[Federal Register Volume 86, Number 42 (Friday, March 5, 2021)]
[Notices]
[Pages 12974-12975]
[FR Doc No: 2021-04545]

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DEPARTMENT OF LABOR

Occupational Safety and Health Administration

[Docket No. OSHA-2007-0042]

TUV Rheinland of North America, Inc.: Grant of Renewal of
Recognition

AGENCY: Occupational Safety and Health Administration (OSHA), Labor.

ACTION: Notice.

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SUMMARY: In this notice, OSHA announces the final decision to grant
renewal of recognition to TUV Rheinland of North America, Inc. (TUVRNA)
as a Nationally Recognized Testing Laboratory (NRTL).

DATES: The renewal of recognition becomes effective on March 5, 2021.

FOR FURTHER INFORMATION CONTACT: Information regarding this notice is
available from the following sources:
    Press inquiries: Contact Mr. Frank Meilinger, Director, OSHA Office
of Communications, U.S. Department of Labor, telephone:<PHONE_NUMBER>;
email<EMAIL_ADDRESS>    General and technical information: Contact Mr. Kevin Robinson,
Director, Office of Technical Programs and Coordination Activities,
Directorate of Technical Support and Emergency Management, Occupational
Safety and Health Administration, U.S. Department of Labor, phone:
(202) 693-2110 or email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Notice of Final Decision

    OSHA hereby gives notice that it is granting the renewal of
recognition of TUV Rheinland of North America, Inc. (TUVRNA) as a NRTL
under 29 CFR 1910.7.
    OSHA recognition of a NRTL signifies that the organization meets
the requirements in Section 1910.7 of Title 29, Code of Federal
Regulations (29 CFR 1910.7). Recognition is an acknowledgment that the
organization can perform independent safety testing and certification
of the specific products covered within the scope of recognition and is
not a delegation or grant of government authority. As a result of
recognition, employers may use products properly approved by the NRTL
to meet OSHA standards that require testing and certification. OSHA
maintains an informational web page for each NRTL that details the
scope of recognition available at http://www.osha.gov/dts/otpca/nrtl/index.html.
    OSHA processes applications submitted by an NRTL for renewal of
recognition following requirements in Appendix A to 29 CFR 1910.7. OSHA
conducts renewals in accordance with the procedures in 29 CFR 1910.7,
App. A II.C. In accordance with these procedures, NRTLs submit a
renewal request to OSHA between nine months and one year before the
expiration date of the current recognition. A renewal request includes
a request for renewal and any additional information demonstrating
their continued compliance with the terms of the recognition and 29 CFR
1910.7. If OSHA has not conducted an on-site assessment of the NRTL
headquarters and any key sites within the past 18 to 24 months, it will
schedule the necessary on-site assessment prior to the expiration date
of the NRTL's recognition. Upon review of the submitted material and,
as necessary, the successful completion of the on-site assessment, OSHA
announces the preliminary decision to grant or deny renewal in the
Federal Register and solicits comments from the public. OSHA then
publishes a final Federal Register notice responding to any comments
and renewing the NRTL's recognition for a period of five years, or
denying the renewal of recognition.
    TUVRNA initially received OSHA recognition as a NRTL on August 16,
1995 (60 FR 42594). TUVRNA's most recent renewal was on July 30, 2014,
for a five-year period, expiring on July 30, 2019. TUVRNA submitted a
timely request for renewal, dated August 16, 2018 (OSHA-2007-0042-
0035), and retains its recognition pending OSHA's final decision in
this renewal process. The current addresses of TUVRNA facilities
recognized by OSHA and included as part of the renewal request are:

    1. TUVRNA Newtown, 12 Commerce Road, Newtown, Connecticut 06470;
    2. TUVRNA Pleasanton, 1279 Quarry Lane, Suite A, Pleasanton,
California 94566;
    3. TUV Rheinland LGA Products GmbH (Germany), Am Grauen Stein
29, Koln, NRW 51105 Germany;
    4. TUV Rheinland Japan Ltd., Global Technology Assessment
Center, 4-25-2 Kita-Yamata, Tsuzuki-ku, Yokohama, Kanagawa, 224-0021
Japan;
    5. TUV Rheinland (Shenzhen) Co., Ltd., 1F East & 2-4F, Cybio
Technology Building No.

1, No. 16, Keibei 2nd Road High-Tech Industrial Park North, Nashan
District, 518057 Shenzhen, China;
    6. TUV Rheinland (Shanghai) Co. Ltd, TUV Rheinland Building No.
177, Lane 777, West Guangzhong Road Zhabei District, Shanghai
200072, P.R. China;
    7. TUV Rheinland Taiwan Ltd., 11F, No. 758, Sec.4, Bade Road,
Songshan District, Taipei City 105, Taiwan; and
    8. TUV Rheinland Taiwan Ltd., Taichung Branch Office, No. 9,
Lane 36, Minsheng Rod. Sec. 3, Daya District, Taichung City 428,
Taiwan.

    OSHA evaluated TUVRNA's application for renewal and made a
preliminary determination that TUVRNA can continue to meet the
requirements prescribed by 29 CFR 1910.7 for recognition.
    OSHA published the preliminary notice announcing TUVRNA's renewal
application in the Federal Register on July 13, 2020 (85 FR 42017). The
agency requested comments by July 28, 2020, and received no comments in
response to this notice. OSHA is now proceeding with this final notice
to renew TUVRNA's NRTL recognition.
    To obtain or review copies of all public documents pertaining to
the TUVRNA's application, go to www.regulations.gov or contact the
Docket Office, Occupational Safety and Health Administration, U.S.
Department of Labor, 200 Constitution Avenue NW, Room N-3655,
Washington, DC 20210; telephone<PHONE_NUMBER>. Docket No. OSHA-2007-
0042 contains all materials in the record concerning TUVRNA's NRTL
recognition. Please note: Due to the COVID-19 pandemic, the Docket
Office is closed to the public at this time but can be contacted at
(202) 693-2350.

II. Final Decision and Order

    OSHA hereby gives notice of the renewal of recognition of TUVRNA as
a NRTL. OSHA examined TUVRNA renewal application and all pertinent
information related to TUVRNA's request for renewal of NRTL
recognition. Based on this review of the renewal request and other
pertinent information, OSHA finds that TUVRNA meets the requirements of
29 CFR 1910.7 for renewal of recognition as a NRTL, subject to the
specified limitation and conditions. OSHA limits the renewal of
TUVRNA's recognition to include the terms and conditions of TUVRNA's
recognition found in 60 FR 42594. The NRTL scope of recognition for
TUVRNA is also available on the OSHA website at: https://www.osha.gov/dts/otpca/nrtl/tuv.html. This renewal extends TUVRNA's recognition as a
NRTL for a period of five years from March 5, 2021.

A. Conditions

    In addition to those conditions already required by 29 CFR 1910.7,
TUVRNA must abide by the following conditions of recognition:

    1. TUVRNA must inform OSHA as soon as possible, in writing, of
any change of ownership, facilities, or key personnel, and of any
major change in their operations as a NRTL, and provide details of
the change(s);
    2. TUVRNA must meet all the terms of their recognition and
comply with all OSHA policies pertaining to this recognition; and
    3. TUVRNA must continue to meet the requirements for
recognition, including all previously published conditions on
TUVRNA's scope of recognition, in all areas for which it has
recognition.

    Pursuant to the authority in 29 CFR 1910.7, OSHA hereby renews the
recognition of TUVRNA as a NRTL.

III. Authority and Signature

    Amanda L. Edens, Deputy Assistant Secretary of Labor for
Occupational Safety and Health, 200 Constitution Avenue NW, Washington,
DC 20210, authorized the preparation of this notice. Accordingly, the
agency is issuing this notice pursuant to 29 U.S.C. 657(g)(2)),
Secretary of Labor's Order No. 8-2020 (85 FR 58393, Sept. 18, 2020),
and 29 CFR 1910.7.

    Signed at Washington, DC, on March 1, 2021.
Amanda L. Edens,
Deputy Assistant Secretary of Labor for Occupational Safety and Health.
[FR Doc. 2021-04545 Filed 3-4-21; 8:45 am]
BILLING CODE 4510-26-P


[Federal Register: July 6, 2007 (Volume 72, Number 129)]
[Notices]
[Page 37067-37069]
[DOCID:fr06jy07-118]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55974; File No. SR-NYSE-2007-52]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
Exclude Interest Expense on Financial Instruments Classified Under GAAP
as Liabilities From the Exchange's Earnings Standard

June 28, 2007.
    Pursuant to Section 19(b)(1)\1\ of the Securities Act of 1934 (the
``Act''),\2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that
on June 11, 2007, New York Stock Exchange LLC (the ``NYSE'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule changes as described in
Items I and II below, which items have been substantially prepared by
the Exchange. The Commission is publishing this notice to solicit
comments on the proposed rule changes from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend the earnings standard of Section
102.01C(I) of the Exchange's Listed Company Manual (the ``Manual'').
The amendment will enable the Exchange to adjust companies'' earnings
for purposes of the earnings standard to exclude actual historical
interest expense paid on financial instruments classified as
liabilities under generally accepted accounting principles (``GAAP'')
that are either retired with the proceeds of an offering occurring in
conjunction with the listing or converted into common stock in
conjunction with the company's initial public offering (``IPO'') at the
time of listing. The text of the proposed rule change is available on
the Exchange's Web site (http://www.nyse.com), at the Exchange's Office

of the Secretary, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend the earnings standard of Section
102.01C(I) of the Manual. The amendment will enable the Exchange to
adjust the earnings of companies listing in conjunction with an IPO by
excluding actual historical interest expense paid on financial
instruments classified as liabilities under GAAP that are either
retired with the proceeds of an offering occurring in conjunction with
the listing or converted into common stock in conjunction with the
company's IPO at the time of listing.
    Nonpublic companies engaging in pre-IPO financings often raise
capital through the sale of preferred stock. Preferred stock is also
sometimes issued by pre-IPO companies to service providers in lieu of
cash compensation. At the time of the company's IPO, the preferred
stock may be converted into common stock. Companies may also redeem
some or all of the outstanding preferred stock with a portion of the
proceeds from the IPO.
    Section 102.01C(I) currently provides that a company's historical
earnings may be adjusted for purposes of the earnings standard to
reflect the elimination of the actual historical interest on debt
retired with offering proceeds. If the event giving rise to the
adjustment occurred during a time period such that pro forma amounts
are not set forth in the SEC registration statement, the company must
prepare the relevant adjusted financial data to reflect the adjustment
to its historical financial data, and its outside audit firm must
provide a report of having applied agreed-upon procedures with respect
to such adjustments. Such report must be prepared in accordance with
the standards established by the American Institute of Certified Public
Accountants. Preferred stock generally entitles the holders to the
payment of regular dividends. Prior to the adoption of FASB Statement
No. 150, many companies treated accreted dividends on preferred stock
as a charge to stockholders' equity. Under FASB

Statement No. 150, companies are now required to treat certain
preferred stock as a liability and, accordingly, any dividends accrued
or paid on such preferred stock are treated as interest expense on the
income statement. The Exchange believes that it is appropriate to allow
the same adjustment to all retired financial instruments classified as
liabilities under GAAP as is made for interest paid on retired debt so
as to eliminate the effect of dividend payments that are classified as
interest expense on earnings when the instrument is retired out of the
proceeds of the offering. The Exchange also believes that it is logical
to apply the same treatment to the interest associated with any debt or
other financial instrument which is converted into common stock at the
time of a company's IPO occurring in conjunction with its listing, as
the instrument that has given rise to the obligation to pay interest is
extinguished at that time. The Exchange believes that this extension is
reasonable given the purpose of the earnings standard, which is to
determine the suitability for listing of companies on a forward-looking
basis. The Exchange anticipates that this amendment will primarily
benefit companies retiring preferred stock in connection with their
IPOs.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) \4\ of the Act,\5\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\6\ in particular in that it
is designed to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, 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.
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    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78a.
    \6\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

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

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

    Written comments were neither solicited nor received.

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

    Because the foregoing proposed rule change does not: (1)
Significantly affect the protection of investors or the public
interest; (2) impose any significant burden on competition; and (3)
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest,\7\ it has become
effective pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-
4(f)(6) thereunder.\9\
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    \7\ Rule 19b-4(f)(6)(iii) requires that a self-regulatory
organization submit to the Commission written notice of its intent
to file the proposed rule change, along with a brief description and
text of the proposed rule change, at least five business days prior
to the date of filing of the proposed rule change, or such shorter
time as designated by the Commission. The Exchange has satisfied the
five-day pre-filing notice requirement.
    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6).
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    Under Rule 19b-4(f)(6) of the Act,\10\ the proposal does not become
operative for 30 days after the date of its filing, or such shorter
time as the Commission may designate if consistent with the protection
of investors and the public interest. NYSE has requested that the
Commission waive the 30-day operative delay so that it may immediately
implement this proposal. The Commission believes that it is consistent
with the protection of investors and the public interest to waive the
30-day operative delay and make this proposed rule change immediately
effective.\11\
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    \10\ Id.
    \11\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
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    The Commission notes that, according to the Exchange, Manual
Section 102.01(C)(I)(a)(i) already provides for certain adjustments to
reflect the net proceeds of an offering, and the intended application
of such proceeds to pay off a company's existing debt, including the
elimination of actual historical interest on debt being retired with
offering proceeds or by conversion into common stock. The proposed rule
change would add language to the Manual to clarify that such
adjustments to ``debt'' may properly be made to exclude interest
expense on any financial instrument classified under GAAP as a
liability. In this respect, the Commission believes that the change
represents an effort by the Exchange to interpret the term ``debt'' as
being consistent with the treatment of certain financial instruments
considered liabilities under GAAP. Moreover, the proposal will extend
the interest expense exclusion from the Exchange's earnings standard to
interest associated with debt extinguished by conversion into common
stock at the time of a company's IPO occurring in connection with
listing. Given the purpose of the Exchange's earnings standard, which
is to determine the suitability of applicants for listing on a forward-
looking basis, the Commission believes that this change is consistent
with such purposes and is reasonable.
    At any time within 60 days of the filing of such proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
); or     Send e-mail to<EMAIL_ADDRESS>Please include File

Number SR-NYSE-2007-52 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC, 20549-1090.
    All submissions should refer to File Number SR-NYSE-2007-52. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro/shtml
). Copies of the submission, all subsequent amendments,

all written statements with respect to the proposed rule change that
are filed with the

Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for inspection and copying in the
Commission's Public Reference Room, 100 F Street, NE., Washington, DC
20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of such filing will also be available for inspection and
copying at the principal office of the NYSE. All comments received will
be posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSE-2007-52 and should be submitted on
or before July 27, 2007.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\12\
Florence E. Harmon,
Deputy Secretary.
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    \12\ 17 CFR 200.30-3(a)(12).
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 [FR Doc. E7-13069 Filed 7-5-07; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 79, Number 215 (Thursday, November 6, 2014)]
[Notices]
[Pages 66022-66025]
[FR Doc No: 2014-26343]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73480; File No. SR-NASDAQ-2014-090]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order
Granting Approval of Proposed Rule Change, as Modified by Amendment No.
1 Thereto, Relating to the Listing and Trading of Shares of the Validea
Market Legends ETF of the ETF Series Solutions ETF Trust

October 31, 2014.

I. Introduction

    On September 11, 2014, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to list and trade the shares (``Shares'') of the
Validea Market Legends ETF (``Fund'') under Nasdaq Rule 5735. The
proposed rule change was published for comment in the Federal Register
on September 26, 2014.\3\ The Commission received no comments on the
proposed rule change. On October 28, 2014, the Exchange filed Amendment
No. 1 to the proposed rule change.\4\ The Commission is approving the
proposed rule change, as modified by Amendment No. l thereto.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 73178 (Sep. 22,
2014), 79 FR 58012 (``Notice'').
    \4\ In Amendment No. 1, Nasdaq corrected a typographical error,
deleting the second use of the word ``not'' in the following
statement throughout the filing: ``ADRs not listed on an exchange
that is not a member of ISG or a party to a comprehensive
surveillance sharing agreement with the Exchange.'' See infra note
10 (setting forth the full representation, as amended). Because
Amendment No. 1 is a technical amendment that does not raise unique
or novel regulatory issues, Amendment No. 1 is not subject to notice
and comment.
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II. Description of Proposed Rule Change

    The Exchange proposes to list and trade the Shares pursuant to
Nasdaq Rule 5735, which governs the listing and trading of Managed Fund
Shares on the Exchange. The Shares will be offered by the ETF Series
Solutions Trust (``Trust''), which was established as a Delaware
business trust on February 9, 2012.\5\ The Fund is a series of the
Trust. Validea Capital Management, LLC will be the investment adviser
(``Adviser'') to the Fund.\6\ Quasar Distributors, LLC will be the
principal underwriter and distributor of the Fund's Shares. U.S.
Bancorp Fund Services, LLC (``USBFS'') will act as the administrator,
accounting agent, and transfer agent to the Fund. U.S. Bank National
Association will act as the custodian to the Fund.
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    \5\ According to the Exchange, the Trust is registered with the
Commission as an investment company under the Investment Company Act
of 1940 (``1940 Act'') and has filed a registration statement on
Form N-1A (``Registration Statement'') with the Commission. The
Exchange states that the Trust has obtained, or will obtain prior to
listing Shares of the Fund on the Exchange, an order from the
Commission granting certain exemptive relief to the Trust under the
1940 Act. See Post-Effective Amendment No. 14 to the Registration
Statement on Form N-1A for the Trust, dated July 16, 2014 (File Nos.
333-179562 and 811-22668). See Application for an Order (Jun. 16,
2014) (File No. 812-14322).
    \6\ The Exchange states that the Adviser is not a broker-dealer
and is not affiliated with the any broker-dealer. The Exchange
represents that in the event (a) the Adviser becomes newly
affiliated with a broker-dealer or registers as a broker-dealer, or
(b) any new adviser or sub-adviser is a registered broker-dealer or
becomes affiliated with a broker-dealer, the Adviser, new adviser,
or new sub-adviser, as the case may be, will implement a fire wall
with respect to its relevant personnel and/or such broker-dealer
affiliate, as applicable, regarding access to information concerning
the composition or changes to the portfolio, and the Adviser, new
adviser, or new sub-adviser, as the case may be, will be subject to
procedures designed to prevent the use and dissemination of
material, non-public information regarding the portfolio. The
Exchange also states that the Adviser does not currently intend to
become newly affiliated with any broker-dealer, and the Fund does
not currently intend to use a sub-adviser.
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    The Exchange has made the following representations and statements
in describing the Fund and its principal investments, other
investments, and investment restrictions.\7\
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    \7\ The Commission notes that additional information regarding
the Trust, the Fund, and the Shares, including investment
strategies, risks, creation and redemption procedures, calculation
of net asset value (``NAV''), fees, portfolio holdings disclosure
policies, distributions, and taxes, among other things, can be found
in the Notice and Registration Statement, as applicable. See supra
notes 3 and 5, respectively.
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Principal Investments of the Fund
    According to the Exchange, the Fund's primary investment objective
is to achieve capital appreciation, with a secondary focus on income.
The Fund is a non-diversified, actively-managed exchange-traded fund
(``ETF'') that will pursue its objectives by investing primarily at
least 80% of its assets under normal market conditions,\8\ in U.S.
exchange-listed equity securities of U.S. companies and foreign equity
securities traded on a U.S. exchange as American Depositary Receipts
(``ADRs'').\9\ The Fund's investment in ADRs may include ADRs
representing companies in emerging markets. With respect to its
investments in exchange-listed common stocks and ADRs, the Fund will
invest in such securities that trade in markets that are members of the
Intermarket Surveillance Group (``ISG'').

The Fund may invest in the securities of companies of any market
capitalization, but the Adviser expects that the Fund will have a bias
toward small-cap and mid-cap companies. The Adviser also expects to
limit the Fund's investment in any individual economic sector to no
more than 40% of the Fund's total assets.
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    \8\ The term ``under normal market conditions'' as used herein
includes, but is not limited to, the absence of adverse market,
economic, political or other conditions, including extreme
volatility or trading halts in the securities markets or the
financial markets generally; operational issues causing
dissemination of inaccurate market information; or force majeure
type events such as systems failure, natural or man-made disaster,
act of God, armed conflict, act of terrorism, riot or labor
disruption, or any similar intervening circumstance. In periods of
extreme market disturbance, the Fund may take temporary defensive
positions by overweighting its portfolio in cash/cash-like
instruments; however, to the extent possible, the Adviser would
continue to seek to achieve the Fund's investment objectives.
    \9\ ADRs are receipts, typically issued by a bank or trust
issuer, which evidence ownership of underlying securities issued by
a non-U.S. issuer. For ADRs, the depository is typically a U.S.
financial institution and the underlying securities are issued by a
non-U.S. issuer. ADRs are not necessarily denominated in the same
currency as their underlying securities.
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    The Exchange notes that the Adviser will select securities using a
proprietary quantitative and fundamentals-based system that evaluates
investment opportunities based on the published investment strategies
of legendary investors whose investment strategies have generally been
subject to significant academic or media analysis, such as Warren
Buffet, Peter Lynch, and David Dreman. The Adviser's system
incorporates 17 stock selection models, each intended to replicate the
strategy of a legendary investor. The models incorporate over 300
unique fundamental metrics of companies, including measures relating to
profitability, valuation, growth, cash flow, financing, and past
performance, among others. The Adviser scores over 6,000 companies
based on the metrics of its investor models and expects that the Fund
will generally hold approximately 100 securities.
    According to the Exchange, the Adviser's system, using historical
data, evaluates the long term performance, risks, and correlation of
each model, and blends some or all of the models to identify the
composite strategy that the Adviser believes is most likely to achieve
the Fund's investment objectives while reducing volatility. By
utilizing various stock picking methods in the creation of the
composite strategy, the Adviser will seek to reduce the volatility of
the Fund's returns in different market environments and limit
investment style specific risk.
    The Exchange notes that the Adviser expects that the Fund will
regularly update or ``rebalance'' the securities that it holds, but no
more often than once every 28 days and at least 5 times per year. On
each such date, securities whose fundamental scores no longer meet the
Fund's requirements will be removed and replaced with higher scoring
securities. A stock will only be sold in between rebalance dates if the
stock has significantly underperformed the overall market since the
time the stock was purchased.
Other Investments and Restrictions
    While the Fund, under normal circumstances, will invest at least
80% of its assets in U.S. exchange-listed equity securities, the Fund
may invest the remaining assets in a variety of other securities in
support of its primary investment strategy, including, but not limited
to: (a) Equity securities traded over-the-counter; \10\ (b) equity
securities of other U.S. registered investment companies, including
open-end mutual funds, money market mutual funds and exchange-traded
funds; and (c) money market instruments.\11\
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    \10\ The Exchange represents that, while the Fund's investments
in equity securities traded over-the-counter include shares of
common stock and ADRs, not more than 10% of the net assets of the
Fund, in the aggregate, will be invested in: (1) Unlisted or
unsponsored ADRs; (2) ADRs not listed on an exchange that is a
member of ISG or a party to a comprehensive surveillance sharing
agreement with the Exchange; or (3) unlisted common stocks or common
stocks not listed on an exchange that is a member of the ISG or a
party to a comprehensive surveillance sharing agreement with the
Exchange.
    \11\ The term ``money market instruments,'' as used herein,
means: (i) Short-term obligations issued by the U.S. Government;
(ii) short term negotiable obligations of commercial banks, fixed
time deposits and bankers' acceptances of U.S. and foreign banks and
similar institutions; (iii) commercial paper rated at the date of
purchase ``Prime-1'' by Moody's Investors Service, Inc. or ``A-1+''
or ``A-1'' by Standard & Poor's, or, if unrated, of comparable
quality, as the Adviser of the Fund determines; and (iv) money
market mutual funds.
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    While the Fund will generally invest in sponsored ADRs that are
listed on ISG member exchanges and that the Adviser deems as liquid, in
certain limited circumstances, as stated above, the Fund may invest in
unlisted or unsponsored ADRs \12\ or ADRs that the Adviser deems
illiquid at the time of purchase or for which pricing information is
not readily available.\13\ The issuers of unlisted or unsponsored ADRs
are not obligated to disclose material information in the United
States. As such, according to the Exchange, there may be less
information available regarding such issuers and there may be no
correlation between available information and the market value of the
ADRs.
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    \12\ See supra note 10 and accompanying text.
    \13\ See infra note 14 and accompanying text.
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    The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid securities or other illiquid assets (calculated at
the time of investment).\14\ The Fund will monitor its portfolio
liquidity on an ongoing basis to determine whether an adequate level of
liquidity is being maintained, and will consider taking appropriate
steps in order to maintain adequate liquidity if, through a change in
values, net assets, or other circumstances, more than 15% of the Fund's
net assets are held in illiquid assets.
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    \14\ Illiquid assets include securities subject to contractual
or other restrictions on resale and other instruments that lack
readily available markets as determined in accordance with
Commission staff guidance. See Notice, supra note 3, 79 FR at 58014.
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    The Fund may not invest more than 25% of the value of its total
assets in securities of issuers in any one industry or group of
industries. This restriction does not apply to obligations issued or
guaranteed by the U.S. government, its agencies or instrumentalities,
or securities of other registered investment companies.

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.\15\ In particular, the Commission finds that the
proposed rule change is consistent with Section 6(b)(5) of the Act,\16\
which requires, among other things, that the Exchange's rules be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in facilitating transactions in
securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest. The Commission notes that
the Fund and the Shares must comply with the requirements of Nasdaq
Rule 5735 to be listed and traded on the Exchange.
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    \15\ 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).
    \16\ 15 U.S.C. 78f(b)(5).
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    The Commission 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,\17\ 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. Quotation and last-
sale information for the Shares will be available via Nasdaq
proprietary quote and trade services and via the Consolidated Tape
Association plans for the Shares. In addition, an estimated value,
defined in Nasdaq Rule 5735(c)(3) as the ``Intraday Indicative Value,''
\18\ will be available on the

NASDAQ OMX Information LLC proprietary index data service and will be
updated, widely disseminated, and broadly displayed at least every 15
seconds during the Regular Market Session.\19\ On each business day,
before commencement of trading in Shares in the Regular Market Session
\20\ on the Exchange, the Fund will disclose on its Web site the
Disclosed Portfolio, as defined in Nasdaq Rule 5735(c)(2), that will
form the basis for the Fund's calculation of NAV at the end of the
business day.\21\ A basket composition file, which includes the
security names, amounts, and share quantities, as applicable, required
to be delivered in exchange for the Fund's Shares, together with
estimates and actual cash components, will be publicly disseminated
daily prior to the opening of Nasdaq via the National Securities
Clearing Corporation. The NAV of the Fund's Shares generally will be
calculated once daily Monday through Friday as of the close of regular
trading on the New York Stock Exchange, generally 4:00 p.m. Eastern
time.\22\ Information regarding market price and trading volume of the
Shares will be continually available on a real-time basis throughout
the day on brokers' computer screens and other electronic services.
Information regarding the previous day's closing price and trading
volume information for the Shares will be published daily in the
financial section of newspapers. Quotation and last-sale information
for any underlying exchange-traded products will be available via the
quote and trade service of their respective primary exchanges. Intra-
day, executable price quotations on the securities and other assets
held by the Fund will be available from major broker-dealer firms.
Intra-day price information on the securities and other assets held by
the Fund will also be available through subscription or free services
that can be accessed by Authorized Participants and other investors:
(a) Pricing information for exchange-traded equity securities;
investment company securities; exchange-traded ADRs; or other exchange-
traded securities will be publicly available from the Web sites of the
exchanges on which they trade,\23\ on public financial Web sites, and
through subscription services such as Bloomberg and Thompson Reuters;
and (b) pricing information regarding over-the-counter equities
(including over-the-counter ADRs and certain investment company
securities) and money market instruments, will be available through
subscription services such as Markit, Bloomberg, and Thompson Reuters.
The Fund's Web site, which will be publicly available prior to the
public offering of Shares, will include a form of the prospectus for
the Fund and additional quantitative information.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
    \18\ According to the Exchange, the Intraday Indicative Value
will reflect an estimated intraday value of the Fund's portfolio and
will be based upon the current value for the components of the
Disclosed Portfolio. The Exchange states that the Intraday
Indicative Value will be based on quotes and closing prices from the
securities' local market and may not reflect events that occur
subsequent to the local market's close, that premiums and discounts
between the Intraday Indicative Value and the market price may
occur, and that the Intraday Indicative Value should not be viewed
as a ``real time'' update of the NAV per Share of the Fund, which is
calculated only once a day.
    \19\ Currently, the NASDAQ OMX Global Index Data Service
(``GIDS'') is the NASDAQ OMX global index data feed service. The
Exchange represents that GIDS offers real-time updates, daily
summary messages, and access to widely followed indexes and Intraday
Indicative Values for ETFs, and that GIDS provides investment
professionals with the daily information needed to track or trade
NASDAQ OMX indexes, listed ETFs, or third-party partner indexes and
ETFs.
    \20\ See Nasdaq Rule 4120(b)(4) (describing the three trading
sessions on the Exchange: (1) Pre-Market Session from 4:00 a.m. to
9:30 a.m., Eastern Time; (2) Regular Market Session from 9:30 a.m.
to 4:00 p.m. or 4:15 p.m., Eastern Time; and (3) Post-Market Session
from 4:00 p.m. or 4:15 p.m. to 8:00 p.m., Eastern Time).
    \21\ On a daily basis, the Fund will disclose the following
information regarding each portfolio holding, as applicable to the
type of holding: Ticker symbol, CUSIP number or other identifier, if
any; a description of the holding (including the type of holding);
the identity of the security, index, or other asset or instrument
underlying the holding, if any; quantity held (as measured by, for
example, number of shares); maturity date, if any; coupon rate, if
any; effective date, if any; market value of the holding; and the
percentage weighting of the holding in the Fund's portfolio. The Web
site information will be publicly available at no charge.
    \22\ NAV per Share will be calculated for the Fund by taking the
market price of the Fund's total assets, less all liabilities,
dividing such amount by the total number of Shares outstanding, and
rounding to the nearest cent. The value of the securities, other
assets, and liabilities held by the Fund will be determined pursuant
to valuation policies and procedures approved by the Trust's Board.
Exchange-traded equities, exchange-traded ADRs, and other exchange-
traded securities will be valued at the official closing price on
their principal exchange or board of trade, or lacking any current
reported sale at the time of valuation, at the mean between the most
recent bid and asked quotations on its principal exchange or board
of trade. Portfolio securities traded on more than one securities
exchange will be valued at the last sale price or official closing
price, as applicable, on the business day as of which such value is
being determined at the close of the exchange representing the
principal market for such securities. Equity securities traded over-
the-counter and ADRs traded over-the-counter will be valued at the
mean between the most recent bid and asked quotations received from
pricing services; if the most recent bid and asked quotations are
not available, these securities will be valued in accordance with
the Fund's fair valuation procedures. Money market instruments with
maturities of less than 60 days will be valued at amortized cost;
money market instruments with longer maturities will be valued at
the mid-point of the bid-ask prices. Investment company shares will
be valued at NAV, unless the shares are exchange-traded, in which
case they will be valued at the last sale or official closing price
on the market on which they primarily trade.
    \23\ According to the Exchange, quotation and last-sale
information for any underlying exchange-traded products will also be
available via the quote and trade services of their respective
primary exchanges, as well as in accordance with the Unlisted
Trading Privileges and the Consolidated Tape Association plans, as
applicable.
---------------------------------------------------------------------------

    The Commission further believes that the proposal to list and trade
the Shares is reasonably designed to promote fair disclosure of
information that may be necessary to price the Shares appropriately and
to prevent trading when a reasonable degree of transparency cannot be
assured. The Exchange will obtain a representation from the issuer of
the Shares that the NAV per Share will be calculated daily and that the
NAV and the Disclosed Portfolio will be made available to all market
participants at the same time. Trading in Shares of the Fund will be
halted under the conditions specified in Nasdaq Rules 4120 and 4121,
including the trading pause provisions under Nasdaq Rules 4120(a)(11)
and (12). Trading in the Shares may be halted because of market
conditions or for reasons that, in the view of the Exchange, make
trading in the Shares inadvisable,\24\ and trading in the Shares will
be subject to Nasdaq Rule 5735(d)(2)(D), which sets forth additional
circumstances under which trading in Shares of the Fund may be halted.
The Exchange states that it has a general policy prohibiting the
distribution of material, non-public information by its employees.
Further, the Commission notes that the Reporting Authority, as defined
in Nasdaq Rule 5735(c)(4), that provides the Disclosed Portfolio must
implement and maintain, or be subject to, procedures designed to
prevent the use and dissemination of material, non-public information
regarding the actual components of the portfolio.\25\ In addition, the
Exchange states that the Adviser is not registered as a broker-dealer
and is not affiliated with a broker-dealer and has no present intent or
arrangement to become newly affiliated with any broker-dealer. The Fund
does not currently intend to use a sub-adviser.\26\
---------------------------------------------------------------------------

    \24\ These reasons may include: (1) The extent to which trading
is not occurring in the securities and other financial instruments
constituting the Disclosed Portfolio of the Fund; or (2) whether
other unusual conditions or circumstances detrimental to the
maintenance of a fair and orderly market are present. With respect
to trading halts, the Exchange may consider all relevant factors in
exercising its discretion to halt or suspend trading in the Shares
of the Fund.
    \25\ See Nasdaq Rule 5735(d)(2)(B)(ii).
    \26\ See supra note 6. The Exchange states that an investment
adviser to an open-end fund is required to be registered under the
Investment Advisers Act of 1940 (``Advisers Act''). As a result, the
Adviser and its related personnel are subject to the provisions of
Rule 204A-1 under the Advisers Act relating to codes of ethics. This
Rule requires investment advisers to adopt a code of ethics that
reflects the fiduciary nature of the relationship to clients, as
well as compliance with other applicable securities laws.
Accordingly, procedures designed to prevent the communication and
misuse of non- public information by an investment adviser must be
consistent with Rule 204A-1 under the Advisers Act. In addition,
Rule 206(4)-7 under the Advisers Act makes it unlawful for an
investment adviser to provide investment advice to clients unless
such investment adviser has (i) adopted and implemented written
policies and procedures reasonably designed to prevent violation, by
the investment adviser and its supervised persons, of the Advisers
Act and the Commission rules adopted thereunder; (ii) implemented,
at a minimum, an annual review regarding the adequacy of the
policies and procedures established pursuant to subparagraph (i)
above and the effectiveness of their implementation; and (iii)
designated an individual (who is a supervised person) responsible
for administering the policies and procedures adopted under
subparagraph (i) above.

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

    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances, administered by both Nasdaq and
the Financial Industry Regulatory Authority (``FINRA'') on behalf of
the Exchange, which are designed to detect violations of Exchange rules
and applicable federal securities laws.\27\ Prior to the commencement
of trading, the Exchange states that it will inform its members in an
Information Circular of the special characteristics and risks
associated with trading the Shares.
---------------------------------------------------------------------------

    \27\ The Exchange states that FINRA surveils trading on the
Exchange pursuant to a regulatory services agreement and that the
Exchange is responsible for FINRA's performance under this
regulatory services agreement.
---------------------------------------------------------------------------

    The Exchange represents that the Shares are deemed 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 has made the following
representations:
    (1) The Shares will be subject to Rule 5735, which sets forth the
initial and continued listing criteria applicable to Managed Fund
Shares.
    (2) The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions.
    (3) The Exchange's surveillance 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 applicable federal
securities laws. FINRA, on behalf of the Exchange, will communicate as
needed regarding trading in the Shares and the exchange-traded
securities and instruments held by the Fund, which include ADRs,
exchange-listed investment companies, or other exchange-traded
securities with other markets and other entities that are members of
ISG, and FINRA may obtain trading information regarding trading in the
Shares and such exchange-traded equities held by the Fund from such
markets and other entities. In addition, the Exchange may obtain
information regarding trading in the Shares and such exchange-traded
equities held by the Fund from markets and other entities that are
members of ISG, or with which the Exchange has in place a comprehensive
surveillance sharing agreement. Moreover, FINRA, on behalf of the
Exchange, will be able to access, as needed, trade information for
certain fixed income securities held by the Fund reported to FINRA's
Trade Reporting and Compliance Engine.
    (4) Not more than 10% of the net assets of the Fund, in the
aggregate, will be invested in (a) unlisted or unsponsored ADRs, (b)
ADRs not listed on an exchange that is a member of ISG or a party to a
comprehensive surveillance sharing agreement with the Exchange, or (c)
unlisted common stocks or common stocks not listed on an exchange that
is a member of the ISG or a party to a comprehensive surveillance
sharing agreement with the Exchange.
    (5) Prior to the commencement of trading, the Exchange will inform
its members in an Information Circular of the special characteristics
and risks associated with trading the Shares. Specifically, the
Information Circular will discuss the following: (a) The procedures for
purchases and redemptions of Shares in creation units (and that Shares
are not individually redeemable); (b) Nasdaq Rule 2111A, which imposes
suitability obligations on Nasdaq members with respect to recommending
transactions in the Shares to customers; (c) the dissemination of
information regarding the Intraday Indicative Value through major index
service providers such as NASDAQ OMX proprietary index data services or
other major market proprietary index services; (d) the risks involved
in trading the Shares during the Pre-Market and Post-Market Sessions
when an updated Intraday Indicative Value will not be calculated or
publicly disseminated; (e) the requirement that members deliver a
prospectus to investors purchasing newly issued Shares prior to or
concurrently with the confirmation of a transaction; (f) trading
information; and (g) the dissemination of the Disclosed Portfolio
though the Fund's Web site.
    (6) For initial and continued listing, the Fund must be in
compliance with Rule 10A-3 under the Act.\28\
---------------------------------------------------------------------------

    \28\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    (7) The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid assets (calculated at the time of investment). The
Fund will monitor its portfolio liquidity on an ongoing basis to
determine whether, in light of current circumstances, an adequate level
of liquidity is being maintained, and will consider taking appropriate
steps in order to maintain adequate liquidity if, through a change in
values, net assets, or other circumstances, more than 15% of the Fund's
net assets are held in illiquid assets.
    (8) A minimum of 100,000 Shares will be outstanding at the
commencement of trading on the Exchange.
    This approval order is based on all of the Exchange's
representations, including those set forth above and in the Notice, and
the Exchange's description of the Fund.
    For the foregoing reasons, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act \29\ and the
rules and regulations thereunder applicable to a national securities
exchange.
---------------------------------------------------------------------------

    \29\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\30\ that the proposed rule change (SR-NASDAQ-2014-090), as
modified by Amendment No. 1 thereto, be, and it hereby is, approved.
---------------------------------------------------------------------------

    \30\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
---------------------------------------------------------------------------

    \31\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-26343 Filed 11-5-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 132 (Tuesday, July 10, 2018)]
[Proposed Rules]
[Pages 31939-31944]
[FR Doc No: 2018-14736]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 63

[EPA-HQ-OAR-2010-0682; FRL-9980-66-OAR]
RIN 2060-AU12

National Emission Standards for Hazardous Air Pollutants and New
Source Performance Standards: Petroleum Refinery Sector Amendments

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: This action proposes amendments to the National Emission
Standards for Hazardous Air Pollutants (NESHAP) Refinery MACT 1, which
was published in the Federal Register on December 1, 2015, and
subsequently amended on July 13, 2016. The December 1, 2015, action was
the result of a risk and technology review in which the Environmental
Protection Agency (EPA) finalized amendments to Refinery MACT 1 and
Refinery MACT 2. The July 13, 2016, action finalized technical
corrections and clarifications, as well as changes to compliance dates
for various emission sources, including the maintenance vent standards
that apply during periods of startup, shutdown, maintenance, or
inspection. In this action, the EPA is proposing to amend the
compliance dates for maintenance vents to January 30, 2019. These
proposed revisions do not affect any other requirements in the December
1, 2015, or July 13, 2016, final actions. This proposed action will
have an insignificant effect on emissions reductions and no effect on
costs.

DATES:
    Comments. Comments must be received on or before August 9, 2018.
    Public Hearing. If a public hearing is requested by July 16, 2018,
then we will hold a public hearing on July 25, 2018 at the location
described in the ADDRESSES section. The last day to pre-register in
advance to speak at the public hearing will be July 23, 2018.

ADDRESSES: Comments. Submit your comments, identified by Docket ID No.
EPA-HQ-OAR-2010-0682, at https://www.regulations.gov. Follow the online
instructions for submitting comments. Once submitted, comments cannot
be edited or removed from Regulations.gov. See SUPPLEMENTARY
INFORMATION for detail about how the EPA treats submitted comments.
Regulations.gov is our preferred method of receiving comments. However,
the following

other submission methods are also accepted:
     Email: [email protected]. Include Docket ID No. EPA-
HQ-OAR-2010-0682 in the subject line of the message.
     Fax:<PHONE_NUMBER>. Attention Docket ID No. EPA-HQ-OAR-
2010-0682.
     Mail: To ship or send mail via the United States Postal
Service, use the following address: U.S. Environmental Protection
Agency, EPA Docket Center, Docket ID No. EPA-HQ-OAR-2010-0682, Mail
Code 28221T, 1200 Pennsylvania Avenue NW, Washington, DC 20460.
     Hand/Courier Delivery: Use the following Docket Center
address if you are using express mail, commercial delivery, hand
delivery, or courier: EPA Docket Center, EPA WJC West Building, Room
3334, 1301 Constitution Avenue NW, Washington, DC 20004. Delivery
verification signatures will be available only during regular business
hours.

FOR FURTHER INFORMATION CONTACT: For questions about this proposed
action, contact Ms. Brenda Shine, Sector Policies and Programs Division
(E143-01), Office of Air Quality Planning and Standards, U.S.
Environmental Protection Agency, Research Triangle Park, North Carolina
27711; telephone number:<PHONE_NUMBER>; fax number:<PHONE_NUMBER>;
and email address: shine[email protected].

SUPPLEMENTARY INFORMATION:
    Public Hearing. If a public hearing is requested, it will be held
at the EPA WJC East Building, 1201 Constitution Avenue NW, Washington,
DC 20004. If a public hearing is requested, then we will provide
details about the public hearing on our website at: https://www.epa.gov/stationary-sources-air-pollution/petroleum-refinery-sector-risk-and-technology-review-and-new-source. The EPA does not intend to
publish another document in the Federal Register announcing any updates
on the request for a public hearing. Please contact Ms. Virginia Hunt
at<PHONE_NUMBER> or by email at [email protected] to request a
public hearing, to register to speak at the public hearing, or to
inquire as to whether a public hearing will be held.
    The EPA will make every effort to accommodate all speakers who
arrive and register. If a hearing is held at a U.S. government
facility, individuals planning to attend should be prepared to show a
current, valid state- or federal-approved picture identification to the
security staff in order to gain access to the meeting room. An expired
form of identification will not be permitted. Please note that the Real
ID Act, passed by Congress in 2005, established new requirements for
entering federal facilities. If your driver's license is issued by a
noncompliant state, you must present an additional form of
identification to enter a federal facility. Acceptable alternative
forms of identification include: Federal employee badge, passports,
enhanced driver's licenses, and military identification cards.
Additional information on the Real ID Act is available at https://www.dhs.gov/real-id-frequently-asked-questions.
    Docket. The EPA has established a docket for this rulemaking under
Docket ID No. EPA-HQ-OAR-2010-0682. All documents in the docket are
listed in Regulations.gov. Although listed, some information is not
publicly available, e.g., Confidential Business Information (CBI) or
other information whose disclosure is restricted by statute. Certain
other material, such as copyrighted material, is not placed on the
internet and will be publicly available only in hard copy. Publicly
available docket materials are available either electronically in
Regulations.gov or in hard copy at the EPA Docket Center, Room 3334,
EPA WJC West Building, 1301 Constitution Avenue NW, Washington, DC. The
Public Reading Room is open from 8:30 a.m. to 4:30 p.m., Monday through
Friday, excluding legal holidays. The telephone number for the Public
Reading Room is<PHONE_NUMBER>, and the telephone number for the EPA
Docket Center is<PHONE_NUMBER>.
    Instructions. Direct your comments to Docket ID No. EPA-HQ-OAR-
2010-0682. The EPA's policy is that all comments received will be
included in the public docket without change and may be made available
online at https://www.regulations.gov, including any personal
information provided, unless the comment includes information claimed
to be CBI or other information whose disclosure is restricted by
statute. Do not submit information that you consider to be CBI or
otherwise protected through https://www.regulations.gov or email. This
type of information should be submitted by mail as discussed below.
    The EPA may publish any comment received to its public docket.
Multimedia submissions (audio, video, etc.) must be accompanied by a
written comment. The written comment is considered the official comment
and should include discussion of all points you wish to make. The EPA
will generally not consider comments or comment contents located
outside of the primary submission (i.e., on the Web, cloud, or other
file sharing system). For additional submission methods, the full EPA
public comment policy, information about CBI or multimedia submissions,
and general guidance on making effective comments, please visit https://www.epa.gov/dockets/commenting-epa-dockets.
    The https://www.regulations.gov website allows you to submit your
comments anonymously, which means the 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 the EPA without going
through https://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, the EPA recommends that you include your
name and other contact information in the body of your comment and with
any digital storage media you submit. If the EPA cannot read your
comment due to technical difficulties and cannot contact you for
clarification, the EPA may not be able to consider your comment.
Electronic files should not include special characters or any form of
encryption and be free of any defects or viruses. For additional
information about the EPA's public docket, visit the EPA Docket Center
homepage at https://www.epa.gov/dockets.
    Submitting CBI. Do not submit information containing CBI to the EPA
through https://www.regulations.gov or email. Clearly mark the part or
all of the information that you claim to be CBI. For CBI information on
any digital storage media that you mail to the EPA, mark the outside of
the digital storage media as CBI and then identify electronically
within the digital storage media the specific information that is
claimed as CBI. In addition to one complete version of the comments
that includes information claimed as CBI, you must submit a copy of the
comments that does not contain the information claimed as CBI directly
to the public docket through the procedures outlined in Instructions
above. If you submit any digital storage media that does not contain
CBI, mark the outside of the digital storage media clearly that it does
not contain CBI. Information not marked as CBI will be included in the
public docket and the EPA's electronic public docket without prior
notice. Information marked as CBI will not be disclosed except in
accordance with procedures set forth in 40 Code of Federal Regulations
(CFR) part 2. Send or deliver information identified as CBI only to the
following

address: OAQPS Document Control Officer (C404-02), OAQPS, U.S.
Environmental Protection Agency, Research Triangle Park, North Carolina
27711, Attention Docket ID No. EPA-HQ-OAR-2010-0682.
    Preamble Acronyms and Abbreviations. We use multiple acronyms and
terms in this preamble. While this list may not be exhaustive, to ease
the reading of this preamble and for reference purposes, the EPA
defines the following terms and acronyms here:

AFPM American Fuel and Petrochemical Manufacturers
API American Petroleum Institute
CAA Clean Air Act
CBI Confidential Business Information
CFR Code of Federal Regulations
EPA Environmental Protection Agency
HAP hazardous air pollutant(s)
LEL lower explosive limit
MACT maximum achievable control technology
NESHAP national emission standards for hazardous air pollutants
NTTAA National Technology Transfer and Advancement Act
OAQPS Office of Air Quality Planning and Standards
OMB Office of Management and Budget
PRA Paperwork Reduction Act
RFA Regulatory Flexibility Act
UMRA Unfunded Mandates Reform Act

    Organization of this Document. The information in this preamble is
organized as follows:

I. General Information
    A. Does this action apply to me?
    B. Where can I get a copy of this document and other related
information?
II. Background
III. What actions are we proposing?
IV. Summary of Cost, Environmental, and Economic Impacts
V. Statutory and Executive Order Reviews
    A. Executive Order 12866: Regulatory Planning and Review and
Executive Order 13563: Improving Regulation and Regulatory Review
    B. Executive Order 13771: Reducing Regulations and Controlling
Regulatory Costs
    C. Paperwork Reduction Act (PRA)
    D. Regulatory Flexibility Act (RFA)
    E. Unfunded Mandates Reform Act (UMRA)
    F. Executive Order 13132: Federalism
    G. Executive Order 13175: Consultation and Coordination With
Indian Tribal Governments
    H. Executive Order 13045: Protection of Children From
Environmental Health Risks and Safety Risks
    I. Executive Order 13211: Actions Concerning Regulations That
Significantly Affect Energy Supply, Distribution, or Use
    J. National Technology Transfer and Advancement Act (NTTAA)
    K. Executive Order 12898: Federal Actions To Address
Environmental Justice in Minority Populations and Low-Income
Populations.

I. General Information

A. Does this action apply to me?

    Table 1 of this preamble lists the NESHAP and associated regulated
industrial source categories that are the subject of this proposal.
Table 1 is not intended to be exhaustive, but rather provides a guide
for readers regarding the entities that this proposed action is likely
to affect. The proposed standards, once promulgated, will be directly
applicable to the affected sources. Federal, state, local, and tribal
government entities would not be affected by this proposed action. As
defined in the Initial List of Categories of Sources Under Section
112(c)(1) of the Clean Air Act Amendments of 1990 (see 57 FR 31576,
July 16, 1992), the category titled Petroleum Refineries--Other Sources
Not Distinctly Listed includes any facility engaged in producing
gasoline, napthas, kerosene, jet fuels, distillate fuel oils, residual
fuel oils, lubricants, or other products from crude oil or unfinished
petroleum derivatives. This category includes all refinery emission
sources except for three process vent sources listed in the Petroleum
Refineries--Catalytic Cracking (Fluid and Other) Units, Catalytic
Reforming Units, and Sulfur Plant Units source category. The refinery
process units in the Petroleum Refineries--Other Sources Not Distinctly
Listed source category include, but are not limited to, thermal
cracking, vacuum distillation, crude distillation, hydroheating/
hydrorefining, isomerization, polymerization, lube oil processing, and
hydrogen production.

    Table 1--NESHAP and Industrial Source Categories Affected by This
                             Proposed Action
------------------------------------------------------------------------
        Source category                   NESHAP          NAICS code \1\
------------------------------------------------------------------------
Petroleum Refineries...........  40 CFR part 63, subpart          324110
                                  CC.
------------------------------------------------------------------------
\1\ North American Industry Classification System.

B. Where can I get a copy of this document and other related
information?

    In addition to being available in the docket, an electronic copy of
this action is available on the internet. Following signature by the
EPA Administrator, the EPA will post a copy of this proposed action at
https://www.epa.gov/stationary-sources-air-pollution/petroleum-refinery-sector-risk-and-technology-review-and-new-source. Following
publication in the Federal Register, the EPA will post the Federal
Register version of the proposal and key technical documents at this
same website.
    A redline version of the regulatory language that incorporates the
proposed changes in this action is available in the docket for this
action (Docket ID No. EPA-HQ-OAR-2010-0682).

II. Background

    The EPA initially promulgated NESHAP pursuant to the Clean Air Act
(CAA) sections 112(d)(2) and (3) for major sources in the Petroleum
Refineries--Other Sources Not Distinctly Listed source category on
August 18, 1995, in 40 CFR part 63, subpart CC. These standards are
also referred to as maximum achievable control technology (MACT)
standards and this NESHAP for petroleum refineries is commonly referred
to as Refinery MACT 1. The 1995 Refinery MACT 1 rule regulates
miscellaneous process vents, storage vessels, wastewater, equipment
leaks, gasoline loading racks, and marine tank vessel loading. On
October 28, 2009, the EPA promulgated amendments to Refinery MACT 1 to
include MACT standards for heat exchange systems, which were not
originally addressed in Refinery MACT 1. This same rulemaking included
updating cross-references to the General Provisions in 40 CFR part 63.
    The EPA completed a residual risk and technology review of Refinery
MACT 1, publishing final amendments on December 1, 2015. The December
1, 2015, final amendments included revisions to the Refinery MACT 1
requirements for process vents designated as ``maintenance vents.''
Maintenance vents are used only during startup, shutdown, maintenance,
or inspection of equipment activities during which the equipment is
emptied, depressurized, degassed, or placed into service. The December
1, 2015, final amendments require that the hydrocarbon content of the
vapor in the equipment served by the maintenance

vent to be less than or equal to 10 percent of the lower explosive
limit (LEL) prior to venting to the atmosphere. The December 1, 2015,
final rule also provides specific allowances for situations when the
10-percent LEL cannot be demonstrated or is technically infeasible. The
compliance date included in the December 1, 2015, final rule for
maintenance vents located at sources constructed on or before June 30,
2014, was February 1, 2016 (the effective date of the December 1, 2015,
final amendments).
    On January 19, 2016, the EPA received a petition for
reconsideration from the American Petroleum Institute (API) and the
American Fuel and Petrochemical Manufacturers (AFPM) formally
requesting that the EPA reconsider the compliance date for maintenance
vents located at sources constructed on or before June 30, 2014, among
other issues.
    In response to this petition, on July 13, 2016, the EPA revised the
compliance date for maintenance vents located at sources constructed on
or before June 30, 2014, from February 1, 2016, to August 1, 2017 (81
FR 45232; July 13, 2016).

III. What actions are we proposing?

    In this action, the EPA is proposing to revise the compliance date
for maintenance vents located at sources constructed on or before June
30, 2014, from August 1, 2017, to January 30, 2019. This proposed
compliance date would provide petroleum refinery owners or operators
with an additional 18 months to achieve compliance. The EPA is aware
that many refineries have made good faith efforts to achieve
compliance, including applying for and receiving an additional 12-month
compliance extension. This makes their compliance deadline August 1,
2018, under the procedures provided in the General Provisions at 40 CFR
63.6(i). The compliance date included in this proposal (i.e., January
30, 2019) is 3 years from the effective date of the December 1, 2015,
final rule (i.e., February 1, 2016). This proposed compliance date is
consistent with CAA section 112(i)(3)(A), which specifies that the EPA
provide a compliance date no more than 3 years after the effective date
of the standard.
    The EPA is proposing to amend the compliance date due to challenges
petroleum refinery owners or operators have experienced in attempting
to comply with the December 1, 2015, final rule requirements
notwithstanding the additional compliance time provided in the July 13,
2016, final rule (i.e., August 1, 2017) and the compliance extension
procedure in 40 CFR 63.6(i) (i.e., August 1, 2018). The new
requirements for maintenance vents promulgated in the December 1, 2015,
rule resulted in the need for completing the ``management of change
process'' for affected sources (81 FR 45232, 45237, July 13, 2016). The
management of change process includes evaluating the change, forming an
internal team to accomplish the change, engineering the change which
could include developing new set points, installing new controls or
alarms, conducting risk assessments, updating associated plans and
procedures, providing training, performing pre-startup safety reviews,
and implementing the change as required by other regulatory programs.
Some refinery owners or operators have also indicated the need to
install additional control equipment to meet the new requirements,
which would require additional engineering design, site preparation,
and installation.
    Additionally, the EPA has received various requests from industry
stakeholders for clarification regarding the maintenance vent
provisions.\1\ \2\ \3\ \4\ In consideration of these submissions, the
EPA has proposed technical corrections and clarifications for
maintenance vents in a proposed rule which was published in the Federal
Register on April 10, 2018. The public comment period for this proposed
rule closed on May 25, 2018. The April 10, 2018, proposed rule directly
affects compliance for maintenance vents and, therefore, creates
uncertainty for affected sources, affecting the ability of refinery
owners or operators to fully invest in compliance solutions.
---------------------------------------------------------------------------

    \1\ Supplemental Request for Administrative Reconsideration of
Targeted Elements of the EPA's Final Rule ``Petroleum Refinery
Sector Risk and Technology Review and New Source Performance
Standards; Final Rule'' Howard Feldman, API, and David Friedman,
AFPM. February 1, 2016. Docket Item No.: EPA-HQ-OAR-2010-0682-0892.
    \2\ Letter from Matt Todd, API, and David Friedman, AFPM, to P.
Lassiter, EPA. July 12, 2016. Available in Docket ID: EPA-HQ-OAR-
2010-0682-0914.
    \3\ Letter from Matt Todd, API, and David Friedman, AFPM, to P.
Lassiter, EPA. March 28, 2017. Available in Docket ID: EPA-HQ-OAR-
2010-0682-0915.
    \4\ Todd, Matt. ``Examples.'' Message to Brenda Shine. September
11, 2017. Email. Available in Docket ID: EPA-HQ-OAR-2010-0682-0927.
---------------------------------------------------------------------------

    A compliance date of January 30, 2019, will provide sufficient time
for the EPA to take final action on the April 10, 2018, proposal, and
sufficient time for sources to complete the management of change
process and to fully invest in compliance solutions.

IV. Summary of Cost, Environmental, and Economic Impacts

    The additional compliance time will have an insignificant effect on
emission reductions and no effect on costs. The amount of time the
maintenance vents are used are relatively infrequent and are usually of
short duration (81 FR 45237, July 13, 2016). In addition, the proposed
compliance date only provides approximately 6 months additional time
beyond the August 1, 2018, compliance date for facilities that received
a compliance extension under the procedure in 40 CFR 63.6(i).

V. Statutory and Executive Order Reviews

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

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

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

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

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

C. Paperwork Reduction Act (PRA)

    This action does not impose any new information collection burden
under the PRA. The OMB has previously approved the information
collection activities contained in the existing regulations at 40 CFR
part 63, subparts CC and UUU under the provisions of the PRA, 44 U.S.C.
3501 et seq., and has assigned the OMB control numbers 2060-0340 and
2060-0554. The proposed amendments are revisions to compliance dates
that do not affect the estimated burden of the existing rule.
Therefore, we have not revised the information collection request for
the existing rule.

D. Regulatory Flexibility Act (RFA)

    I certify that this action will not have a significant economic
impact on a substantial number of small entities under the RFA. In
making this determination, the impact of concern is any significant
adverse economic impact on small entities. An agency may certify that a
rule will not have a significant economic impact on a substantial
number of small entities, if the rule relieves regulatory burden, has

no net burden, or otherwise has a positive economic effect on the small
entities subject to the rule. The action consists of revisions to
compliance dates which do not change the expected economic impact
analysis performed for the existing rule. We have, therefore, concluded
that this action will have no net regulatory burden for all directly
regulated small entities.

E. Unfunded Mandates Reform Act (UMRA)

    This action does not contain any unfunded mandate as described in
UMRA, 2 U.S.C. 1531-1538, and does not significantly or uniquely affect
small governments. The action imposes no enforceable duty on any state,
local, or tribal governments or the private sector.

F. Executive Order 13132: Federalism

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

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

    This action does not have tribal implications as specified in
Executive Order 13175. It will not have substantial direct effect on
tribal governments, on the relationship between the federal government
and Indian tribes, or on the distribution of power and responsibilities
between the federal government and Indian tribes, as specified in
Executive Order 13175. Thus, Executive Order 13175 does not apply to
this action.

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

    This action is not subject to Executive Order 13045 because it is
not economically significant as defined in Executive Order 12866, and
because the EPA does not believe the environmental health or safety
risks addressed by this action present a disproportionate risk to
children. The proposed amendments revise compliance dates. The
additional compliance time will have an insignificant effect on
emission reductions as many refiners already have measures in place due
to state and other federal requirements to minimize emissions during
these periods. Further, these periods are relatively infrequent and are
usually of short duration. Therefore, the proposed amendments should
not appreciably increase risk for any populations.

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

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

J. National Technology Transfer and Advancement Act (NTTAA)

    This rulemaking does not involve technical standards.

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

    The EPA believes that this action does not have disproportionately
high and adverse human health or environmental effects on minority
populations, low-income populations and/or indigenous peoples, as
specified in Executive Order 12898 (59 FR 7629, February 16, 1994). The
proposed amendments revise compliance dates. The additional compliance
time will have an insignificant effect on emission reductions as many
refiners already have measures in place due to state and other federal
requirements to minimize emissions during these periods. Further, these
periods are relatively infrequent and are usually of short duration.
Additionally, the proposed compliance date only provides approximately
6 months beyond the August 1, 2018, compliance date for facilities
operating under the compliance extension procedure in 40 CFR 63.6(i).
Therefore, the proposed amendments should not appreciably increase risk
for any populations.

List of Subjects in 40 CFR Parts 60 and 63

    Environmental protection, Administrative practice and procedures,
Air pollution control, Hazardous substances, Intergovernmental
relations, Reporting and recordkeeping requirements.

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

    For the reasons stated in the preamble, title 40, chapter I, of the
Code of Federal Regulations is proposed to be amended as follows:

PART 63--NATIONAL EMISSION STANDARDS FOR HAZARDOUS AIR POLLUTANTS
FOR SOURCE CATEGORIES

0
1. The authority citation for part 63 continues to read as follows:

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

Subpart CC--National Emission Standards for Hazardous Air
Pollutants From Petroleum Refineries

0
2. The appendix to subpart CC is amended by revising items 2(iv), 3(iv)
and 4(v) in table 11 to read as follows:

Appendix to Subpart CC of Part 63--Tables

* * * * *

Table 11--Compliance Dates and Requirements

* * * * *

----------------------------------------------------------------------------------------------------------------
                                          Then the owner or         And the owner or
 If the construction/ reconstruction     operator must comply    operator must achieve   Except as provided in .
            date is . . .                     with . . .            compliance . . .               . .
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
(2) * * *............................  (iv) Requirements for    On or before January     Sec.  Sec.   63.640(k),
                                        existing sources in      30, 2019.                (l), and (m) and
                                        Sec.   63.643(c).                                 63.643(d).

                                                  * * * * * * *
(3) * * *............................  (iv) Requirements for    On or before January     Sec.  Sec.   63.640(k),
                                        existing sources in      30, 2019.                (l), and (m) and
                                        Sec.   63.643(c).                                 63.643(d).

                                                  * * * * * * *
(4) * * *............................  (v) Requirements for     On or before January     Sec.  Sec.   63.640(k),
                                        existing sources in      30, 2019.                (l), and (m) and
                                        Sec.   63.643(c).                                 63.643(d).

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------

[FR Doc. 2018-14736 Filed 7-9-18; 8:45 am]
 BILLING CODE 6560-50-P