proposal and the November 2018 rule.

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 OMB for review.

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

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

C. Paperwork Reduction Act (PRA)

    This action does not impose any new information collection burden
under the PRA. OMB has previously approved the information collection
activities contained in the existing regulations at 40 CFR part 63,
subparts CC and UUU, and has assigned OMB control numbers 2060-0340 and
2060-0554. The revisions adopted in this action are clarifications and
technical corrections 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 rule revisions being made through
this action consist of clarifications and technical corrections which
do not change the expected economic impact analysis performed for the
December 2015 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, on the relationship between
the national government and the states, or on the distribution of power
and responsibilities among the various levels of government.

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

    This action does not have tribal implications as specified in
Executive Order 13175. 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 environmental health or safety risks addressed by this
action do not present a disproportionate risk to children. The actions
taken in this rulemaking are technical clarifications and corrections
and they do not affect 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
actions taken in this rulemaking are technical clarifications and
corrections and they do not affect the risk for any populations.

L. Congressional Review Act (CRA)

    This action is subject to the CRA, and the EPA will submit a rule
report to each House of the Congress and to the Comptroller General of
the United States. This action is not a ``major rule'' as defined by 5
U.S.C. 804(2).

List of Subjects in 40 CFR Part 63

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

    Dated: January 14, 2020.
Andrew R. Wheeler,
Administrator.

    For the reasons set forth in the preamble, the Environmental
Protection Agency is amending 40 CFR part 63 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. Section 63.640 is amended by revising paragraph (p)(2) to read as
follows:

Sec.  63.640  Applicability and designation of affected source.

* * * * *
    (p) * * *
    (2) Equipment leaks that are also subject to the provisions of 40
CFR part 60, subpart GGGa, are required to comply only with the
provisions specified in 40 CFR part 60, subpart GGGa, except that
pressure relief devices in organic HAP service must only comply with
the requirements in Sec.  63.648(j).
* * * * *

0
3. Section 63.641 is amended by revising the definition of ``Reference
control technology for storage vessels'' to read as follows:

Sec.  63.641  Definitions.

* * * * *
    Reference control technology for storage vessels means either:
    (1) For Group 1 storage vessels complying with Sec.  63.660:
    (i) An internal floating roof, including an external floating roof
converted to an internal floating roof, meeting the specifications of
Sec. Sec.  63.1063(a)(1)(i), (a)(2), and (b) and 63.660(b)(2);
    (ii) An external floating roof meeting the specifications of
Sec. Sec.  63.1063(a)(1)(ii), (a)(2), and (b) and 63.660(b)(2); or
    (iii) [Reserved]
    (iv) A closed-vent system to a control device that reduces organic
HAP emissions by 95 percent, or to an outlet concentration of 20 parts
per million by volume (ppmv).
    (v) For purposes of emissions averaging, these four technologies
are considered equivalent.
    (2) For all other storage vessels:
    (i) An internal floating roof meeting the specifications of Sec.
63.119(b) of subpart G except for Sec.  63.119(b)(5) and (6);
    (ii) An external floating roof meeting the specifications of Sec.
63.119(c) of subpart G except for Sec.  63.119(c)(2);
    (iii) An external floating roof converted to an internal floating
roof meeting the specifications of Sec.  63.119(d) of subpart G except
for Sec.  63.119(d)(2); or
    (iv) A closed-vent system to a control device that reduces organic
HAP emissions by 95 percent, or to an outlet concentration of 20 parts
per million by volume.
    (v) For purposes of emissions averaging, these four technologies
are considered equivalent.
* * * * *

0
4. Section 63.643 is amended by revising paragraph (c)(1)(v) to read as
follows:

Sec.  63.643  Miscellaneous process vent provisions.

* * * * *
    (c) * * *
    (1) * * *
    (v) If, after applying best practices to isolate and purge
equipment served by a maintenance vent, none of the applicable
criterion in paragraphs (c)(1)(i) through (iv) of this section can be
met prior to installing or removing a blind flange or similar equipment
blind, the pressure in the equipment served by the maintenance vent is
reduced to 2 psig or less. Active purging of the equipment may be used
provided the equipment pressure at the location where purge gas is
introduced remains at 2 psig or less.
* * * * *

0
5. Section 63.648 is amended by revising paragraphs (j) introductory
text and (j)(2)(i) through (iii) to read as follows:

Sec.  63.648  Equipment leak standards.

* * * * *
    (j) Except as specified in paragraph (j)(4) of this section, the
owner or operator must comply with the requirements specified in
paragraphs (j)(1) and (2) of this section for pressure relief devices,
such as relief valves or rupture disks, in organic HAP gas or vapor
service instead of the pressure relief device requirements of Sec.
60.482-4 of this chapter, Sec.  60.482-4a of this chapter, or Sec.
63.165, as applicable. Except as specified in paragraphs (j)(4) and (5)
of this section, the owner or operator must also comply with the
requirements specified in paragraph (j)(3) of this section for all
pressure relief devices in organic HAP service.
* * * * *
    (2) * * *
    (i) If the pressure relief device does not consist of or include a
rupture disk, conduct instrument monitoring, as specified in Sec.
60.485(c) of this chapter, Sec.  60.485a(c) of this chapter, or Sec.
63.180(c), as applicable, no later than 5 calendar days after the
pressure relief device returns to organic HAP gas or vapor service
following a pressure release to verify that the pressure relief device
is operating with an instrument reading of less than 500 ppm.
    (ii) If the pressure relief device includes a rupture disk, either
comply with the requirements in paragraph (j)(2)(i) of this section
(not replacing the rupture disk) or install a replacement disk as soon
as practicable after a pressure release, but no later than 5 calendar
days after the pressure release. The owner or operator must conduct
instrument monitoring, as specified in Sec.  60.485(c) of this chapter,
Sec.  60.485a(c) of this chapter or Sec.  63.180(c), as applicable, no
later than 5 calendar days after the pressure relief device returns to
organic HAP gas or vapor service following a pressure release to verify
that the pressure relief device is operating with an instrument reading
of less than 500 ppm.
    (iii) If the pressure relief device consists only of a rupture
disk, install a replacement disk as soon as practicable

after a pressure release, but no later than 5 calendar days after the
pressure release. The owner or operator may not initiate startup of the
equipment served by the rupture disk until the rupture disc is
replaced. The owner or operator must conduct instrument monitoring, as
specified in Sec.  60.485(c) of this chapter, Sec.  60.485a(c) of this
chapter, or Sec.  63.180(c), as applicable, no later than 5 calendar
days after the pressure relief device returns to organic HAP gas or
vapor service following a pressure release to verify that the pressure
relief device is operating with an instrument reading of less than 500
ppm.
* * * * *

0
6. Section 63.655 is amended by revising paragraphs (f)(1)(iii),
(f)(2), adding a paragraph (h)(10) subject heading, and revising
paragraph (i)(11) introductory text to read as follows:

Sec.  63.655  Reporting and recordkeeping requirements.

* * * * *
    (f) * * *
    (1) * * *
    (iii) For miscellaneous process vents controlled by control devices
required to be tested under Sec. Sec.  63.645 and 63.116(c),
performance test results including the information in paragraphs
(f)(1)(iii)(A) and (B) of this section. Results of a performance test
conducted prior to the compliance date of this subpart can be used
provided that the test was conducted using the methods specified in
Sec.  63.645 and that the test conditions are representative of current
operating conditions. If the performance test is submitted
electronically through the EPA's Compliance and Emissions Data
Reporting Interface (CEDRI) in accordance with Sec.  63.655(h)(9), the
process unit(s) tested, the pollutant(s) tested, and the date that such
performance test was conducted may be submitted in the Notification of
Compliance Status in lieu of the performance test results. The
performance test results must be submitted to CEDRI by the date the
Notification of Compliance Status is submitted.
    (A) The percentage of reduction of organic HAP's or TOC, or the
outlet concentration of organic HAP's or TOC (parts per million by
volume on a dry basis corrected to 3 percent oxygen), determined as
specified in Sec.  63.116(c) of subpart G of this part; and
    (B) The value of the monitored parameters specified in table 10 of
this subpart, or a site-specific parameter approved by the permitting
authority, averaged over the full period of the performance test.
* * * * *
    (2) If initial performance tests are required by Sec. Sec.  63.643
through 63.653, the Notification of Compliance Status report shall
include one complete test report for each test method used for a
particular source. On and after February 1, 2016, for data collected
using test methods supported by the EPA's Electronic Reporting Tool
(ERT) as listed on the EPA's ERT website (https://www.epa.gov/electronic-reporting-air-emissions/electronic-reporting-tool-ert) at
the time of the test, you must submit the results in accordance with
Sec.  63.655(h)(9) by the date that you submit the Notification of
Compliance Status, and you must include the process unit(s) tested, the
pollutant(s) tested, and the date that such performance test was
conducted in the Notification of Compliance Status. All other
performance test results must be reported in the Notification of
Compliance Status.
    (i) For additional tests performed using the same method, the
results specified in paragraph (f)(1) of this section shall be
submitted, but a complete test report is not required.
    (ii) A complete test report shall include a sampling site
description, description of sampling and analysis procedures and any
modifications to standard procedures, quality assurance procedures,
record of operating conditions during the test, record of preparation
of standards, record of calibrations, raw data sheets for field
sampling, raw data sheets for field and laboratory analyses,
documentation of calculations, and any other information required by
the test method.
    (iii) Performance tests are required only if specified by
Sec. Sec.  63.643 through 63.653 of this subpart. Initial performance
tests are required for some kinds of emission points and controls.
Periodic testing of the same emission point is not required.
* * * * *
    (h) * * *
    (10) Extensions to electronic reporting deadlines.
* * * * *
    (i) * * *
    (11) For each pressure relief device subject to the pressure
release management work practice standards in Sec.  63.648(j)(3), the
owner or operator shall keep the records specified in paragraphs
(i)(11)(i) through (iii) of this section. For each pilot-operated
pressure relief device subject to the requirements at Sec.
63.648(j)(4)(ii), the owner or operator shall keep the records
specified in paragraph (i)(11)(iv) of this section.
* * * * *

0
7. Section 63.660 is amended by revising paragraph (i)(2)(iii) to read
as follows:

Sec.  63.660   Storage vessel provisions.

* * * * *
    (i) * * *
    (2) * * *
    (iii) Use a cap, blind flange, plug, or a second valve for an open-
ended valve or line following the requirements specified in Sec.
60.482-6(a)(2), (b), and (c).
* * * * *

0
8. Section 63.670 is amended by revising paragraph (d)(2) to read as
follows:

Sec.  63.670   Requirements for flare control devices.

* * * * *
    (d) * * *
    (2) Vtip must be less than 400 feet per second and also
less than the maximum allowed flare tip velocity (Vmax) as
calculated according to the following equation. The owner or operator
shall monitor Vtip using the procedures specified in
paragraphs (i) and (k) of this section and monitor gas composition and
determine NHVvg using the procedures specified in paragraphs
(j) and (l) of this section.
[GRAPHIC] [TIFF OMITTED] TR04FE20.003

Where:

Vmax = Maximum allowed flare tip velocity, ft/sec.
NHVvg = Net heating value of flare vent gas, as
determined by paragraph (k)(4) of this section, Btu/scf.
1,212 = Constant.
850 = Constant.
* * * * *

Subpart UUU--National Emission Standards for Hazardous Air
Pollutants for Petroleum Refineries: Catalytic Cracking Units,
Catalytic Reforming Units, and Sulfur Recovery Units

0
9. Revise Table 4 to Subpart UUU of Part 63 to read as follows:

    Table 4 to Subpart UUU of Part 63--Requirements for Performance
Tests for Metal HAP Emissions From Catalytic Cracking Units
    As stated in Sec. Sec.  63.1564(b)(2) and 63.1571(a)(5), you shall
meet each requirement in the following table that applies to you.

----------------------------------------------------------------------------------------------------------------
For each new or existing catalytic
cracking unit catalyst regenerator      You must . . .             Using . . .             According to these
            vent . . .                                                                     requirements . . .
----------------------------------------------------------------------------------------------------------------
1. Any............................  a. Select sampling     Method 1 or 1A in appendix  Sampling sites must be
                                     port's location and    A-1 to part 60 of this      located at the outlet of
                                     the number of          chapter.                    the control device or
                                     traverse ports.                                    the outlet of the
                                                                                regenerator, as
                                                                                applicable, and prior to
                                                                                any releases to the
                                                                                atmosphere.
                                    b. Determine velocity  Method 2, 2A, 2C, 2D, or
                                     and volumetric flow    2F in appendix A-1 to
                                     rate.                  part 60 of this chapter,
                                                            or Method 2G in appendix
                                                            A-2 to part 60 of this
                                                            chapter, as applicable.
                                    c. Conduct gas         Method 3, 3A, or 3B in
                                     molecular weight       appendix A-2 to part 60
                                     analysis.              of this chapter, as
                                                            applicable.
                                    d. Measure moisture    Method 4 in appendix A-3
                                     content of the stack   to part 60 of this
                                     gas.                   chapter.
                                    e. If you use an
                                     electrostatic
                                     precipitator, record
                                     the total number of
                                     fields in the
                                     control system and
                                     how many operated
                                     during the
                                     applicable
                                     performance test.
                                    f. If you use a wet
                                     scrubber, record the
                                     total amount (rate)
                                     of water (or
                                     scrubbing liquid)
                                     and the amount
                                     (rate) of make-up
                                     liquid to the
                                     scrubber during each
                                     test run.
2. Subject to the NSPS for PM in    a. Measure PM          Method 5, 5B, or 5F (40     You must maintain a
 40 CFR 60.102 and not elect Sec.    emissions.             CFR part 60, appendix A-    sampling rate of at
  60.100(e).                                                3) to determine PM          least 0.15 dry standard
                                                            emissions and associated    cubic meters per minute
                                                            moisture content for        (dscm/min) (0.53 dry
                                                            units without wet           standard cubic feet per
                                                            scrubbers. Method 5 or 5B   minute (dscf/min)).
                                                            (40 CFR part 60, appendix
                                                            A-3) to determine PM
                                                            emissions and associated
                                                            moisture content for unit
                                                            with wet scrubber.
                                    b. Compute coke burn-  Equations 1, 2, and 3 of
                                     off rate and PM        Sec.   63.1564 (if
                                     emission rate (lb/     applicable).
                                     1,000 lb of coke
                                     burn-off).
                                    c. Measure opacity of  Continuous opacity          You must collect opacity
                                     emissions.             monitoring system.          monitoring data every 10
                                                                                seconds during the
                                                                                entire period of the
                                                                                Method 5, 5B, or 5F
                                                                                performance test and
                                                                                reduce the data to 6-
                                                                                minute averages.
3. Subject to the NSPS for PM in    a. Measure PM          Method 5, 5B, or 5F (40     You must maintain a
 40 CFR 60.102a(b)(1) or elect       emissions.             CFR part 60, appendix A-    sampling rate of at
 Sec.   60.100(e), electing the PM                          3) to determine PM          least 0.15 dscm/min
 for coke burn-off limit.                                   emissions and associated    (0.53 dscf/min).
                                                            moisture content for
                                                            units without wet
                                                            scrubbers. Method 5 or 5B
                                                            (40 CFR part 60, appendix
                                                            A-3) to determine PM
                                                            emissions and associated
                                                            moisture content for unit
                                                            with wet scrubber.
                                    b. Compute coke burn-  Equations 1, 2, and 3 of
                                     off rate and PM        Sec.   63.1564 (if
                                     emission rate (lb/     applicable).
                                     1,000 lb of coke
                                     burn-off).

                                    c. Establish site-     Continuous opacity          If you elect to comply
                                     specific limit if      monitoring system.          with the site-specific
                                     you use a COMS.                                    opacity limit in Sec.
                                                                                63.1564(b)(4)(i), you
                                                                                must collect opacity
                                                                                monitoring data every 10
                                                                                seconds during the
                                                                                entire period of the
                                                                                Method 5, 5B, or 5F
                                                                                performance test. For
                                                                                site specific opacity
                                                                                monitoring, reduce the
                                                                                data to 6-minute
                                                                                averages; determine and
                                                                                record the average
                                                                                opacity for each test
                                                                                run; and compute the
                                                                                site-specific opacity
                                                                                limit using Equation 4
                                                                                of Sec.   63.1564.
4. Subject to the NSPS for PM in    a. Measure PM          Method 5, 5B, or 5F (40     You must maintain a
 40 CFR 60.102a(b)(1) or elect       emissions.             CFR part 60, appendix A-    sampling rate of at
 Sec.   60.100(e).                                          3) to determine PM          least 0.15 dscm/min
                                                            emissions and associated    (0.53 dscf/min).
                                                            moisture content for
                                                            units without wet
                                                            scrubbers. Method 5 or 5B
                                                            (40 CFR part 60, appendix
                                                            A-3) to determine PM
                                                            emissions and associated
                                                            moisture content for unit
                                                            with wet scrubber.
5. Option 1a: Elect NSPS subpart J  See item 2 of this
 requirements for PM per coke burn-  table.
 off limit, not subject to the
 NSPS for PM in 40 CFR 60.102 or
 60.102a(b)(1).
6. Option 1b: Elect NSPS subpart    See item 3 of this
 Ja requirements for PM per coke     table.
 burn-off limit, not subject to
 the NSPS for PM in 40 CFR 60.102
 or 60.102a(b)(1).
7. Option 1c: Elect NSPS            See item 4 of this
 requirements for PM                 table.
 concentration, not subject to the
 NSPS for PM in 40 CFR 60.102 or
 60.102a(b)(1).
8. Option 2: PM per coke burn-off   See item 3 of this
 limit, not subject to the NSPS      table.
 for PM in 40 CFR 60.102 or
 60.102a(b)(1).
9. Option 3: Ni lb/hr limit, not    a. Measure             Method 29 (40 CFR part 60,
 subject to the NSPS for PM in 40    concentration of Ni.   appendix A-8) Equation 5
 CFR 60.102 or 60.102a(b)(1).       b. Compute Ni           of Sec.   63.1564.
                                     emission rate (lb/
                                     hr).
                                    c. Determine the       XRF procedure in appendix   You must obtain 1 sample
                                     equilibrium catalyst   A to this subpart; \1\ or   for each of the 3 test
                                     Ni concentration.      EPA Method 6010B or 6020    runs; determine and
                                                            or EPA Method 7520 or       record the equilibrium
                                                            7521 in SW-8462; or an      catalyst Ni
                                                            alternative to the SW-846   concentration for each
                                                            method satisfactory to      of the 3 samples; and
                                                            the Administrator.          you may adjust the
                                                                                laboratory results to
                                                                                the maximum value using
                                                                                Equation 1 of Sec.
                                                                                63.1571, if applicable.
                                    d. If you use a        i. Equations 6 and 7 of     (1) You must collect
                                     continuous opacity     Sec.   63.1564 using data   opacity monitoring data
                                     monitoring system,     from continuous opacity     every 10 seconds during
                                     establish your site-   monitoring system, gas      the entire period of the
                                     specific Ni            flow rate, results of       initial Ni performance
                                     operating limit.       equilibrium catalyst Ni     test; reduce the data to
                                                            concentration analysis,     6-minute averages; and
                                                            and Ni emission rate from   determine and record the
                                                            Method 29 test.             average opacity from all
                                                                                the 6-minute averages
                                                                                for each test run.
                                                                                (2) You must collect gas
                                                                                flow rate monitoring
                                                                                data every 15 minutes
                                                                                during the entire period
                                                                                of the initial Ni
                                                                                performance test;
                                                                                measure the gas flow as
                                                                                near as practical to the
                                                                                continuous opacity
                                                                                monitoring system; and
                                                                                determine and record the
                                                                                hourly average actual
                                                                                gas flow rate for each
                                                                                test run.

10. Option 4: Ni per coke burn-off  a. Measure             Method 29 (40 CFR part 60,
 limit, not subject to the NSPS      concentration of Ni.   appendix A-8). Equations
 for PM in 40 CFR 60.102 or         b. Compute Ni           1 and 8 of Sec.   63.1564.
 60.102a(b)(1).                      emission rate (lb/
                                     1,000 lb of coke
                                     burn-off).
                                    c. Determine the       See item 9.c. of this       You must obtain 1 sample
                                     equilibrium catalyst   table.                      for each of the 3 test
                                     Ni concentration.                                  runs; determine and
                                                                                record the equilibrium
                                                                                catalyst Ni
                                                                                concentration for each
                                                                                of the 3 samples; and
                                                                                you may adjust the
                                                                                laboratory results to
                                                                                the maximum value using
                                                                                Equation 2 of Sec.
                                                                                63.1571, if applicable.
                                    d. If you use a        i. Equations 9 and 10 of    (1) You must collect
                                     continuous opacity     Sec.   63.1564 with data    opacity monitoring data
                                     monitoring system,     from continuous opacity     every 10 seconds during
                                     establish your site-   monitoring system, coke     the entire period of the
                                     specific Ni            burn-off rate, results of   initial Ni performance
                                     operating limit.       equilibrium catalyst Ni     test; reduce the data to
                                                            concentration analysis,     6-minute averages; and
                                                            and Ni emission rate from   determine and record the
                                                            Method 29 test.             average opacity from all
                                                                                the 6-minute averages
                                                                                for each test run.
                                                                                (2) You must collect gas
                                                                                flow rate monitoring
                                                                                data every 15 minutes
                                                                                during the entire period
                                                                                of the initial Ni
                                                                                performance test;
                                                                                measure the gas flow
                                                                                rate as near as
                                                                                practical to the
                                                                                continuous opacity
                                                                                monitoring system; and
                                                                                determine and record the
                                                                                hourly average actual
                                                                                gas flow rate for each
                                                                                test run.
                                    e. Record the
                                     catalyst addition
                                     rate for each test
                                     and schedule for the
                                     10-day period prior
                                     to the test.
11. If you elect item 5 Option 1b   a. Establish each      Data from the continuous
 in Table 1, item 7 Option 2 in      operating limit in     parameter monitoring
 Table 1, item 8 Option 3 in Table   Table 2 of this        systems and applicable
 1, or item 9 Option 4 in Table 1    subpart that applies   performance test methods.
 of this subpart and you use         to you.
 continuous parameter monitoring
 systems.
                                    b. Electrostatic       i. Data from the            (1) You must collect gas
                                     precipitator or wet    continuous parameter        flow rate monitoring
                                     scrubber: Gas flow     monitoring systems and      data every 15 minutes
                                     rate.                  applicable performance      during the entire period
                                                            test methods.               of the initial
                                                                                performance test;
                                                                                determine and record the
                                                                                average gas flow rate
                                                                                for each test run.
                                                                                (2) You must determine
                                                                                and record the 3-hr
                                                                                average gas flow rate
                                                                                from the test runs.
                                                                                Alternatively, before
                                                                                August 1, 2017, you may
                                                                                determine and record the
                                                                                maximum hourly average
                                                                                gas flow rate from all
                                                                                the readings.
                                    c. Electrostatic       i. Data from the            (1) You must collect
                                     precipitator: Total    continuous parameter        voltage, current, and
                                     power (voltage and     monitoring systems and      secondary current
                                     current) and           applicable performance      monitoring data every 15
                                     secondary current.     test methods.               minutes during the
                                                                                entire period of the
                                                                                performance test; and
                                                                                determine and record the
                                                                                average voltage,
                                                                                current, and secondary
                                                                                current for each test
                                                                                run. Alternatively,
                                                                                before August 1, 2017,
                                                                                you may collect voltage
                                                                                and secondary current
                                                                                (or total power input)
                                                                                monitoring data every 15
                                                                                minutes during the
                                                                                entire period of the
                                                                                initial performance
                                                                                test.
                                                                                (2) You must determine
                                                                                and record the 3-hr
                                                                                average total power to
                                                                                the system for the test
                                                                                runs and the 3-hr
                                                                                average secondary
                                                                                current from the test
                                                                                runs. Alternatively,
                                                                                before August 1, 2017,
                                                                                you may determine and
                                                                                record the minimum
                                                                                hourly average voltage
                                                                                and secondary current
                                                                                (or total power input)
                                                                                from all the readings.

                                    d. Electrostatic       Results of analysis for     You must determine and
                                     precipitator or wet    equilibrium catalyst Ni     record the average
                                     scrubber:              concentration.              equilibrium catalyst Ni
                                     Equilibrium catalyst                               concentration for the 3
                                     Ni concentration.                                  runs based on the
                                                                                laboratory results. You
                                                                                may adjust the value
                                                                                using Equation 1 or 2 of
                                                                                Sec.   63.1571 as
                                                                                applicable.
                                    e. Wet scrubber:       i. Data from the            (1) You must collect
                                     Pressure drop (not     continuous parameter        pressure drop monitoring
                                     applicable to non-     monitoring systems and      data every 15 minutes
                                     venturi scrubber of    applicable performance      during the entire period
                                     jet ejector design).   test methods.               of the initial
                                                                                performance test; and
                                                                                determine and record the
                                                                                average pressure drop
                                                                                for each test run.
                                                                                (2) You must determine
                                                                                and record the 3-hr
                                                                                average pressure drop
                                                                                from the test runs.
                                                                                Alternatively, before
                                                                                August 1, 2017, you may
                                                                                determine and record the
                                                                                minimum hourly average
                                                                                pressure drop from all
                                                                                the readings.
                                    f. Wet scrubber:       i. Data from the            (1) You must collect gas
                                     Liquid-to-gas ratio.   continuous parameter        flow rate and total
                                                            monitoring systems and      water (or scrubbing
                                                            applicable performance      liquid) flow rate
                                                            test methods.               monitoring data every 15
                                                                                minutes during the
                                                                                entire period of the
                                                                                initial performance
                                                                                test; determine and
                                                                                record the average gas
                                                                                flow rate for each test
                                                                                run; and determine the
                                                                                average total water (or
                                                                                scrubbing liquid) flow
                                                                                for each test run.
                                                                                (2) You must determine
                                                                                and record the hourly
                                                                                average liquid-to-gas
                                                                                ratio from the test
                                                                                runs. Alternatively,
                                                                                before August 1, 2017,
                                                                                you may determine and
                                                                                record the hourly
                                                                                average gas flow rate
                                                                                and total water (or
                                                                                scrubbing liquid) flow
                                                                                rate from all the
                                                                                readings.
                                                                                (3) You must determine
                                                                                and record the 3-hr
                                                                                average liquid-to-gas
                                                                                ratio. Alternatively,
                                                                                before August 1, 2017,
                                                                                you may determine and
                                                                                record the minimum
                                                                                liquid-to-gas ratio.
                                    g. Alternative         i. Data from the            (1) You must collect air
                                     procedure for gas      continuous parameter        flow rate monitoring
                                     flow rate.             monitoring systems and      data or determine the
                                                            applicable performance      air flow rate using
                                                            test methods.               control room
                                                                                instrumentation every 15
                                                                                minutes during the
                                                                                entire period of the
                                                                                initial performance
                                                                                test.
                                                                                (2) You must determine
                                                                                and record the 3-hr
                                                                                average rate of all the
                                                                                readings from the test
                                                                                runs. Alternatively,
                                                                                before August 1, 2017,
                                                                                you may determine and
                                                                                record the hourly
                                                                                average rate of all the
                                                                                readings.
                                                                                (3) You must determine
                                                                                and record the maximum
                                                                                gas flow rate using
                                                                                Equation 1 of Sec.
                                                                                63.1573.
----------------------------------------------------------------------------------------------------------------
\1\ Determination of Metal Concentration on Catalyst Particles (Instrumental Analyzer Procedure).
\2\ EPA Method 6010B, Inductively Coupled Plasma-Atomic Emission Spectrometry, EPA Method 6020, Inductively
  Coupled Plasma-Mass Spectrometry, EPA Method 7520, Nickel Atomic Absorption, Direct Aspiration, and EPA Method
  7521, Nickel Atomic Absorption, Direct Aspiration are included in ``Test Methods for Evaluating Solid Waste,
  Physical/Chemical Methods,'' EPA Publication SW-846, Revision 5 (April 1998). The SW-846 and Updates (document
  number<PHONE_NUMBER>0-1) are available for purchase from the Superintendent of Documents, U.S. Government
  Publishing Office, Washington, DC 20402,<PHONE_NUMBER>; and from the National Technical Information Services
  (NTIS), 5285 Port Royal Road, Springfield, VA 22161,<PHONE_NUMBER>. Copies may be inspected at the EPA Docket
  Center, William Jefferson Clinton (WJC) West Building (Air Docket), Room 3334, 1301 Constitution Ave. NW,
  Washington, DC; or at the Office of the Federal Register, 800 North Capitol Street NW, Suite 700, Washington,
  DC.

[FR Doc. 2020-01108 Filed 2-3-20; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 82, Number 215 (Wednesday, November 8, 2017)]
[Rules and Regulations]
[Pages 51756-51757]
[FR Doc No: 2017-24222]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2017-0620; Airspace Docket No. 17-ASW-10]

Establishment Class E Airspace; Cisco, TX

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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

SUMMARY: This action establishes Class E airspace extending upward from
700 feet above the surface at Gregory M. Simmons Memorial Airport,
Cisco, TX, to accommodate a new public instrument approach procedure at
the airport and for safety and management of instrument flight rules
(IFR) operations at the airport. Also, a correction is made to the
airport name in the regulatory text.

DATES: Effective 0901 UTC, February 1, 2018. The Director of the
Federal Register approves this incorporation by reference action under
Title 1, Code of Federal Regulations, part 51, subject to the annual
revision of FAA Order 7400.11 and publication of conforming amendments.

ADDRESSES: FAA Order 7400.11B, Airspace Designations and Reporting
Points, and subsequent amendments can be viewed online at http://www.faa.gov/air_traffic/publications/. For further information, you can
contact the Airspace Policy Group, Federal Aviation Administration, 800
Independence Avenue SW., Washington, DC 20591; telephone: (202) 267-
8783. The Order is also available for inspection at the National
Archives and Records Administration (NARA). For information on the
availability of FAA Order 7400.11B at NARA, call<PHONE_NUMBER>, or go
to https://www.archives.gov/federal-register/cfr/ibr-locations.html.
    FAA Order 7400.11, Airspace Designations and Reporting Points, is
published yearly and effective on September 15.

FOR FURTHER INFORMATION CONTACT: Jeffrey Claypool, Federal Aviation
Administration, Operations Support Group, Central Service Center, 10101
Hillwood Parkway, Fort Worth, TX 76177; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it establishes Class E airspace extending upward from 700 feet above
the surface at Gregory M. Simmons Memorial Airport, Cisco, TX, to
support IFR operations at this airport.

History

    On August 1, 2017, the FAA published in the Federal Register (82 FR
35716) Docket No. FAA-2017-0620, a notice of proposed rulemaking (NPRM)
to establish Class E airspace extending upward from 700 feet above the
surface at Gregory M. Simmons Memorial Airport, Cisco, TX, to support
the new public instrument approach procedure and enhance the safety and
management of IFR operations at this airport. Interested parties were
invited to participate in this rulemaking effort by submitting written
comments on the proposal to the FAA. No comments were received.
    Subsequent to publication, the FAA discovered that ``Memorial'' was
inadvertently omitted from the airport name in the regulatory text of
the NPRM and is corrected in this action.
    Except for the edit noted above, this rule is the same as published
in the NPRM.
    Class E airspace designations are published in paragraph 6005 of
FAA Order 7400.11B, dated August 3, 2017, and effective September 15,
2017, which is incorporated by reference in 14 CFR 71.1. The Class E
airspace designations listed in this document will be published
subsequently in the Order.

Availability and Summary of Documents for Incorporation by Reference

    This document amends FAA Order 7400.11B, Airspace Designations and
Reporting Points, dated August 3, 2017, and effective September 15,
2017. FAA Order 7400.11B is publicly available as listed in the
ADDRESSES section of this document. FAA Order 7400.11B lists Class A,
B, C, D, and E airspace areas, air traffic service routes, and
reporting points.

The Rule

    This amendment to Title 14, Code of Federal Regulations (14 CFR)
part 71 establishes Class E airspace extending upward from 700 feet
above the surface within a 6.6-mile radius of Gregory M. Simmons
Memorial Airport, Cisco, TX, due to the establishment of a new public
instrument approach procedure at the airport. Controlled airspace is
necessary for the safety and management of instrument approach
procedures for IFR operations at the airport. The airport name is
corrected to Gregory M. Simmons Memorial Airport, from Gregory M.
Simmons Airport, as set forth in the regulatory text of the NPRM.

Regulatory Notices and Analyses

    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current, is
non-controversial and unlikely to result in adverse or negative
comments. It, therefore: (1) Is not a

``significant regulatory action'' under Executive Order 12866; (2) is
not a ``significant rule'' under DOT Regulatory Policies and Procedures
(44 FR 11034; February 26, 1979); and (3) does not warrant preparation
of a regulatory evaluation as the anticipated impact is so minimal.
Since this is a routine matter that only affects air traffic procedures
and air navigation, it is certified that this rule, when promulgated,
does not have a significant economic impact on a substantial number of
small entities under the criteria of the Regulatory Flexibility Act.

Environmental Review

    The FAA has determined that this action qualifies for categorical
exclusion under the National Environmental Policy Act in accordance
with FAA Order 1050.1F, ``Environmental Impacts: Policies and
Procedures,'' paragraph 5-6.5.a. This airspace action is not expected
to cause any potentially significant environmental impacts, and no
extraordinary circumstances exist that warrant preparation of an
environmental assessment.

Lists of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

Adoption of the Amendment

    In consideration of the foregoing, the Federal Aviation
Administration amends 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for part 71 continues to read as follows:

    Authority: 49 U.S.C. 106(f), 106(g); 40103, 40113, 40120; E.O.
10854, 24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order 7400.11B,
Airspace Designations and Reporting Points, dated August 3, 2017, and
effective September 15, 2017, is amended as follows:

Paragraph 6005 Class E Airspace Areas Extending Upward From 700
Feet or More Above the Surface of the Earth.

* * * * *

ASW TX E5 Cisco, TX [New]

Gregory M. Simmons Memorial Airport, TX
    (Lat. 32[deg]21'57'' N., long. 99[deg]01'25'' W.)

    That airspace extending upward from 700 feet above the surface
within a 6.6-mile radius of Gregory M. Simmons Memorial Airport.

    Issued in Fort Worth, Texas, on November 1, 2017.
Walter Tweedy,
Acting Manager, Operations Support Group, ATO Central Service Center.
[FR Doc. 2017-24222 Filed 11-7-17; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 87, Number 219 (Tuesday, November 15, 2022)]
[Notices]
[Pages 68525-68529]
[FR Doc No: 2022-24766]

=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96270; File No. SR-ICEEU-2022-020]

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change Relating
to Amendments to the Clearing Rules, Collateral and Haircut Procedures,
Collateral and Haircut Policy and Finance Procedures

November 8, 2022.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on October 31, 2022, ICE Clear Europe Limited (``ICE Clear Europe'' or
the ``Clearing House'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule changes described in
Items I, II and III below, which Items have been primarily prepared by
ICE Clear Europe. ICE Clear Europe filed the proposed rule change
pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(1) and
(f)(4) \4\ thereunder, such that the proposed rule change was
immediately effective upon filing with the Commission. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(1), (f)(4).
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    ICE Clear Europe Limited (``ICE Clear Europe'' or the ``Clearing
House'') proposes to amend its Clearing Rules (``Rules''), Collateral
and Haircut Procedures (``Collateral and Haircut Procedures''),
Collateral and Haircut Policy (``Collateral and Haircut Policy'') and
Finance Procedures (``Finance Procedures'') (each of the foregoing a
``Document'' and together the ``Documents'') to provide for the
acceptance by the Clearing House of certain emission allowances
provided by Clearing Members in respect of original margin requirements
for F&O Contracts for which they are the underlier.

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

    In its filing with the Commission, ICE Clear Europe 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. ICE Clear Europe has prepared summaries,
set forth in sections (A), (B), and (C) below, of the most significant
aspects of such statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

(a) Purpose
    ICE Clear Europe is proposing to update the Documents as described
below to provide for the acceptance by ICE Clear Europe of certain
emission allowances provided by Clearing Members as Permitted Cover in
respect of original margin requirements for F&O Contracts for which the
allowance is the relevant deliverable asset. The amendments make
certain other clarifications to accommodate such collateral and similar
collateral that ICE Clear Europe may determine to accept in the future.
The amendments related to acceptance of emissions allowances are
principally set forth in the Finance Procedures, with certain related
and conforming changes being made in the Rules and the Collateral and
Haircut Policy and Procedures.
Finance Procedures
    The Finance Procedures would include a new paragraph 9 providing
for the acceptance of Eligible Emission Allowances as Permitted Cover.
Paragraph 9.1 would provide that such paragraph does not apply to FCM/
BD Clearing Members (and accordingly such Clearing Members would not be
permitted to provide Eligible Emission Allowances as Permitted Cover).
Such paragraph would apply to each Sponsored Principal (or Sponsor
appointed to make and receive transfers in respect of Eligible Emission
Allowances as Original Margin on an Individually Segregated Sponsored
Account) in the same way it would apply to a Clearing Member. Paragraph
9.2 would set out key definitions, specifically ``Eligible Emission
Allowances'' (allowances that ICE Clear Europe has determined to accept
in respect of Original Margin) and ``Emissions Margin Account'' (the
Clearing House's account at a relevant emissions registry for receipt
of Eligible Emission Allowances as margin). Eligible Emissions
Allowances would not include allowances delivered to the Clearing House
to physically settle a Contract.

    Paragraph 9.3 would describe the circumstances under which Clearing
Members would be permitted to use Eligible Emission Allowances as
Original Margin. Specifically, Clearing Members would be able to use
Eligible Emission Allowances only to satisfy Original Margin
requirements for F&O Contracts in respect of which the Emission
Allowances are the Deliverable. The Clearing House would be able to
impose limits on the amount or value of Eligible Emission Allowances
which would be provided as Original Margin and would communicate such
limits to Clearing Members from time to time. Eligible Emission
Allowances would be required to conform to eligibility criteria as set
out by the Clearing House from time to time. Pursuant to paragraph 9.4,
Clearing Members transferring Emission Allowances as Original Margin to
the Clearing House would be required to have executed and delivered the
Emission Allowances Supplement. The Emission Allowances Supplement is
set forth as Exhibit 3. Paragraph 9.5 provides that Eligible Emission
Allowances would have to be transferred to ICE Clear Europe's Emissions
Margin Account in order to be accepted as Original Margin and all
transfers to and from such account are to be in accordance with the
terms, conditions and applicable procedures of the relevant Emissions
Registry and Registry Regulations (as defined in the Clearing House's
Delivery Procedures). Under paragraph 9.6, receipt and release of
Eligible Emission Allowances as Original Margin would only be available
on business days and working days (as applicable) as provided by the
relevant Emission Registry, and the Clearing House is unable to receive
transfers of or release such allowances on non-Clearing House business
days. Eligible Emission Allowances would be valued for margin purposes
at an exchange rate to be determined by the Clearing House in its
discretion from time to time, pursuant to paragraph 9.7. The Clearing
House is also entitled to modify the list of Permitted Cover as related
to Eligible Emission Allowances, including by way of addition or
removal of any class of Eligible Emission Allowances, not crediting
previously transferred Eligible Emission Allowances or varying haircuts
on Eligible Emission Allowances at any time, pursuant to paragraph 9.8.
    Paragraphs 9.9-9.13 would establish procedures for transferring
Eligible Emission Allowances to ICE Clear Europe as Original Margin.
Prior to effecting such transfer, the Clearing Member would be required
to provide details of an Emissions Registry Account from which it would
make the transfer as well as the contact details of the person
authorized to instruct the transfer on behalf of such Clearing Member.
The Clearing Member would also have to submit a transfer request to the
Clearing House via ECS. Transfer of Eligible Emission Allowances would
be made through the Emission Registry's electronic system to the
Emissions Margin Account. The Clearing House would have the right to
not treat such Eligible Emission Allowances as Original Margin under
specified circumstances, including if required information has not been
provided to the Clearing House; any relevant limits set by the Clearing
House are exceeded; or for any other reason that places or risks
placing the Clearing House under additional risk or liability. The
amendments would also specify the times by which Eligible Emissions
Allowances must be received by the Clearing House in order to be
credited, and state that the relevant record in the ECS would be
adjusted after the Clearing House's confirmation of completion of the
relevant transfer in the Emission Margin Account.
    Paragraphs 9.14-9.17 would similarly establish procedures for
release and return of Eligible Emission Allowances by the Clearing
House. These provisions apply where a Clearing Member has surplus
collateral with the Clearing House which it wishes to reduce via a
return to it of Eligible Emission Allowances. To affect such return,
such Clearing Member would be required to provide a release request to
the Clearing House using the form specified by the Clearing House and
submit release instructions to the Clearing House via ECS. Release
instructions submitted through ECS would be required to be accepted by
the Clearing House before the Eligible Emissions Allowances are
released to the Clearing Member. The Clearing House would have the
right to reject release instructions in specified circumstances,
including if: required information has not been provided to the
Clearing House; any relevant limits set by the Clearing House are
exceeded; the transfer would result or risks resulting in an uncovered
liability towards the Clearing House; or for any other reason that
places or risks placing the Clearing House under additional risk or
liability. The subsection would also specify the timing for update of
the Clearing House's records in ECS upon an accepted request for
release and for the instruction of the relevant Emissions Registry to
release the Eligible Emission Allowances. In paragraph 11 of the
Finance Procedures, certain non-substantive updates would be made to
distinguish Emission Allowances from other non-cash collateral.
Rules
    The definition of ``Clearing Membership Agreement'' would be
updated to include in such definition Emission Allowances Supplement
referenced above. The amendments would also add a definition of the
foregoing and provide that ``Emission Allowances Supplement'' means an
addendum to a Clearing Membership Agreement concerning the transfer of
Emission Allowances to and from the Clearing House as Permitted Cover.
An unrelated clarifying amendment would also be made to add the term
``Gold Addendum'', which would reference the addendum to a Clearing
Membership Agreement that is currently used by the Clearing House and
Clearing Members concerning the transfer of gold to and from the
Clearing House as Permitted Cover in accordance with the existing
Finance Procedures, and to add appropriate references to the Gold
Addendum in the term Clearing Membership Agreement and other relevant
terms.
    A clarifying amendment would be made to Rule 502 (Margin) to state
that Permitted Cover is required to be transferred in accordance with
the Finance Procedures and would only be recognized by the Clearing
House at or after the times stated in the Finance Procedures (in order
to ensure the Rules are consistent with the Finance Procedures). A
conforming amendment would be made to Rule 503(k) (Margin Calls and
Return of Surplus Collateral) to provide that each Permitted Cover
report would include details of other asset classes (in addition to
securities) provided as margin. As amended, the report would thus
reflect Emissions Allowances transferred as margin.
    The settlement finality provisions in Part 12 of the Rules would be
amended to address various matters relating to Emissions Allowances as
Permitted Cover. In Rule 1201, definitions of ``Emission Allowance
Collateral'' (defined as Permitted Cover in the form of an Emission
Allowance) and a reference to Emission Allowance Collateral Transfer
Order would be added. Rule 1202(b) (Transfer Orders Arising) would be
updated to add a concept of Emission Allowance Collateral Transfer
Order, which would arise from a request accepted by the Clearing House
to transfer Emission Allowance Collateral to or from the Clearing
House. The amendments also

specify in Rule 1202(g) that each Emission Allowance Collateral
Transfer Order is to apply and have effect in respect of the Emission
Allowance to be transferred to (or to the order of) the Clearing House
or Clearing Member, in a manner similar to the treatment of Collateral
Transfer Orders for other types of non-cash Permitted Cover.
    Rule 1202(m) is similarly being amended to add a new clause (vii)
to address the parties as to which an Emissions Allowance Collateral
Transfer Order would have effect, including the relevant Clearing
Member, the Clearing House, the Emissions Registry and any relevant SFD
Custodian. Subsequent clauses of Rule 1202(m) would be renumbered. In
Rule 1202(m)(vi)(A), a clarification would be made to state that for a
Collateral Transfer Order, the relevant parties would include a
Clearing Member that is the transferee of the relevant Non-Cash
Collateral. This change does not represent a change in current
practice.
    Rule 1203(f) (Transfer Orders Becoming Irrevocable) would be
updated to clarify that the time at which a Collateral Transfer Order
to a Clearing Member becomes irrevocable (which was previously
omitted). The change does not represent a change in current practice.
    Rule 1203(g) would be amended to state when an Emission Allowance
Collateral Transfer Order for transfer to each of the Clearing House
and the Clearing Member would become irrevocable. In respect of an
Emission Allowance Collateral Transfer Order for transfer to the
Clearing House, such order would become irrevocable at the earlier of
the time when: (i) the Clearing House accepts in accordance with the
Finance Procedures the relevant transfer request submitted by the
Clearing Member; (ii) the Clearing House receives the Emission
Allowance into its account at the Emissions Registry; (iii) any related
order becomes irrevocable within that other designated system or
Emissions Registry; or (iv) the record of the Emissions Registry
becomes conclusive evidence of the Clearing House's title to the
relevant Emission Allowance under applicable law. In respect of an
Emission Allowance Collateral Transfer Order for transfer to the
Clearing Member, such order would become irrevocable when the Clearing
Member receives the Emission Allowance in circumstances in which the
record of the Emissions Registry becomes conclusive evidence of the
Clearing Member's title to that Emission Allowance under applicable
law.
    Amendments to Rule 1203(l) would clarify that Emission Allowance
Delivery Orders (which relate to transfer of Emission Allowances for
settlement, rather than as Permitted Cover) for transfer to the
Clearing House become irrevocable when the record of the Emissions
Registry becomes conclusive evidence of the Clearing House's title to
the relevant Emission Allowance under applicable law. Emission
Allowance Delivery Orders for transfer to the Clearing Member would
become irrevocable when the Clearing Member receives the Emission
Allowance in circumstances in which the record of the Emissions
Registry becomes conclusive evidence of the Clearing Member's title to
that Emission Allowance under applicable law.
    The amendments would include an update to Rule 1204(i) (Variations
to or Cancellation of Transfer Orders) to provide that in addition to
Emission Allowance Delivery Orders, Emission Allowance Collateral
Transfer Orders would be cancelled immediately and automatically if,
prior to become irrevocable, an Emissions Registry that is used by the
Clearing House or Clearing Member becomes subject to Insolvency or
otherwise permanently ceases operations. Rule 1205(c) (Termination of
Transfer Orders) would be amended to provide that Emission Allowance
Collateral Transfer Orders made to the Clearing House would be
satisfied in the same manner as Collateral Transfer Orders. The
amendments would also add a clarification to address satisfaction of
Collateral Transfer Orders made to the Clearing Member (which was
previously omitted and would not result in a change in practice). The
amendments would also provide that Emission Allowance Collateral
Transfer Orders to Clearing Members would be satisfied in the same
manner. Non-substantive updates would be made to the numbering and
section references in the Rules to account for the inclusion of the
amendments.
Collateral and Haircut Policy
    Related amendments would be made to the Collateral and Haircut
Policy to provide that ICE Clear Europe may accept the underlier of a
given futures or options contract as Permitted Cover to cover the
margin requirement for positions in that contract. The amendment thus
address acceptance of Emission Allowances as cover for margin
requirements for related F&O Contracts. Eligibility criteria for the
underlier, its haircuts and limits would take into account the credit
market and liquidity risk of the underlying asset. Clarifications would
be made to headings and section references to distinguish such margin
cover from other types of Permitted Cover.
Collateral and Haircut Procedures
    Corresponding changes relating to the use of the underlier as
margin cover would be made to the Collateral and Haircut Procedures.
The updates in the Collateral and Haircut Procedures would further
provide the eligibility criteria that margin cover assets must meet as
follows: (i) such assets are sufficiently liquid, (ii) the market for
such assets must have sufficient price history to permit the Clearing
House to analyze the statistical returns of the assets, (iii) the
assets must be capable of daily revaluation, (iv) the Clearing House
must be capable of managing the assets operationally, and (v) the
assets must be an Eligible Currency (as set out in the Rules).
    The amendments would provide that the Clearing House would
typically use market pricing convention to determine the margin cover
value calculation as follows: Cover Value = Nominal * Price * (1-
Haircut). The amendments would also provide that relative limits for
the use of margin cover would be established to provide that the
Clearing Member has a balance between the margin cover and other
acceptable collateral based on a qualitative assessment of the
different types of margin cover and collateral.
(b) Statutory Basis
    ICE Clear Europe believes that proposed amendments are consistent
with the requirements of Section 17A of the Act \5\ and the regulations
thereunder applicable to it. In particular, Section 17A(b)(3)(F) of the
Act \6\ requires, among other things, that the rules of a clearing
agency be designed to promote the prompt and accurate clearance and
settlement of securities transactions and, to the extent applicable,
derivative agreements, contracts, and transactions, the safeguarding of
securities and funds in the custody or control of the clearing agency
or for which it is responsible, and the protection of investors and the
public interest.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78q-1.
    \6\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    The amendments to the Documents are intended to permit the Clearing
House to accept Emissions Allowances as Permitted Cover for F&O
Contracts for which they are the underlier. The amendments set out the
procedures for accepting such Permitted Cover and for the transfer of
such assets to and from the Clearing House using the facilities of the
relevant Emissions Register. The amendments also establish parameters,

eligibility criteria, rules and requirements (as applicable) applicable
to the acceptance of such assets by the Clearing House as Permitted
Cover. ICE Clear Europe believes Emissions Allowances are an
appropriate form of Permitted Cover with respect to meeting the margin
obligations for these related F&O Contracts and would thereby
facilitate its ability to meet its obligations to Clearing Members in
the event of a default by a Clearing Member. In ICE Clear Europe's
view, the amendments hereby promote the efficient operation and
stability of the Clearing House and the prompt and accurate clearance
and settlement of cleared contracts. Such enhanced risk management is
also generally consistent with the protection of investors and the
public interest in the safe operation of the Clearing House. (ICE Clear
Europe would not expect the adoption of the amendments to affect
materially the safeguarding of securities and funds in ICE Clear
Europe's custody or control or for which it is responsible.)
Accordingly, the amendments to the Documents satisfy the requirements
of Section 17A(b)(3)(F).\7\
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    The proposed amendments to each Document is also consistent with
relevant provisions of Rule 17Ad-22. \8\ Rule 17Ad-22(e)(3)(i) provides
that ``[e]ach covered clearing agency shall establish, implement,
maintain and enforce written policies and procedures reasonable
designed to, as applicable [. . .] identify, measure, monitor and
manage the range of risks that arise in or are borne by the covered
clearing agency''.\9\ For similar reasons, the amendments are intended
to enhance the Clearing House's overall risk management through margin
requirements for emissions F&O Contracts. ICE Clear Europe believes
that acceptance of Emission Allowances as Permitted Cover is
appropriate for these specific F&O Contracts for which the Emission
Allowance is the underlier, in light of the specific characteristics
and risks of these assets. In the context of these contracts,
acceptance of the underlying allowances to cover margin would serve to
reduce the risk to the Clearing House of a default by a Clearing Member
with respect to such contracts. The amendments provide appropriate
mechanisms for transfer of such assets to the account of the Clearing
House as cover for margin, and provide for appropriate eligibility
criteria, parameters and limits to provide further protection to the
Clearing House. The amendments will not otherwise change the margin
model for the relevant contracts or the amount of initial margin that
is required. In ICE Clear Europe's view, as set out above, the
amendments would thus facilitate overall risk management with respect
to the expansion of assets eligible to accepted as Permitted Cover,
consistent with the requirements of Rule 17Ad-22(e)(3)(i).\10\
---------------------------------------------------------------------------

    \8\ 17 CFR 240.17 Ad-22.
    \9\ 17 CFR 240.17 Ad-22(e)(3)(i).
    \10\ 17 CFR 240.17 Ad-22(e)(3)(i).
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed amendments would
have any impact, or impose any burden, on competition not necessary or
appropriate in furtherance of the purposes of the Act. The amendments
are intended to permit the Clearing House to accept Emissions
Allowances as Permitted Cover for F&O Contracts for which they are the
underlier. The amendments set out the procedures for accepting such
Permitted Cover and for the transfer of such assets to and from the
Clearing House using the facilities of the relevant Emissions Register,
as well as the parameters, eligibility criteria, rules and requirements
(as applicable) applicable to the acceptance of such assets by the
Clearing House as Permitted Cover. ICE Clear Europe does not believe
that proposed amendments would adversely affect competition among
Clearing Members, materially affect the costs of clearing, adversely
the ability of market participants to access clearing or the market for
clearing services generally, or otherwise adversely affect competition
in clearing services. Therefore, ICE Clear Europe does not believe the
proposed rule change imposes any burden on competition that is not
necessary or appropriate in furtherance of the purposes of the Act.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants or Others

    Written comments relating to the proposed amendment has not been
solicited or received by ICE Clear Europe. ICE Clear Europe will notify
the Commission of any comments received with respect to the proposed
rule change.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \11\ and paragraph (f) of Rule 19b-4 \12\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend 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.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml) or
     Send an email to [email protected]. Please include
File Number SR-ICEEU-2022-020 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-ICEEU-2022-020. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of such filings will also be available for inspection
and copying at the principal office of ICE Clear Europe and on ICE
Clear Europe's website at https://www.theice.com/clear-europe/regulation. All comments received will

be posted without change. Persons submitting comments are cautioned
that we do not redact or edit personal identifying information from
comment submissions. You should submit only information that you wish
to make available publicly. All submissions should refer to File Number
SR-ICEEU-2022-020 and should be submitted on or before December 6,
2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-24766 Filed 11-14-22; 8:45 am]
BILLING CODE 8011-01-P