at least
annually by an independent registered public accounting firm and, as
part of such audit, the auditor would be expected to perform procedures
similar to those used for exchange-traded funds registered under the
1940 Act (``ETFs'');
     The Sponsor would facilitate the Trust's compliance with
the financial record keeping and reporting requirements under the
Sarbanes-Oxley Act of 2002;
     The Trust's Custodian would qualify as a ``custodian''
under the 1940 Act, and the Custodian would agree to exercise
reasonable care, prudence, and diligence such as a person having
responsibility for the safekeeping of property of the Trust would
exercise;
     The Trust would be subject to the transparency
requirements of Rule 6c-11 under the 1940 Act;
     The Sponsor would adopt procedures to ensure there are no
transactions with affiliated persons that would be prohibited by
Section 17 of 1940 Act and the applicable rules and regulations
thereunder;
     The Trust would maintain a fidelity bond for the benefit
of the Trust in the maximum amount required by Rule 17g-1 of the 1940
Act; and
     The Sponsor or applicable service provider of the Trust
would maintain the books and records of the Trust in satisfaction of
the requirements of Section 31 of the 1940 Act.\14\
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    \14\ See id. at 8323-24.
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II. Proceedings To Determine Whether To Approve or Disapprove SR-
CboeBZX-2022-006 and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act \15\ to determine whether the proposed rule
change should be approved or disapproved. Institution of proceedings is
appropriate at this time in view of the legal and policy issues raised
by the proposed rule change, as discussed below. Institution of
proceedings does not indicate that the Commission has reached any
conclusions with respect to any of the issues involved. Rather, as
described below, the Commission seeks and encourages interested persons
to provide comments on the proposed rule change.
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    \15\ 15 U.S.C. 78s(b)(2)(B).
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    Pursuant to Section 19(b)(2)(B) of the Act,\16\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of the proposed rule change's consistency with Section 6(b)(5)
of the Act, which requires, among other things, that the rules of a
national securities exchange be ``designed to prevent fraudulent and
manipulative acts and practices'' and ``to protect investors and the
public interest.'' \17\
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    \16\ Id.
    \17\ 15 U.S.C. 78f(b)(5).
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    The Commission asks that commenters address the sufficiency of the
Exchange's statements in support of the proposal, which are set forth
in the Notice,\18\ in addition to any other comments they may wish to
submit about the proposed rule change. In particular, the Commission
seeks comment on the following questions and asks commenters to submit
data where appropriate to support their views:
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    \18\ See Notice, supra note 3.
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    1. What are commenters' views on whether the proposed Trust and
Shares would be susceptible to manipulation? What are commenters' views
generally on whether the Exchange's proposal is designed to prevent
fraudulent and manipulative acts and practices? What are commenters'
views generally with respect to the liquidity and transparency of the
bitcoin markets, the bitcoin markets' susceptibility to manipulation,
and thus the suitability of bitcoin as an underlying asset for an
exchange-traded product?
    2. What are commenters' views of the Exchange's assertion that
regulatory and financial landscapes relating to bitcoin and other
digital assets have changed significantly since 2016? \19\ Are the
changes that the Exchange identifies sufficient to support the
determination that the proposed listing and trading of the Shares are
consistent with the Act?
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    \19\ See id. at 8320-22.
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    3. Based on data provided and the academic research cited by the
Exchange,\20\ do commenters agree with the Exchange that CME now
represents a regulated market of significant size related to bitcoin?
\21\ What are commenters' views on whether there is a reasonable
likelihood that a person attempting to manipulate the Shares would also
have to trade on CME to manipulate the Shares? Do commenters agree with
the Exchange's assertion that the combination of (a) CME Bitcoin
Futures acting as the predominant influence on price discovery; (b) the
overall size of the bitcoin market; and (c) the ability for market
participants to buy or sell large amounts of bitcoin without
significant market impact, helps to prevent the Shares from becoming
the predominant force on pricing in either the bitcoin spot or CME
Bitcoin Futures markets? \22\
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    \20\ See id. at 8325-27, 8327 n.62.
    \21\ See id. at 8320.
    \22\ See id. at 8328.
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    4. The Exchange states that bitcoin is resistant to price
manipulation and that other means to prevent fraudulent and
manipulative acts and practices exist to justify dispensing with the
requirement to enter into a surveillance sharing agreement with a
regulated market of significant size related to bitcoin.\23\ In support
of its assertion, the Exchange states that ``the significant liquidity
in the spot market and the impact of market orders on the overall price
of bitcoin mean that attempting to move the price of bitcoin is
costly.'' \24\ The Exchange further states that potential manipulation
concerns are mitigated by ``the significant increase in trading volume
in Bitcoin Futures[,] the

growing body of evidence that the CME Bitcoin Futures market represents
a regulated market of significant size . . . , the growth of liquidity
at the inside in the spot market for bitcoin, and certain features of
the Shares and the Reference Rate . . .'' \25\ What are commenters'
views regarding the Exchange's argument?
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    \23\ See id. at 8327 n.65.
    \24\ See id. at 8328.
    \25\ See id. at 8327; see also id. at 8332.
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    5. The Exchange states that ETFs that provide exposure to bitcoin
through CME Bitcoin Futures (``Bitcoin Futures ETFs'') are ``a sub-
optimal'' for U.S. investors looking for long-term exposure to bitcoin
and that any proposal to list and trade a Spot Bitcoin ETP should be
reviewed by the Commission with this in mind.\26\ The Exchange further
states that it would be inconsistent to allow the listing and trading
of Bitcoin Futures ETFs while simultaneously disapproving Spot Bitcoin
ETPs on the basis that the CME Bitcoin Futures market is not a
regulated market of significant size. According to the Exchange, this
would be ``particularly true for the Trust, which will use the
[Reference Rate] as its price source to calculate its daily [NAV], with
inputs from the same bitcoin trading platforms . . . and materially the
same methodology as is used to price CME Bitcoin Futures.'' \27\ Do
commenters agree or disagree and why?
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    \26\ See id. at 8323.
    \27\ See id.
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    6. According to the Exchange, the Trust is structured ``to operate
as if certain 1940 Act provisions apply, providing transparency and
investor protections such that a distinction between Bitcoin Futures
ETFs and Spot Bitcoin ETPs is unwarranted.'' \28\ Does the
representation that the Trust will ``operate as if certain 1940 Act
provisions apply'' help mitigate the concerns the Commission previously
expressed, including concerns pertaining to fraud and manipulation?
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    \28\ See id. at 8325.
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III. Procedure: Request for Written Comments

    The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposal is
consistent with Section 6(b)(5) or any other provision of the Act, and
the rules and regulations thereunder. Although there do not appear to
be any issues relevant to approval or disapproval that would be
facilitated by an oral presentation of views, data, and arguments, the
Commission will consider, pursuant to Rule 19b-4, any request for an
opportunity to make an oral presentation.\29\
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    \29\ Section 19(b)(2) of the Act, as amended by the Securities
Act Amendments of 1975, Public Law 94-29 (June 4, 1975), grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by a self-regulatory
organization. See Securities Act Amendments of 1975, Senate Comm. on
Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st
Sess. 30 (1975).
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    Interested persons are invited to submit written data, views, and
arguments regarding whether the proposal should be approved or
disapproved by June 9, 2022. Any person who wishes to file a rebuttal
to any other person's submission must file that rebuttal by June 23,
2022.
    Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-CboeBZX-2022-006 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CboeBZX-2022-006. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (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 website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of 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. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-CboeBZX-2022-006 and should be submitted
by June 9, 2022. Rebuttal comments should be submitted by June 23,
2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
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    \30\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-10733 Filed 5-18-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 150 (Wednesday, August 5, 2015)]
[Notices]
[Pages 46574-46575]
[FR Doc No: 2015-19263]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPP-2015-0021; FRL-9931-00]

Pesticide Product Registrations; Receipt of Applications for New
Active Ingredients

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: EPA has received applications to register pesticide products
containing active ingredients not included in any currently registered
pesticide products. Pursuant to the Federal Insecticide, Fungicide, and
Rodenticide Act (FIFRA), EPA is hereby providing notice of receipt and
opportunity to comment on these applications.

DATES: Comments must be received on or before September 4, 2015.

ADDRESSES: Submit your comments, identified by the Docket
Identification Number (ID) and the File Symbol of interest as shown in
the body of this document, by one of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov.
Follow the online instructions for submitting comments. Do not submit
electronically any information you consider to be Confidential Business
Information (CBI) or other information whose disclosure is restricted
by statute.
     Mail: OPP Docket, Environmental Protection Agency Docket
Center (EPA/DC), (28221T), 1200 Pennsylvania Ave. NW., Washington, DC
20460-0001.
     Hand Delivery: To make special arrangements for hand
delivery or delivery of boxed information, please follow the
instructions at http://www.epa.gov/dockets/contacts.html. Additional
instructions on commenting or visiting the docket, along with more
information about dockets generally, is available at http://www.epa.gov/dockets.

FOR FURTHER INFORMATION CONTACT: Robert McNally, Director,
Biopesticides and Pollution Prevention Division (BPPD) (7511P), Office
of Pesticide Programs, Environmental Protection Agency, 1200
Pennsylvania Ave. NW., Washington, DC 20460-0001; main telephone
number:<PHONE_NUMBER>; email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this action apply to me?

    You may be potentially affected by this action if you are an
agricultural producer, food manufacturer, or pesticide manufacturer.
The following list of North American Industrial Classification System
(NAICS) codes is not intended to be exhaustive, but rather provides a
guide to help readers determine whether this document applies to them.
Potentially affected entities may include:
     Crop production (NAICS code 111).
     Animal production (NAICS code 112).
     Food manufacturing (NAICS code 311).
     Pesticide manufacturing (NAICS code 32532).
    If you have any questions regarding the applicability of this
action to a particular entity, consult the person listed under FOR
FURTHER INFORMATION CONTACT.

B. What should I consider as I prepare my comments for EPA?

    1. Submitting CBI. Do not submit this information to EPA through
regulations.gov or email. Clearly mark the part or all of the
information that you claim to be CBI. For CBI information in a disk or
CD-ROM that you mail to EPA, mark the outside of the disk or CD-ROM as
CBI and then identify electronically within the disk or CD-ROM the
specific information that is claimed as CBI. In addition to one
complete version of the comment that includes information claimed as
CBI, a copy of the comment that does not contain the information
claimed as CBI must be submitted for inclusion in the public docket.
Information so marked will not be disclosed except in accordance with
procedures set forth in 40 CFR part 2.
    2. Tips for preparing your comments. When preparing and submitting
your comments, see the commenting tips at http://www.epa.gov/dockets/comments.html.
    3. Environmental justice. EPA seeks to achieve environmental
justice, the fair treatment and meaningful involvement of any group,
including minority and/or low-income populations, in the development,
implementation, and enforcement of environmental laws, regulations, and
policies. To help address potential environmental justice issues, EPA
seeks information on any groups or segments of the population who, as a
result of their location, cultural practices, or other factors, may
have atypical or disproportionately high and adverse human health
impacts or environmental effects from exposure to the pesticides
discussed in this document, compared to the general population.

II. Registration Applications

    EPA has received applications to register pesticide products
containing active ingredients not included in any currently registered
pesticide products. Pursuant to the provisions of FIFRA section 3(c)(4)
(7 U.S.C. 136a(c)(4)), EPA is hereby providing notice of receipt and
opportunity to comment on these applications. Notice of receipt of
these applications does not imply a decision by EPA on these
applications. For actions being evaluated under EPA's public
participation process for registration actions, there will be an
additional opportunity for public comment on the proposed decisions.
Please see EPA's public participation Web site for additional
information on this process (http://www2.epa.gov/pesticide-registration/public-participation-process-registration-actions). EPA
received the following applications to register pesticide products
containing active ingredients not included in any currently registered
pesticide products:
    1. File Symbol: 64137-RE. Docket ID number: EPA-HQ-OPP-2015-0484.
Applicant: OMC Ag Consulting, Inc., 828 Tanglewood Ln., East Lansing,
MI 48823 (on behalf of Verdera Oy, Kurjenkellontie 5 B, FI-02270 Espoo,
Finland). Product name: Rotstop C Biofungicide. Active ingredient:
Fungicide--Phlebiopsis gigantea strain VRA 1992 at 10%. Proposed use:
End-use product for control of root and butt

rot (species of Heterobasidion annosum complex, including
Heterobasidion irregulare) on conifers by treatment of freshly cut
stumps. Contact: BPPD.
    2. File Symbol: 90866-E. Docket ID number: EPA-HQ-OPP-2015-0458.
Applicant: Spring Trading Company, 10805 W. Timberwagon Cir., Spring,
TX 77380-4030 (on behalf of CH Biotech R&D Co. LTD, No. 121, Xian an
Rd., Xianxi Township, Changhua County 507, Taiwan (R.O.C.) 50741).
Product name: CH Biotech R&D Co. Betaine. Active ingredient: Plant
Growth Regulator--Methanaminium, 1-carboxy- N, N, N-trimethyl-, inner
salt (Betaine) at 98.5%. Proposed use: Plant growth regulator for
amelioration of growth reduction caused by saline or sodic soils and
environmental stress. Contact: BPPD.
    3. File Symbol: 90866-R. Docket ID number: EPA-HQ-OPP-2015-0458.
Applicant: Spring Trading Company, 10805 W. Timberwagon Cir., Spring,
TX 77380-4030 (on behalf of CH Biotech R&D Co. LTD, No. 121, Xian an
Rd., Xianxi Township, Changhua County 507, Taiwan (R.O.C.) 50741).
Product name: CH Biotech Betaine Technical. Active ingredient: Plant
Growth Regulator--Methanaminium, 1-carboxy- N, N, N-trimethyl-, inner
salt (Betaine) at 98.5%. Proposed use: Manufacturing-use product.
Contact: BPPD.

    Authority:  7 U.S.C. 136 et seq.

    Dated: July 24, 2015.
John E. Leahy, Jr.,
Acting Director, Biopesticides and Pollution Prevention Division,
Office of Pesticide Programs.
[FR Doc. 2015-19263 Filed 8-4-15; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register: February 24, 2010 (Volume 75, Number 36)]
[Notices]
[Page 8387-8388]
[DOCID:fr24fe10-116]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID: FEMA-2009-0001]

Agency Information Collection Activities: Submission for OMB
Review; Comment Request, OMB No. 1660-NEW; FEMA Preparedness Grants:
Driver's License Security Grant Program (DLSGP)

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice; 30-day notice and request for comments; new information
collection; OMB No. 1660-NEW; FEMA Form--None.

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SUMMARY: The Federal Emergency Management Agency (FEMA) has submitted
the information collection abstracted below to the Office of

Management and Budget for review and clearance in accordance with the
requirements of the Paperwork Reduction Act of 1995. The submission
describes the nature of the information collection, the categories of
respondents, the estimated burden (i.e., the time, effort and resources
used by respondents to respond) and cost, and the actual data
collection instruments FEMA will use.

DATES: Comments must be submitted on or before March 26, 2010.

ADDRESSES: Submit written comments on the proposed information
collection to the Office of Information and Regulatory Affairs, Office
of Management and Budget. Comments should be addressed to the Desk
Officer for the Department of Homeland Security, Federal Emergency
Management Agency, and sent via electronic mail to
<EMAIL_ADDRESS>or faxed to<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the information collection should be made to Director, Office
of Records Management, 1800 South Bell Street, Arlington, VA 20598-
3005, facsimile number<PHONE_NUMBER>, or e-mail address FEMA-
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Collection of Information

    Title: FEMA Preparedness Grants: Driver's License Security Grant
Program (DLSGP).
    Type of Information Collection: New information collection.
    OMB Number: 1660-NEW.
    Form Titles and Numbers: FEMA Form--None.
    Abstract: The DLSGP information is needed to evaluate applicants'
familiarity with the national preparedness architecture and identify
how elements of this architecture have been incorporated into regional/
State/local planning, operations, and investments. The DLSGP Program
Narrative and Program Management Capabilities Work Plan provide the
State with a Driver's License Security Grant Program implementation
roadmap and tells the Department of Homeland Security (DHS) how grant
funding will be used. The Program Narrative is a separate document from
the Program Management Capabilities Work Plan, both of which help to
assess program implementation potential and a State's management
procedures and capabilities. The Program Narrative and the Program
Management Capabilities Work Plan are required upon grant application
and are reviewed by FEMA and the DHS Policy Office to determine funding
decisions and assists with project oversight.
    Affected Public: State, Local or Tribal Government.
    Estimated Number of Respondents: 56.
    Frequency of Response: On occasion.
    Estimated Average Hour Burden per Respondent: 3 hours.
    Estimated Total Annual Burden Hours: 168 hours.
    Estimated Cost: There are no annual reporting or recordkeeping
costs associated with this collection.

Larry Gray,
Director, Office of Records Management, Office of Management, Federal
Emergency Management Agency, Department of Homeland Security.
[FR Doc. 2010-3603 Filed 2-23-10; 8:45 am]
BILLING CODE 9111-78-P


[Federal Register Volume 80, Number 100 (Tuesday, May 26, 2015)]
[Proposed Rules]
[Pages 29988-29990]
[FR Doc No: 2015-12450]

========================================================================
Proposed Rules
                                                Federal Register
________________________________________________________________________

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

========================================================================

Federal Register / Vol. 80, No. 100 / Tuesday, May 26, 2015 /
Proposed Rules

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2015-1744; Directorate Identifier 2015-CE-016-AD]
RIN 2120-AA64

Airworthiness Directives; British Aerospace Regional Aircraft
Airplanes

AGENCY: Federal Aviation Administration (FAA), Department of
Transportation (DOT).

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: We propose to adopt a new airworthiness directive (AD) for
British Aerospace Regional Aircraft Model Jetstream Model 3201
airplanes. This proposed AD results from mandatory continuing
airworthiness information (MCAI) originated by an aviation authority of
another country to identify and correct an unsafe condition on an
aviation product. The MCAI describes the unsafe condition as the in-
service special detailed inspection technique required for the
Jetstream 3200's life extension program was delayed; consequently, the
in-service special detailed inspection technique is not formally part
of the life extension program and may therefore not be accomplished as
intended. We are issuing this proposed AD to require actions to address
the unsafe condition on these products.

DATES: We must receive comments on this proposed AD by July 10, 2015.

ADDRESSES: You may send comments by any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE., Washington, DC 20590.
     Hand Delivery: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE., Washington, DC 20590, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.
    For service information identified in this proposed AD, contact BAE
Systems (Operations) Limited, Customer Information Department,
Prestwick International Airport, Ayrshire, KA9 2RW, Scotland, United
Kingdom; telephone: +44 1292 675207; fax: +44 1292 675704; email:
<EMAIL_ADDRESS>Internet: http://www.baesystems.com/Businesses/RegionalAircraft/. You may review this referenced service
information at the FAA, Small Airplane Directorate, 901 Locust, Kansas
City, Missouri 64106. For information on the availability of this
material at the FAA, call<PHONE_NUMBER>.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2015-
1744; or in person at the Docket Management Facility between 9 a.m. and
5 p.m., Monday through Friday, except Federal holidays. The AD docket
contains this proposed AD, the regulatory evaluation, any comments
received, and other information. The street address for the Docket
Office (telephone<PHONE_NUMBER>) is in the ADDRESSES section. Comments
will be available in the AD docket shortly after receipt.

FOR FURTHER INFORMATION CONTACT: Taylor Martin, Aerospace Engineer,
FAA, Small Airplane Directorate, 901 Locust, Room 301, Kansas City,
Missouri 64106; telephone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Comments Invited

    We invite you to send any written relevant data, views, or
arguments about this proposed AD. Send your comments to an address
listed under the ADDRESSES section. Include ``Docket No. FAA-2015-1744;
Directorate Identifier 2015-CE-016-AD'' at the beginning of your
comments. We specifically invite comments on the overall regulatory,
economic, environmental, and energy aspects of this proposed AD. We
will consider all comments received by the closing date and may amend
this proposed AD because of those comments.
    We will post all comments we receive, without change, to http://regulations.gov, including any personal information you provide. We
will also post a report summarizing each substantive verbal contact we
receive about this proposed AD.

Discussion

    The European Aviation Safety Agency (EASA), which is the Technical
Agent for the Member States of the European Community, has issued AD
No.: 2015-0063, dated April 22, 2015 (referred to after this as ``the
MCAI''), to correct an unsafe condition for the specified products. The
MCAI states:

    The Jetstream 3200 Life Extension Programme (LEP) permits the
airframe life limit to be extended from 45,000 flight cycles (FC) to
67,000 FC. Entry into the LEP requires operators to accomplish
inspections specified in the Jetstream 3200 Supplemental Structural
Inspections Document (SSID). SSID task 57-10-227 is the inspection
requirement for the wing main spar at Rib 36. The threshold for task
57-10-227 is 48,000 FC, with a repeat interval of 16,800 FC, using a
Special Detailed Inspection (SDI). Development of the in-service SDI
technique required for SSID task 57-10-227 was delayed by BAE
Systems (Operations) Ltd, as a result of which it is not formally
part of the LEP and may therefore not be accomplished as intended.
    This condition, if not corrected, could lead to cracks in the
wing main spar remaining undetected, possibly resulting in failure
of the wing and loss of the aeroplane.
    To address this potential unsafe condition, BAE Systems
(Operations) Ltd issued SB 57-JA140140 to provide SDI instructions
for the wing main spar at Rib 36, which includes a reduced repeat
inspection interval.
    For the reasons described above, this AD requires repetitive
inspections of the wing main spar around Rib 36 to detect cracks
and, depending on findings, accomplishment of the applicable
corrective action(s).
    The SSID will be revised in due course to include the SDI.

    You may examine the MCAI on the Internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2015-
1744.

Related Service Information Under 1 CFR Part 51

    British Aerospace Regional Aircraft has issued British Aerospace
Jetstream

Series 3100 & 3200 Service Bulletin 57-JA140140, Original Issue, dated:
June 26, 2014. The British Aerospace Jetstream Series 3100 & 3200
Service Bulletin 57-JA140140, Original Issue, dated: June 26, 2014,
describes procedures for inspections of the wing main spar around Rib
36 to detect cracks and, depending on findings, accomplishment of the
applicable corrective action(s). This service information is reasonably
available because the interested parties have access to it through
their normal course of business or by the means identified in the
ADDRESSES section of this NPRM.

FAA's Determination and Requirements of the Proposed AD

    This product has been approved by the aviation authority of another
country, and is approved for operation in the United States. Pursuant
to our bilateral agreement with this State of Design Authority, they
have notified us of the unsafe condition described in the MCAI and
service information referenced above. We are proposing this AD because
we evaluated all information and determined the unsafe condition exists
and is likely to exist or develop on other products of the same type
design.

Costs of Compliance

    We estimate that this proposed AD will affect 22 products of U.S.
registry. We also estimate that it would take about 96 work-hours per
product to comply with the basic requirements of this proposed AD. The
average labor rate is $85 per work-hour.
    Based on these figures, we estimate the cost of the proposed AD on
U.S. operators to be $179,520, or $8,160 per product.
    We have no way of determining any necessary follow-on actions,
costs, or the number of products that may need these actions.

Paperwork Reduction Act

    A federal agency may not conduct or sponsor, and a person is not
required to respond to, nor shall a person be subject to penalty for
failure to comply with a collection of information subject to the
requirements of the Paperwork Reduction Act unless that collection of
information displays a current valid OMB control number. The control
number for the collection of information required by this AD is 2120-
0056. The paperwork cost associated with this AD has been detailed in
the Costs of Compliance section of this document and includes time for
reviewing instructions, as well as completing and reviewing the
collection of information. Therefore, all reporting associated with
this AD is mandatory. Comments concerning the accuracy of this burden
and suggestions for reducing the burden should be directed to the FAA
at 800 Independence Ave., SW., Washington, DC 20591. ATTN: Information
Collection Clearance Officer, AES-200.

Authority for This Rulemaking

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

Regulatory Findings

    We determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national Government and the States, or on the distribution
of power and responsibilities among the various levels of government.
    For the reasons discussed above, I certify this proposed
regulation:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979),
    (3) Will not affect intrastate aviation in Alaska, and
    (4) Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

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

The Proposed Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new AD:

British Aerospace Regional Aircraft: Docket No. FAA-2015-1744;
Directorate Identifier 2015-CE-016-AD.

(a) Comments Due Date

    We must receive comments by July 10, 2015.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to British Aerospace Regional Aircraft Jetstream
Model 3201 airplanes, all serial numbers, that are:
    (1) Certificated in any category; and
    (2) Modified in service following BAE Systems (Operations) Ltd
Service Bulletin (SB) 05-JM8229.

(d) Subject

    Air Transport Association of America (ATA) Code 57: Wings.

(e) Reason

    This AD was prompted by mandatory continuing airworthiness
information (MCAI) originated by an aviation authority of another
country to identify and correct an unsafe condition on an aviation
product. The MCAI describes the unsafe condition as the in-service
special detailed inspection technique required for the Jetstream
3200's life extension program was delayed; consequently, the in-
service special detailed inspection (SDI) technique is not formally
part of the life extension program and may therefore not be
accomplished as intended. We are issuing this proposed AD to detect
and correct cracking in the wing main spar, which could result in
structural failure of the wing with consequent loss of control.

(f) Actions and Compliance

    Unless already done, do the following actions as specified in
paragraphs (f)(1) through (f)(3) of this AD:
    (1) Before accumulating a total of 53,950 flight cycles (FC) on
the airplane or within the next 50 FC after the effective date of
this AD, whichever occurs later, and repetitively thereafter at
intervals not to exceed 14,300 FC, accomplish an eddy current (EC)
and an x-ray inspection of the wing main spar around rib 36
following the instructions of British Aerospace Jetstream Series
3100 & 3200 Service Bulletin 57-JA140140, Original Issue, dated June
26, 2014. For the purposes of this AD, owner/operators who do not
track total FC, multiply the total number of airplane hours time-in-
service (TIS) by 0.75 to calculate the cycles.

    (2) If any crack or corrosion is found during any inspection
required by paragraph (f)(1) of this AD, before further flight,
contact BAE Systems (Operations) Ltd for FAA-approved repair
instructions approved specifically for this AD and accomplish those
instructions. You can find contact information for BAE Systems
(Operations) Ltd in paragraph (h) of this AD. Use the Operator
Report Form and follow the instructions in British Aerospace
Jetstream Series 3100 & 3200 Service Bulletin 57-JA140140, Original
Issue, dated: June 26, 2014.
    (3) Repair of an airplane as required in paragraph (f)(2) of
this AD does not terminate the repetitive inspections required in
paragraph (f)(1) of this AD for that airplane, unless the approved
repair instructions state otherwise.

(g) Other FAA AD Provisions

    The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager,
Standards Office, FAA, has the authority to approve AMOCs for this
AD, if requested using the procedures found in 14 CFR 39.19. Send
information to ATTN: Taylor Martin, Aerospace Engineer, FAA, Small
Airplane Directorate, 901 Locust, Room 301, Kansas City, Missouri
64106; telephone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>Before using any approved AMOC on any
airplane to which the AMOC applies, notify your appropriate
principal inspector (PI) in the FAA Flight Standards District Office
(FSDO), or lacking a PI, your local FSDO.
    (2) Airworthy Product: For any requirement in this AD to obtain
corrective actions from a manufacturer or other source, use these
actions if they are FAA-approved. Corrective actions are considered
FAA-approved if they are approved by the State of Design Authority
(or their delegated agent). You are required to assure the product
is airworthy before it is returned to service.
    (3) Reporting Requirements: For any reporting requirement in
this AD, a federal agency may not conduct or sponsor, and a person
is not required to respond to, nor shall a person be subject to a
penalty for failure to comply with a collection of information
subject to the requirements of the Paperwork Reduction Act unless
that collection of information displays a current valid OMB Control
Number. The OMB Control Number for this information collection is
2120-0056. Public reporting for this collection of information is
estimated to be approximately 5 minutes per response, including the
time for reviewing instructions, completing and reviewing the
collection of information. All responses to this collection of
information are mandatory. Comments concerning the accuracy of this
burden and suggestions for reducing the burden should be directed to
the FAA at: 800 Independence Ave. SW., Washington, DC 20591, Attn:
Information Collection Clearance Officer, AES-200.

(h) Related Information

    Refer to MCAI European Aviation Safety Agency (EASA) AD No.:
2015-0063, dated April 22, 2015, for related information. You may
examine the MCAI on the Internet at http://www.regulations.gov by
searching for and locating Docket No. FAA-2015-1744. For service
information related to this AD, contact BAE Systems (Operations)
Limited, Customer Information Department, Prestwick International
Airport, Ayrshire, KA9 2RW, Scotland, United Kingdom; telephone: +44
1292 675207; fax: +44 1292 675704; email:
<EMAIL_ADDRESS>Internet: http://www.baesystems.com/Businesses/RegionalAircraft/. You may review this referenced service
information at the FAA, Small Airplane Directorate, 901 Locust,
Kansas City, Missouri 64106. For information on the availability of
this material at the FAA, call<PHONE_NUMBER>.

    Issued in Kansas City, Missouri, on May 18, 2015.
Earl Lawrence,
Manager, Small Airplane Directorate, Aircraft Certification Service.
[FR Doc. 2015-12450 Filed 5-22-15; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register: October 9, 2007 (Volume 72, Number 194)]
[Notices]
[Page 57364-57366]
[DOCID:fr09oc07-119]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56592; File No. SR-Amex-2007-60]

Self-Regulatory Organizations; American Stock Exchange LLC; Order
Granting Approval of a Proposed Rule Change, as Modified by Amendment
Nos. 1 and 2 Thereto, Relating to the Listing and Trading of Shares of
Eight Funds of the ProShares Trust Based on International Equity
Indexes

October 1, 2007.

I. Introduction

    On June 15, 2007, the American Stock Exchange, LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder, a
proposal to list and trade the shares of eight funds of the ProShares
Trust based on certain international equity indexes.\2\ On July 27,
2007, Amex filed Amendment No. 1 to the proposed rule change. The
proposed rule change, as amended, was published for comment in the
Federal Register on August 15, 2007 for a 15-day comment period.\3\ The
Commission received no comments on the proposal. On September 7, 2007,
Amex filed Amendment No. 2 to the proposed rule change.\4\ This order
approves the proposed rule change, as modified by Amendment Nos. 1 and
2 thereto.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 56223 (August 8,
2007), 72 FR 45837 (``Notice'').
    \4\ In Amendment No. 2, the Exchange clarified that: (a) The
value of the MSCI Japan Index will be calculated and disseminated
every 15 seconds from 8 p.m. to 2 a.m. Eastern Time (``ET''); (b)
the value of the MSCI EAFE Index will be calculated and disseminated
every 60 seconds from 8 p.m. to 12 p.m. ET; (c) the value of the
FTSE/Xinhua China 25 Index will be calculated and disseminated every
15 seconds from 10 p.m. to 4 a.m. ET; and (d) the Funds are expected
to be highly inversely correlated (-0.95 or greater). Because
Amendment No. 2 is technical in nature, the Commission is not
republishing the notice of filing for public comment.
---------------------------------------------------------------------------

II. Description of the Proposal

    The Exchange proposes to list and trade under Amex Rule 1000A-AEMI
the shares (the ``Shares'') of eight funds of the ProShares Trust (the
``Trust'') that are designated as Short Funds (the ``Short Funds'') and
UltraShort Funds (the ``UltraShort Funds,'' and together with the Short
Funds, collectively referred to as the ``Funds''). The Exchange
represents that the Funds will comply with all applicable provisions of
Amex Rules 1000A-AEMI and 1001A-1003A.\5\ Each of the Funds has a
distinct investment objective by attempting, on a daily basis, to
correspond to a specified multiple of the inverse performance of a
particular equity securities index. The Funds will be based on the
following benchmark indexes: (1) MSCI Emerging Markets Index; (2) MSCI
Japan Index; (3) MSCI EAFE Index; and (4) FTSE/Xinhua China 25 Index
(each, an ``Underlying Index,'' and collectively, the ``Underlying
Indexes'').\6\ Each of the Underlying Indexes is rebalanced quarterly,
calculated in U.S. dollars on a real-time basis, and, consistent with
Commentary .02(b)(ii) to Amex Rule 1000A-AEMI, widely disseminated
during Exchange trading hours.
---------------------------------------------------------------------------

    \5\ E-mail from Nyieri Nazarian, Assistant General Counsel,
Amex, to Edward Cho, Special Counsel, Division of Market Regulation,
Commission, dated September 19, 2007.
    \6\ A detailed discussion of the Underlying Indexes and
dissemination of the values thereof, investment objective of the
Funds, portfolio investment methodology, investment techniques,
availability of information and key values, creation and redemption
of Shares, dividends and distributions, Amex's initial and continued
listing standards, Amex trading rules and trading halts, information
circular to Exchange members, and other related information
regarding the Funds can be found in the Notice. See Notice, supra
note 3.
---------------------------------------------------------------------------

    Specifically, the Exchange proposes to list and trade Shares of the
Short Funds that seek daily investment results, before fees and
expenses, that correspond to the inverse or opposite of the daily
performance (-100%) of the Underlying Indexes. If each of these Short
Funds is successful in meeting its objective, the net asset value
(``NAV'') of the Shares of each Short Fund should increase
approximately as much, on a percentage basis, as the respective
Underlying Index loses when the prices of the securities in the
Underlying Index decline on a given day, or should decrease
approximately as much, on a

percentage basis, as the respective Underlying Index gains when the
prices of the securities in the Underlying Index rise on a given day,
before fees and expenses.
    The Exchange also proposes to list and trade Shares of the
UltraShort Funds that seek daily investment results, before fees and
expenses, that correspond to twice the inverse or opposite (-200%) of
the daily performance of the Underlying Indexes. If each of these
UltraShort Funds is successful in meeting its objective, the NAV of the
Shares of each UltraShort Fund should increase approximately twice as
much, on a percentage basis, as the respective Underlying Index loses
when the prices of the securities in the Underlying Index decline on a
given day, or should decrease approximately twice as much, on a
percentage basis, as the respective Underlying Index gains when the
prices of the securities in the Underlying Index rise on a given day,
before fees and expenses.

III. Commission's Findings and Order Granting Approval of the Proposed
Rule Change

    After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities exchange.\7\
In particular, the Commission finds that the proposed rule change is
consistent with Section 6(b)(5) of the Act,\8\ which requires that an
exchange have rules designed, among other things, 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
Commission notes that it previously approved the original listing and
trading of certain inverse leveraged fund shares based on a variety of
indexes.\9\ The Commission also notes that it has previously approved
the listing and trading of exchange-traded funds based on each of the
Underlying Indexes.\10\
---------------------------------------------------------------------------

    \7\ In approving this proposed rule change, the Commission notes
that it has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
    \8\ 15 U.S.C. 78f(b)(5).
    \9\ See Securities Exchange Act Release Nos. 55117 (January 17,
2007), 72 FR 3442 (January 25, 2007) (SR-Amex-2006-101) (approving
the listing and trading of shares of short and ultrashort funds,
among others, of the Trust based on certain underlying indexes);
54040 (June 23, 2006), 71 FR 37629 (June 30, 2006) (SR-Amex-2006-41)
(approving the listing and trading of shares of bearish funds, among
others, of the Trust based on certain underlying indexes); and 52553
(October 3, 2005), 70 FR 59100 (October 11, 2005) (SR-Amex-2004-62)
(approving the listing and trading of shares of bearish funds, among
others, of the xtraShares Trust based on certain underlying
indexes).
    \10\ See Securities Exchange Act Release Nos. 44990 (October 25,
2001), 66 FR 55712 (November 2, 2001) (SR-Amex-2001-45) (approving
the listing and trading of shares of funds of iShares, Inc. based on
certain foreign stock indexes, including the MSCI Emerging Markets
(Free) Index); 36947 (March 8, 1996), 61 FR 10606 (March 14, 1996)
(SR-Amex-95-43) (approving the listing and trading of Index Fund
Shares based on the MSCI Japan Index, among other indexes); 44700
(August 14, 2001), 66 FR 43927 (August 21, 2001) (SR-Amex-2001-34)
(approving the listing and trading of shares of a fund based on the
MSCI EAFE Index, among other indexes); 50505 (October 8, 2004), 69
FR 61280 (October 15, 2004) (SR-NYSE-2004-55) (approving the listing
and trading of shares of the iShares FTSE/Xinhua China 25 Index
Fund); and 50800 (December 6, 2004), 69 FR 72228 (December 13, 2004)
(SR-Amex-2004-85) (approving the trading of shares of the iShares
FTSE/Xinhua China 25 Index Fund pursuant to unlisted trading
privileges).
---------------------------------------------------------------------------

    The Commission further believes that the proposal is consistent
with Section 11A(a)(1)(C)(iii) of the Act,\11\ which sets forth
Congress's finding that it is in the public interest and appropriate
for the protection of investors and the maintenance of fair and orderly
markets to assure the availability to brokers, dealers, and investors
of information with respect to quotations for and transactions in
securities. Quotations and last-sale information for the Shares will be
disseminated over the CT.\12\ In addition, the Exchange will
disseminate through the CT the IIV at least every 15 seconds throughout
Amex's trading day, the market value of a Share for each Fund, the most
recent NAV for each Fund, the number of Shares outstanding for each
Fund, and the estimated cash amount and total cash amount per Creation
Unit. The Exchange will also make available on its Web site daily
trading volume, the closing prices, the NAV, and the final dividend
amounts to be paid for each Fund. Furthermore, the value of each
Underlying Index will be updated intra-day on a real-time basis as its
individual component securities change in price and disseminated at
least every 15 or 60 seconds, as applicable, throughout the trading day
by Amex or another organization authorized by the relevant Underlying
Index provider. The Trust's Web site will contain a variety of other
quantitative information for the Shares of each Fund. Finally, each
Fund's total portfolio composition will be disclosed on the Web site of
the Trust or another relevant Web site as determined by the Trust and/
or the Exchange. Web site disclosure of portfolio holdings will be made
daily and will include, as applicable, the specific types of Financial
Instruments and characteristics of such Financial Instruments and the
cash equivalents and amount of cash held in the portfolio of each Fund.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
    \12\ E-mail from Nyieri Nazarian, Assistant General Counsel,
Amex, to Edward Cho, Special Counsel, Division of Market Regulation,
Commission, dated August 21, 2007 (clarifying the information to be
disseminated through the CT). Capitalized terms used but not
otherwise defined herein shall have the meanings ascribed to such
terms in the Notice. See Notice, supra note 3.
---------------------------------------------------------------------------

    Furthermore, the Commission believes that the proposal to list and
trade the Shares is reasonably designed to promote fair disclosure of
information that may be necessary to price the Shares appropriately and
to prevent trading when a reasonable degree of transparency cannot be
assured. The Commission notes that the Exchange will obtain a
representation from the Trust (for each Fund), prior to listing, that
the NAV per Share for each Fund will be calculated daily and made
available to all market participants at the same time.\13\ In addition,
the Exchange represents that the Web site disclosure of the portfolio
composition of each Fund and the disclosure by the Advisor of the IIV
File and the PCF will occur at the same time. Commentary .02(b) to Amex
Rule 1000A-AEMI provides for ``fire wall'' procedures with respect to
personnel who have access to information concerning changes and
adjustments to the Underlying Index and the implementation of
procedures to prevent the use and dissemination of material non-public
information regarding the Underlying Index. Commentary .09 to Amex Rule
1000A-AEMI restricts members or persons associated with members who
have knowledge of all material terms and conditions of an order being
facilitated or orders being crossed to enter, based on such knowledge,
an order to buy or sell a Share that is the subject of the order, an
order to buy or sell the overlying option class, or an order to buy or
sell any related instrument \14\ until all the terms of the order are
disclosed to the trading crowd or the trade is no longer imminent in
view of the passage of time since the order was received.
---------------------------------------------------------------------------

    \13\ See Amex Rule 1002A(a)(ii).
    \14\ For purposes of Commentary .09, an order to buy or sell a
``related instrument'' means an order to buy or sell securities
comprising ten percent or more of the component securities in the
Underlying Index or an order to buy or sell a futures contract on
any economically equivalent index. See Commentary .09 to Amex Rule
1000A-AEMI.
---------------------------------------------------------------------------

    The Commission also believes that the Exchange's trading halt rules
are reasonably designed to prevent trading in the Shares when
transparency is impaired. Amex Rule 1002A(b)(ii) provides that the
Exchange will halt

trading in the Shares if the circuit breaker parameters of Amex Rule
117 have been reached. In exercising its discretion to halt or suspend
trading in the Shares, the Exchange may consider factors such as those
set forth in Amex Rule 918C(b) and other relevant factors. In addition,
Amex Rule 1002A(b)(ii) provides that, if the IIV or the Underlying
Index value applicable to that series of Index Fund Shares is not being
disseminated as required, the Exchange may halt trading during the day
in which the interruption to the dissemination of the IIV or the
Underlying Index value occurs. If the interruption to the dissemination
of the IIV or the Underlying Index value persists past the trading day
in which it occurred, the Exchange will halt trading no later than the
beginning of the trading day following the interruption.
    The Commission further believes that the trading rules and
procedures to which the Shares will be subject pursuant to this
proposal are consistent with the Act. The Exchange has represented that
the Shares are equity securities subject to Amex's rules governing the
trading of equity securities.
    In support of this proposal, the Exchange has made the following
representations:
    (1) The Exchange's surveillance procedures are adequate to properly
monitor the trading of the Shares. Specifically, Amex will rely on its
existing surveillance procedures governing Index Fund Shares.
    (2) Prior to the commencement of trading, the Exchange will inform
its members and member organizations in an Information Circular
regarding the application of Commentary .06 to Amex Rule 1000A-AEMI to
the Funds and the prospectus and/or product description delivery
requirements that apply to the Funds. The Information Circular will
also provide guidance with regard to member firm compliance
responsibilities when effecting transactions in the Shares and
highlighting the special risks and characteristics of the Funds and
Shares, as well as applicable Exchange rules. In addition, the
Information Circular will disclose that the procedures for purchases
and redemptions of Shares in Creation Units are described in each
Fund's prospectus, and that Shares are not individually redeemable, but
are redeemable only in Creation Unit aggregations or multiples thereof.
    (3) The Exchange represents that the Trust is required to comply
with Rule 10A-3 under the Act \15\ for the initial and continued
listing of the Shares.
---------------------------------------------------------------------------

    \15\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    This approval order is based on the Exchange's representations.

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\16\ that the proposed rule change (SR-Amex-2007-60), as modified
by Amendment Nos. 1 and 2 thereto, be, and it hereby is, approved.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E7-19752 Filed 10-5-07; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 165 (Thursday, August 25, 2016)]
[Proposed Rules]
[Pages 58435-58438]
[FR Doc No: 2016-20313]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R03-OAR-2016-0368; FRL-9951-26-Region 3]

Determination of Attainment by the Attainment Date for the 2008
Ozone National Ambient Air Quality Standards; Pennsylvania; Pittsburgh-
Beaver Valley

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: The Environmental Protection Agency (EPA) is proposing to
determine that the Pittsburgh-Beaver Valley, Pennsylvania marginal
ozone nonattainment area (the Pittsburgh Area) has attained the 2008
ozone national ambient air quality standards (NAAQS) by the July 20,
2016 attainment date. This proposed determination is based on complete,
certified, and quality assured ambient air quality monitoring data for
the Pittsburgh Area for the 2013-2015 monitoring period. This proposed
determination does not constitute a redesignation to attainment. This
action is being taken under the Clean Air Act (CAA).

DATES: Written comments must be received on or before September 26,
2016.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R03-
OAR-2016-0368 at http://www.regulations.gov, or via email to
<EMAIL_ADDRESS>For comments submitted at Regulations.gov,
follow the online instructions for submitting comments. Once submitted,
comments cannot be edited or removed from Regulations.gov. For either
manner of submission, EPA may publish any comment received to its
public docket. Do not submit electronically any information you
consider to be confidential business information (CBI) or other
information whose disclosure is restricted by statute. Multimedia
submissions (audio, video, etc.) must be accompanied by a written
comment. The written comment is considered the official comment and
should include discussion of all points you wish to make. EPA will
generally not consider comments or comment contents located outside of
the primary submission (i.e. on the web, cloud, or other file sharing
system). For additional submission methods, please contact the person
identified in the FOR FURTHER INFORMATION CONTACT section. For the full
EPA public comment policy, information about CBI or multimedia
submissions, and general guidance on making effective comments, please
visit http://www2.epa.gov/dockets/commenting-epa-dockets.

FOR FURTHER INFORMATION CONTACT: Maria A. Pino,<PHONE_NUMBER>, or by
email at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Background

A. Statutory Requirement--Determination of Attainment by the Attainment
Date

    Section 181(b)(2) of the CAA requires EPA to determine, within 6
months of an ozone nonattainment area's attainment date, whether that
area attained the ozone standard by that date. Section 181(b)(2) of the
CAA also requires that areas that have not attained the standard by
their attainment deadlines be reclassified to either the next higher
classification (e.g., marginal to moderate, moderate to serious, etc.)
or to the classifications applicable to the areas' design values in
Table 1 of 40 CFR 51.1103. CAA section 181(a)(5) provides a mechanism
by which the EPA Administrator may grant a 1-year extension of an
area's attainment deadline, provided that the relevant states meet
certain criteria.

B. The Pittsburgh Area and Its Attainment Date

    On July 18, 1997, EPA promulgated a revised ozone NAAQS of 0.08
parts per million (ppm), averaged over eight hours. 62 FR 38855. This
standard was determined to be more protective of public health than the
previous 1979 1-hour ozone standard. In 2008, EPA revised the 8-hour
ozone NAAQS from 0.08 to 0.075 ppm (the 2008 ozone NAAQS). See 73 FR
16436 (March 27, 2008). In a May 21, 2012 final rule, the Pittsburgh
Area was designated as marginal nonattainment for the more stringent
2008 ozone NAAQS, effective on July 20, 2012. 77 FR 30088. The
Pittsburgh Area consists of Allegheny, Armstrong, Beaver, Butler,
Fayette, Washington, and Westmoreland Counties in Pennsylvania. See 40
CFR 81.339.
    In a separate rulemaking action, also published on May 21, 2012 and
effective on July 20, 2012, EPA established the air quality thresholds
that define the classifications assigned to all nonattainment areas for
the 2008 ozone NAAQS (the Classifications Rule). 77 FR 30160. This rule
also established December 31 of each relevant calendar year as the
attainment date for all nonattainment area classification categories.
Section 181 of the CAA provides that the attainment deadline for ozone
nonattainment areas is ``as expeditiously as practicable'' but no later
than the prescribed dates that are provided in Table 1 of that section.
In the Classifications Rule, EPA translated the deadlines in Table 1 of
CAA section 181 for purposes of the 2008 standard by measuring those
deadlines from the effective date of the new designations, but extended
those deadlines by several months to December 31 of the corresponding
calendar year. Pursuant to a challenge of EPA's interpretation of the
attainment deadlines, on December 23, 2014, the United States Court of
Appeals for the District of Columbia Circuit (D.C. Circuit) issued a
decision rejecting, among other things, the Classifications Rule's
attainment deadlines for the 2008 ozone nonattainment areas, finding
that EPA did not have statutory authority under the CAA to extend those
deadlines to the end of the calendar year. NRDC v. EPA, 777 F.3d 456,
464-69 (D.C. Cir. 2014). Accordingly, as part of the final SIP
Requirements Rule for the 2008 ozone NAAQS (80 FR 12264, March 6,
2015), EPA modified the maximum attainment dates for all nonattainment
areas for the 2008 ozone NAAQS, consistent with the D.C. Circuit's
decision. The State Implementation Plan (SIP) Requirements Rule
established a maximum deadline for marginal nonattainment areas of
three years from the effective date of designation, or July 20, 2015,
to attain the 2008 ozone NAAQS. See 80 FR at 12268; 40 CFR 51.1103.
    In a final rulemaking action published on May 4, 2016, EPA
determined that the Pittsburgh Area did not attain the 2008 ozone NAAQS
by its July 20, 2015 attainment date, based on ambient air quality
monitoring data for the 2012-2014 monitoring period. In that same
action, EPA determined that the Pittsburgh Area qualified for a 1-year
extension of its attainment date, as provided in section 181(a)(5) of
the CAA and interpreted by regulation at 40 CFR 51.1107. The new
attainment date for the Pittsburgh Area is July 20, 2016. See 81 FR
26697 (May 4, 2016).

II. EPA's Analysis of the Relevant Air Quality Data

    Under EPA regulations at 40 CFR part 50, appendix P, the 2008 ozone
NAAQS is attained at a monitoring site when the three-year average of
the annual fourth highest daily maximum 8-hour average ambient air
quality ozone concentration is less than or equal to 0.075 ppm. This
three-year average is referred to as the design value. When the design
value is less than or equal to 0.075 ppm at each ambient air quality
monitoring site within the area, then the area is deemed to be meeting
the NAAQS. The rounding convention under 40 CFR part 50, appendix P
dictates that concentrations shall be reported in ppm to the third
decimal place, with additional digits to the right being truncated.
Thus, a computed three-year average ozone concentration of 0.0759 ppm
or lower would meet the standard, but 0.0760 ppm or higher is over the
standard.
    EPA's determination of attainment is based upon data that has been
collected and quality-assured in accordance with 40 CFR part 58 and
recorded in EPA's Air Quality System (AQS) database. Ambient air
quality monitoring data for the three-year period must meet a data
completeness requirement. The ambient air quality monitoring data
completeness requirement is met when the three-year average of the
percent (%) of required monitoring days with valid ambient monitoring
data is greater than 90%, and no single year has less than 75% data
completeness, as determined according to appendix P of part 50. Tables
1 and 2 show the data completeness and ozone design values,
respectively, for each monitor in the Pittsburgh Area for the years
2013-2015.

                                                               Table 1--2013-2015 Pittsburgh Area Ozone Monitor Data Completeness
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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                    County                         Site ID                Percent data completeness
                                                  2013-2015 average percent        Comment
                                                        completeness
                                                              ------------------------------------------------
                                                                    2013            2014            2015
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Allegheny....................................       420030008              98             100              95                98
                                                    420030010             100  ..............  ..............                33                Site shut down in 2013.\a\
                                                    420030067              99              99             100                99
                                                                                --------------------------------
                                                    420031005              98  ..............  ..............              33              97  Site shut down in 2013.\b\

                                                    420031008  ..............             100              93              64                  Site started 2014.\b\
                                                                                --------------------------------
Armstrong....................................       420050001              95             100             100                98
Beaver.......................................       420070002              98              96              97                97

                                                    420070005              96              95              93                95
                                                    420070014              89              99              94                94
Washington...................................       421250005              98             100              97                98
                                                    421250200              98              98             100                98
                                                    421255001             100              98              94                97
                                                    421255200              99              99  ..............                66                Site shut down in 2015.\a\
Westmoreland.................................       421290006              98              38  ..............                45                Site shut down in July 2014.\a\
                                                    421290008              97              99              97                98
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Notes:
\a\ The monitoring site shutdowns and startups are included in the Pennsylvania Department of the Environment's (PADEP's) July 2014 Annual Network Plan. PADEP submitted the monitoring plan to
  EPA on June 27, 2014, and EPA approved it on November 21, 2014.
\b\ The ozone monitor at monitoring site 420031005 was moved to monitoring site 420031008 in February 2014. The new location is about one quarter of a mile away from the previous location, and
  is at a similar elevation. The data from these sites will be combined to calculate a valid design value. This monitor move was included in the Allegheny County Health Department's (ACHD's)
  July 2014 monitoring plan, which ACHD submitted to EPA on July 1, 2014, and which EPA approved on November 21, 2014.

    As shown in Table 1, several monitoring sites do not meet the
completeness criteria set out in 40 CFR part 50, appendix P. However,
the reasons for the completeness issues were either monitor shutdowns
or startup, approved into PADEP's and ACHD's monitoring plans. Because
three years of complete data is not possible at these monitoring sites,
EPA does not look for valid design values at these sites. However, the
circumstances are different for monitoring sites 420031005 and
420031008. The ozone monitor was moved from monitoring site 420031005
to monitoring site 420031008. These sites are within 0.25 miles of each
other, and are at similar elevations. Therefore, EPA is able to
consider the data at both monitoring sites as representing the same
area, and can combine the data for these two locations to calculate a
valid design value. When data from both locations is considered, the
three-year average completeness is 97%.

                           Table 2--2013-2015 Pittsburgh Area 2008 Ozone Design Values
----------------------------------------------------------------------------------------------------------------
                                                             4th highest daily maximum               2013-2015
             County                   Site ID    ------------------------------------------------  Design value
                                                       2013            2014            2015            (ppm)
----------------------------------------------------------------------------------------------------------------
Allegheny.......................       420030008           0.070           0.065           0.071           0.068
                                       420030010           0.075  ..............  ..............  ..............
                                       420030067           0.066           0.065           0.068           0.066
                                       420031005           0.076           0.042  ..............           0.073
                                       420031008  ..............           0.071           0.074  ..............
Armstrong.......................       420050001           0.078           0.068           0.070           0.072
Beaver..........................       420070002           0.072           0.069           0.070           0.070
                                       420070005           0.072           0.070           0.067           0.069
                                       420070014           0.066           0.066           0.063           0.065
Washington......................       421250005           0.064           0.065           0.072           0.067
                                       421250200           0.067           0.064           0.069           0.066
                                       421255001           0.071           0.064           0.071           0.068
                                       421255200           0.063           0.062           0.045  ..............
Westmoreland....................       421290006           0.067           0.053  ..............  ..............
                                       421290008           0.070           0.064           0.069           0.067
----------------------------------------------------------------------------------------------------------------
Note: Only valid design values for monitors meeting the completeness criteria are shown.

    Consistent with the requirements contained in 40 CFR part 50, EPA
has reviewed the ozone ambient air quality monitoring data for the
monitoring period from 2013 through 2015 for the Pittsburgh Area, as
recorded in the AQS database. As shown in Table 2, all valid 2013-2015
design values are less than or equal to 0.075 ppm. Therefore, the
Pittsburgh Area has attained the 2008 ozone NAAQS, considering 2013-
2015 data.

III. Proposed Action

    EPA evaluated ozone data from air quality monitors in the
Pittsburgh Area in order to determine the area's attainment status
under the 2008 ozone NAAQS. State and local agencies responsible for
ozone air monitoring networks supplied and quality assured the data.
All the monitoring sites with valid data had design values equal to or
less than 0.075 ppm based on the 2013-2015 monitoring period.
Considering that review, EPA has concluded that this area attained the
2008 ozone NAAQS based on complete, quality assured and certified data
for the 2013-2015 ozone seasons. Thus, EPA proposes to determine, in
accordance with its statutory obligations under section 181(b)(2)(A) of
the CAA and the provisions of the SIP Requirements Rule (40 CFR
51.1103), that the Pittsburgh Area attained the 2008 ozone NAAQS by the
applicable attainment date of July 20, 2016.
    This proposed determination of attainment does not constitute a
redesignation to attainment. Redesignations require states to meet a
number of additional criteria, including EPA approval of a state plan
to maintain the air quality standard for 10 years after redesignation.
EPA is soliciting public comments on the issues discussed in this
document. These comments will be considered before taking final action.

IV. Statutory and Executive Order Reviews

    This rulemaking action proposes to make a determination of
attainment on the 2008 ozone NAAQS based on air quality and, if
finalized, would not impose additional requirements. For that reason,
this proposed determination of attainment:

     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     does not have federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     is not subject to requirements of section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the CAA; and
     does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).
    In addition, this proposed rule, proposing to determine that the
Pittsburgh Area attained the 2008 ozone NAAQS by its July 20, 2016
attainment date, does not have tribal implications as specified by
Executive Order 13175 (65 FR 67249, November 9, 2000), because this
proposed determination of attainment does not apply in Indian country
located in the state, and EPA notes that it will not impose substantial
direct costs on tribal governments or preempt tribal law.

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Ozone,
Incorporation by reference, Intergovernmental relations, Reporting and
recordkeeping requirements.

    Authority: 42 U.S.C. 7401 et seq.

    Dated: August 12, 2016.
Shawn M. Garvin,
Regional Administrator, Region III.
[FR Doc. 2016-20313 Filed 8-24-16; 8:45 am]
BILLING CODE 6560-50-P


  SEQ CHAPTER \h \r 1 CHAPTER FOUR

 BENEFITS OF THE RULE

There are both quantitative and qualitative benefits associated with
this rulemaking. EPA believes that the changes addressed in this
rulemaking will reduce reporting burden and save resources for regulated
entities without compromising the usefulness of TRI information to the
public. Estimated savings are reported above in Chapter 3. In addition,
the rule will provide incentives to reduce or eliminate releases
(especially for PBT chemicals) and encourage source reduction. While EPA
believes this benefit could be significant, EPA is not able to estimate
quantitatively the volume of releases that would be eliminated, or other
waste management activities replaced by source reduction, due to lack of
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