[Federal Register Volume 83, Number 223 (Monday, November 19, 2018)]
[Rules and Regulations]
[Pages 58188-58190]
[FR Doc No: 2018-24895]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R01-OAR-2018-0099; A-1-FRL-9983-32-Region 1]

Air Plan Approval; Connecticut; Volatile Organic Compound
Emissions From Consumer Products and Architectural and Industrial
Maintenance Coatings

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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SUMMARY: The Environmental Protection Agency (EPA) is approving a State
Implementation Plan (SIP) revision submitted by the State of
Connecticut. The SIP revision amends requirements for controlling
volatile organic compound (VOC) emissions from consumer products and
architectural and industrial maintenance (AIM) coatings by revising
Regulations of Connecticut State Agencies (RCSA) sections 22a-174-40,
22a-174-41, and adding section 22a-174-41a. The intended effect of this
action is to approve these regulations into the Connecticut SIP. This
action is being taken in accordance with the Clean Air Act (CAA).

DATES: Written comments must be received on or before December 19,
2018.

ADDRESSES: EPA has established a docket for this action under Docket
Identification No. EPA-R01-OAR-2018-0099. All documents in the docket
are listed on the www.regulations.gov website. Although listed in the
index, some information is not publicly available, i.e., CBI or other
information whose disclosure is restricted by statute. Certain other
material, such as copyrighted material, is not placed on the internet
and will be publicly available only in hard copy form. Publicly
available docket materials are available at www.regulations.gov or at
the U.S. Environmental Protection Agency, EPA Region 1, Office of
Ecosystem Protection, Air Quality Planning Unit, 5 Post Office Square--
Suite 100, Boston, MA. EPA requests that if at all possible, you
contact the contact listed in the FOR FURTHER INFORMATION CONTACT
section to schedule your inspection. The Regional Office's official
hours of business are Monday through Friday, 8:30 a.m. to 4:30 p.m.,
excluding legal holidays.

FOR FURTHER INFORMATION CONTACT: David L. Mackintosh, Air Quality
Planning Unit, U.S. Environmental Protection Agency, EPA Region 1, 5
Post Office Square--Suite 100, (Mail code OEP05-2), Boston, MA 02109-
3912, tel.<PHONE_NUMBER>, email [email protected].

SUPPLEMENTARY INFORMATION: Throughout this document whenever ``we,''
``us,'' or ``our'' is used, we mean EPA.

Table of Contents

I. Background and Purpose
II. Response to Comments
III. Final Action
IV. Incorporation by Reference
V. Statutory and Executive Order Reviews

I. Background and Purpose

    On June 4, 2018 (83 FR 25615), EPA issued a notice of proposed
rulemaking (NPR) for the State of Connecticut. In the NPR, EPA proposed
approval of SIP revisions submitted by the Connecticut Department of
Energy and Environmental Protection (CT DEEP) on October 18, 2017. The
SIP submittal included revised sections 22a-174-40 ``Consumer
Products'' and 22a-174-41 ``Architectural and Industrial Maintenance
Products--Phase 1'' and adds new section 22a-174-41a

``Architectural and Industrial Maintenance Products--Phase 2.''
    The NPR provides the rationale for EPA's proposed approval, which
will not be restated here.

II. Response to Comments

    EPA received three anonymous comments in response to the notice of
proposed rulemaking. The comments address subjects outside the scope of
the proposed action, do not explain (or provide a legal basis for) how
the proposed action should differ in any way, and make no specific
mention of the proposed action. Therefore, the comments are not germane
and EPA provides no further response.

III. Final Action

    EPA is approving the October 18, 2017, CT DEEP SIP submittal
consisting of revised section 22a-174-40 ``Consumer Products'' and 22a-
174-41 ``Architectural and Industrial Maintenance Products--Phase 1''
and new section 22a-174-41a ``Architectural and Industrial Maintenance
Products--Phase 2,'' all of which became effective in the State of
Connecticut on October 5, 2017.

IV. 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
Connecticut regulations described in the amendments to 40 CFR part 52
set forth below. The EPA has made, and will continue to make, these
documents generally available through www.regulations.gov and at the
EPA Region 1 Office (please contact the person identified in the FOR
FURTHER INFORMATION CONTACT section of this preamble for more
information).

V. 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. See 42 U.S.C. 7410(k); 40 CFR 52.02(a).
Thus, in reviewing SIP submissions, EPA's role is to approve state
choices, provided that they meet the criteria of the 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);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the Clean Air Act; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).
    In addition, the SIP is not approved to apply on any Indian
reservation land or in any other area where EPA or an Indian tribe has
demonstrated that a tribe has jurisdiction. In those areas of Indian
country, the rule does not have tribal implications and will not impose
substantial direct costs on tribal governments or preempt tribal law as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000).
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the Clean Air Act, petitions for
judicial review of this action must be filed in the United States Court
of Appeals for the appropriate circuit by January 18, 2019. Filing a
petition for reconsideration by the Administrator of this final rule
does not affect the finality of this action for the purposes of
judicial review nor does it extend the time within which a petition for
judicial review may be filed, and shall not postpone the effectiveness
of such rule or action. This action may not be challenged later in
proceedings to enforce its requirements. (See section 307(b)(2).)

List of Subjects in 40 CFR Part 52

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

    Dated: November 1, 2018.
Alexandra Dunn,
Regional Administrator, EPA Region 1.

    Part 52 of chapter I, title 40 of the Code of Federal Regulations
is amended as follows:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

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

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

Subpart H--Connecticut

0
2. Section 52.370 is amended by adding paragraph (c)(119) to read as
follows:

 Sec.  52.370   Identification of plan.

* * * * *
    (c) * * *
    (119) Revisions to the State Implementation Plan submitted by the
Connecticut Department of Energy and Environmental Protection on
October 18, 2017.
    (i) Incorporation by reference. (A) Regulations of Connecticut
State Agencies Section 22a-174-40, entitled ``Consumer Products,''
effective Oct 5, 2017.
    (B) Regulations of Connecticut State Agencies Section 22a-174-41,
entitled ``Architectural and Industrial Maintenance Products--Phase
1,'' effective Oct 5, 2017.

    (C) Regulations of Connecticut State Agencies Section 22a-174-41a,
entitled ``Architectural and Industrial Maintenance Products--Phase
2,'' effective Oct 5, 2017.

0
3. Section 52.385, Table 52.385 is amended by:
0
a. Revising entries for ``22a-174-40'' and ``22a-174-41'' and
0
b. Adding the entry ``22a-174-41a'' after the entry ``22a-174-41'''
    The revisions and addition read as follows:

Sec.  52.385  EPA-Approved Connecticut Regulations

* * * * *

                                                         Table 52.385--EPA-Approved Regulations
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                                                                Dates
                                                  --------------------------------    Federal Register
Connecticut State citation      Title/subject       Date adopted    Date approved         citation           Section 52.370      Comments/ description
                                                      by State         by EPA
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                                                                      * * * * * * *
22a-174-40................  Consumer Products....       10/5/2017      11/19/2018  [Insert Federal        (c)(119).            .........................
                                                                                Register citation].
22a-174-41................  Architectural and           10/5/2017      11/19/2018  [Insert Federal        (c)(119).            .........................
                             Industrial                                             Register citation].
                             Maintenance
                             Products--Phase 1.
22a-174-41a...............  Architectural and           10/5/2017      11/19/2018  [Insert Federal        (c)(119).            .........................
                             Industrial                                             Register citation].
                             Maintenance
                             Products--Phase 2.

                                                                      * * * * * * *
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[FR Doc. 2018-24895 Filed 11-16-18; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 80, Number 14 (Thursday, January 22, 2015)]
[Notices]
[Pages 3309-3311]
[FR Doc No: 2015-01012]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2014-0380]

Qualification of Drivers; Exemption Applications; Epilepsy and
Seizure Disorders

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice of applications for exemptions; request for comments.

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SUMMARY: FMCSA announces receipt of applications from 15 individuals
for an exemption from the prohibition against persons with a clinical
diagnosis of epilepsy or any other condition which is likely to cause a
loss of consciousness or any loss of ability to operate a commercial
motor vehicle (CMV) from operating CMVs in interstate commerce. The
regulation and the associated advisory criteria published in the Code
of Federal Regulations as the ``Instructions for Performing and
Recording Physical Examinations'' have resulted in numerous drivers
being prohibited from operating CMVs in interstate commerce based on
the fact that they have had one or more seizures and are taking anti-
seizure medication, rather than an individual analysis of their
circumstances by a qualified medical examiner. If granted, the
exemptions would enable these individuals who have had one or more
seizures and are taking anti-seizure medication to operate CMVs for 2
years in interstate commerce.

DATES: Comments must be received on or before February 23, 2015.

ADDRESSES: You may submit comments bearing the Federal Docket
Management System (FDMS) Docket ID FMCSA-2014-0380 using any of the
following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the on-line instructions for submitting
comments.
     Mail: Docket Management Facility; U.S. Department of
Transportation, 1200 New Jersey Avenue SE., West Building Ground Floor,
Room W12-140, Washington, DC 20590-0001.
     Hand Delivery: West Building Ground Floor, Room W12-140,
1200 New Jersey Avenue SE., Washington, DC, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal Holidays.
     Fax: 1-202-493-2251.
    Each submission must include the Agency name and the docket ID for
this Notice. Note that DOT posts all comments received without change
to http://www.regulations.gov, including any personal information
included in a comment. Please see the Privacy Act heading below.
    Docket: For access to the docket to read background documents or
comments, go to http://www.regulations.gov at any time or Room W12-140
on the ground level of the West Building, 1200 New Jersey Avenue SE.,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays. The FDMS is available 24 hours each day, 365
days each year. If you want acknowledgment that we received your
comments, please include a self-addressed, stamped envelope or

postcard or print the acknowledgement page that appears after
submitting comments on-line.
    Privacy Act: Anyone may search the electronic form of all comments
received into any of our dockets by the name of the individual
submitting the comment (or of the person signing the comment, if
submitted on behalf of an association, business, labor union, etc.).
You may review the DOT's complete Privacy Act Statement in the Federal
Register published on January 17, 2008 (73 FR 3316; January 17, 2008).
This information is also available at http://Docketinfo.dot.gov.

FOR FURTHER INFORMATION CONTACT: Charles A. Horan, III, Director,
Office of Carrier, Driver and Vehicle Safety,<PHONE_NUMBER>, or via
email at<EMAIL_ADDRESS>or by letter FMCSA, Room W64-113,
Department of Transportation, 1200 New Jersey Avenue SE., Washington,
DC 20590-0001. Office hours are from 8:30 a.m. to 5 p.m., Monday
through Friday, except Federal holidays.

SUPPLEMENTARY INFORMATION:

Background

    Under 49 U.S.C. 31315 and 31136(e), FMCSA may grant an exemption
for a 2-year period if it finds ``such exemption would likely achieve a
level of safety that is equivalent to or greater than the level that
would be achieved absent such exemption.'' The statutes also allow the
Agency to renew exemptions at the end of the 2-year period. The 15
individuals listed in this notice have recently requested an exemption
from the epilepsy prohibition in 49 CFR 391.41(b)(8), which applies to
drivers who operate CMVs as defined in 49 CFR 390.5, in interstate
commerce. Section 391.41(b)(8) states that a person is physically
qualified to drive a commercial motor vehicle if that person has no
established medical history or clinical diagnosis of epilepsy or any
other condition which is likely to cause the loss of consciousness or
any loss of ability to control a CMV.
    FMCSA provides medical advisory criteria for use by medical
examiners in determining whether drivers with certain medical
conditions should be certified to operate CMVs in intrastate commerce.
The advisory criteria indicate that if an individual has had a sudden
episode of a non-epileptic seizure or loss of consciousness of unknown
cause which did not require anti-seizure medication, the decision
whether that person's condition is likely to cause the loss of
consciousness or loss of ability to control a CMV should be made on an
individual basis by the medical examiner in consultation with the
treating physician. Before certification is considered, it is suggested
that a 6-month waiting period elapse from the time of the episode.
Following the waiting period, it is suggested that the individual have
a complete neurological examination. If the results of the examination
are negative and anti-seizure medication is not required, then the
driver may be qualified.
    In those individual cases where a driver had a seizure or an
episode of loss of consciousness that resulted from a known medical
condition (e.g., drug reaction, high temperature, acute infectious
disease, dehydration, or acute metabolic disturbance), certification
should be deferred until the driver has fully recovered from that
condition, has no existing residual complications, and is not taking
anti-seizure medication. Drivers who have a history of epilepsy/
seizures, off anti-seizure medication and seizure-free for 10 years,
may be qualified to operate a CMV in interstate commerce. Interstate
drivers with a history of a single unprovoked seizure may be qualified
to drive a CMV in interstate commerce if seizure-free and off anti-
seizure medication for a 5-year period or more.

Submitting Comments

    You may submit your comments and material online or by fax, mail,
or hand delivery, but please use only one of these means. FMCSA
recommends that you include your name and a mailing address, an email
address, or a phone number in the body of your document so that FMCSA
can contact you if there are questions regarding your submission. To
submit your comment online, go to http://www.regulations.gov and in the
search box insert the docket number ``FMCSA-2014-0380'' and click the
search button. When the new screen appears, click on the blue ``Comment
Now!'' button on the right hand side of the page. On the new page,
enter information required including the specific section of this
document to which each comment applies, and provide a reason for each
suggestion or recommendation. If you submit your comments by mail or
hand delivery, submit them in an unbound format, no larger than 8\1/2\
by 11 inches, suitable for copying and electronic filing. If you submit
comments by mail and would like to know that they reached the facility,
please enclose a stamped, self-addressed postcard or envelope.
    We will consider all comments and material received during the
comment period and may change this proposed rule based on your
comments. FMCSA may issue a final rule at any time after the close of
the comment period.

Viewing Comments and Documents

    To view comments, as well as any documents mentioned in this
preamble, To submit your comment online, go to http://www.regulations.gov and in the search box insert the docket number
``FMCSA-2014-0380'' and click ``Search.'' Next, click ``Open Docket
Folder'' and you will find all documents and comments related to the
proposed rulemaking.

Summary of Applications

Allen James Broll

    Mr. Broll is a 26 year-old class A CDL holder in Minnesota. He has
a history of spontaneous subdural hematoma. He has no history of
seizure. He takes anti-seizure medication as a prophylactic measure. If
granted an exemption, he would like to drive a CMV. His physician
states that he is supportive of Mr. Broll receiving an exemption.

Dennis Lee Brown

    Mr. Brown is a 69 year-old class C CDL holder in Arizona. He has a
history of epilepsy and has remained seizure free since 1999. He takes
anti-seizure medication with the dosage and frequency remaining the
same since that time. If granted the exemption, he would like to drive
a CMV. His physician states that he is supportive of Mr. Brown
receiving an exemption.

Grover M. Curtis

    Mr. Curtis is a 52 year-old class A CDL holder in Oregon. He has a
history of a seizure disorder and has remained seizure free since 2004.
He takes anti-seizure medication with the dosage and frequency
remaining the same since that time. If granted the exemption, he would
like to drive a CMV. His physician states that he is supportive of Mr.
Curtis receiving an exemption.

Harold James Durkee

    Mr. Durkee is a 64 year-old driver in Wisconsin. He has a history
of a seizure disorder and has remained seizure free since 1977. He
takes anti-seizure medication with the dosage and frequency remaining
the same since that time. If granted the exemption, he would like to
drive a CMV. His physician states that he is supportive of Mr. Durkee
receiving an exemption.

Timothy W. Eyerly

    Mr. Eyerly is a 59 year-old driver in Pennsylvania. He has a
history of a seizure disorder and has remained seizure free since 1981.
He takes anti-seizure medication with the dosage and

frequency remaining the same since 2002. If granted the exemption, he
would like to drive a CMV. His physician states that he is supportive
of Mr. Eyerly receiving an exemption.

Mark A. Grafton

    Mr. Grafton is a 61 year-old class A CDL holder in Indiana. He has
a history of a seizure in October 2014 secondary to a stroke. He takes
anti-seizure medication with the dosage and frequency remaining the
same since that time. If granted the exemption, he would like to drive
a CMV. His physician states that he is supportive of Mr. Grafton
receiving an exemption.

Zachary Kyle Griffin

    Mr. Griffin is a 28 year-old driver in North Carolina. He has a
history of post-traumatic seizure disorder and has remained seizure
free since 2009. He takes anti-seizure medication with the dosage and
frequency remaining the same since that time. If granted the exemption,
he would like to drive a CMV. His physician states that he is
supportive of Mr. Griffin receiving an exemption.

Denton L. Hineline

    Mr. Hineline is a 55 year-old class A CDL holder in Washington. He
has a history of a seizure disorder and has remained seizure free since
1979. He takes anti-seizure medication with the dosage and frequency
remaining the same since 1988. If granted an exemption, he would like
to drive a CMV. His physician states that he is supportive of Mr.
Hineline receiving an exemption.

Matthew M. Lohman

    Mr. Lohman is a 26 year-old driver in Illinois. He has a history of
seizures and has remained seizure free since 2011. He takes anti-
seizure medication with the dosage and frequency remaining the same
since that time. If granted the exemption, he would like to drive a
CMV. His physician states that he is supportive of Mr. Lohman receiving
an exemption.

Nicholas Blake Malott

    Mr. Malott is a 22 year-old driver in Virginia. He has a history of
a seizure disorder and has remained seizure free since January 2014. He
takes anti-seizure medication with the dosage and frequency remaining
the same since that time. If granted the exemption, he would like to
drive a CMV. His physician states that he is supportive of Mr. Malott
receiving an exemption.

Kevin W. Mathis

    Mr. Mathis is a 28 year-old driver in New Jersey. He has a history
of epilepsy and has remained seizure free since 2012. He takes anti-
seizure medication with the dosage and frequency remaining the same
since that time. If granted the exemption, he would like to drive a
CMV. His physician states that he is supportive of Mr. Mathis receiving
an exemption.

Jason R. McKenzie

    Mr. McKenzie is a 45 year-old driver in Michigan. He has a history
of seizures and has remained seizure free since 2012. He takes anti-
seizure medication with the dosage and frequency remaining the same
since 2013. If granted the exemption, he would like to drive a CMV. His
physician states that he is supportive of Mr. McKenzie receiving an
exemption.

Steven R. Plummer

    Mr. Plummer is a 60 year-old class A CDL holder in Ohio. He has a
history of a movement disorder with symptoms of unsteadiness and muscle
twitching. He has no history of seizure. He takes anti-seizure
medication for his movement disorder and his physician states his
symptoms remain stable. If granted an exemption, he would like to drive
a CMV. His physician states that he is supportive of Mr. Plummer
receiving an exemption.

Benjamin A. Reineke

    Mr. Reineke is a 44 year-old class A CDL holder in Ohio. He has a
history of seizures and has remained seizure free since 2005. He takes
anti-seizure medication with the dosage and frequency remaining the
same since that time. If granted the exemption, he would like to drive
a CMV. His physician states that he is supportive of Mr. Reineke
receiving an exemption.

Clinton James Howard Sheller

    Mr. Sheller is a 21 year-old class A CDL holder in Indiana. He has
a history of a seizure disorder and has remained seizure free since
2010. He takes anti-seizure medication with the dosage and frequency
remaining the same since 1996. If granted the exemption, he would like
to drive a CMV. His physician states that he is supportive of Mr.
Sheller receiving an exemption.

Request for Comments

    In accordance with 49 U.S.C. 31315 and 31136(e), FMCSA requests
public comment from all interested persons on the exemption
applications described in this notice. We will consider all comments
received before the close of business on the closing date indicated
earlier in the notice.

    Issued on: January 12, 2015.
 Larry W. Minor,
 Associate Administrator for Policy.
[FR Doc. 2015-01012 Filed 1-21-15; 8:45 am]
BILLING CODE 4910-EX-P


[Federal Register Volume 88, Number 54 (Tuesday, March 21, 2023)]
[Notices]
[Pages 17043-17045]
[FR Doc No: 2023-05683]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 34856; File No. 812-15441]

Cloudflare, Inc.

AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice.

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    Notice of application for an order under section 3(b)(2) of the
Investment Company Act of 1940 (``Act'').

APPLICANT:  Cloudflare, Inc.

SUMMARY OF APPLICATION:  Applicant seeks an order under section 3(b)(2)
of the Act declaring it to be primarily engaged in a business other
than that of investing, reinvesting, owning, holding or trading in
securities. Applicant states that it is in the business of providing
secure network cloud services.

DATES:  Filing Dates: The application was filed on March 3, 2023.

HEARING OR NOTIFICATION OF HEARING:  An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by emailing the Commission's
Secretary at [email protected] and serving applicants with a
copy of the request, by email if an email address is listed for the
relevant Applicant below, or personally or by mail, if a physical
address is listed for the relevant Applicant below. Hearing requests
should be received by the Commission by 5:30 p.m. on April 10, 2023,
and should be accompanied by proof of service on the applicants, in the
form of an affidavit, or for lawyers, a certificate of service.
Pursuant to rule 0-5 under the Act, hearing requests should state the
nature of the writer's interest, any facts bearing upon the
desirability of a hearing on the matter, the reason for the request,
and the issues contested. Persons who wish to be notified of a hearing
may request notification by emailing the Commission's Secretary at
[email protected].

ADDRESSES: The Commission: [email protected]. Applicant: Thomas
Seifert, Chief Financial Officer, Cloudflare, Inc., at [email protected]; Amy Caiazza, at [email protected].

FOR FURTHER INFORMATION CONTACT: Jennifer O. Palmer, Senior Counsel, or
Terri G. Jordan, Branch Chief, at<PHONE_NUMBER> (Division of
Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. For Applicant's

representations, legal analysis, and conditions, please refer to
Applicant's application, dated March 3, 2023, which may be obtained via
the Commission's website by searching for the file number at the top of
this document, or for an Applicant using the Company name search field,
on the SEC's EDGAR system. The SEC's EDGAR system may be searched at
https://www.sec.gov/edgar/searchedgar/legacy/companysearch.html. You
may also call the SEC's Public Reference Room at<PHONE_NUMBER>.

Applicant's Representations

    1. Applicant states that it is a Delaware corporation formed in
2009 that, directly and through its wholly-owned subsidiaries,\1\ is
engaged in the business of providing secure network cloud services.
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    \1\ Applicant states that 13 of its 24 wholly-owned subsidiaries
conduct businesses that are integrally related to the Applicant's
business, such as sales and marketing or research and development
(``R&D'') activities in their respective jurisdictions. Applicant
states that its remaining 11 subsidiaries are non-operating holding
companies or non-operating companies with de minimis assets.
Applicant further states that none of its subsidiaries meet the
definition of an ``investment company'' in section 3(a) of the Act.
---------------------------------------------------------------------------

    2. Applicant states that its business is highly capital intensive,
requires R&D of new technologies, and does not involve the Applicant
acquiring or retaining significant ``hard'' operating assets. Applicant
states that it maintains significant cash reserves that it seeks to
invest for purposes of conserving capital and providing liquidity until
the funds are used in its cloud-based services and technology business.
As described more fully in the application, Applicant states that it
requires significant liquid capital primarily to: (i) fund R&D for new
products and services, (ii) otherwise fund its operations, and (iii)
make other capital expenditures in keeping with the growth of the
Applicant's cloud-based services and technology business.
    3. Applicant states that it has financed operations primarily
through offerings of debt and equity securities, but ultimately seeks
to generate cash from its operations to support its business. Applicant
states that it seeks to preserve capital and maintain liquidity,
pending the use of such capital for its operations, by investing in
``Capital Preservation Instruments.'' \2\ Applicant states that it may
in the future make strategic investments in ``other investments''
consistent with Rule 3a-8. Applicant states that such securities will
not be acquired for speculative purposes.
---------------------------------------------------------------------------

    \2\ As used in Applicant's application, Capital Preservation
Instruments refers collectively to any cash items and securities
that are held for the purpose of conserving Applicant's capital and
liquidity until they are used by Applicant to support its business
(as such business is described in Applicant's application). Such
holdings are liquid (i.e., can be readily sold), earn competitive
market returns and present a low level of credit risk, including
short-term investment grade securities, Government securities (as
defined in section 2(a)(16) of the Act), securities of money market
funds registered under the Act, and other cash items; but excluding
investments in equity or speculative instruments.
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Applicant's Legal Analysis

    1. Applicant seeks an order under section 3(b)(2) of the Act
declaring that it is primarily engaged in a business other than that of
investing, reinvesting, owning, holding or trading in securities and
therefore is not an investment company as defined in the Act.
    2. Section 3(a)(l)(A) of the Act defines the term ``investment
company'' to include an issuer that is or holds itself out as being
engaged primarily, or proposes to engage primarily, in the business of
investing, reinvesting or trading in securities. Section 3(a)(l)(C) of
the Act further defines an investment company as an issuer that is
engaged or proposes to engage in the business of investing,
reinvesting, owning, holding or trading in securities, and owns or
proposes to acquire investment securities having a value in excess of
40% of the value of the issuer's total assets (exclusive of Government
securities and cash items) on an unconsolidated basis. Section 3(a)(2)
of the Act defines ``investment securities'' to include all securities
except Government securities, securities issued by employees'
securities companies, and securities issued by majority-owned
subsidiaries of the owner which (a) are not investment companies and
(b) are not relying on the exclusions from the definition of investment
company in section 3(c)(1) or section 3(c)(7) of the Act. Applicant
states that it has never been, is not now, and does not propose to be,
primarily engaged in the business of investing, reinvesting, owning,
holding, or trading in securities. Applicant states, however, that it
historically held and currently holds investment securities that exceed
40% of its total assets on an unconsolidated basis (exclusive of
Government securities and cash items). Applicant states that it
therefore may be an ``investment company'' pursuant to section
3(a)(l)(C) of the Act absent an exclusion or exemption.
    3. Rule 3a-8 under the Act provides an exclusion from the
definition of investment company if, among other factors, a company's
R&D expenses are a substantial percentage of its total expenses for the
last four fiscal quarters combined. While Applicant states that it
believes that it complies with the conditions of Rule 3a-8, Applicant
states that it is concerned that its R&D expenses, while substantial in
absolute terms, may not always be considered substantial as a ratio of
overall expenses. Although Applicant states that it anticipates R&D
expenses to increase in absolute terms, such expenses are not
anticipated to increase proportionately with Applicant's overall
expenses, particularly given increases in expenses related to sales and
marketing, the administration of a rapidly expanding employee base, and
other administrative expenses. Applicant states that its R&D expenses
have fluctuated between 18.34% and 25.04% of total expenses over the
past six years, and Applicant expects R&D expenses to decrease relative
to total expenses over time.
    4. Section 3(b)(2) of the Act provides that, notwithstanding
section 3(a)(l)(C) of the Act, the Commission may issue an order
declaring an issuer to be primarily engaged in a business other than
that of investing, reinvesting, owning, holding, or trading in
securities directly, through majority-owned subsidiaries, or controlled
companies conducting similar types of businesses. Applicant requests an
order under section 3(b)(2) of the Act declaring that it is primarily
engaged in a business other than that of investing, reinvesting,
owning, holding or trading in securities, and therefore is not an
investment company as defined in the Act.
    5. In determining whether an issuer is ``primarily engaged'' in a
non-investment company business under section 3(b)(2) of the Act, the
Commission considers the following factors: (a) the company's
historical development, (b) its public representations of policy, (c)
the activities of its officers and directors, (d) the nature of its
present assets, and (e) the sources of its present income.\3\
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    \3\ Tonopah Mining Company of Nevada, 26 SEC 426, 427 (1947).
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    6. Applicant submits that it satisfies the criteria for issuance of
an order under section 3(b)(2) of the Act because Applicant is
primarily engaged in the business of providing secure network cloud
services and is not in the business of investing, reinvesting, owning,
holding or trading in securities.
    a. Historical Development. Applicant states that, since its
inception in 2009, Applicant has operated in the cloud software sector
to develop comprehensive, scalable network cloud services for business
use. Applicant's business has focused on the development of new such
products, and

Applicant has received global recognition as an innovative technology
company.
    b. Public Representations of Policy. Applicant states that it has
consistently represented that it is engaged in the business of
providing secure network cloud services. Applicant further states that
it has never held and does not now hold itself out as an investment
company within the meaning of the Act or as engaging in the business of
investing, reinvesting, owning, holding, or trading in securities.
Applicant explains that in its annual reports, stockholder letters,
prospectuses, Commission filings, press releases, marketing materials,
and on its investor website, its public representations consistently
state its mission to help build a better internet by providing
solutions to managing individual network hardware for companies of all
sizes and growth. Applicant submits that its public representations
make clear that shareholders invest in the Applicant's securities with
the expectation of realizing gains from Applicant's development and
sale of its suite of cloud services and not from returns on an
investment portfolio. Applicant states that its only public
representations regarding its investment securities are those required
to be disclosed in public filings with the Commission.
    c. Activities of Officers and Directors. Applicant represents that
its officers and directors spend substantially all of their time
managing the Applicant's cloud-based services and technology business.
Applicant states that its cash management activities are managed
internally by its Chief Financial Officer and externally by three
investment managers, whose activities are supervised by the Chief
Financial Officer. In addition, of the Applicant's approximately 3,181
employees (as of September 30, 2022), Applicant states that only five
employees spend time on matters relating to the management of
Applicant's Capital Preservation Instruments. Applicant states that
none of its officers, directors or employees spends or proposes to
devote more than 1% of his or her time, if even that, to management of
Capital Preservation Instruments on behalf of the Applicant.
    d. Nature of Assets. Applicant states that, as of September 30,
2022, Applicant's investment securities constituted approximately 65.4%
of its total assets (excluding Government securities and cash items) on
an unconsolidated basis.\4\ Furthermore, Applicant states that as of
September 30, 2022, 100% of its investment securities consist of
Capital Preservation Instruments. Applicant uses its Capital
Preservation Instruments to finance its continued operations. Applicant
states that it may in the future make strategic investments in ``other
investments'' consistent with Rule 3a-8. Applicant states, however,
that no more than 10% of its total assets (exclusive of Government
securities and cash items, including securities of money market funds
registered under the Act) will consist of investment securities other
than Capital Preservation Instruments.\5\ Applicant uses current
assets, including its Capital Preservation Instruments, to finance its
continued R&D program and operations in connection with the development
of the Applicant's software.
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    \4\ Applicant states that none of its subsidiaries hold any
investment securities.
    \5\ Applicant states that it intends to calculate this
percentage by consolidating its financial statement with the
financial statements of its wholly-owned subsidiaries (but not with
any majority-owned subsidiary that may be acquired in the future).
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    e. Sources of Income and Revenue. Applicant represents that since
its inception it has carried net operating losses. Applicant states
that it does, however, derive income from its investment securities.
Applicant states that a review of its current source of revenues
provides a more accurate review of its operating company status,
particularly given the upward trend in recognizing substantially
increased revenues due to sales of new subscriptions. Applicant states
that it recognizes substantially all of its revenues from fees based on
subscriptions and support. Applicant states that its revenues for the
years ended December 31, 2019, 2020 and 2021 were $287 million, $431.1
million, and $656.4 million, respectively, on an unconsolidated basis.
By contrast, Applicant states that its net investment income in 2019,
2020, and 2021 was $5.8 million, $6.6 million, and $2.0 million in,
respectively. Applicant states that all such income was derived from
Capital Preservation Instruments.\6\ Applicant states that if net
investment income were compared to its revenue, it would be less than
1.0% of revenue for the fiscal year ended December 31, 2021, and to
less than 1.5% of revenue for the fiscal year ended December 31, 2020.
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    \6\ Applicant states that it has not, and does not expect to,
earn investment income from strategic investments.
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    For the fiscal nine months ended September 30, 2022, Applicant
earned $6.6 million of net investment income, an increase compared to
$2.0 million for the fiscal year ended December 31, 2021. This
nonetheless represents less than 1% of revenue for the fiscal nine
months ended September 30, 2022. The increase in net investment income
is due to the increase in interest rates in the fixed income markets.
    7. Applicant asserts that its historical development, its public
representations of policy, the activities of its officers and
directors, the nature of its assets and its sources of revenue and
income, as discussed in the application, demonstrate that it is engaged
primarily in a business other than that of investing, reinvesting,
owning, holding or trading securities. Applicant thus asserts that it
satisfies the criteria for issuing an order under section 3(b)(2) of
the Act.

Applicant's Conditions

    Applicant agrees that any order granted pursuant to the application
will be subject to the following conditions:
    1. Applicant will continue to use its accumulated cash and
securities to support its primary business (as such business is
described in Applicant's application);
    2. Applicant will refrain from investing or trading in securities
for speculative purposes; and
    3. No more than 10% of Applicant's total assets will consist of
investment securities other than Capital Preservation Instruments (as
such capitalized term is defined in Applicant's application). For
purposes of this condition, total assets excludes cash items (including
securities issued by money market funds registered under the Act) and
Government securities (as defined in section 2(a)(16) of the Act). This
percentage is to be determined on an unconsolidated basis, except that
Applicant should consolidate its financial statements with the
financial statements of any wholly-owned subsidiaries.

    For the Commission, by the Division of Investment Management,
under delegated authority.

    Dated: March 15, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-05683 Filed 3-20-23; 8:45 am]
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[Federal Register Volume 87, Number 31 (Tuesday, February 15, 2022)]
[Notices]
[Page 8583]
[FR Doc No: 2022-02694]

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ENVIRONMENTAL PROTECTION AGENCY

[FRL-9448-01-OAR]

Inventory of U.S. Greenhouse Gas Emissions and Sinks: 1990-2020

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of document availability and request for comments.

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SUMMARY: The Draft Inventory of U.S. Greenhouse Gas Emissions and
Sinks: 1990-2020 is available for public review. EPA requests
recommendations for improving the overall quality of the inventory
report to be finalized in April 2022, as well as subsequent inventory
reports.

DATES: To ensure your comments are considered for the final version of
the document, please submit your comments by March 11, 2022. However,
comments received after that date will still be welcomed and considered
for the next edition of this report.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-HQ-
OAR-2022-0001, to the Federal eRulemaking Portal: https://www.regulations.gov. Follow the online instructions for submitting
comments. Once submitted, comments cannot be edited or withdrawn. Do
not submit electronically any information you consider to be
Confidential Business Information (CBI). Comments can also be submitted
in hardcopy to GHG Inventory at: Environmental Protection Agency,
Climate Change Division (6207A), 1200 Pennsylvania Ave. NW, Washington,
DC 20460, Fax:<PHONE_NUMBER>. You are welcome and encouraged to send
an email with your comments to [email protected]. EPA may publish
any comment received to its public docket, submitted in hardcopy or
sent via email. For additional submission methods, the full EPA public
comment policy, information about CBI, and general guidance on making
effective comments, please visit http://www2.epa.gov/dockets/commenting-epa-dockets.

FOR FURTHER INFORMATION CONTACT: Ms. Mausami Desai, Environmental
Protection Agency, Office of Air and Radiation, Office of Atmospheric
Programs, Climate Change Division,<PHONE_NUMBER>,
[email protected].

SUPPLEMENTARY INFORMATION: Annual U.S. emissions for the period of time
from 1990 through 2020 are summarized and presented by sector,
including source and sink categories. The inventory contains estimates
of carbon dioxide (CO2), methane (CH4), nitrous
oxide (N2O), hydrofluorocarbons (HFC), perfluorocarbons
(PFC), sulfur hexafluoride (SF6), and nitrogen trifluoride
(NF3) emissions. The technical approach used in this report
to estimate emissions and sinks for greenhouse gases is consistent with
the methodologies recommended by the Intergovernmental Panel on Climate
Change (IPCC), and reported in a format consistent with the United
Nations Framework Convention on Climate Change (UNFCCC) reporting
guidelines. The Inventory of U.S. Greenhouse Gas Emissions and Sinks:
1990-2020 is the latest in a series of annual, policy-neutral U.S.
submissions to the Secretariat of the UNFCCC. EPA requests
recommendations for improving the overall quality of the inventory
report to be finalized in April 2022, as well as subsequent inventory
reports. The draft report is available at https://www.epa.gov/ghgemissions/inventory-us-greenhouse-gas-emissions-and-sinks.

Hans Christopher Grundler,
Director, Office of Atmospheric Programs.
[FR Doc. 2022-02694 Filed 2-14-22; 8:45 am]
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