[Federal Register Volume 82, Number 11 (Wednesday, January 18, 2017)]
[Rules and Regulations]
[Pages 5367-5373]
[FR Doc No: 2017-00421]

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

SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 201

[Release Nos. 33-10276; 34-79749; IA-4599; IC-32414]

Adjustments to Civil Monetary Penalty Amounts

AGENCY: Securities and Exchange Commission.

ACTION: Final rule.

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

SUMMARY: The Securities and Exchange Commission (the ``Commission'') is
adopting a final rule to implement the Federal Civil Penalties
Inflation Adjustment Act Improvements Act of 2015 (the ``2015 Act''),
which amended the Federal Civil Penalties Inflation Adjustment Act of
1990 (the ``Inflation Adjustment Act''), as previously amended by the
Debt Collection Improvement Act of 1996 (the ``DCIA''). The 2015 Act
requires all agencies to annually adjust for inflation the civil
monetary penalties that can be imposed under the statutes administered
by the agency. Pursuant to this requirement, this final rule performs
the first annual adjustment for inflation of the maximum amount of
civil monetary penalties administered by the Commission under the
Securities Act of 1933, the Securities Exchange Act of 1934, the
Investment Company Act of 1940, the Investment Advisers Act of 1940,
and certain penalties under the Sarbanes-Oxley Act of 2002. This
adjustment will apply to all penalties imposed after the effective date
of this final rule for violations after November 2, 2015. For
violations that occurred on or before November 2, 2015, the Commission
is reinstating the penalty amounts in the Commission's prior penalty
adjustments performed under the DCIA.

DATES: Effective Date: January 18, 2017.

FOR FURTHER INFORMATION CONTACT: James A. Cappoli, Assistant General
Counsel, Office of the General Counsel, at<PHONE_NUMBER>, or Stephen
M. Ng, Senior Counsel, Office of the General Counsel, at (202) 551-
7957.

SUPPLEMENTARY INFORMATION:

I. Background

    This final rule implements the 2015 Act,\1\ which amended the
Inflation Adjustment Act.\2\ The Inflation Adjustment Act previously
had been amended by the DCIA \3\ to require that each federal agency
adopt regulations at least once every four years that adjust for
inflation the civil monetary penalties (``CMPs'') that could be imposed
under the statutes administered by the agency. Pursuant to the
requirements of the DCIA, the Commission previously adopted regulations
in 1996, 2001, 2005, 2009, and 2013 to adjust the maximum amount of the
CMPs that could be imposed under the statutes the Commission
administers.\4\
---------------------------------------------------------------------------

    \1\ Public Law 114-74 Sec. 701, 129 Stat. 599-601 (Nov. 2,
2015), codified at 28 U.S.C. 2461 note.
    \2\ Public Law 101-410, 104 Stat. 890-892 (1990), codified at 28
U.S.C. 2461 note.
    \3\ Public Law 104-134, Title III, Sec.  31001(s)(1), 110 Stat.
1321-373 (1996), codified at 28 U.S.C. 2461 note.
    \4\ See Release Nos. 33-7361, 34-37912, IA-1596, IC-22310, dated
November 1, 1996 (effective December 9, 1996), previously found at
17 CFR 201.1001 and Table I to Subpart E of Part 201; Release Nos.
33-7946, 34-43897, IA-1921, IC-24846, dated January 31, 2001
(effective February 2, 2001), previously found at 17 CFR 201.1002
and Table II to Subpart E of Part 201; Release Nos. 33-8530, 34-
51136, IA-2348, IC-26748, dated February 9, 2005 (effective February
14, 2005), previously found at 17 CFR 201.1003 and Table III to
Subpart E of Part 201; Release Nos. 33-9009, 34-59449, IA-2845, IC-
28635, dated February 25, 2009 (effective March 3, 2009), previously
found at 17 CFR 201.1004 and Table IV to Subpart E of Part 201; and
Release Nos. 33-9387, 34-68994, IA-3557, IC-30408, dated February
27, 2013 (effective March 5, 2013), previously found at 17 CFR
201.1005 and Table V to Subpart E of Part 201.

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

    The 2015 Act replaces the inflation adjustment mechanism prescribed
in the DCIA with a new mechanism for calculating the inflation-adjusted
amount of CMPs. Each agency was first required to use this new
mechanism to adjust the maximum amount of its CMPs \5\ in an initial
``catch-up'' adjustment.\6\ Pursuant to this requirement, the
Commission issued an interim final rule adjusting its CMPs on June 27,
2016 (the ``June 2016 interim final rule'').\7\ After performing the
catch-up adjustment, each agency must now perform annual adjustments
for inflation, and publish these adjustments in the Federal Register by
January 15 of each calendar year.\8\
---------------------------------------------------------------------------

    \5\ The 2015 Act also applies to minimum penalty amounts and
penalty ranges. See 28 U.S.C. 2461 note Sec. 5(a). All of the
statutes administered by the Commission, however, only include
maximum penalty amounts. Thus, in this final rule, we only refer to
the effect of the 2015 Act on maximum penalty amounts.
    \6\ 28 U.S.C. 2461 note Sec. 4(b)(1); Office of Management and
Budget, Implementation of the Federal Civil Penalties Inflation
Adjustment Act Improvements Act of 2015 (February 24, 2016) (``2016
OMB Guidance'') at 1, available at https://www.whitehouse.gov/sites/default/files/omb/memoranda/2016/m-16-06.pdf.
    \7\ Release Nos. 33-10104; 34-78156; IA-4437; IC-32162 (June 27,
2016).
    \8\ 28 U.S.C. 2461 note Sec. 4; 2016 OMB Guidance at 4.
---------------------------------------------------------------------------

    A CMP is defined in relevant part as any penalty, fine, or other
sanction that: (1) Is for a specific amount, or has a maximum amount,
as provided by federal law; and (2) is assessed or enforced by an
agency in an administrative proceeding or by a federal court pursuant
to federal law.\9\ This definition applies to the monetary penalty
provisions contained in four statutes administered by the Commission:
The Securities Act of 1933; the Securities Exchange Act of 1934 (the
``Exchange Act''); the Investment Company Act of 1940; and the
Investment Advisers Act of 1940. In addition, the Sarbanes-Oxley Act of
2002 provides the Public Company Accounting Oversight Board (the
``PCAOB'') authority to levy civil monetary penalties in its
disciplinary proceedings pursuant to 15 U.S.C. 7215(c)(4)(D).\10\ The
definition of a CMP in the Inflation Adjustment Act encompasses such
civil monetary penalties.\11\
---------------------------------------------------------------------------

    \9\ 28 U.S.C. 2461 note Sec. 3(2).
    \10\ 15 U.S.C. 7215(c)(4)(D).
    \11\ The Commission may by order affirm, modify, remand, or set
aside sanctions, including civil monetary penalties, imposed by the
PCAOB. See Section 107(c) of the Sarbanes-Oxley Act of 2002, 15
U.S.C. 7217. The Commission may enforce such orders in federal
district court pursuant to Section 21(e) of the Securities Exchange
Act of 1934. As a result, penalties assessed by the PCAOB in its
disciplinary proceedings are penalties ``enforced'' by the
Commission for purposes of the Inflation Adjustment Act. See
Adjustments to Civil Monetary Penalty Amounts, Release No. 33-8530
(Feb. 4, 2005) [70 FR 7606 (Feb. 14, 2005)].
---------------------------------------------------------------------------

II. Adjusting the Commission's Penalty Amounts for Inflation

    This final rule implements the first of the required annual
adjustments under the 2015 Act for all penalties under the Securities
Act, the Exchange Act, the Investment Company Act, and the Investment
Advisers Act, and certain penalties under the Sarbanes-Oxley Act.
    As the baseline in calculating these new penalty amounts, the
Commission uses the penalty amounts in the Commission's June 2016
interim final rule. The penalty amounts in that interim final rule used
the new inflation adjustment mechanism in the 2015 Act as part of the
``catch-up adjustment'' required by that Act. The Commission affirms
that the amounts in the June 2016 interim final rule were correct and
that the adjusted amounts were appropriate.\12\
---------------------------------------------------------------------------

    \12\ The 2015 Act provided that agencies could seek approval
from OMB to reduce the amount of the catch-up adjustment required by
the 2015 Act (a ``reduced catch-up determination'') if: (1) The
otherwise required increase of the maximum amount of the CMPs
administered by the agency would have a negative economic impact, or
(2) the social costs of adopting the otherwise required increase of
the maximum amount of these CMPs would outweigh the benefits. See 28
U.S.C. 2461 note Sec. 4(c); 2016 OMB Guidance at 3. As part of the
June 2016 interim final rule, the Commission determined that it was
not necessary to seek a reduced catch-up adjustment determination,
but requested comments on whether the Commission should reconsider
this decision. See Release No. 33-10104 at 8. The Commission did not
receive any comments on this topic and the Commission affirms its
decision not to seek a reduced catch-up adjustment determination.
---------------------------------------------------------------------------

    Pursuant to the 2015 Act, the Commission now adjusts the penalty
amounts in the June 2016 interim final rule by multiplying these
amounts by the percentage change between the Consumer Price Index for
all Urban Consumers (``CPI-U'') for October 2015, and the October 2016
CPI-U.\13\ OMB has provided its calculation of this multiplier (the
``CPI-U Multiplier'') to agencies.\14\ After multiplying the June 2016
interim final rule amounts by this multiplier, the Commission must
round all penalty amounts to the nearest dollar to determine the new
inflation-adjusted penalty amounts.
---------------------------------------------------------------------------

    \13\ 28 U.S.C. 2461 note Sec. 5.
    \14\ Office of Management and Budget, Implementation of the 2017
Annual Adjustment Pursuant to the Federal Civil Penalties Inflation
Adjustment Act Improvements Act of 2015 (Dec. 16, 2016) (``2017 OMB
Guidance'') at 1, available at https://www.whitehouse.gov/sites/default/files/omb/memoranda/2017/m-17-11_0.pdf.
---------------------------------------------------------------------------

    For example, the CMP for certain insider trading violations by
controlling persons under Exchange Act Section 21A(a)(3) \15\ was
readjusted for inflation on August 1, 2016, to $1,978,690. To determine
the new CMP under this provision, the Commission multiplies the current
CMP by the CPI-U Multiplier of 1.01636, and rounds to the nearest
dollar. Thus, the new CMP for Exchange Act Section 21A(a)(3) is
$2,011,061.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78u-1(a)(3).
---------------------------------------------------------------------------

    Below is the Commission's calculation of the new penalty amounts
for the penalties it administers.

----------------------------------------------------------------------------------------------------------------
                                                                      Penalty
                                                                    amounts in                     New adjusted
         U.S. code citation             Civil monetary penalty       June 2016         CPI-U          penalty
                                             description          interim  final    multiplier        amounts
                                                                       rule
----------------------------------------------------------------------------------------------------------------
15 U.S.C. 77h-1(g) (Securities Act   For natural person.........          $8,156         1.01636          $8,289
 Sec. 8A(g)).                        For any other person.......          81,559         1.01636          82,893
                                     For any other person/fraud.         407,794         1.01636         414,466
                                     For natural person/fraud/           163,118         1.01636         165,787
                                      substantial losses or risk
                                      of losses to others or
                                      gains to self.
                                     For any other person/fraud/         788,401         1.01636         801,299
                                      substantial losses or risk
                                      of losses to others or
                                      gain to self.
15 U.S.C. 77t(d) (Securities Act     For natural person.........           8,908         1.01636           9,054
 Sec. 20(d)).                        For any other person.......          89,078         1.01636          90,535
                                     For natural person/fraud...          89,078         1.01636          90,535
                                     For any other person/fraud.         445,390         1.01636         452,677

                                     For natural person/fraud/           178,156         1.01636         181,071
                                      substantial losses or risk
                                      of losses to others.
                                     For any other person/fraud/         890,780         1.01636         905,353
                                      substantial losses or risk
                                      of losses to others.
15 U.S.C. 78u(d)(3) (Exchange Act    For natural person.........           8,908         1.01636           9,054
 Sec. 21(d)(3)).                     For any other person.......          89,078         1.01636          90,535
                                     For natural person/fraud...          89,078         1.01636          90,535
                                     For any other person/fraud.         445,390         1.01636         452,677
                                     For natural person/fraud/           178,156         1.01636         181,071
                                      substantial losses or risk
                                      of losses to others or
                                      gains to self.
                                     For any other person/fraud/         890,780         1.01636         905,353
                                      substantial losses or risk
                                      of losses to others or
                                      gain to self.
15 U.S.C. 78u-1(a)(3) (Exchange Act  Insider Trading--                 1,978,690         1.01636       2,011,061
 Sec. 21A(a)(3)).                     controlling person.
15 U.S.C. 78u-2 (Exchange Act Sec.   For natural person.........           8,908         1.01636           9,054
 21B).                               For any other person.......          89,078         1.01636          90,535
                                     For natural person/fraud...          89,078         1.01636          90,535
                                     For any other person/fraud.         445,390         1.01636         452,677
                                     For natural person/fraud/           178,156         1.01636         181,071
                                      substantial losses or risk
                                      of losses to others.
                                     For any other person/fraud/         890,780         1.01636         905,353
                                      substantial losses or risk
                                      of losses to others.
15 U.S.C. 78ff(b) (Exchange Act      Exchange Act/failure to                 525         1.01636             534
 Sec. 32(b)).                         file information
                                      documents, reports.
15 U.S.C. 78ff(c)(1)(B) (Exchange    Foreign Corrupt Practices--          19,787         1.01636          20,111
 Act Sec. 32(c)(1)(B)).               any issuer.
15 U.S.C. 78ff(c)(2)(B) (Exchange    Foreign Corrupt Practices--          19,787         1.01636          20,111
 Act Sec. 32(c)(2)(B)).               any agent or stockholder
                                      acting on behalf of issuer.
15 U.S.C. 80a-9(d) (Investment       For natural person.........           8,908         1.01636           9,054
 Company Act Sec. 9(d)).             For any other person.......          89,078         1.01636          90,535
                                     For natural person/fraud...          89,078         1.01636          90,535
                                     For any other person/fraud.         445,390         1.01636         452,677
                                     For natural person/fraud/           178,156         1.01636         181,071
                                      substantial losses or risk
                                      of losses to others or
                                      gains to self.
                                     For any other person/fraud/         890,780         1.01636         905,353
                                      substantial losses or risk
                                      of losses to others or
                                      gain to self.
15 U.S.C. 80a-41(e) (Investment      For natural person.........           8,908         1.01636           9,054
 Company Act Sec. 42(e)).            For any other person.......          89,078         1.01636          90,535
                                     For natural person/fraud...          89,078         1.01636          90,535
                                     For any other person/fraud.         445,390         1.01636         452,677
                                     For natural person/fraud/           178,156         1.01636         181,071
                                      substantial losses or risk
                                      of losses to others.
                                     For any other person/fraud/         890,780         1.01636         905,353
                                      substantial losses or risk
                                      of losses to others.
15 U.S.C. 80b-3(i) (Investment       For natural person.........           8,908         1.01636           9,054
 Advisers Act Sec. 203(i)).          For any other person.......          89,078         1.01636          90,535
                                     For natural person/fraud...          89,078         1.01636          90,535
                                     For any other person/fraud.         445,390         1.01636         452,677
                                     For natural person/fraud/           178,156         1.01636         181,071
                                      substantial losses or risk
                                      of losses to others or
                                      gains to self.
                                     For any other person/fraud/         890,780         1.01636         905,353
                                      substantial losses or risk
                                      of losses to others or
                                      gain to self.
15 U.S.C. 80b-9(e) (Investment       For natural person.........           8,908         1.01636           9,054
 Advisers Act Sec. 209(e)).          For any other person.......          89,078         1.01636          90,535
                                     For natural person/fraud...          89,078         1.01636          90,535
                                     For any other person/fraud.         445,390         1.01636         452,677
                                     For natural person/fraud/           178,156         1.01636         181,071
                                      substantial losses or risk
                                      of losses to others.
                                     For any other person/fraud/         890,780         1.01636         905,353
                                      substantial losses or risk
                                      of losses to others.
15 U.S.C. 7215(c)(4)(D)(i)           For natural person.........         131,185         1.01636         133,331
 (Sarbanes-Oxley Act Sec.            For any other person.......       2,623,700         1.01636       2,666,624
 105(c)(4)(D)(i)).
15 U.S.C. 7215(c)(4)(D)(ii)          For natural person.........         983,888         1.01636         999,984
 (Sarbanes-Oxley Act Sec.            For any other person.......      19,677,750         1.01636      19,999,678
 105(c)(4)(D)(ii)).
----------------------------------------------------------------------------------------------------------------

    Pursuant to the 2015 Act, the Commission has determined that the
adjusted penalty amounts in this final rule (and all penalty
adjustments performed pursuant to the 2015 Act) will apply to penalties
imposed after the effective date of the adjustment for violations that
occurred after November 2, 2015, the 2015 Act's enactment date.

Consistent with this determination, the Commission is reinstating the
penalty amounts contained in its prior penalty adjustments under the
DCIA for violations that occurred from December 10, 1996, through
November 2, 2015.\16\
---------------------------------------------------------------------------

    \16\ One commenter to the June 2016 interim final rule requested
that the Commission re-evaluate the application of the adjusted
penalty amounts included in that interim final rule to violations
that occurred before the enactment of the 2015 Act (see Ltr. from
Wilmer Cutler Pickering Hale and Dorr LLP, Aug. 15, 2016). Our
determination to apply the penalty amounts in this final rule to
violations that occurred after November 2, 2015, renders the
commenter's request moot. As explained below, the penalty amounts in
this final rule supersede the penalty amounts in the June 2016
interim final rule.
---------------------------------------------------------------------------

    The Commission's prior penalty adjustments under the DCIA were
previously included in the Code of Federal Regulations at 17 CFR
201.1001through 1005 and Tables I through V to Subpart E. In the June
2016 interim final rule, Section 201.1001 and Table I were replaced
with the new penalty amounts from the interim final rule, and Sections
201.1002 through 201.1005 and Tables II to V were removed. As part of
this final rule, the information in these tables will be added back
into the Code of Federal Regulations. However, for ease of reference,
the information in these tables will be consolidated and included in a
single section (17 CFR 201.1001(a)) and Table (Table I to Section
201.1001).
    Further, each penalty adjustment performed pursuant to the 2015 Act
supersedes the prior adjustments under that Act. Thus, the penalty
amounts in this final rule supersede the amounts in the June 2016
interim final rule (except that for the first day this final rule is
effective, the prior year's penalty amounts shall apply, see 28 U.S.C.
2461 note Sec. 6). Because of this, the amounts in the June 2016
interim final rule will be removed from the Code of Federal
Regulations. The penalty amounts in this final rule, however, need only
be published in the Federal Register and will not be added to the Code
of Federal Regulations, in accordance with the 2015 Act and OMB
guidance.\17\ As a result, the Commission is amending 17 CFR 201.1001
to add subsection (b) to indicate that all penalty adjustments
performed under the 2015 Act will be published in the Federal Register
and will be made available on the Commission's Web site.\18\ This
framework will avoid the necessity of revising the Code of Federal
Regulations every year to include the new inflation-adjusted penalty
amounts. Section 201.1001(b) will also clarify that penalty adjustments
performed pursuant to the 2015 Act will only apply to violations that
occurred after November 2, 2015, the enactment date of the 2015 Act.
---------------------------------------------------------------------------

    \17\ 28 U.S.C. 2461 note Sec. 4(a)(2); 2017 OMB Guidance at 3.
    \18\ The Web site will also list the penalty amounts for
violations that occurred on or before November 2, 2015.
---------------------------------------------------------------------------

III. Procedural and Other Matters

    The Commission is required by the 2015 Act to adjust the CMPs
within its jurisdiction for inflation using a statutorily prescribed
formula and the 2015 Act mandates that agencies perform this adjustment
annually by January 15th of each year.\19\ The 2015 Act further
provides that these annual adjustments shall be made ``notwithstanding
section 553 of title 5, United States Code.'' \20\ In light of this
Congressional mandate, the Commission is not required to provide for
public notice and comment pursuant to the notice and comment provisions
of the Administrative Procedure Act.\21\ Under the Regulatory
Flexibility Act, a regulatory flexibility analysis is required only
when an agency must publish a general notice of proposed
rulemaking.\22\ Because public notice and comment is not required for
this final rule, a regulatory flexibility analysis is not required.
Further, this rule does not contain any collection of information
requirements as defined by the Paperwork Reduction Act of 1995 as
amended.\23\
---------------------------------------------------------------------------

    \19\ 28 U.S.C. 2461 note Sec. 4(a).
    \20\ 28 U.S.C. 2461 note Sec. 4(b)(2).
    \21\ 5 U.S.C. 553(b)(3)(B). This finding also satisfies the
requirements of 5 U.S.C. 808(2), allowing the amendment to become
effective notwithstanding the requirement of 5 U.S.C. 801 (if a
federal agency finds that notice and public comment are impractical,
unnecessary or contrary to the public interest, a rule shall take
effect at such time as the federal agency promulgating the rule
determines).
    \22\ 5 U.S.C. 603.
    \23\ 44 U.S.C. 3501 et. seq.
---------------------------------------------------------------------------

IV. Economic Analysis \24\
---------------------------------------------------------------------------

    \24\ The Commission did not receive any comments on the economic
analysis in the June 2016 interim final rule.
---------------------------------------------------------------------------

    The Commission is sensitive to the costs and benefits that result
from its rules. This regulation merely adjusts CMPs for inflation as
required by the 2015 Act. It has no impact on disclosure or compliance
costs. The Commission further notes that the CMPs ordered in SEC
proceedings and PCAOB disciplinary proceedings in fiscal year 2016
totaled approximately $1.28 billion. The inflationary adjustment
required by the 2015 Act results in the increase of the maximum amount
of the CMPs administered by the Commission of 1.636%. Assuming that the
Commission is successful in obtaining civil monetary penalties in
fiscal year 2017 in similar proportion to that obtained in fiscal year
2016, the inflationary adjustment pursuant to this final rule would
result in an increase in the CMPs ordered of approximately $21 million.
    This potential increase, however, overstates the effect of the
rule. First, this figure represents the amount of penalties that could
be potentially ordered, whereas the amount of penalties collected in
any given year--the amount of penalties that would affect the economy--
can be lower than the ordered amount. Second, the adjusted penalty
amounts will not apply to all penalties ordered, but rather only to
those penalties whose associated violations occurred after November 2,
2015. Third, penalties imposed in insider trading cases brought in
district court are based on the profit gained or loss avoided as a
result of the violation rather than by reference to a statutory dollar
amount that is affected by this regulation.\25\ The average annual
amount of penalties obtained in insider trading cases from FY 2010
through FY 2016 is $95.7 million. Third, in many cases where the
Commission has obtained large civil monetary penalties, such penalties
were calculated on the basis of the defendant's gross pecuniary gain
rather than the maximum penalty dollar amount set by statute that will
be adjusted by the proposed rule.\26\ In addition, the intent of the
new regulation is merely to keep pace with changes in the economy, not
to impose new costs. Therefore, for the instances in which CMPs
affected by this rulemaking are imposed, the Commission does not
believe that adjusting civil monetary penalties pursuant to the 2015
Act will significantly affect the amount of penalties it obtains beyond
that necessary to keep pace with inflation.
---------------------------------------------------------------------------

    \25\ 15 U.S.C. 78u-1(a)(2).
    \26\ For example, 15 U.S.C. 77t(d)(2)(A), after adjusting for
inflation as required by the 2015 Act, provides that the amount of
the penalty shall not exceed the greater of $9,054 for a natural
person or $90,535 for any other person, or the gross amount of
pecuniary gain to such defendant as a result of the violation.
---------------------------------------------------------------------------

    The benefit provided by the inflationary adjustment to the maximum
CMPs is that of maintaining the level of deterrence effectuated by the
CMPs, and not allowing such deterrent effect to be diminished by
inflation. The costs of implementing this rule should be negligible
because the only change from the current, baseline situation is
determining potential penalties using a new maximum dollar amount.

V. Statutory Basis

    The Commission is adopting these revisions to 17 CFR part 201,
subpart E pursuant to the directives and authority of the Federal Civil
Penalties Inflation Adjustment Act of 1990, Public Law 101-410, 104
Stat. 890-892 (1990), codified at 28 U.S.C. 2461 note, as amended.

List of Subjects in 17 CFR Part 201

    Administrative practice and procedure, Claims, Confidential
business information, Lawyers, Penalties, Securities.

Text of Amendment

    For the reasons set forth in the preamble, part 201, title 17,
chapter II of the Code of Federal Regulations is amended as follows:

PART 201--RULES OF PRACTICE

Subpart E--Adjustment of Civil Monetary Penalties

0
1. The authority citation for Part 201, Subpart E continues to read as
follows:

    Authority: 28 U.S.C. 2461 note.

0
2. Revise 201.1001 to read as follows:

Sec.  201.1001   Adjustment of civil monetary penalties.

    (a) For violations from December 10, 1996, through November 2,
2015: As required by the Inflation Adjustment Act of 1990, as amended
by the Debt Collection Improvement Act of 1996, the Commission has
adjusted the maximum amounts of all civil monetary penalties it
administers under the Securities Act of 1933, the Securities Exchange
Act of 1934, the Investment Company Act of 1940, the Investment
Advisers Act of 1940, and certain penalties under the Sarbanes-Oxley
Act of 2002 for inflation in the releases and prior regulations listed
in the footnotes to Table I. The penalty amounts provided in Table I
apply to violations of these statutes that occurred from December 10,
1996, through November 2, 2015, with each column listing the penalty
amounts for violations that occurred in a particular time frame. To
determine the penalty amounts for violations that occurred prior to
December 10, 1996, please refer to the applicable statutory text. To
determine penalty amounts for violations after November 2, 2015, please
refer to paragraph (b) of this section.
    (b) For violations after November 2, 2015: The Federal Civil
Penalties Inflation Adjustment Act, as amended by the Federal Civil
Penalties Inflation Adjustment Act Improvements Act of 2015 (28 U.S.C.
2461 note), requires that civil monetary penalties be adjusted on an
annual basis for inflation. Pursuant to this requirement, the maximum
amounts of all civil monetary penalties under the Securities Act of
1933, the Securities Exchange Act of 1934, the Investment Company Act
of 1940, and the Investment Advisers Act of 1940, and certain penalties
under the Sarbanes-Oxley Act of 2002 will be adjusted annually for
inflation. Notice of these adjusted penalty amounts will be published
by the Commission in the Federal Register on or before January 15 of
each calendar year and will be available, along with the Commission's
prior inflation adjustments, on the Commission's Web site at https://www.sec.gov/enforce/civil-penalties-inflation-adjustments.htm. The
adjusted penalty amounts will apply to all penalties imposed after the
effective date of the adjustment (for the first day the adjustment is
effective, the prior year's penalty amounts shall apply), for
violations that occurred after November 2, 2015. The adjusted penalty
amount each year will be the larger of:
    (1) The maximum penalty amount for the previous calendar year; or
    (2) An amount adjusted for inflation, calculated by multiplying the
maximum penalty amount for the previous calendar year by the percentage
by which the Consumer Price Index for all Urban Consumers (CPI-U) for
the month of October preceding the current calendar year exceeds the
CPI-U for the month of October of the calendar year two years prior to
the current calendar year, adding that amount to the amount for the
previous calendar year, and rounding the total to the nearest dollar.

            Table I to 201.1001--Civil Monetary Penalty Inflation Adjustments for Violations From December 10, 1996, Through November 2, 2015
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Date of violation and corresponding penalty
                                                               -----------------------------------------------------------------------------------------
          U.S. Code citation            Civil monetary penalty                      Feb. 3, 2001-    Feb. 15, 2005-     Mar. 4, 2009-
                                             description         Dec. 10, 1996-     Feb. 14, 2005     Mar. 3, 2009      Mar. 5, 2013      Mar. 6, 2013-
                                                                Feb. 2, 2001 \i\        \ii\              \iii\             \iv\        Nov. 2, 2015 \v\
--------------------------------------------------------------------------------------------------------------------------------------------------------
15 U.S.C. 77h-1(g) (Securities Act     For natural person.....               N/A               N/A               N/A       \vi\ $7,500            $7,500
 Sec. 8A(g)).                          For any other person...               N/A               N/A               N/A       \vi\ 75,000            80,000
                                       For natural person/                   N/A               N/A               N/A       \vi\ 75,000            80,000
                                        fraud.
                                       For any other person/                 N/A               N/A               N/A      \vi\ 375,000           400,000
                                        fraud.
                                       For natural person/                   N/A               N/A               N/A      \vi\ 150,000           160,000
                                        fraud/substantial
                                        losses or risk of
                                        losses to others or
                                        gains to self.
                                       For any other person/                 N/A               N/A               N/A      \vi\ 725,000           775,000
                                        fraud/substantial
                                        losses or risk of
                                        losses to others or
                                        gain to self.
15 U.S.C. 77t(d) (Securities Act Sec.  For natural person.....            $5,500            $6,500            $6,500             7,500             7,500
 20(d)).                               For any other person...            55,000            60,000            65,000            75,000            80,000
                                       For natural person/                55,000            60,000            65,000            75,000            80,000
                                        fraud.
                                       For any other person/             275,000           300,000           325,000           375,000           400,000
                                        fraud.
                                       For natural person/               110,000           120,000           130,000           150,000           160,000
                                        fraud/substantial
                                        losses or risk of
                                        losses to others.
                                       For any other person/             550,000           600,000           650,000           725,000           775,000
                                        fraud/substantial
                                        losses or risk of
                                        losses to others.
15 U.S.C. 78u(d)(3) (Exchange Act      For natural person.....             5,500             6,500             6,500             7,500             7,500
 Sec. 21(d)(3)).                       For any other person...            55,000            60,000            65,000            75,000            80,000
                                       For natural person/                55,000            60,000            65,000            75,000            80,000
                                        fraud.
                                       For any other person/             275,000           300,000           325,000           375,000           400,000
                                        fraud.

                                       For natural person/               110,000           120,000           130,000           150,000           160,000
                                        fraud/substantial
                                        losses or risk of
                                        losses to others or
                                        gains to self.
                                       For any other person/             550,000           600,000           650,000           725,000           775,000
                                        fraud/substantial
                                        losses or risk of
                                        losses to others or
                                        gain to self.
15 U.S.C. 78u-1(a)(3) (Exchange Act    Insider Trading--               1,100,000         1,200,000         1,275,000         1,425,000         1,525,000
 Sec. 21A(a)(3)).                       controlling person.
15 U.S.C. 78u-2 (Exchange Act Sec.     For natural person.....             5,500             6,500             6,500             7,500             7,500
 21B).                                 For any other person...            55,000            60,000            65,000            75,000            80,000
                                       For natural person/                55,000            60,000            65,000            75,000            80,000
                                        fraud.
                                       For any other person/             275,000           300,000           325,000           375,000           400,000
                                        fraud.
                                       For natural person/               110,000           120,000           130,000           150,000           160,000
                                        fraud/substantial
                                        losses or risk of
                                        losses to others.
                                       For any other person/             550,000           600,000           650,000           725,000           775,000
                                        fraud/substantial
                                        losses or risk of
                                        losses to others.
15 U.S.C. 78ff(b) (Exchange Act Sec.   Exchange Act/failure to               110               110               110               110               210
 32(b)).                                file information
                                        documents, reports.
15 U.S.C. 78ff(c)(1)(B) (Exchange Act  Foreign Corrupt                    11,000            11,000            11,000            16,000            16,000
 Sec. 32(c)(1)(B)).                     Practices--any issuer.
15 U.S.C. 78ff(c)(2)(B) (Exchange Act  Foreign Corrupt                    11,000            11,000            11,000            16,000            16,000
 Sec. 32(c)(2)(B)).                     Practices--any agent
                                        or stockholder acting
                                        on behalf of issuer.
15 U.S.C. 80a-9(d) (Investment         For natural person.....             5,500             6,500             6,500             7,500             7,500
 Company Act Sec. 9(d)).               For any other person...            55,000            60,000            65,000            75,000            80,000
                                       For natural person/                55,000            60,000            65,000            75,000            80,000
                                        fraud.
                                       For any other person/             275,000           300,000           325,000           375,000           400,000
                                        fraud.
                                       For natural person/               110,000           120,000           130,000           150,000           160,000
                                        fraud/substantial
                                        losses or risk of
                                        losses to others or
                                        gains to self.
                                       For any other person/             550,000           600,000           650,000           725,000           775,000
                                        fraud/substantial
                                        losses or risk of
                                        losses to others or
                                        gain to self.
15 U.S.C. 80a-41(e) (Investment        For natural person.....             5,500             6,500             6,500             7,500             7,500
 Company Act Sec. 42(e)).              For any other person...            55,000            60,000            65,000            75,000            80,000
                                       For natural person/                55,000            60,000            65,000            75,000            80,000
                                        fraud.
                                       For any other person/             275,000           300,000           325,000           375,000           400,000
                                        fraud.
                                       For natural person/               110,000           120,000           130,000           150,000           160,000
                                        fraud/substantial
                                        losses or risk of
                                        losses to others.
                                       For any other person/             550,000           600,000           650,000           725,000           775,000
                                        fraud/substantial
                                        losses or risk of
                                        losses to others.
15 U.S.C. 80b-3(i) (Investment         For natural person.....             5,500             6,500             6,500             7,500             7,500
 Advisers Act Sec. 203(i)).            For any other person...            55,000            60,000            65,000            75,000            80,000
                                       For natural person/                55,000            60,000            65,000            75,000            80,000
                                        fraud.
                                       For any other person/             275,000           300,000           325,000           375,000           400,000
                                        fraud.
                                       For natural person/               110,000           120,000           130,000           150,000           160,000
                                        fraud/substantial
                                        losses or risk of
                                        losses to others or
                                        gains to self.
                                       For any other person/             550,000           600,000           650,000           725,000           775,000
                                        fraud/substantial
                                        losses or risk of
                                        losses to others or
                                        gain to self.
15 U.S.C. 80b-9(e) (Investment         For natural person.....             5,500             6,500             6,500             7,500             7,500
 Advisers Act Sec. 209(e)).            For any other person...            55,000            60,000            65,000            75,000            80,000
                                       For natural person/                55,000            60,000            65,000            75,000            80,000
                                        fraud.
                                       For any other person/             275,000           300,000           325,000           375,000           400,000
                                        fraud.
                                       For natural person/               110,000           120,000           130,000           150,000           160,000
                                        fraud/substantial
                                        losses or risk of
                                        losses to others.
                                       For any other person/             550,000           600,000           650,000           725,000           775,000
                                        fraud/substantial
                                        losses or risk of
                                        losses to others.
15 U.S.C. 7215(c)(4)(D)(i) (Sarbanes-  For natural person.....               N/A     \vii\ 100,000           110,000           120,000           130,000
 Oxley Act Sec. 105(c)(4)(D)(i)).      For any other person...               N/A   \vii\ 2,000,000         2,100,000         2,375,000         2,525,000

15 U.S.C. 7215(c)(4)(D)(ii) (Sarbanes- For natural person.....               N/A     \vii\ 750,000           800,000           900,000           950,000
 Oxley Act Sec. 105(c)(4)(D)(ii)).     For any other person...               N/A  \vii\ 15,000,000        15,825,000        17,800,000        18,925,000
--------------------------------------------------------------------------------------------------------------------------------------------------------
\i\ Release Nos. 33-7361, 34-37912, IA-1596, IC-22310, dated November 1, 1996 (effective December 9, 1996), previously found at 17 CFR 201.1001 and
  Table I to Subpart E of Part 201.
\ii\ Release Nos. 33-7946, 34-43897, IA-1921, IC-24846, dated January 31, 2001 (effective February 2, 2001), previously found at 17 CFR 201.1002 and
  Table II to Subpart E of Part 201.
\iii\ Release Nos. 33-8530, 34-51136, IA-2348, IC-26748, dated February 9, 2005 (effective February 14, 2005), previously found at 17 CFR 201.1003 and
  Table III to Subpart E of Part 201.
\iv\ Release Nos. 33-9009, 34-59449, IA-2845, IC-28635, dated February 25, 2009 (effective March 3, 2009), previously found at 17 CFR 201.1004 and Table
  IV to Subpart E of Part 201.
\v\ Release Nos. 33-9387, 34-68994, IA-3557, IC-30408, dated February 27, 2013 (effective March 5, 2013), previously found at 17 CFR 201.1005 and Table
  V to Subpart E of Part 201.
\vi\ Effective from July 21, 2010 (enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-203), through March 5, 2013.
\vii\ Effective from July 30, 2002 (enactment of the Sarbanes-Oxley Act of 2002, Pub. L. 107-204), through February 14, 2005.

    By the Commission.

    January 6, 2017.
Brent J. Fields,
Secretary.
[FR Doc. 2017-00421 Filed 1-13-17; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 234 (Thursday, December 7, 2017)]
[Rules and Regulations]
[Pages 57677-57679]
[FR Doc No: 2017-26342]

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

ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R06-OAR-2017-0192; FRL-9971-04-Region 6]

Approval and Promulgation of Implementation Plans; Texas;
Revisions to Emissions Banking and Trading Programs for Area and Mobile
Sources

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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

SUMMARY: Pursuant to the Federal Clean Air Act (CAA or the Act), the
Environmental Protection Agency (EPA) is approving revisions to the
Texas State Implementation Plan (SIP) Emissions Banking and Trading
Programs submitted on October 10, 2017. Specifically, we are approving
revisions that clarify and expand the existing provisions for the
generation and use of emission credits from area and mobile sources.

DATES: This rule is effective on January 8, 2018.

ADDRESSES: The EPA has established a docket for this action under
Docket ID No. EPA-R06-OAR-2017-0192. All documents in the docket are
listed on the http://www.regulations.gov Web site. Although listed in
the index, some information is not publicly available, e.g.,
Confidential Business Information 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 form. Publicly available docket materials are
available either electronically through http://www.regulations.gov or
in hard copy at the EPA Region 6, 1445 Ross Avenue, Suite 700, Dallas,
Texas 75202-2733.

FOR FURTHER INFORMATION CONTACT: Adina Wiley,<PHONE_NUMBER>,
[email protected].

SUPPLEMENTARY INFORMATION: Throughout this document ``we,'' ``us,'' and
``our'' means the EPA.

I. Background

    The background for this action is discussed in detail in our June
8, 2017 proposal (82 FR 26634). In that document we proposed to approve
via parallel processing the proposed revisions to the Texas Emissions
Banking and Trading Programs for the generation and use of emission
credits from area and mobile sources. We preliminarily determined that
the proposed revisions were consistent with the CAA and the EPA's
regulations and guidance for emissions trading.
    Under the EPA's ``parallel processing'' procedure, the EPA proposes
a rulemaking action on a proposed SIP revision concurrently with the
State's public review process. If the State's proposed SIP revision is
not significantly changed, the EPA will finalize the rulemaking on the
SIP revision as proposed after responding to any submitted comments.
Final rulemaking action by the EPA will occur only after the final SIP
revision has been fully adopted by the TCEQ and submitted formally to
the EPA for approval as a revision to the Texas SIP. See 40 CFR part
51, Appendix V.
    The TCEQ completed their state rulemaking process and adopted
revisions on September 20, 2017. The TCEQ submitted these adopted
changes as a revision to the Texas SIP on October 10, 2017. The EPA has
evaluated the State's final SIP revision for any changes made from the
time of proposal. Our evaluation indicates that the TCEQ made two types
of revisions at adoption. First, the TCEQ made several non-substantive
revisions to correct grammar, internal cross-references, and citations
consistent with the Texas Register formatting guidance. The EPA has
evaluated these non-substantive revisions and determined that they do
not make any material changes to the regulations we proposed to
approve. The TCEQ also made several substantive revisions at adoption
that the EPA has evaluated and classified as logical outgrowth from our
proposal. The EPA's evaluation of the adopted revisions is included in
the ``Addendum to the Technical Support Document'' for EPA-R06-OAR-
2017-0192, available in the rulemaking docket.
    The EPA is proceeding with our final approval of the October 10,
2017, revisions to the Texas SIP, consistent with the parallel
processing provisions

in 40 CFR part 51, Appendix V. We did not receive any comments
regarding our proposal. As such, we are proceeding with our final
approval because the submitted final regulations adopted by the state
do not alter our rationale for proposal presented in our June 8, 2017
proposed rulemaking.

II. Final Action

    The EPA has determined that the October 10, 2017, revisions to the
Texas SIP are consistent with the CAA and the EPA's policy and guidance
on emissions trading. Therefore, under section 110 of the Act, the EPA
approves the following revisions to the Texas SIP that were adopted on
September 20, 2017, and submitted to the EPA on October 10, 2017:
     Revisions to 30 TAC Section 101.300;
     Revisions to 30 TAC Section 101.302;
     Revisions to 30 TAC Section 101.303;
     Revisions to 30 TAC Section 101.304;
     Revisions to 30 TAC Section 101.306;
     Revisions to 30 TAC Section 101.370;
     Revisions to 30 TAC Section 101.372;
     Revisions to 30 TAC Section 101.373;
     Revisions to 30 TAC Section 101.374; and
     Revisions to 30 TAC Section 101.376.

III. Incorporation by Reference

    In this rule, the EPA is finalizing regulatory text that includes
incorporation by reference. In accordance with requirements of 1 CFR
51.5, the EPA is finalizing the incorporation by reference of the
revisions to the Texas regulations as described in the Final Action
section above. The EPA has made, and will continue to make, these
materials generally available through www.regulations.gov and/or at the
EPA Region 6 Office (please contact Adina Wiley for more information).
Therefore, these materials have been approved by EPA for inclusion in
the SIP, have been incorporated by reference by EPA into that plan, are
fully federally enforceable under sections 110 and 113 of the CAA as of
the effective date of the final rulemaking of EPA's approval, and will
be incorporated by reference by the Director of the Federal Register in
the next update to the SIP compilation (62 FR 27968, May 22, 1997).

IV. Statutory and Executive Order Reviews

    Under the Clean Air Act, the Administrator is required to approve a
SIP submission that complies with the provisions of the Act and
applicable Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a).
Thus, in reviewing SIP submissions, the EPA's role is to approve state
choices, provided that they meet the criteria of the Clean Air Act.
Accordingly, this action merely approves state law as meeting Federal
requirements and does not impose additional requirements beyond those
imposed by state law. For that reason, this action:
     Is not a ``significant regulatory action'' subject to
review by the Office of Management and Budget under Executive Orders
12866 (58 FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21,
2011);
     Is not an Executive Order 13771 (82 FR 9339, February 2,
2017) regulatory action because SIP approvals are exempted under
Executive Order 12866;
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the CAA; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).
    In addition, the SIP is not approved to apply on any Indian
reservation land or in any other area where EPA or an Indian tribe has
demonstrated that a tribe has jurisdiction. In those areas of Indian
country, the rule does not have tribal implications and will not impose
substantial direct costs on tribal governments or preempt tribal law as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000).
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the Clean Air Act, petitions for
judicial review of this action must be filed in the United States Court
of Appeals for the appropriate circuit by February 5, 2018. Filing a
petition for reconsideration by the Administrator of this final rule
does not affect the finality of this action for the purposes of
judicial review nor does it extend the time within which a petition for
judicial review may be filed, and shall not postpone the effectiveness
of such rule or action. This action may not be challenged later in
proceedings to enforce its requirements. (See section 307(b)(2).)

List of Subjects in 40 CFR Part 52

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

    Dated: December 1, 2017.
Samuel Coleman,
Acting Regional Administrator, Region 6.

    40 CFR part 52 is amended as follows:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

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

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

Subpart SS--Texas

0
2. In Sec.  52.2270(c) the table titled ``EPA Approved Regulations in
the Texas SIP'' is amended by revising the entries for Sections
101.300, 101.302, 101.303, 101.304, 101.306, 101.370, 101.372, 101.373,
101.374, and 101.376 to read as follows:

Sec.  52.2270  Identification of plan.

* * * * *
    (c) * * *

                                    EPA-Approved Regulations in the Texas SIP
----------------------------------------------------------------------------------------------------------------
                                                      State approval/
        State citation              Title/subject        submittal      EPA approval date        Explanation
                                                           date
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------
                                     Chapter 101--General Air Quality Rules
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------
                                   Subchapter H--Emissions Banking and Trading
----------------------------------------------------------------------------------------------------------------
                                       Division 1--Emission Credit Program
----------------------------------------------------------------------------------------------------------------
Section 101.300...............  Definitions.........      09/20/2017  12/7/2017, [Insert
                                                                       Federal Register
                                                                       citation].

                                                  * * * * * * *
Section 101.302...............  General Provisions..      09/20/2017  12/7/2017, [Insert
                                                                       Federal Register
                                                                       citation].
Section 101.303...............  Emission Reduction        09/20/2017  12/7/2017, [Insert
                                 Credit Generation                     Federal Register
                                 and Certification.                    citation].
Section 101.304...............  Mobile Emission           09/20/2017  12/7/2017, [Insert
                                 Reduction Credit                      Federal Register
                                 Generation and                        citation].
                                 Certification.

                                                  * * * * * * *
Section 101.306...............  Emission Credit Use.      09/20/2017  12/7/2017, [Insert
                                                                       Federal Register
                                                                       citation].

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------
                                  Division 4--Discrete Emission Credit Program
----------------------------------------------------------------------------------------------------------------
Section 101.370...............  Definitions.........      09/20/2017  12/7/2017, [Insert
                                                                       Federal Register
                                                                       citation].

                                                  * * * * * * *
Section 101.372...............  General Provisions..      09/20/2017  12/7/2017, [Insert
                                                                       Federal Register
                                                                       citation].
Section 101.373...............  Discrete Emission         09/20/2017  12/7/2017, [Insert
                                 Reduction Credit                      Federal Register
                                 Generation and                        citation].
                                 Certification.
Section 101.374...............  Mobile Discrete           09/20/2017  12/7/2017, [Insert
                                 Emission Reduction                    Federal Register
                                 Credit Generation                     citation].
                                 and Certification.

                                                  * * * * * * *
Section 101.376...............  Discrete Emission         09/20/2017  12/7/2017, [Insert
                                 Credit Use.                           Federal Register
                                                                       citation].

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

* * * * *

[FR Doc. 2017-26342 Filed 12-6-17; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register: December 19, 2008 (Volume 73, Number 245)]
[Notices]
[Page 77864]
[DOCID:fr19de08-184]

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

SECURITIES AND EXCHANGE COMMISSION

Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Pub. L. 94-409, that the Securities and
Exchange Commission will hold a Closed Meeting on Tuesday, December 16,
2008, at 11:30 a.m.
    Commissioners and certain staff members who have an interest in the
matter will attend the Closed Meeting.
    The General Counsel of the Commission, or his designee, has
certified that, in his opinion, one or more of the exemptions as set
forth in 5 U.S.C. 552b(c)(3), (5), (7), (8), and (10) and 17 CFR
200.402(a)(3), (5), (7), (8), and (10) permit consideration of the
scheduled matter at the Closed Meeting.
    Commissioner Aguilar, as duty officer, voted to consider the item
listed for the closed meeting in closed session and determined that no
earlier notice thereof was possible.
    The subject matter of the Closed Meeting scheduled for Tuesday,
December 16, 2008, will be:
A Matter Relating to Enforcement Proceedings
    At times, changes in Commission priorities require alterations in
the scheduling of meeting items. For further information and to
ascertain what, if any, matters have been added, deleted or postponed,
please contact:
    The Office of the Secretary at<PHONE_NUMBER>.

    Dated: December 16, 2008.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-30181 Filed 12-18-08; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register: May 18, 2010 (Volume 75, Number 95)]
[Notices]
[Page 27770-27771]
[DOCID:fr18my10-50]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 13698-000]

Mississippi 12 Hydro, LLC; Notice of Preliminary Permit
Application Accepted for Filing and Soliciting Comments, Motions To
Intervene, and Competing Applications

May 11, 2010.
    On April 5, 2010 Mississippi 12 Hydro, LLC filed an application for
a preliminary permit, pursuant to section 4(f) of the Federal Power
Act, proposing to study the feasibility of the Mississippi River Lock
and Dam 12

Hydroelectric Project, located on the Mississippi River, in Jo Daviess
County, Illinois. The sole purpose of a preliminary permit, if issued,
is to grant the permit holder priority to file a license application
during the permit term. A preliminary permit does not authorize the
permit holder to perform any land-disturbing activities or otherwise
enter upon lands or waters owned by others without the owners' express
permission.
    The proposed project would consist of: (1) The powerhouse; (2)
installation of four 6 megawatt bulb turbines; (3) a proposed 5-mile-
long, 69-kilovolt transmission line; (4) switchyard; and (5)
appurtenant facilities. The proposed Mississippi River Lock and Dam
12 Hydroelectric Project would have an average annual
generation of 109.6 gigawatt-hours.
    Applicant Contact: Brent L. Smith, COO, Symbiotics, LLC, P.O. Box
535, Rigby, Idaho 83442; phone:<PHONE_NUMBER>.
    FERC Contact: Bryan Roden-Reynolds at<PHONE_NUMBER>, or via e-mail
at<EMAIL_ADDRESS>    The deadline for filing comments, motions to intervene, competing
applications (without notices of intent), or notices of intent to file
competing applications is 60 days from the issuance of this notice.
Competing applications and notices of intent must meet the requirements
of 18 CFR 4.36. Comments, motions to intervene, notices of intent, and
competing applications may be filed electronically via the Internet.
See 18 CFR 385.2001(a)(1)(iii) and the instructions on the Commission's
Web site (http://www.ferc.gov/docs-filing/ferconline.asp), under the
``eFiling'' link. For a simpler method of submitting text only
comments, click on ``Quick Comment.'' For assistance, please contact
FERC Online Support at<EMAIL_ADDRESS>call toll-free at
(866) 208-3676; or, for TTY, contact<PHONE_NUMBER>. Although the
Commission strongly encourages electronic filing, documents may also be
paper-filed. To paper-file, mail an original and eight copies of the
correspondence to: Kimberly D. Bose, Secretary, Federal Energy
Regulatory Commission, 888 First Street, NE., Washington, DC 20426.
    More information about this project, including a copy of the
application, can be viewed or printed on the Commission's ``eLibrary''
link at http://www.ferc.gov/docs-filing/elibrary.asp. Enter the docket
number (P-13698) in the docket number field to access the document. For
assistance, contact FERC Online Support.

Kimberly D. Bose,
Secretary.
[FR Doc. 2010-11787 Filed 5-17-10; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 100 (Thursday, May 25, 2017)]
[Notices]
[Pages 24114-24116]
[FR Doc No: 2017-10753]

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

ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPP-2015-0794; FRL-9956-99]

Registration Review; Draft Human Health and/or Ecological Risk
Assessments; Notice of Availability

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: This notice announces the availability of EPA's draft human
health and ecological risk assessments for the registration review of
chlorethoxyfos and the draft human health risk assessments for the
registration review of diazinon and phosmet, and opens a public comment
period on these documents. Due a docketing error for the phosmet draft
risk assessment issued in a previous Federal Register notice, this
notice is announcing the availability of the phosmet in order to give
the public a full opportunity for review and comment. The Agency in
this Federal Register notice, is initiating a 60-day comment period for
phosmet.

    Registration review is EPA's periodic review of pesticide
registrations to ensure that each pesticide continues to satisfy the
statutory standard for registration, that is, the pesticide can perform
its intended function without unreasonable adverse effects on human
health or the environment. As part of the registration review process,
the Agency has completed comprehensive draft human health and
ecological risk assessments for the registration review of
chlorethoxyfos and the draft human health risk assessments for the
registration review of diazinon and phosmet for all uses of these
pesticides. After reviewing comments received during the public comment
period, EPA may issue a revised risk assessment, explain any changes to
the draft risk assessment, and respond to comments and may request
public input on risk mitigation before completing a proposed
registration review decision for chlorethoxyfos, diazinon, and phosmet.
Through this program, EPA is ensuring that each pesticide's
registration is based on current scientific and other knowledge,
including its effects on human health and the environment.

DATES: Comments must be received on or before July 24, 2017.

ADDRESSES: Submit your comments, docket identification (ID) number EPA-
HQ-OPP-2015-0794, by one of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov.
Follow the online instructions for submitting comments. Do not submit
electronically any information you consider to be Confidential Business
Information (CBI) or other information whose disclosure is restricted
by statute.
     Mail: OPP Docket, Environmental Protection Agency Docket
Center (EPA/DC), (28221T), 1200 Pennsylvania Ave. NW., Washington, DC
20460-0001.
     Hand Delivery: To make special arrangements for hand
delivery or delivery of boxed information, please follow the
instructions at http://www.epa.gov/dockets/contacts.html.
    Additional instructions on commenting or visiting the docket, along
with more information about dockets generally, is available at http://www.epa.gov/dockets.

FOR FURTHER INFORMATION CONTACT: For pesticide specific information
contact: The Chemical Review Manager for the pesticide of interest
identified in Table 1 of Unit III.
    For general questions on the registration review program, contact:
Richard Dumas, Pesticide Re-Evaluation Division (7508P), Office of
Pesticide Programs, Environmental Protection Agency, 1200 Pennsylvania
Ave. NW., Washington, DC 20460-0001; telephone number:<PHONE_NUMBER>;
email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this action apply to me?

    This action is directed to the public in general, and may be of
interest to a wide range of stakeholders including environmental, human
health, farm worker, and agricultural advocates; the chemical industry;
pesticide users; and members of the public interested in the sale,
distribution, or use of pesticides. Since others also may be
interested, the Agency has not attempted to describe all the specific
entities that may be affected by this action. If you have any questions
regarding the applicability of this action to a particular entity,
consult the Chemical Review Manager identified in Table 1 of Unit III.

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

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

II. Authority

    EPA is conducting its registration review of chlorethoxyfos,
diazinon, and phosmet pursuant to section 3(g) of the Federal
Insecticide, Fungicide, and Rodenticide Act (FIFRA) and the Procedural
Regulations for Registration Review at 40 CFR part 155, subpart C.
Section 3(g) of FIFRA provides, among other things, that the
registrations of pesticides are to be reviewed every 15 years. Under
FIFRA, a pesticide product may be registered or remain registered only
if it meets the statutory standard for registration given in FIFRA
section 3(c)(5) (7 U.S.C. 136a(c)(5)). When used in accordance with
widespread and commonly recognized practice, the pesticide product must
perform its intended function without unreasonable adverse effects on
the environment; that is, without any unreasonable risk to man or the
environment, or a human dietary risk from residues that result from the
use of a pesticide in or on food.

III. Registration Reviews

    As directed by FIFRA section 3(g), EPA is reviewing the pesticide
registration for the pesticides listed in Table 1 to ensure that it
continues to satisfy the FIFRA standard for registration--that is, that
these chemicals can still be used without unreasonable adverse effects
on human health or the environment.

Table 1--Chemicals for Which Draft Risk Assessments Being Made Available
                           for Public Comment
------------------------------------------------------------------------
 Registration review case name                      Contact and contact
          and number             Docket ID number       information
------------------------------------------------------------------------
Chlorethoxyfos, 7410..........  EPA-HQ-OPP-2008-0  Caitlin Newcamp,
                                 843<EMAIL_ADDRESS>703-347-0325.
Diazinon, 0238................  EPA-HQ-OPP-2008-0  Khue Nguyen,
                                 351<EMAIL_ADDRESS><PHONE_NUMBER>.
Phosmet, 0242.................  EPA-HQ-OPP-2009-0  Maria Piansay,
                                 316<EMAIL_ADDRESS>703-308-8063.
------------------------------------------------------------------------

    Pursuant to 40 CFR 155.53(c), EPA is providing an opportunity,
through this notice of availability, for interested parties to provide
comments and input concerning the Agency's draft human health and
ecological risk assessments for the registration review of
chlorethoxyfos and the draft human health risk assessments for
registration review of diazinon and phosmet. Such comments and input
could address, among other things, the Agency's risk assessment
methodologies and assumptions, as applied to a draft risk assessment.
The Agency will consider all comments received during the public
comment period and make changes, as appropriate, to a draft human
health and/or ecological risk assessment. EPA may then issue a revised
risk assessment, explain any changes to the draft risk assessment, and
respond to comments. In the Federal Register notice announcing the
availability of the revised risk assessment, if the revised risk
assessment indicates risks of concern, the Agency may provide a comment
period for the public to submit suggestions for mitigating the risk
identified in the risk assessment before developing a proposed
registration review decision on chlorethoxyfos, diazinon, and phosmet.
The Agency is re-issuing phosmet draft risk assessment in this Federal
Register notice, initiating a 60-day comment period for phosmet.
    1. Other related information. Additional information on the
registration review status of the chemicals listed in Table 1 of Unit
III, as well as information on the Agency's registration review program
and on its implementing regulation is available at http://www.epa.gov/pesticide-reevaluation.
    2. Information submission requirements. Anyone may submit data or
information in response to this document. To be considered during a
pesticide's registration review, the submitted data or information must
meet the following requirements:
     To ensure that EPA will consider data or information
submitted, interested persons must submit the data or information
during the comment period. The Agency may, at its discretion, consider
data or information submitted at a later date.
     The data or information submitted must be presented in a
legible and useable form. For example, an English translation must
accompany any material that is not in English, and a written transcript
must accompany any information submitted as an audiographic or
videographic record. Written material may be submitted in paper or
electronic form.
     Submitters must clearly identify the source of any
submitted data or information.
     Submitters may request the Agency to reconsider data or
information that the Agency rejected in a previous review. However,
submitters must explain why they believe the Agency should reconsider
the data or information in the pesticide's registration review.
    As provided in 40 CFR 155.58, the registration review docket for
each pesticide case will remain publicly accessible through the
duration of the registration review process; that is, until all actions
required in the final decision on the registration review case have
been completed.

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

    Dated: December 21, 2016.
Yu-Ting Guilaran,
Director, Pesticide Re-Evaluation Division, Office of Pesticide
Programs.

    EDITORIAL NOTE: The Office of the Federal Register received this
document on May 22, 2017.

[FR Doc. 2017-10753 Filed 5-24-17; 8:45 am]
BILLING CODE 6560-50-P