[Federal Register Volume 82, Number 227 (Tuesday, November 28, 2017)]
[Notices]
[Pages 56311-56315]
[FR Doc No: 2017-25606]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82138; File No. SR-NYSEArca-2017-88]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving a
Proposed Rule Change, as Modified by Amendments No. 1 and 2, To List
and Trade Shares of the U.S. Equity Cumulative Dividends Fund--Series
2027 and the U.S. Equity Ex-Dividend Fund--Series 2027 Under NYSE Arca
Rule 8.200-E, Commentary .02

November 21, 2017.

I. Introduction

    On August 8, 2017, NYSE Arca, Inc. (``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 U.S. Equity Cumulative Dividends Fund--
Series 2027 (``Dividend Fund'') and the U.S. Equity Ex-Dividend Fund--
Series 2027 (``Ex-Dividend Fund,'' each a ``Fund,'' and collectively
the ``Funds'') under NYSE Arca Equities Rule 8.200, Commentary .02.\3\
The proposed rule change was published for comment in the Federal
Register on August 28, 2017.\4\ On November 14, 2017, the Exchange
filed Amendment No. 1 to the proposed rule change.\5\ On November 16,
2017, the Exchange filed Amendment No. 2 to the proposed rule
change.\6\ The Commission has not received any comments on the proposed
rule change. This order approves the proposed rule change, as modified
by Amendments No.1 and 2 thereto.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ The Commission notes that, on August 17, 2017, the
Commission approved a proposed rule change that, among other things,
created a single rulebook of the Exchange. See Securities Exchange
Act Release No. 81419, 82 FR 40044 (Aug. 23, 2017) (SR-NYSEArca-
2017-40). As a result, NYSE Arca Equities Rule 8.200 became NYSE
Arca Rule 8.200-E.
    \4\ See Securities Exchange Act Release No. 81453 (Aug. 22,
2017), 82 FR 40816.
    \5\ In Amendment No. 1 (``Amendment No. 1''), which amended and
replaced the proposed rule change in its entirety, the Exchange: (1)
Changed the custodian of the Funds; (2) stated that the Dividend
Fund will seek investment results that, before fees and expenses,
correspond to the performance of the Solactive U.S. Cumulative
Dividends Index Series 2027 over each calendar year; (3) clarified
that the value of the Dividend Fund's Shares will be affected by the
ordinary cash dividends that have been paid to date and general
expectations in the market regarding the future levels of such
dividends; (4) clarified that the Dividend Fund's exposure to
dividend payments made by S&P 500 constituent companies will be
based exclusively on its investments in annual S&P 500 dividend
futures contracts; (5) clarified that pricing may be an example of a
market factor pursuant to which the Dividend Fund may invest in
quarterly S&P 500 dividend futures contracts; (6) clarified that the
Ex-Dividend Fund will seek investment results that, before fees and
expenses, correspond to the performance of the Solactive U.S. Equity
Ex-Dividends Index--Series 2027 so as to provide shareholders with
returns that are equivalent to the performance of 0.5 shares of
SPDR[supreg] S&P 500[supreg] ETF less the value of current and
future expected ordinary cash dividends to be paid on the S&P 500
constituent companies over the term of the Ex-Dividend Fund; (7)
stated that the quarterly S&P 500 Index futures contracts are traded
on the Chicago Mercantile Exchange (``CME''); (8) clarified that the
Ex-Dividend Fund intends to track the performance of the Solactive
Ex-Dividend Index by selling annual S&P dividend futures contracts;
(9) represented that the Trust (defined herein) will issue and sell
Shares of a Fund in one or more block size aggregations of 50,000
shares; (10) represented that an updated indicative fund value''
(``IFV'') will be calculated and disseminated by a third party
service provider in accordance with the rules of the Exchange, and
the IFV will be calculated by using the prior day's closing net
asset value (``NAV'') per Share of a Fund as a base and updating
that value throughout the trading day to reflect changes in the most
recently reported trade prices for instruments traded by a Fund; and
(11) made other technical changes. Because Amendment No. 1 made the
clarifying changes and representations summarized above and does not
raise unique or novel regulatory issues. Amendment No. 1 is not
subject to notice and comment.
    \6\ In Amendment No. 2, which is a partial amendment, the
Exchange updated the proposed rule change to reflect that the
Registration Statement has been filed with the Commission. Because
Amendment No. 2 simply deletes information regarding the draft
registration statement and provides information related to the filed
Registration Statement and does not raise unique or novel regulatory
issues, Amendment No. 2 is not subject to notice and comment.
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II. The Exchange's Description of the Proposal \7\
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    \7\ Additional information regarding the Funds, the Trust, and
the Shares can be found in Amendments No. 1 and 2 and the
Registration Statement. See supra notes 5 and 6 and infra note 9.
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    The Exchange proposes to list and trade the Shares under NYSE Arca
Rule 8.200-E, Commentary .02, which governs the listing and trading of
Trust Issued Receipts.\8\ Each Fund will be a

series of Metaurus Equity Component Trust (``Trust''), a Delaware
statutory trust.\9\ Metaurus Advisors LLC (``Metaurus'' or ``Sponsor'')
will be the sponsor, commodity pool operator and commodity trading
advisor of each Fund. The Funds' administrator will be SEI Investments
Global Fund Services, (``Administrator''), who will be responsible for
the day-to-day administration of the Trust and the Funds, including
valuing all of the portfolio holdings of the Funds and calculating the
NAV of the Funds. The Bank of New York Mellon will serve as registrar
and transfer agent for the Funds as well as custodian for the Funds.
Each Fund is a commodity pool as defined in the Commodity Exchange Act
\10\ and the applicable regulations of the Commodity Futures Trading
Commission (``CFTC'').
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    \8\ Commentary .02 to NYSE Arca Rule 8.200-E applies to Trust
Issued Receipts that invest in ``Financial Instruments.'' The term
``Financial Instruments,'' as defined in Commentary .02(b)(4) to
NYSE Arca Rule 8.200-E, means any combination of investments,
including cash; securities; options on securities and indices;
futures contracts; options on futures contracts; forward contracts;
equity caps, collars, and floors; and swap agreements.
    \9\ On November 15, 2017, the Trust filed with the Commission a
registration statement on Form S-1 under the Securities Act of 1933
(15 U.S.C. 77a) relating to the Funds (File No. 333-221591)
(``Registration Statement''). The description of the operation of
the Trust and the Funds herein is based, in part, on the
Registration Statement.
    \10\ 7 U.S.C. 1a(10).
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A. U.S. Equity Cumulative Dividends Fund--Series 2027

    The Dividend Fund will seek investment results that, before fees
and expenses, correspond to the performance of the Solactive U.S.
Cumulative Dividends Index--Series 2027 (``Solactive Dividend Index'')
over each calendar year. The Dividend Fund will be a term fund that
will terminate on or prior to December 31, 2027. The Dividend Fund will
seek to provide shareholders of the Dividend Fund with returns designed
to replicate the dividends on constituent companies of the S&P 500
Index (``S&P 500''), without exposure to the underlying securities.
    The Dividend Fund intends primarily to invest its assets in the
component instruments of the Solactive Dividend Index, as well as cash
and cash equivalents.\11\ The component instruments of the Solactive
Dividend Index consist of U.S. Treasury Securities (``Treasury
Securities'') and long positions in annual futures contracts listed on
the CME \12\ that provide exposure to dividends paid on the S&P 500
constituent companies (``Annual S&P 500 Dividend Futures Contracts'')
\13\ pro rata for each year of the life of the Dividend Fund.\14\ The
value of the Annual S&P 500 Dividend Futures Contracts, on which the
value of the Dividend Fund will be based, will tend to increase if the
actual dividends paid or expected to be paid by S&P 500 constituent
companies in the periods tracked by the Annual S&P 500 Dividend Futures
Contracts increase; the value of the Annual S&P 500 Dividend Futures
Contracts will tend to decrease if the actual dividends paid or
expected to be paid by S&P 500 constituent companies (as measured in
the current year by the Dividend Points Index) decrease in the periods
tracked by the Annual S&P 500 Dividend Futures Contracts. While the
Dividend Fund will invest primarily in the component instruments of the
Solactive Dividend Index, cash and cash equivalents, in certain
instances, the Dividend Fund may invest in quarterly S&P 500 dividend
futures contracts \15\ (``Quarterly S&P 500 Dividend Futures Contracts,
and, together with the Annual S&P 500 Dividend Futures Contracts, the
``Dividend Futures Contracts''), rather than the Annual S&P 500
Dividend Futures Contracts if, in the judgment of Metaurus, utilizing
such alternative maturity instruments would be in the best interest of
the Dividend Fund (e.g., due to liquidity or similar market factors).
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    \11\ Cash equivalents are short-term instruments with maturities
of less than three months and shall include the following: (i)
Certificates of deposit issued against funds deposited in a bank or
savings and loan association; (ii) bankers' acceptances, which are
short-term credit instruments used to finance commercial
transactions; (iii) repurchase agreements and reverse repurchase
agreements; (iv) bank time deposits, which are monies kept on
deposit with banks or savings and loan associations for a stated
period of time at a fixed rate of interest; (v) commercial paper,
which are short-term unsecured promissory notes; (vi) Treasury
Securities, and (vii) money market funds, including exchange-traded
funds (``ETFs''). The ETFs in which a Fund may invest will be ETFs
that invest principally in money market instruments, and all ETF
shares will be listed and traded on national securities exchanges.
    \12\ CME Group, Inc. is a member of the Intermarket Surveillance
Group (``ISG''). See note 8, infra.
    \13\ The Dividend Fund will hold the following Annual S&P 500
Dividend Futures Contracts: S&P 500 Annual Dividend Index Futures
with annual expiry of 2018, 2019, 2020, 2021, 2022, 2023, 2024,
2025, 2026, and 2027.
    \14\ As a result, in addition to the Treasury Securities, cash
and/or cash equivalents, the Dividend Fund is initially expected to
hold each of the Annual S&P 500 Dividend Futures Contracts that are
traded and expire during its ten-year term. Each year thereafter,
until December 2027 when the Dividend Fund will terminate, the
Dividend Fund will hold one less Annual S&P 500 Dividend Futures
Contract due to expiry of the prior year's contract.
    \15\ The Dividend Fund will hold the following Quarterly S&P 500
Dividend Futures Contracts: S&P 500 Quarterly Dividend Index Futures
with quarterly expiry of 2018, 2019, 2020, 2021, 2022, 2023, 2024,
2025, 2026, and 2027. These contracts trade on the CME.
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    The Dividend Fund expects to pay monthly cash distributions to its
shareholders throughout each calendar year. Such distributions will, on
an annual basis, before fees and expenses, equal all or a substantial
portion of the Dividend Fund's NAV attributable to the ordinary cash
dividends accumulated by the S&P 500 Dividend Points Index (Annual)
(``Dividend Points Index'') for the year (as reflected in the current
year's Annual S&P 500 Dividend Futures Contracts held by the Dividend
Fund).\16\ The Dividend Fund's exposure to dividend payments made by
S&P 500 constituent companies will be based exclusively on its
investments in the Annual S&P 500 Dividend Futures Contracts.
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    \16\ The Dividend Points Index resets to zero on the third
Friday of each December contemporaneously with the expiration of the
applicable Annual S&P 500 Dividend Futures Contract.
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    The Dividend Fund will not employ leverage \17\ to implement its
investment strategy. The Dividend Fund may, however, enter into short-
term loans and reverse repurchase agreements for liquidity purposes,
including to fund distributions.
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    \17\ Leverage means the use of loans, borrowings and extensions
of credit from third parties for the purchase of investments.
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    Solactive Dividend Index. The Solactive Dividend Index is an index
that is owned, maintained, calculated and distributed by Solactive AG,
an independent index sponsor and data provider (``Solactive'').\18\ The
index aims to represent the discounted present value of all listed
Annual S&P 500 Dividend Futures Contracts out to and including the
December 2027 Annual S&P 500 Dividend Futures Contract.
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    \18\ The Sponsor developed the algorithm on which the Solactive
Dividend Index is based and licensed it to Solactive. Solactive is
not affiliated with the Sponsor and is solely responsible for
calculating the Solactive Dividend Index.
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    To accomplish this, each Annual S&P 500 Dividend Futures Contract
market price will be discounted by using the computed yield of a
specified Treasury Security with a similar or prior maturity date as
the corresponding Annual S&P 500 Dividend Futures Contract expiry.
After annual expiry of an Annual S&P 500 Dividend Futures Contract,
such futures contract and its corresponding Treasury Security will be
removed from the Solactive Dividend Index during the annual rebalancing
of the Solactive Dividend Index. All specifications and information
relevant for calculating the Solactive Dividend Index are made
available at http://www.solactive.de.
    The Solactive Dividend Index is calculated and published in United
States dollars (``USD'') based on the prices of the components on the

applicable listing exchanges posted by quotation services or otherwise
as determined by Solactive. The Solactive Dividend Index does not weigh
the values of the index components. The value of the Solactive Dividend
Index is widely disseminated every 15 seconds on each ``Business Day''
\19\ by major market data vendors during the NYSE Arca's Core Trading
Session.
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    \19\ A ``Business Day'' means any day on which the NYSE Arca is
open for business, including any partial-day opening.
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    The Exchange represents that a committee composed of staff from
Solactive is responsible for decisions regarding the composition of the
Solactive Dividend Index as well as any amendments to the index
calculation methodology. Members of the committee can recommend changes
to the index calculation methodology for calculating the Solactive
Dividend Index and submit them to the committee for approval. Members
of the committee are subject to procedures designed to prevent the use
and dissemination of material non-public information regarding changes
to the Solactive Dividend Index.

B. U.S. Equity Ex-Dividend Fund--Series 2027

    The Ex-Dividend Fund will be a term fund that will terminate on or
prior to December 31, 2027. The Ex-Dividend Fund will seek investment
results that, before fees and expenses, correspond to the performance
of the Solactive U.S. Equity Ex-Dividends Index--Series 2027
(``Solactive Ex-Dividend Index'', and together with the Solactive
Dividend Index, the ``Underlying Indexes'') so as to provide
shareholders with returns that are equivalent to the performance of 0.5
shares of SPDR[supreg] S&P 500[supreg] ETF (``SPDRs'') \20\ less the
value of current and future expected ordinary cash dividends to be paid
on the S&P 500 constituent companies over the term of the Ex-Dividend
Fund.
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    \20\ Shares of SPDRs are listed and traded on the Exchange
pursuant to NYSE Arca Equities Rule 8.100 (Portfolio Depositary
Receipts).
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    In seeking to track the Solactive Ex-Dividend Index, the Ex-
Dividend Fund intends to replicate the returns of SPDRs through: (1)
Owning long positions in quarterly S&P 500 Index futures contracts
traded on the CME (``Quarterly S&P 500 Index Futures Contracts'')
rather than shares of SPDRs; \21\ and (2) selling Annual S&P 500
Dividend Futures Contracts. The Ex-Dividend Fund may also hold Treasury
Securities, cash, and cash equivalents. If in the best interest of the
Ex-Dividend Fund, the Ex-Dividend Fund also may invest in annual S&P
500 Index futures contracts \22\ (``Annual S&P 500 Index Futures
Contracts,'' and, together with the Quarterly S&P 500 Index Futures
Contracts, the ``Index Futures Contracts'') and Quarterly S&P 500
Dividend Futures Contracts.
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    \21\ The Quarterly S&P 500 Index Futures Contracts include: (i)
S&P 500 Futures and (ii) E-mini S&P 500 Futures. These contracts
trade on the CME.
    \22\ These contracts trade on the CME.
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    The Ex-Dividend Fund will not employ leverage \23\ to implement its
investment strategy. The Ex-Dividend Fund may, however, enter into
short-term loans and reverse repurchase agreements for liquidity
purposes.
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    \23\ See supra note 7.
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Solactive Ex-Dividend Index
    The Solactive Ex-Dividend Index tracks the performance of SPDRs
together with the performance of short positions in the Annual S&P 500
Dividend Futures Contracts for each year from the Ex-Dividend Fund's
launch date through December 2027. The index is owned, maintained,
calculated, and distributed by Solactive.\24\
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    \24\ The Sponsor developed the algorithm on which the Solactive
Ex-Dividend Index is based and licensed it to Solactive. Solactive
is not affiliated with the Sponsor and is solely responsible for
calculating the Solactive Ex-Dividend Index.
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    The Solactive Ex-Dividend Index aims to represent the current value
of 0.5 shares of SPDRs, less the current value of ordinary cash
dividends expected to be paid on the S&P 500, until the Ex-Dividend
Fund's maturity. The current value of such dividends is represented by
the Solactive Dividend Index. The Solactive Dividend Index aims to
represent the discounted present value of all listed Annual S&P 500
Dividend Futures Contracts out to and including the December 2027
Annual S&P 500 Dividend Futures Contracts expiry. The Solactive Ex-
Dividend Index includes shares of SPDRs and short positions in Annual
S&P 500 Dividend Futures Contracts for each year from the Ex-Dividend
Fund's launch date through December 2027. The Solactive Ex-Dividend
Index, which is calculated and published in USD, is based on the most
recent prices of the index components on the applicable listing
exchanges posted by quotation services or otherwise as determined by
Solactive. In calculating the index value, no weighting is applied to
the components. All specifications and information relevant for
calculating the Solactive Ex-Dividend Index are made available at
http://www.solactive.de.
    The Solactive Ex-Dividend Index is widely disseminated every 15
seconds on each Business Day by major market data vendors during the
NYSE Arca's Core Trading Session.
    A committee composed of staff from Solactive is responsible for
decisions regarding the composition of the Solactive Ex-Dividend Index
as well as any amendments to the index calculation methodology. Members
of the committee can recommend changes to the index calculation
methodology for calculating the Solactive Ex-Dividend Index and submit
them to the committee for approval. Members of the committee are
subject to procedures designed to prevent the use and dissemination of
material non-public information regarding changes to the Solactive Ex-
Dividend Index.

III. Discussion and Commission Findings

    After careful review, the Commission finds that the Exchange's
proposal to list and trade the Shares is consistent with the Act and
the rules and regulations thereunder applicable to a national
securities exchange.\25\ In particular, the Commission finds that the
proposed rule change, as modified by Amendments No. 1 and 2, is
consistent with Section 6(b)(5) of the Act,\26\ which requires, among
other things, that the Exchange's rules be designed to prevent
fraudulent and manipulative acts and practices, 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 also finds that the proposal to list and trade the Shares on
the Exchange is consistent with Section 11A(a)(1)(C)(iii) of the
Act,\27\ which sets forth Congress' 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.
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    \25\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \26\ 15 U.S.C. 78f(b)(5).
    \27\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
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    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. According to
the Exchange, quotation and last-sale information regarding the Shares
will be disseminated through the facilities of the Consolidated Tape
Association

(``CTA''). The Funds' Web site, www.metaurus.com, will display the
applicable end of day closing NAV. The daily holdings of each Fund will
be available on the Funds' Web site before 9:30 a.m. E.T. each day. The
Funds' Web site disclosure of portfolio holdings will be made daily and
will include, as applicable: The composite value of the total
portfolio; the quantity and type of each holding (including the ticker
symbol, maturity date or other identifier, if any) and other
descriptive information; the value of each Treasury Security and cash
equivalent; and the amount of cash held in each Fund's portfolio.
Accordingly, each investor will have access to the current daily
holdings of each Fund through the Funds' Web site, which will be
publicly accessible at no charge. This Web site disclosure of each
Fund's daily holdings will occur at the same time as the disclosure by
the Trust of the daily holdings to authorized participants so that all
market participants are provided daily holdings information at the same
time. The intraday, closing prices, and settlement prices of the S&P
500 Futures Contracts will be readily available from the CME Web site,
automated quotation systems, published or other public sources, or
major market data vendors. Pricing information for cash equivalents is
available from major market data vendors. In addition, price
information for the underlying money market ETFs is available from the
applicable exchange. Quotation information from brokers and dealers or
pricing services is available for Treasury Securities. Complete real-
time data for the S&P 500 Futures Contracts is available by
subscription through online information services. CME also provides
delayed futures information on current and past trading sessions and
market news free of charge on its Web site.
    Additionally, the Commission believes that the proposal to list and
trade the Shares is reasonably designed to prevent trading when a
reasonable degree of transparency cannot be assured. If the Exchange
becomes aware that the NAV with respect to the Shares is not
disseminated to all market participants at the same time, it will halt
trading in the Shares until such time as the NAV is available to all
market participants. Further, the Exchange may halt trading during the
day in which an interruption to the dissemination of the Indicative
Fund Value (``IFV'') or the value of an Underlying Index occurs. If the
interruption to the dissemination of the IFV, or the value of an
Underlying Index, 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. Trading in Shares of a Fund
will be halted if the circuit breaker parameters in NYSE Arca Rule
7.12-E have been reached or because of market conditions or for reasons
that, in the view of the Exchange, make trading in the Shares
inadvisable.
    The Commission believes that the proposed rule change is designed
to prevent fraudulent and manipulative acts and practices because the
Exchange has a general policy prohibiting the distribution of material,
non-public information by its employees. Moreover, trading of the
Shares will be subject to NYSE Arca Rule 8.200-E, Commentary .02(e),
which sets forth certain restrictions on Equity Trading Permit
(``ETP'') Holders acting as registered market makers in Trust Issued
Receipts to facilitate surveillance. The Commission notes that the
Exchange or the Financial Industry Regulatory Authority (``FINRA''), on
behalf of the Exchange, or both, will communicate as needed regarding
trading in the Shares and S&P 500 Futures Contracts with other markets
and other entities that are members of the ISG, and the Exchange or
FINRA, on behalf of the Exchange, or both, may obtain trading
information regarding trading in the Shares and S&P 500 Futures
Contracts from such markets and other entities. In addition, all S&P
500 Futures Contracts are traded on CME, an ISG member and the Exchange
may obtain information regarding trading in the Shares and S&P 500
Futures Contracts from markets and other entities that are members of
ISG.\28\
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    \28\ For a list of the current members of ISG, see
www.isgportal.org.
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    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. In support of this
proposal, the Exchange represented that:
    (1) The Shares will conform to the initial and continued listing
criteria under NYSE Arca Rule 8.200-E.\29\
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    \29\ See Amendment No. 1, supra note 5.
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    (2) The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions.\30\
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    \30\ See id.
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    (3) Trading in the Shares will be subject to the existing trading
surveillances administered by the Exchange, as well as cross-market
surveillances administered by FINRA on behalf of the Exchange, which
are designed to detect violations of Exchange rules and applicable
federal securities laws, and these procedures are adequate to properly
monitor Exchange trading of the Shares in all trading sessions and to
deter and detect violations of Exchange rules and federal securities
laws applicable to trading on the Exchange.\31\
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    \31\ See id.
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    (4) Prior to the commencement of trading, the Exchange will inform
its ETP Holders in an Information Bulletin of the special
characteristics and risks associated with trading the Shares.
Specifically, the Information Bulletin will discuss the following:
(a)The risks involved in trading the Shares during the Early and Late
Trading Sessions when an updated IFV will not be calculated or publicly
disseminated; (b) the procedures for purchases and redemptions of
Shares in Baskets (and that Shares are not individually redeemable);
(c) NYSE Arca Rule 9.2-E(a), which imposes a duty of due diligence on
its ETP Holders to learn the essential facts relating to every customer
prior to trading the Shares; (d) how information regarding the IFV is
disseminated; (e) how information regarding portfolio holdings is
disseminated; (f) the requirement that ETP Holders deliver a prospectus
to investors purchasing newly issued Shares prior to or concurrently
with the confirmation of a transaction; and (g) trading
information.\32\
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    \32\ See Amendment 1, supra note 5.
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    (5) For initial and continued listing, each Fund will be in
compliance with Rule 10A-3 under the Act,\33\ as provided by NYSE Arca
Rule 5.3-E.\34\
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    \33\ 17 CFR 240.10A-3.
    \34\ See Amendment 1, supra note 5.
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    (6) A minimum of 50,000 Shares of a Fund will be outstanding at the
commencement of trading on the Exchange.\35\
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    \35\ See id.
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    (7) All statements and representations made in this filing
regarding (a) the description of the portfolios, indexes and reference
assets, (b) limitations on portfolio holdings, indexes and reference
assets, or (c) applicability of Exchange listing rules specified in
this filing shall constitute continued listing requirements for listing
the Shares on the Exchange.\36\
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    \36\ See id.
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    (8) The issuer has represented to the Exchange that it will advise
the Exchange of any failure by the Funds to comply with the continued
listing requirements, and, pursuant to its obligations under Section
19(g)(1) of the Act, the Exchange will monitor for compliance with the
continued listing requirements.\37\ If a Fund is not in

compliance with the applicable listing requirements, the Exchange will
commence delisting procedures under NYSE Arca Rule 5.5-E(m).
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    \37\ See id. The Commission notes that certain other proposals
for the listing and trading of Managed Fund Shares include a
representation that the exchange will ``surveil'' for compliance
with the continued listing requirements. See, e.g., Securities
Exchange Act Release No. 77499 (April 1, 2016), 81 FR 20428 (April
7, 2016), available at: http://www.sec.gov/rules/sro/bats/2016/34-77499.pdf. In the context of this representation, it is the
Commission's view that ``monitor'' and ``surveil'' both mean ongoing
oversight of each Fund's compliance with the continued listing
requirements. Therefore, the Commission does not view ``monitor'' as
a more or less stringent obligation than ``surveil'' with respect to
the continued listing requirements.
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    This approval order is based on all of the Exchange's
representations and description of the Funds, including those set forth
above and in Amendments No. 1 and 2. The Commission notes that the
Shares must comply with the requirements of NYS Arca Rule 8.200-E,
Commentary .02 thereto to be listed and traded in the Exchange on an
initial and continuing basis.
    For the foregoing reasons, the Commission finds that the proposed
rule change, as modified by Amendments No.1 and 2, is consistent with
Section 6(b)(5) of the Act \38\ and the rules and regulations
thereunder applicable to a national securities exchange.
---------------------------------------------------------------------------

    \38\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\39\ that the proposed rule change (SR-NYSEArca-2017-88), as
modified by Amendments No. 1 and 2, be, and it hereby is, approved.
---------------------------------------------------------------------------

    \39\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\40\
---------------------------------------------------------------------------

    \40\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-25606 Filed 11-27-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 122 (Thursday, June 25, 2015)]
[Rules and Regulations]
[Pages 36477-36481]
[FR Doc No: 2015-15554]

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

40 CFR Part 52

[EPA-R05-OAR-2014-0385; FRL-9928-57-Region 5]

Approval and Promulgation of Air Quality Implementation Plans;
Ohio; Ohio PM2.5 NSR

AGENCY: Environmental Protection Agency (EPA)

ACTION: Direct final rule.

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SUMMARY: The Environmental Protection Agency (EPA) is approving, under
the Clean Air Act (CAA), revisions to Ohio's state implementation plan
(SIP) as requested by the Ohio Environmental Protection Agency (OEPA)
on June 19, 2014. The revisions to Ohio's SIP implement certain EPA
regulations for particulate matter smaller than 2.5 micrometers
(PM2.5) by establishing definitions related to
PM2.5, defining PM2.5 increment levels, and
setting PM2.5 class 1 variances. The revisions also
incorporate changes made to definitions clarifying terminology
consistent with Federal regulations, adding Federal land manager
notification requirements, and incorporating minor organizational or
typographical changes.

DATES: This direct final rule will be effective August 24, 2015, unless
EPA receives adverse comments by July 27, 2015. If adverse comments are
received, EPA will publish a timely withdrawal of the direct final rule
in the Federal Register informing the public that the rule will not
take effect.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R05-
OAR-2014-0385, by one of the following methods:
    1. www.regulations.gov: Follow the on-line instructions for
submitting comments.
    2. Email<EMAIL_ADDRESS>    3. Fax:<PHONE_NUMBER>.
    4. Mail: Genevieve Damico, Chief, Air Permits Section, Air Programs
Branch (AR-18J), U.S. Environmental Protection Agency, 77 West Jackson
Boulevard, Chicago, Illinois 60604.
    5. Hand Delivery: Genevieve Damico, Chief, Air Permits Section, Air
Programs Branch (AR-18J), U.S. Environmental Protection Agency, 77 West
Jackson Boulevard, Chicago, Illinois 60604. Such deliveries are only
accepted during the Regional Office normal hours of operation, and
special arrangements should be made for deliveries of boxed
information. The Regional Office official hours of business are Monday
through Friday, 8:30 a.m. to 4:30 p.m., excluding Federal holidays.
    Instructions: Direct your comments to Docket ID No. EPA-R05-OAR-
2014-0385. EPA's policy is that all comments received will be included
in the public docket without change and may be made available online at
www.regulations.gov, including any personal information provided,
unless the comment includes information claimed to be Confidential
Business Information (CBI) or other information whose disclosure is
restricted by statute. Do not submit information that you consider to
be CBI or otherwise protected through www.regulations.gov or email. The
www.regulations.gov Web site is an ``anonymous access'' system, which
means EPA will not know your identity or contact information unless you
provide it in the body of your comment. If you send an email comment
directly to EPA without going through www.regulations.gov your email
address will be automatically captured and included as part of the
comment that is placed in the public docket and made available on the
Internet. If you submit an electronic comment, EPA recommends that you
include your name and other contact information in the body of your
comment and with any disk or CD-ROM you submit. If EPA cannot read your
comment due to technical difficulties and cannot contact you for
clarification, EPA may not be able to consider your comment. Electronic
files should avoid the use of special characters, any form of
encryption, and be free of any defects or viruses.
    Docket: All documents in the docket are listed in the
www.regulations.gov index. Although listed in the index, some
information is not publicly available, e.g., CBI or other information
whose disclosure is restricted by statute. Certain other material, such
as copyrighted material, will be publicly available only in hard copy.
Publicly available docket materials are available either electronically
in www.regulations.gov or in hard copy at the Environmental Protection
Agency, Region 5, Air and Radiation Division, 77 West Jackson
Boulevard, Chicago, Illinois 60604. This facility is open from 8:30
a.m. to 4:30 p.m., Monday through Friday, excluding Federal holidays.
We recommend that you telephone Charmagne Ackerman, Environmental
Engineer, at<PHONE_NUMBER> before visiting the Region 5 office.

FOR FURTHER INFORMATION CONTACT: Charmagne Ackerman, Environmental
Engineer, Air Permits Section, Air Programs Branch (AR-18J),
Environmental Protection Agency, Region 5, 77 West Jackson Boulevard,
Chicago, Illinois 60604,<PHONE_NUMBER><EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document whenever ``we,''
``us,'' or ``our'' is used, we mean EPA. This supplementary information
section is arranged as follows:

    I. Background
    II. What action is EPA taking?
    III. Incorporation by Reference
    IV. Statutory and Executive Order Reviews

I. Background

    On June 19, 2014, OEPA submitted to EPA revisions to Ohio
Administrative Code (OAC) chapter 3745-31. Revisions were made to the
following rules: 3745-31-01 through 3745-31-04, OAC 3745-31-06 through
3745-31-23, 3745-31-25, 3745-31-26, 3745-31-29 and 3745-31-32. The
changes made were to implement the PM2.5 National Ambient
Air Quality Standards (NAAQS), PM2.5 New Source Review (NSR)
program and regulations related to nitrogen oxides (NOX) as
a precursor to ozone; include definitions for ``PM2.5,''
``PM2.5 direct emissions,'' ``PM2.5 emissions,''
``PM2.5 precursor,'' ``emergency,'' ``emergency engine,''
``permanent,'' ``publicly owned treatment works,'' ``quantifiable,''
``semi-public disposal system,'' and ``surplus''; include Federal land
manager notification requirements; clarification of nonattainment
provisions; and minor clarification and organizational revisions. In a
letter dated March 26, 2015, OEPA requested that we not take action on
OAC 3745-31-01(QQQQ) for the definition of ``permanent''; OAC 3745-31-
01(JJJJJ) for the definition of ``quantifiable''; OAC

3745-31-01(BBBBBB) for the definition of ``surplus''; OAC 3745-31-
22(A)(3)(b) and OAC 3745-31-26(D) regarding PM2.5
interpollutant offset ratios; OAC 3745-31-24(F)(1)(a) and OAC 3745-31-
27(A)(1)(b) regarding the establishment of offset emission reductions.

II. What action is EPA taking?

    EPA is partially approving the SIP revision submittal. EPA
previously approved a portion of the submittal, 79 FR 64119 (October
28, 2014), and is approving the remainder of the submittal, with the
exceptions detailed in Ohio's March 26, 2015, and April 17, 2015,
letters, in this action. Ohio's SIP revisions comply with regulations
EPA enacted to address the PM2.5 NAAQS. These revisions
implement the NSR and prevention of significant deterioration (PSD)
program, as required by EPA's regulations. The revisions also implement
minor clarification and organizational revisions not directly related
to PM2.5.
    EPA is approving the following rules: portions of OAC 3745-31-01;
OAC 3745-31-02; OAC 3745-31-04; OAC 3745-31-06; OAC 3745-31-07; OAC
3745-31-08; OAC 3745-31-09; OAC 3745-31-10; OAC 3745-31-11; OAC 3745-
31-12; OAC 3745-31-14; OAC 3745-31-15; OAC 3745-31-17; OAC 3745-31-18;
OAC 3745-31-19; OAC 3745-31-20; OAC 3745-31-21; OAC 3745-31-22, except
for paragraph (A)(3)(b); OAC 3745-31-23, excluding the 1-hour
NO2 SIL; OAC 3745-31-24, except for paragraph (F); OAC 3745-
31-25; OAC 3745-31-26, except for paragraph (D); OAC 3745-31-27, except
for paragraph (A)(1)(b); OAC 3745-31-29; and OAC 3745-31-32.

 A. Nonattainment NSR Related Actions

    On April 25, 2007, EPA published the ``Clean Air Fine Particle
Implementation Rule'' (72 FR 20586) as a final rule in the Federal
Register. This 2007 action provides rules and guidance for the CAA
requirements for SIPs to implement the 1997 fine particle NAAQS. As
part of this rulemaking, EPA promulgated 40 CFR part 51, subpart Z
``Provisions for Implementation of PM2.5 National Ambient
Air Quality Standards''. 40 CFR part 51, subpart Z outlines the
requirements that a state SIP must meet to implement and comply with
the PM2.5 NAAQS. The final rule became effective on May 29,
2007.
    On May 16, 2008, EPA published the ``Implementation of the New
Source Review (NSR) Program for Particulate Matter Less than 2.5
Micrometers (PM2.5)'' (73 FR 28321) as a final rule in the
Federal Register. These 2008 regulations establish the PM2.5
NSR program. The PM2.5 NSR program includes provisions
establishing the PM2.5 major source threshold, significant
emissions rate, and applicability of NSR to PM2.5
precursors. This final rule became effective on July 15, 2008.
    OEPA's revision to 3745-31-19 updates the table for Class I
variances. The update includes adding an arithmetic mean of 4
micrograms per cubic meter ([mu]g/m\3\) and a twenty-four-hour maximum
of 9 [mu]g/m\3\ for PM2.5. The revision also updates the
twenty-four-hour maximum for PM10 from 20 [mu]g/m\3\ to 30
[mu]g/m\3\. These revisions are consistent with 40 CFR 52.21(p)(5).
    On December 31, 2002, EPA published final rule changes to the PSD
and NSR programs (67 FR 80186) (2002 NSR Reform Rules), and on November
7, 2003, EPA published a notice of final action on the reconsideration
of the December 31, 2002, final rule changes (68 FR 63021). After the
2002 NSR Reform Rules were finalized and effective (March 3, 2003),
various petitioners challenged various aspects of the rules, along with
portions of EPA's 1980 PSD and NNSR Rules (45 FR 5276, August 7, 1980).
On June 24, 2005, the United States Circuit Court of Appeals for the DC
Circuit Court issued a decision on the challenges to the 2002 NSR
Reform Rules. See New York v. United States, 413 F.3d 3 (D.C. Cir.
2005). In summary, the DC Circuit Court vacated portions of the 2002
NSR Reform Rules pertaining to ``clean units'' and ``pollution control
projects'' (PCPs), remanded a portion of the ``reasonable possibility''
provisions (40 CFR 52.21(r)(6) and 40 CFR 51.166(r)(6)), and either
upheld or did not comment on the other provisions included as part of
the 2002 NSR Reform Rules. On June 13, 2007 (72 FR 32526), EPA took
final action to revise the 2002 NSR Reform Rules to remove from Federal
law all provisions pertaining to clean units and the PCP exemption that
were vacated by the DC Circuit Court.
    Additionally, in New York v. United States, the DC Circuit remanded
EPA's ``reasonable possibility'' provision, which identifies for
sources and reviewing authorities the circumstances under which a major
stationary source undergoing a modification that does not trigger major
NSR must keep records. On December 21, 2007, EPA addressed the Court's
remand, and took final action to establish that a ``reasonable
possibility'' applies where source emissions equal or exceed 50 percent
of the CAA NSR significance levels for any pollutant (72 FR 72607). See
40 CFR 52.21(r)(b).
    OEPA's revision to 3745-31-22 consists of the inclusion of
PM2.5 interprecursor offsetting into paragraph (A)(3)(b),
the removal of paragraphs (A)(3)(e) and (A)(3)(f), and the addition
paragraph (A)(5) relating to reasonable further progress. The March 26,
2015, clarification letter submitted by OEPA withdraws paragraph
(A)(3)(b) from the submittal. The removal of paragraphs (A)(3)(e) and
(f) are consistent with the 2002 NSR Reform Rules.
    OEPA's revision to 3745-31-23 updates the table of significance
levels in paragraph (A) of this rule by adding PM2.5 values
of 0.3 [mu]g/m\3\ as the annual significance level and 1.2 [mu]g/m\3\
as the significance level with a 24-hour averaging time.
PM2.5 has also been added to list of pollutants for which an
air quality impact must be determined in paragraph (C)(1) of this rule.
OEPA has also updated the table to remove total suspended particulate
and its significance values. The value for NOX with a one-
hour averaging time was also added as 10 [mu]g/m\3\. OEPA sent a
clarification letter on March 26, 2015, which excludes the one-hour
NOX significance level from inclusion into the SIP. The
changes made to this rule are consistent with 40 CFR 51.165(b)(2).
    OEPA's revision to 3745-31-24 include changes to paragraph (B),
baseline for determining credit for emission offsets, and paragraph
(F),operating hours and stationary source shut down. OEPA's March 26,
2015 and April 17, 2015, clarification letters withdraw the revisions
from 3745-31-24(F) from inclusion from the SIP. The changes made to
3745-31-24(B) are consistent with the language in 40 CFR 56.165(a)(3).
    OEPA's revision to 3745-31-25, location of offsetting emissions for
nonattainment areas, incorporates the conditions listed in 40 CFR part
51, appendix S, section IV.D. OEPA's revision to 3745-31-26 adds offset
ratio requirement for nonattainment areas. The revisions are consistent
with language in 40 CFR part 51, appendix S. OEPA's March 26, 2015,
letter withdraws 3745-31-26 (D) from the SIP submission.
    OEPA's revision to 3745-31-27 made clarifications to the rule
regarding administrative procedures for emission offsets. OEPA's March
26, 2015, and April 17, 2015, clarification letters withdraw paragraph
(A)(1)(b) from the SIP submission. The remainder of the revisions to
3745-31-27 are minor and do not change the meaning of the existing
language and are therefore approvable.

B. Definitions

    OEPA has submitted the following definitions to be added to OAC
3745-31-01: ``emergency'' at 3745-31-01(MM); ``emergency engine'' at
3745-31-01(NN); ``publicly owned treatment works'' at 3745-31-
01(IIIII); ``semi-public disposal system'' at 3745-31-01(TTTTT); and
``truck'' at 3745-31-01(GGGGGG). OEPA's March 26, 2015, letter provided
additional clarification on the definitions for ``emergency'' and
``publicly owned treatment works,'' and withdrew the definitions
``permanent'' at 3745-31-01 (QQQQ), ``quantifiable'' at 3745-31-
01(JJJJJ) and ``surplus'' at 3745-31-01(BBBBBB) from the SIP
submission. OEPA's intent with including a definition of ``emergency''
in OAC Chapter 31 was to clearly define situations in which an
emergency internal combustion engine could operate under the permit
exemption and permit-by-rule found in OAC rule 3745-31-03. OEPA used
examples consistent with those used in 40 CFR part 60, subpart IIII,
the standards of performance for new stationary compression ignition
internal combustion engines, 40 CFR part 60, subpart JJJJ, the
standards of performance for new stationary spark ignition internal
combustion engines, and 40 CFR part 63, subpart ZZZZ, the National
Emission Standards for Hazardous Air Pollutants for Reciprocating
Internal Combustion Engines. OEPA further explained that this
definition for ``emergency'' found in OAC rule 3745-31-01 is only
applicable to the permit exemption found in OAC paragraph 3745-31-
03(A)(1)(nn) and the permit-by-rule found in OAC paragraph 3745-31-
03(A)(4)(b). OEPA believes that the definition of ``emergency'' in
Chapter 31 does not relate to, interfere with or revise the 40 CFR part
70 definition of ``emergency''. Given OEPA's clarification on the
intended application of ``emergency'' and its distinction between
Chapter 31 and 40 CFR part 70, EPA approves the definition of
``emergency'' into the SIP.
    Regarding the definition for ``publicly owned treatment works,''
OEPA is planning to add a new exemption to OAC rule 3745-31-03 that
references the term ``semi-public disposal system.'' Because rule 3745-
31-01 was being revised ahead of the changes to the 3745-31-03 rule,
OEPA decided to include the new exemption into 31-01 so that additional
rulemaking would not be needed later. The new definition will be used
only if and when the new exemption becomes effective.
    The definitions for ``emergency engine,'' ``semi-public disposal
system,'' and ``truck'' are all consistent with the definitions in
Federal regulations.

C. Organizational and Typographical Changes

    In addition to the substantive revisions made to the rules being
approved, OEPA made organizational changes to lettering or numbering of
paragraphs as well as corrections to typographical errors. EPA is also
approving these revisions as they do not change the meaning of the
existing language.
    We are publishing this action without prior proposal because we
view this as a noncontroversial amendment and anticipate no adverse
comments. However, in the proposed rules section of this Federal
Register publication, we are publishing a separate document that will
serve as the proposal to approve the state plan if relevant adverse
written comments are filed. This rule will be effective August 24, 2015
without further notice unless we receive relevant adverse written
comments by July 27, 2015. If we receive such comments, we will
withdraw this action before the effective date by publishing a
subsequent document that will withdraw the final action. All public
comments received will then be addressed in a subsequent final rule
based on the proposed action. EPA will not institute a second comment
period. Any parties interested in commenting on this action should do
so at this time. Please note that if EPA receives adverse comment on an
amendment, paragraph, or section of this rule and if that provision may
be severed from the remainder of the rule, EPA may adopt as final those
provisions of the rule that are not the subject of an adverse comment.
If we do not receive any comments, this action will be effective August
24, 2015.

III. Incorporation by Reference

    In this rule, EPA is finalizing regulatory text that includes
incorporation by reference. In accordance with requirements of 1 CFR
51.5, EPA is finalizing the incorporation by reference of the Ohio
Regulations described in the amendments to 40 CFR part 52 set forth
below. EPA has made, and will continue to make, these documents
generally available electronically through www.regulations.gov and/or
in hard copy at the appropriate EPA office (see the ADDRESSES section
of this preamble for more information).

IV. Statutory and Executive Order Reviews

    Under the CAA, the Administrator is required to approve a SIP
submission that complies with the provisions of the CAA and applicable
Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a). Thus, in
reviewing SIP submissions, EPA's role is to approve state choices,
provided that they meet the criteria of the CAA. Accordingly, this
action merely approves state law as meeting Federal requirements and
does not impose additional requirements beyond those imposed by state
law. For that reason, this action:
     Is not a significant regulatory action subject to review
by the Office of Management and Budget under Executive Orders 12866 (58
FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21, 2011);
     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 Clean Air Act; 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, the SIP is not approved to apply on any Indian
reservation land or in any other area where EPA or an Indian tribe has
demonstrated that a tribe has jurisdiction. In those areas of Indian
country, the rule does not have tribal implications and will not impose

substantial direct costs on tribal governments or preempt tribal law as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000).
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the CAA, petitions for judicial review
of this action must be filed in the United States Court of Appeals for
the appropriate circuit by August 24, 2015. Filing a petition for
reconsideration by the Administrator of this final rule does not affect
the finality of this action for the purposes of judicial review nor
does it extend the time within which a petition for judicial review may
be filed, and shall not postpone the effectiveness of such rule or
action. Parties with objections to this direct final rule are
encouraged to file a comment in response to the parallel notice of
proposed rulemaking for this action published in the proposed rules
section of today's Federal Register, rather than file an immediate
petition for judicial review of this direct final rule, so that EPA can
withdraw this direct final rule and address the comment in the proposed
rulemaking. This action may not be challenged later in proceedings to
enforce its requirements. (See section 307(b)(2).)

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Carbon monoxide,
Incorporation by reference, Intergovernmental relations, Lead, Nitrogen
dioxide, Ozone, Particulate matter, Reporting and recordkeeping
requirements, Sulfur oxides, Volatile organic compounds.

    Dated: May 19, 2015.
Susan Hedman,
Regional Administrator, Region 5.
    40 CFR part 52 is amended as follows:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

0
1. The authority citation for part 52 continues to read as follows:

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

0
2. Section 52.1870 is amended by adding paragraph (c)(162) to read as
follows:

Sec.  52.1870  Identification of plan.

* * * * *
    (c) * * *
    (162) On June 19, 2014, the Ohio Environmental Protection Agency
submitted several PM2.5 rules for approval into the Ohio
State Implementation Plan (SIP). The changes to the SIP include
revisions related to particulate matter smaller than 2.5 micrometers
(PM2.5) defining a significance level for PM2.5
for nonattainment areas, baseline for determining credit for emission
offsets, location of offsetting emissions in nonattainment areas, and
offset requirements. The revisions also include establishing
definitions for emergency, emergency engine, publicly owned treatment
works, and semi-public disposal system and incorporating minor
organizational or typographical changes.
    (i) Incorporation by reference.
    (A) Ohio Administrative Code Rule 3745-31-01, ``Definitions'',
paragraphs (L) through (N), (Q), (U), (II), (MM) through (KKK), (OOO),
(PPP), (RRR), (TTT) through (PPPP), (RRRR), (SSSS), (XXXX) through
(IIIII), (KKKKK) through (MMMMM), (OOOOO) through (UUUUU), (WWWWW)
through (AAAAAA), (CCCCCC) through (LLLLLL), effective May 29, 2014.
    (B) Ohio Administrative Code Rule 3745-31-02, ``Applicability,
requirements and obligations'', effective May 29, 2014.
    (C) Ohio Administrative Code Rule 3745-31-04, ``Applications'',
effective May 29, 2014.
    (D) Ohio Administrative Code Rule 3745-31-06, ``Completeness
determinations, processing requirements, public participation, public
notice, and issuance'', effective May 29, 2014.
    (E) Ohio Administrative Code Rule 3745-31-07, ``Termination,
revocation, expiration, renewal, revision and transfer'', effective May
29, 2014.
    (F) Ohio Administrative Code Rule 3745-31-08, ``Registration status
permit-to-operate'', effective May 29, 2014.
    (G) Ohio Administrative Code Rule 3745-31-09, ``Variances on
operation'', effective May 29, 2014.
    (H) Ohio Administrative Code Rule 3745-31-10, ``NSR projects at
existing emission units at a major stationary source'', effective May
29, 2014.
    (I) Ohio Administrative Code Rule 3745-31-11, ``Attainment
provisions--ambient air increments, ceilings and classifications'',
effective May 29, 2014.
    (J) Ohio Administrative Code Rule 3745-31-12, ``Attainment
provisions--data submission requirements'', effective May 29, 2014.
    (K) Ohio Administrative Code Rule 3745-31-14, ``Attainment
provisions--preapplication analysis'', effective May 29, 2014.
    (L) Ohio Administrative Code Rule 3745-31-15, ``Attainment
provisions--control technology review'', effective May 29, 2014.
    (M) Ohio Administrative Code Rule 3745-31-17, ``Attainment
provisions--additional impact analysis'', effective May 29, 2014.
    (N) Ohio Administrative Code Rule 3745-31-18, ``Attainment
provisions--air quality models'', effective May 29, 2014.
    (O) Ohio Administrative Code Rule 3745-31-19, ``Attainment
provisions--notice to the United States environmental protection
agency'', effective May 29, 2014.
    (P) Ohio Administrative Code Rule 3745-31-20, ``Attainment
provisions--innovative control technology'', effective May 29, 2014.
    (Q) Ohio Administrative Code Rule 3745-31-21, ``Nonattainment
provisions--review of major stationary sources and major
modifications--stationary source applicability and exemptions'',
effective May 29, 2014.
    (R) Ohio Administrative Code Rule 3745-31-22, ``Nonattainment
provisions--conditions for approval'', except for paragraph (A)(3)(b),
effective May 29, 2014.
    (S) Ohio Administrative Code Rule 3745-31-23, ``Nonattainment
provisions--stationary sources locating in designated clean or
unclassifiable areas which would cause or contribute to a violation of
a national ambient air quality standard'' with exclusion of the 1-hour
NO2 Significant Impact Level described in table in paragraph
(A), effective May 29, 2014.
    (T) Ohio Administrative Code Rule 3745-31-24, ``Nonattainment
provisions--baseline for determining credit for emission and air
quality offsets'', except for paragraph (F), effective May 29, 2014.
    (U) Ohio Administrative Code Rule 3745-31-25, ``Nonattainment
provisions--location of offsetting emissions'', effective May 29, 2014.

    (V) Ohio Administrative Code Rule 3745-31-26, ``Nonattainment
provisions--offset ratio requirements'', except for paragraph (D),
effective May 29, 2014.
    (W) Ohio Administrative Code Rule 3745-31-27, ``Nonattainment
provisions--administrative procedures for emission offsets'', except
for paragraph (A)(1)(b), effective May 29, 2014.
    (X) Ohio Administrative Code Rule 3745-31-29, ``General permit-to-
install and general PTIO'', effective May 29, 2014.
    (Y) Ohio Administrative Code Rule 3745-31-32, ``Plantwide
applicability limit (PAL)'', effective May 29, 2014.
    (Z) May 19, 2014, ``Director's Final Findings and Orders'', signed
by Craig W. Butler, Director, Ohio Environmental Protection Agency.

[FR Doc. 2015-15554 Filed 6-24-15; 8:45 am]
 BILLING CODE 6560-50-P