[Federal Register Volume 80, Number 218 (Thursday, November 12, 2015)]
[Rules and Regulations]
[Pages 69876-69880]
[FR Doc No: 2015-28756]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R09-OAR-2015-0289; FRL-9936-65-Region 9]

Approval of California Air Plan Revisions, Imperial County Air
Pollution Control District

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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SUMMARY: The Environmental Protection Agency (EPA) is taking final
action to approve a revision to the Imperial County Air Pollution
Control District (ICAPCD) portion of the California State
Implementation Plan (SIP). This revision concerns the District's
reasonably available control technology (RACT) requirements under the
1997 8-hour National Ambient Air Quality Standards (NAAQS) for ozone.
This submitted SIP revision also contains ICAPCD's negative
declarations for certain volatile organic compound (VOC) source
categories. We are approving this document under the Clean Air Act (CAA
or the Act).

DATES: This rule is effective on December 14, 2015.

ADDRESSES: The EPA has established docket number EPA-R09-OAR-2015-0289
for this action. Generally, documents in the docket for this action are
available electronically at http://www.regulations.gov or in hard copy
at EPA Region IX, 75 Hawthorne Street, San Francisco, California 94105-
3901. While all documents in the docket are listed at http://www.regulations.gov, some information may be publicly available only at
the hard copy location (e.g., copyrighted material, large maps, multi-
volume reports), and some may not be available in either location
(e.g., confidential business information (CBI)). To inspect the hard
copy materials, please schedule an appointment during normal business
hours with the contact listed in the FOR FURTHER INFORMATION CONTACT
section.

FOR FURTHER INFORMATION CONTACT: James Shears, EPA Region IX, (213)
244-1810<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document, ``we,'' ``us'' and
``our'' refer to the EPA.

Table of Contents

I. Proposed Action
II. Public Comments and EPA Responses
III. EPA Action
IV. Statutory and Executive Order Reviews

I. Proposed Action

    On September 1, 2015 (80 FR 52710), the EPA proposed to approve the
following document into the California SIP.

----------------------------------------------------------------------------------------------------------------
               Local agency                              Document                   Adopted         Submitted
----------------------------------------------------------------------------------------------------------------
ICAPCD....................................  Final 2009 Reasonably Available           07/13/10         12/21/10
                                             Control Technology State
                                             Implementation Plan (``2009 RACT
                                             SIP'').
----------------------------------------------------------------------------------------------------------------

    ICAPCD's submittal also included the following negative
declarations which the District certified that it had no sources
subject to the control techniques guidelines (CTG) documents.

------------------------------------------------------------------------
          CTG Source category                 CTG Reference document
------------------------------------------------------------------------
Aerospace..............................  EPA-453/R-97-004, Aerospace CTG
                                          and MACT.
Automobile and Light-duty Trucks,        EPA-450/2-77-008, Control of
 Surface Coating of.                      Volatile Organic Emissions
                                          from Existing Stationary
                                          Sources--Volume II: Surface
                                          Coating of Cans, Coils, Paper,
                                          Fabrics, Automobiles, and
                                          Light-Duty Trucks.
                                         EPA-453/R-08-006, Control
                                          Techniques Guidelines for
                                          Automobile and Light-Duty
                                          Truck Assembly Coatings.
Cans and Coils, Surface Coating of.....  EPA-450/2-77-008, Control of
                                          Volatile Organic Emissions
                                          from Existing Stationary
                                          Sources--Volume II: Surface
                                          Coating of Cans, Coils, Paper,
                                          Fabrics, Automobiles, and
                                          Light-Duty Trucks.
Fiberglass Boat Manufacturing..........  EPA-453/R-08-004, Controls
                                          Techniques Guidelines for
                                          Fiberglass Boat Manufacturing.
Flat Wood Paneling, Surface Coating of.  EPA-450/2-78-032, Control of
                                          Volatile Organic Emissions
                                          from Existing Stationary
                                          Sources--Volume VII: Factory
                                          Surface Coating of Flat Wood
                                          Paneling.
                                         EPA-453/R-06-004, Control
                                          Techniques Guidelines for Flat
                                          Wood Paneling Coatings.
Flexible Packing Printing..............  EPA-453/R-06-003, Control
                                          Techniques Guidelines for
                                          Flexible Package Printing.
Graphic Arts--Rotogravure and            EPA-450/2-78-033, Control of
 Flexography.                             Volatile Organic Emissions
                                          from Existing Stationary
                                          Sources, Volume III: Graphic
                                          Arts--Rotogravure and
                                          Flexography.
Large Appliances, Surface Coating of...  EPA-450/2-77-034, Control of
                                          Volatile Organic Emissions
                                          from Existing Stationary
                                          Sources--Volume V: Surface
                                          Coating of Large Appliances.
                                         EPA-453/R-07-004, Control
                                          Techniques Guidelines for
                                          Large Appliance Coatings.
Large Petroleum Dry Cleaners...........  EPA-450/3-82-009, Control of
                                          Volatile Organic Compound
                                          Emissions from Large Petroleum
                                          Dry Cleaners.
Offset Lithographic Printing and         EPA-453/R-06-002, Control
 Letterpress Printing.                    Techniques Guidelines for
                                          Offset Lithographic Printing
                                          and Letterpress Printing.
Magnet Wire, Surface Coating for         EPA-450/2-77-033, Control of
 Insulation of.                           Volatile Organic Emissions
                                          from Existing Stationary
                                          Sources--Volume IV: Surface
                                          Coating of Insulation of
                                          Magnet Wire.
Metal Furniture Coatings...............  EPA-450/2-77-032, Control of
                                          Volatile Organic Emissions
                                          from Existing Stationary
                                          Sources--Volume III: Surface
                                          Coating of Metal Furniture.
                                         EPA-453/R-07-005, Control
                                          Techniques Guidelines for
                                          Metal Furniture Coatings.
Miscellaneous Metal and Plastic Parts    EPA-453/R-08-003, Control
 Coatings.                                Techniques Guidelines for
                                          Miscellaneous Metal and
                                          Plastic Parts Coatings.
Miscellaneous Metal Parts and Products,  EPA-450/2-78-015, Control of
 Surface Coating of.                      Volatile Organic Emissions
                                          from Existing Stationary
                                          Sources--Volume IV: Surface
                                          Coating of Miscellaneous Metal
                                          Parts and Products.
Miscellaneous Industrial Adhesives.....  EPA-453/R-08-005, Control
                                          Techniques Guidelines for
                                          Miscellaneous Industrial
                                          Adhesives.
Natural Gas/Gasoline Processing Plants   EPA-450/2-83-007, Control of
 Equipment Leaks.                         Volatile Organic Compound
                                          Equipment Leaks from Natural
                                          Gas/Gasoline Processing
                                          Plants.
Paper, Film and Foil Coatings..........  EPA-453R-07-003, Control
                                          Techniques Guidelines for
                                          Paper, Film and Foil Coatings.
Petroleum Refineries...................  EPA-450/2-77-025, Control of
                                          Refinery Vacuum Producing
                                          Systems, Wastewater
                                          Separators, and Process Unit
                                          Turnarounds.
                                         EPA-450/2-78-036, Control of
                                          Volatile Organic Compound
                                          Leaks from Petroleum Refinery
                                          Equipment.
Pharmaceutical Products................  EPA-450/2-78-029, Control of
                                          Volatile Organic Emissions
                                          from Manufacture of
                                          Synthesized Pharmaceutical
                                          Products.
Pneumatic Rubber Tires, Manufacture of.  EPA-450/2-78-030, Control of
                                          Volatile Organic Emissions
                                          from Manufacture of Pneumatic
                                          Rubber Tires.
Polyester Resin........................  EPA-450/3-83-008, Control of
                                          Volatile Organic Compound
                                          Emissions from Manufacture of
                                          High-Density Polyethylene,
                                          Polypropylene, and Polystyrene
                                          Resins.
                                         EPA-450/3-83-006, Control of
                                          Volatile Organic Compound
                                          Leaks from Synthetic Organic
                                          Chemical Polymer and Resin
                                          Manufacturing Equipment.
Shipbuilding/Repair....................  EPA-453/R-94-032, Shipbuilding/
                                          Repair.
Synthetic Organic Chemical.............  EPA-450/3-84-015, Control of
                                          Volatile Organic Compound
                                          Emissions from Air Oxidation
                                          Processes in Synthetic Organic
                                          Chemical Manufacturing
                                          Industry.
                                         EPA-450/4-91-031, Control of
                                          Volatile Organic Compound
                                          Emissions from Reactor
                                          Processes and Distillation
                                          Operations in Synthetic
                                          Organic Chemical Manufacturing
                                          Industry.
Wood Furniture.........................  EPA-453/R-96-007, Wood
                                          Furniture.
------------------------------------------------------------------------

    We proposed to approve ICAPCD's 2009 RACT SIP and negative
declarations because we determined that they complied with the relevant
CAA requirements. Our proposed action contains more information on the
submitted document and our evaluation.

II. Public Comments and EPA Responses

    The EPA's proposed action provided a 30-day public comment period.
During this period, we received no comments.

III. EPA Action

    No comments were submitted. Therefore, as authorized in section
110(k)(3) of the Act, the EPA is fully approving this document,
including the negative declarations, into the California SIP.

IV. Statutory and Executive Order Reviews

    Under the Clean Air Act, the Administrator is required to approve a
SIP submission that complies with the provisions of the Act and
applicable Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a).
Thus, in reviewing SIP submissions, the EPA's role is to approve State
choices, provided that they meet the criteria of the Clean Air Act.
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 Order
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, this approved action does not 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 rules do 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. The 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 Clean Air Act, petitions for
judicial review of this action must be filed in the United States Court
of Appeals for the appropriate circuit by January 11, 2016. 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. 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, Incorporation by
reference, Intergovernmental relations, Nitrogen dioxide, Ozone,
Reporting and recordkeeping requirements, Volatile organic compounds.

    Dated: October 19, 2015.
Jared Blumenfeld,
Regional Administrator, Region IX.

    Part 52, Chapter I, Title 40 of the Code of Federal Regulations 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.

Subpart F--California

0
2. Section 52.220 is amended by adding reserved paragraph (c)(463) and
adding paragraph (c)(464) to read as follows:

Sec.  52.220  Identification of plan.

* * * * *
    (c) * * *
    (463) [Reserved]
    (464) The following plan was submitted on December 21, 2010 by the
Governor's designee.
    (i) [Reserved]
    (ii) Additional Material.
    (A) Imperial County Air Pollution Control District.
    (1) Final 2009 Reasonably Available Control Technology State
Implementation Plan (``2009 RACT SIP'') as adopted on July 13, 2010.

0
3. Section 52.222 is amended by adding paragraph (a)(12) to read as
follows:

Sec.  52.222  Negative declarations.

    (a) * * *
    (12) Imperial County Air Pollution Control District.
    (i)

------------------------------------------------------------------------
                                             Negative declaration CTG
          CTG Source category                   reference document
------------------------------------------------------------------------
Aerospace..............................  EPA-453/R-97-004, Aerospace CTG
                                          and MACT.

Automobile and Light-duty Trucks,        EPA-450/2-77-008, Control of
 Surface Coating of.                      Volatile Organic Emissions
                                          from Existing Stationary
                                          Sources--Volume II: Surface
                                          Coating of Cans, Coils, Paper,
                                          Fabrics, Automobiles, and
                                          Light-Duty Trucks.
                                         EPA-453/R-08-006, Control
                                          Techniques Guidelines for
                                          Automobile and Light-Duty
                                          Truck Assembly Coatings.
Cans and Coils, Surface Coating of.....  EPA-450/2-77-008, Control of
                                          Volatile Organic Emissions
                                          from Existing Stationary
                                          Sources--Volume II: Surface
                                          Coating of Cans, Coils, Paper,
                                          Fabrics, Automobiles, and
                                          Light-Duty Trucks.
Fiberglass Boat Manufacturing..........  EPA-453/R-08-004, Controls
                                          Techniques Guidelines for
                                          Fiberglass Boat Manufacturing.
Flat Wood Paneling, Surface Coating of.  EPA-450/2-78-032, Control of
                                          Volatile Organic Emissions
                                          from Existing Stationary
                                          Sources--Volume VII: Factory
                                          Surface Coating of Flat Wood
                                          Paneling.
                                         EPA-453/R-06-004, Control
                                          Techniques Guidelines for Flat
                                          Wood Paneling Coatings.
Flexible Packing Printing..............  EPA-453/R-06-003, Control
                                          Techniques Guidelines for
                                          Flexible Package Printing.
Graphic Arts--Rotogravure and            EPA-450/2-78-033, Control of
 Flexography.                             Volatile Organic Emissions
                                          from Existing Stationary
                                          Sources, Volume III: Graphic
                                          Arts--Rotogravure and
                                          Flexography.
Large Appliances, Surface Coating of...  EPA-450/2-77-034, Control of
                                          Volatile Organic Emissions
                                          from Existing Stationary
                                          Sources--Volume V: Surface
                                          Coating of Large Appliances.
                                         EPA-453/R-07-004, Control
                                          Techniques Guidelines for
                                          Large Appliance Coatings.
Large Petroleum Dry Cleaners...........  EPA-450/3-82-009, Control of
                                          Volatile Organic Compound
                                          Emissions from Large Petroleum
                                          Dry Cleaners.
Offset Lithographic Printing and         EPA-453/R-06-002, Control
 Letterpress Printing.                    Techniques Guidelines for
                                          Offset Lithographic Printing
                                          and Letterpress Printing.
Magnet Wire, Surface Coating for         EPA-450/2-77-033, Control of
 Insulation of.                           Volatile Organic Emissions
                                          from Existing Stationary
                                          Sources--Volume IV: Surface
                                          Coating of Insulation of
                                          Magnet Wire.
Metal Furniture Coatings...............  EPA-450/2-77-032, Control of
                                          Volatile Organic Emissions
                                          from Existing Stationary
                                          Sources--Volume III: Surface
                                          Coating of Metal Furniture.
                                         EPA-453/R-07-005, Control
                                          Techniques Guidelines for
                                          Metal Furniture Coatings.
Miscellaneous Metal and Plastic Parts    EPA-453/R-08-003, Control
 Coatings.                                Techniques Guidelines for
                                          Miscellaneous Metal and
                                          Plastic Parts Coatings.
Miscellaneous Metal Parts and Products,  EPA-450/2-78-015, Control of
 Surface Coating of.                      Volatile Organic Emissions
                                          from Existing Stationary
                                          Sources--Volume IV: Surface
                                          Coating of Miscellaneous Metal
                                          Parts and Products.
Miscellaneous Industrial Adhesives.....  EPA-453/R-08-005, Control
                                          Techniques Guidelines for
                                          Miscellaneous Industrial
                                          Adhesives.
Natural Gas/Gasoline Processing Plants   EPA-450/2-83-007, Control of
 Equipment Leaks.                         Volatile Organic Compound
                                          Equipment Leaks from Natural
                                          Gas/Gasoline Processing
                                          Plants.
Paper, Film and Foil Coatings..........  EPA-453R-07-003, Control
                                          Techniques Guidelines for
                                          Paper, Film and Foil Coatings.
Petroleum Refineries...................  EPA-450/2-77-025, Control of
                                          Refinery Vacuum Producing
                                          Systems, Wastewater
                                          Separators, and Process Unit
                                          Turnarounds.
                                         EPA-450/2-78-036, Control of
                                          Volatile Organic Compound
                                          Leaks from Petroleum Refinery
                                          Equipment.
Pharmaceutical Products................  EPA-450/2-78-029, Control of
                                          Volatile Organic Emissions
                                          from Manufacture of
                                          Synthesized Pharmaceutical
                                          Products.
Pneumatic Rubber Tires, Manufacture of.  EPA-450/2-78-030, Control of
                                          Volatile Organic Emissions
                                          from Manufacture of Pneumatic
                                          Rubber Tires.
Polyester Resin........................  EPA-450/3-83-008, Control of
                                          Volatile Organic Compound
                                          Emissions from Manufacture of
                                          High-Density Polyethylene,
                                          Polypropylene, and Polystyrene
                                          Resins.
                                         EPA-450/3-83-006, Control of
                                          Volatile Organic Compound
                                          Leaks from Synthetic Organic
                                          Chemical Polymer and Resin
                                          Manufacturing Equipment.
Shipbuilding/Repair....................  EPA-453/R-94-032, Shipbuilding/
                                          Repair.
Synthetic Organic Chemical.............  EPA-450/3-84-015, Control of
                                          Volatile Organic Compound
                                          Emissions from Air Oxidation
                                          Processes in Synthetic Organic
                                          Chemical Manufacturing
                                          Industry.
                                         EPA-450/4-91-031, Control of
                                          Volatile Organic Compound
                                          Emissions from Reactor
                                          Processes and Distillation
                                          Operations in Synthetic
                                          Organic Chemical Manufacturing
                                          Industry.
Wood Furniture.........................  EPA-453/R-96-007, Wood
                                          Furniture.
------------------------------------------------------------------------

    (ii) Submitted on December 21, 2010 and adopted on July 13, 2010.
* * * * *
[FR Doc. 2015-28756 Filed 11-10-15; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 88, Number 173 (Friday, September 8, 2023)]
[Notices]
[Pages 62096-62097]
[FR Doc No: 2023-19405]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2023-N-3137]

Endpoints and Trial Designs To Advance Drug Development in Kidney
Transplantation; Public Meeting

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice of public meeting.

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SUMMARY: The Food and Drug Administration (FDA or we) is announcing the
following public meeting on ``Endpoints and Trial Designs To Advance
Drug Development in Kidney Transplantation.''

DATES: The public meeting will be held on November 9, 2023, from 8 a.m.
to 4:30 p.m. Eastern Time. See the SUPPLEMENTARY INFORMATION section
for registration date and information.

ADDRESSES: The public meeting will be held at the FDA White Oak Campus,
10903 New Hampshire Ave., Bldg. 31 Conference Center, the Great Room
(Rm. 1503), Silver Spring, MD 20993-0002. Entrance for the public
meeting participants (non-FDA employees) is through Building 1 where
routine security check procedures will be performed. For parking and
security information, please refer to https://www.fda.gov/about-fda/visitor-information.

FOR FURTHER INFORMATION CONTACT: Ozlem Belen, Center for Drug
Evaluation and Research, Food and Drug Administration, 10903 New
Hampshire Ave, Bldg. 22, Rm. 6118, Silver Spring, MD 20993-0002, 301-
796-0676.

SUPPLEMENTARY INFORMATION:

I. Background

    The goal of this public meeting is to facilitate discussion among
FDA, academicians, and industry representatives on endpoint and trial
designs to promote drug development in kidney transplantation. The last
drug FDA approved for use in prophylaxis of organ rejection in kidney
transplant was belatacept in 2011. It is well established that kidney
transplantation offers a clear survival and quality-of-life advantage
to patients with end-stage kidney disease. The current treatment
options have resulted in excellent short-term graft and patient
survival but not without long-term side effects. FDA recognizes the
importance of offering safe and effective drugs with a tolerable
adverse effect profile to preserve kidney allografts for patients. This
public meeting aims to discuss current and future potential endpoints
and trial designs that can promote development in this area of unmet
need.

II. Topics for Discussion at the Public Meeting

    The topics of discussion include:
     Efficacy endpoints for prophylaxis of kidney transplant
rejection trials: current state of primary endpoints and future
potential endpoints.
     Biopsy proven acute rejection efficacy failure: long-term
impact, impact of treatment, and grade of rejection.
     Noninferiority trials: identifying clinically important
noninferiority margin, safety, and secondary efficacy endpoints.
     Enrichment as a tool in trial design: identifying target
populations.

III. Attending the Public Meeting

    Registration: If you wish to attend the public meeting (either in
person or via Zoom), please register by October 26, 2023, at 4 p.m.
Eastern Time. Visit the registration page here: https://kidney-transplantation-workshop.eventbrite.com.
    Registration is free and based on space availability, with priority
given to early registrants. Early registration is recommended because
seating is limited; therefore, FDA may limit the number of participants
from each organization. If time and space permit, onsite registration
on the day of the public meeting will be provided beginning at 7:30
a.m. Eastern Time. We will let registrants know if registration closes
before the day of the public meeting/public workshop.
    If you need special accommodations due to a disability, please
contact [email protected] no later than October 18, 2023.
    Streaming Webcast of the Public Meeting: This public meeting will
also be virtual via Zoom. Zoom links will be sent using the email
provided by persons who register. We will post a link to the archived
recording on http://wcms-internet.fda.gov/drugs/news-events-human-drugs/endpoints-and-trial-designs-advance-drug-development-kidney-transplantation-11092023?check_logged_in=1

approximately 1 week after the public meeting.
    FDA has verified the website addresses in this document, as of the
date this document publishes in the Federal Register, but websites are
subject to change over time.
    Transcripts: Please be advised that as soon as a transcript of the
public meeting is available, it will be accessible at https://www.regulations.gov. A link to the transcript will also be available at
https://www.fda.gov/about-fda/office-immunology-and-inflammation-division-rheumatology-and-transplant-medicine-drtm.

    Dated: September 1, 2023.
Lauren K. Roth,
Associate Commissioner for Policy.
[FR Doc. 2023-19405 Filed 9-7-23; 8:45 am]
BILLING CODE 4164-01-P


[Federal Register: January 28, 2008 (Volume 73, Number 18)]
[Notices]
[Page 4931]
[DOCID:fr28ja08-124]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57186; File No. SR-NYSEArca-2007-121]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting
Approval of Proposed Rule Change Relating to Rule 6.37B and the Quoting
Obligations of Lead Market Makers

January 22, 2008.
    On November 27, 2007, NYSE Arca, Inc. (``NYSE Arca'' 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 modify the continuous quoting obligation of
Lead Market Makers (``LMMs''). The proposed rule change was published
for comment in the Federal Register on December 12, 2007.\3\ The
Commission received no comments on the proposed rule change. This order
approves the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 56908 (December 5,
2007), 72 FR 70639.
---------------------------------------------------------------------------

    NYSE Arca proposes to amend its Rule 6.37B to reduce the continuous
quoting obligation of LMMs. Currently, an LMM must provide continuous
two-sided quotations throughout the trading day in its appointed issues
for 99% of the time the Exchange is open for trading in each issue.\4\
NYSE Arca proposes to reduce the continuous quoting obligation of LMMs
to 90% of the time the Exchange is open for trading in each appointed
issue. The Exchange proposes that any period in which a technical
failure or limitation of a system of the Exchange prevents an LMM from
maintaining, or prevents an LMM from communicating to the Exchange,
timely and accurate electronic quotes in a class shall not be
considered in determining whether an LLM has satisfied the 90% quoting
standard with respect to that option class. The Exchange also proposes
that it may consider other exceptions to the continuous quoting
obligation based on demonstrated legal or regulatory requirements or
other mitigating circumstances. In addition, the Exchange proposes to
amend the review period for this continuous quoting obligation from a
quarterly basis to a monthly basis.
---------------------------------------------------------------------------

    \4\ See NYSE Arca Rule 6.37B(b).
---------------------------------------------------------------------------

    The Commission finds that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder that are applicable to a national securities exchange.\5\ In
particular, the Commission believes that the proposed rule change is
consistent with section 6(b)(5) of the Act,\6\ in that it is designed
to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general, to protect investors and the
public interest. The Commission believes that the Exchange's proposal
to reduce the continuous quoting obligation of LMMs is appropriate
given the benefits afforded to LMMs.\7\
---------------------------------------------------------------------------

    \5\ In approving this rule, 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).
    \6\ 15 U.S.C. 78f(b)(5).
    \7\ In addition, the Commission notes that all NYSE Arca Market
Makers have a minimum continuous quoting obligation. NYSE Arca Rule
6.37B(c) states that a Market Maker must provide continuous two
sided quotations throughout the trading day in its appointed issues
for 60% of the time the Exchange is open for trading in each issue.
In addition, the Commission notes that NYSE Arca Rule 6.37B(d),
which states that in the interest of maintaining a fair and orderly
market, a Market Maker may be called upon by a Trading Official to
maintain continuous quotes in one or more series of an option issue,
shall continue to apply.
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    It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\8\ that the proposed rule change (SR-NYSEArca-2007-121) be, and it
hereby is, approved.
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    \8\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-1395 Filed 1-25-08; 8:45 am]

BILLING CODE 8011-01-P