[Federal Register Volume 84, Number 214 (Tuesday, November 5, 2019)]
[Notices]
[Pages 59669-59672]
[FR Doc No: 2019-24088]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87421; File No. SR-CboeBZX-2019-068]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order
Instituting Proceedings To Determine Whether To Approve or Disapprove a
Proposed Rule Change, as Modified by Amendment No. 1, To List and Trade
Shares of the iShares California Short Maturity Muni Bond ETF of the
iShares U.S. ETF Trust Under Rule 14.11(i), Managed Fund Shares

October 30, 2019.

I. Introduction

    On July 19, 2019, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to
amend Cboe BZX Rule 14.11(c) to list and trade shares (``Shares'') of
the iShares California Short Maturity Muni Bond ETF (``Fund'') of the
iShares U.S. ETF Trust under BZX Rule 14.11(i). The proposed rule
change was published for comment in the Federal Register on August 7,
2019.\3\ On September 19, 2019, pursuant to Section 19(b)(2) of the
Act,\4\ the Commission designated a longer period within which to
approve the proposed rule change, disapprove the proposed rule change,
or institute proceedings to determine whether to approve or disapprove
the proposed rule change.\5\ On October 1, 2019, the Exchange filed
Amendment No. 1 to the proposed rule change, which replaced in its
entirety the proposed rule change as originally submitted.\6\ The
Commission has received no comments on the proposal. The Commission is
publishing this order to institute proceedings pursuant to Section
19(b)(2)(B) of the Act \7\ to determine whether to approve or
disapprove the proposed rule change, as modified by Amendment No. 1.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 86546 (Aug. 1,
2019), 84 FR 38689.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 87018, 84 FR 50501
(Sep. 25, 2019). The Commission designated November 5, 2019 as the
date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to approve or disapprove,
the proposed rule change.
    \6\ Amendment No. 1 is available at: https://www.sec.gov/comments/sr-cboebzx-2019-068/srcboebzx2019068-6362715-196411.pdf.
    \7\ 15 U.S.C. 78s(b)(2)(B).

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II. Summary of the Proposed Rule Change, as Modified by Amendment No. 1
8
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    \8\ For a full description of the proposal, see Amendment No. 1,
supra note 6.
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    BZX Rule 14.11(i) permits the Exchange to generically list Managed
Fund Shares \9\ issued by a fund whose portfolio components satisfy
certain criteria. The Exchange must file separate proposals under
Section 19(b) of the Act to list and trade shares of a series of
Managed Fund Shares with portfolio components that do not satisfy the
applicable generic listing criteria (including portfolio components not
specified in the generic listing standards).\10\
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    \9\ ``Managed Fund Shares'' is defined in BZX Rule
14.11(i)(3)(A).
    \10\ See BZX Rule 14.11(i)(4)(C).
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    According to the Exchange, the Fund will satisfy all of the
applicable generic listing requirements except for BZX Rule
14.11(i)(4)(C)(ii)(a),\11\ which requires that fixed income securities
in a fund's portfolio that in the aggregate account for at least 75% of
the fixed income weight of the portfolio each have a minimum principal
amount outstanding of $100 million or more. Accordingly, the Exchange
filed the pending proposal to seek Commission approval to list and
trade the Shares.
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    \11\ See Amendment No. 1, supra note 6, 84 FR at 14.
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    BlackRock Fund Advisors (``Adviser'') is the investment adviser to
the Fund.\12\ The Fund will seek to maximize tax-free current income
from a portfolio composed of short maturity, investment-grade municipal
bonds issued in the State of California. To achieve its objective, the
Fund will invest, under Normal Market Conditions,\13\ at least 80% of
its net assets in U.S.-dollar denominated investment-grade short-term
fixed- and floating-rate Municipal Securities, as defined below, with
remaining maturities of five years or less, issued in the State of
California by or on behalf of California state or local governments or
agencies, whose interest payments are exempt from U.S. federal,
including the federal alternative minimum tax, and California state
income taxes. Under Normal Market Conditions, the Fund will seek to
maintain a weighted average maturity that is less than three years.\14\
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    \12\ BFA is an indirect wholly owned subsidiary of BlackRock,
Inc.
    \13\ The term ``Normal Market Conditions'' includes, but is not
limited to, the absence of trading halts in the applicable financial
markets generally; operational issues causing dissemination of
inaccurate market information or system failures; or force majeure
type events such as natural or man-made disaster, act of God, armed
conflict, act of terrorism, riot or labor disruption, or any similar
intervening circumstance. In the absence of Normal Market
Conditions, the Fund may temporarily depart from its normal
investment process, provided that such departure is, in the opinion
of the Adviser, consistent with the Fund's investment objective and
in the best interest of the Fund. For example, the Fund may hold a
higher than normal proportion of its assets in cash in response to
adverse market, economic or political conditions. See id. at 7, n.8.
    \14\ Weighted average maturity is a U.S. dollar-weighted average
of the remaining term to maturity of the underlying securities in
the Fund's portfolio. For the purposes of determining the Fund's
weighted average maturity, a security's final maturity date will be
used for calculation purposes.
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    Municipal Securities include only the following instruments:
General obligation bonds; limited obligation bonds (or revenue bonds);
municipal notes; municipal commercial paper; tender option bonds;
variable rate demand notes and demand obligations; municipal lease
obligations, stripped securities; structured securities; \15\ zero
coupon securities; and shares of exchange-traded and non-exchange-
traded investment companies that principally invest in such Municipal
Securities.
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    \15\ Structured securities, when combined with those instruments
held as part of the other portfolio holdings described below, will
not exceed 20% of the Fund's net assets. See id. at 9, n.20
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    Other Portfolio Holdings. The Fund may also, to a limited extent
(under Normal Market Conditions, less than 20% of the Fund's net
assets), invest in certain futures, options and swap contracts; \16\
cash and cash equivalents; as well as in Municipal Securities of
issuers located outside of California whose interest payments are
exempt from regular federal income taxes.\17\ The Fund may also enter
into repurchase and reverse repurchase agreements for Municipal
Securities (collectively, ``Repurchase Agreements''). The Fund may also
invest in short-term instruments (``Short-Term Instruments''),\18\
which includes exchange traded and non-exchange traded investment
companies that invest in money market instruments.
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    \16\ Such futures, options and swap contracts will include only
the following: Interest rate futures, interest rate options, and
interest rate swaps. The derivatives will be centrally cleared and
they will be collateralized. At least 90% of the Fund's net assets
that are invested in listed derivatives will be invested in
instruments that trade in markets that are members or affiliates of
members of the Intermarket Surveillance Group or are parties to a
comprehensive surveillance sharing with the Exchange. See id. at 10,
n.24.
    \17\ Issuers located outside of California may be states,
territories and possessions of the U.S., including the District of
Columbia, and their political subdivisions, agencies and
instrumentalities.
    \18\ The Fund may invest in Short-Term Instruments, including
money market instruments, on an ongoing basis to provide liquidity
or for other reasons. Money market instruments are generally short-
term investments that include only the following: (i) Shares of
money market funds; (ii) obligations issued or guaranteed by the
U.S. government, its agencies or instrumentalities (including
government-sponsored enterprises); (iii) negotiable certificates of
deposit, bankers' acceptances, fixed-time deposits and other
obligations of U.S. and non-U.S. banks (including non-U.S. branches)
and similar institutions; (iv) commercial paper, including asset-
backed commercial paper; (v) non-convertible corporate debt
securities (e.g., bonds and debentures) with remaining maturities at
the date of purchase of not more than 397 days and that satisfy the
rating requirements set forth in Rule 2a-7 under the 1940 Act; and
(vi) short-term U.S. dollar-denominated obligations of non-U.S.
banks (including U.S. branches) that, in the opinion of BFA, are of
comparable quality to obligations of U.S. banks which may be
purchased by the Fund. All money market securities acquired by the
Fund will be rated investment grade. The Fund does not intend to
invest in any unrated money market securities. However, it may do
so, to a limited extent, such as where a rated money market security
becomes unrated, if such money market security is determined by the
Adviser to be of comparable quality. BFA may determine that unrated
securities are of comparable quality based on such credit quality
factors that it deems appropriate, which may include, among other
things, performing an analysis similar, to the extent possible, to
that performed by a nationally recognized statistical rating
organization rating similar securities and issuers.
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    Investment Restrictions. The Fund may hold up to an aggregate
amount of 15% of its net assets in illiquid assets (calculated at the
time of investment), as deemed illiquid by the Adviser under the 1940
Act. The Fund will monitor its portfolio liquidity on an ongoing basis
to determine whether, in light of current circumstances, an adequate
level of liquidity is being maintained, and will consider taking
appropriate steps in order to maintain adequate liquidity if, through a
change in values, net assets, or other circumstances, more than 15% of
the Fund's net assets are held in illiquid assets.\19\
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    \19\ Illiquid assets are defined by Rule 22e-4. In reaching
liquidity decisions, the Adviser may consider factors including: The
frequency of trades and quotes for the security; the number of
dealers wishing to purchase or sell the security and the number of
other potential purchasers; dealer undertakings to make a market in
the security; the nature of the security and the nature of the
marketplace trades (e.g., the time needed to dispose of the
security, the method of soliciting offers, and the mechanics of
transfer); any legal or contractual restrictions on the ability to
transfer the security or asset; significant developments involving
the issuer or counterparty specifically (e.g., default, bankruptcy,
etc.) or the securities markets generally; and settlement practices,
registration procedures, limitations on currency conversion or
repatriation, and transfer limitations (for foreign securities or
other assets). See id. at 12-13.
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    Additionally, the Exchange states that the Fund will launch with at
least 300,000 Shares outstanding. The Exchange also states: (1) The
portfolio will hold a minimum of 15 different Municipal Securities from
at least 15 unique issuers when at least six creation units are
outstanding, but will never hold fewer than 10 different Municipal

Securities from at least 10 unique issuers; (2) no single obligor will
account for more than 10% of the weight of the Fund's portfolio and no
10 obligors will account for more than 75% of the weight of the Fund's
portfolio.\20\ Additionally, no more than 50% of the Fund's assets will
be invested in issuers that are more than 5% of the value of the Fund's
assets, and the Fund will not invest more than 25% of its assets in any
single issuer.\21\
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    \20\ See id. at 13.
    \21\ See id. at 13-14.
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III. Proceedings To Determine Whether To Approve or Disapprove SR-
CboeBZX-2019-068 and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act \22\ to determine whether the proposed rule
change, as modified by Amendment No. 1, should be approved or
disapproved. Institution of such proceedings is appropriate at this
time in view of the legal and policy issues raised by the proposal.
Institution of proceedings does not indicate that the Commission has
reached any conclusions with respect to any of the issues involved.
Rather, as described below, the Commission seeks and encourages
interested persons to provide comments on the proposal.
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    \22\ 15 U.S.C. 78s(b)(2)(B).
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    Pursuant to Section 19(b)(2)(B) of the Act,\23\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of the proposal's consistency with Section 6(b)(5) of the Act,
which requires, among other things, that the rules of a national
securities exchange be ``designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade,'' and ``to protect investors and the public
interest.'' \24\ Specifically, the Commission seeks comment regarding
the following:
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    \23\ Id.
    \24\ 15 U.S.C. 78f(b)(5).

    1. Would the proposed requirement that the portfolio hold a
minimum of ten different Municipal Securities from at least ten
unique issuers or, when at least six creation units are outstanding,
fifteen different Municipal Securities from at least fifteen unique
issuers be sufficient to ensure that the Fund's portfolio isn't
susceptible to manipulation?
    2. Would the proposed concentration limit, i.e., that no single
obligor will account for more than 10% of the weight of the Fund's
portfolio and no ten obligors will account for more than 75% of the
weight of the Fund's portfolio, be sufficient to ensure that the
Fund's portfolio isn't susceptible to manipulation?
    3. Taken collectively, would the proposed listing requirements
adequately ensure that the Fund's portfolio would not be susceptible
to manipulation?

IV. Procedure: Request for Written Comments

    The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposed rule
change, as modified by Amendment No. 1, is consistent with Section
6(b)(5) or any other provision of the Act, or the rules and regulations
thereunder. Although there do not appear to be any issues relevant to
approval or disapproval that would be facilitated by an oral
presentation of views, data, and arguments, the Commission will
consider, pursuant to Rule 19b-4 under the Act,\25\ any request for an
opportunity to make an oral presentation.\26\
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    \25\ 17 CFR 240.19b-4.
    \26\ Section 19(b)(2) of the Act, as amended by the Securities
Acts Amendments of 1975, Public Law 94-29 (June 4, 1975), grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by a self-regulatory
organization. See Securities Acts Amendments of 1975, Senate Comm.
on Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st
Sess. 30 (1975).
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    Interested persons are invited to submit written data, views, and
arguments regarding whether the proposed rule change, as modified by
Amendment No. 1, should be approved or disapproved by November 26,
2019. Any person who wishes to file a rebuttal to any other person's
submission must file that rebuttal by December 10, 2019. The Commission
asks that commenters address the sufficiency of the Exchange's
statements in support of the proposal, which are set forth in Amendment
No. 1,\27\ in addition to any other comments they may wish to submit
about the proposal.
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    \27\ See supra note 6.
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    In this regard, the Commission seeks comment on the Exchange's
proposed generic listing standards for Shares based on an index or
portfolio of Municipal Securities. The Commission specifically seeks
comment on whether the proposed requirement that an underlying index or
portfolio must include a minimum of 500 component Municipal Securities
is consistent with the requirement that the rules of a national
securities exchange be ``designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade,'' and ``to protect investors and the public
interest.'' \28\
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    \28\ 15 U.S.C. 78f(b)(5).
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    Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-CboeBZX-2019-068 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CboeBZX-2019-068. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-CboeBZX-2019-068 and should be submitted
by November 26, 2019. Rebuttal comments should be submitted by December
10, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
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    \29\ 17 CFR 200.30-3(a)(57).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-24088 Filed 11-4-19; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 59 (Friday, March 27, 2015)]
[Proposed Rules]
[Pages 16354-16355]
[FR Doc No: 2015-07054]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

49 CFR Part 350

[Docket No. FMCSA-2014-0470]

State Inspection Programs for Passenger-Carrying Vehicles;
Listening Session

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

ACTION: Notice of public listening session.

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SUMMARY: FMCSA announces that it will hold a public listening session
on April 14, 2015, to solicit information concerning section 32710 of
the Moving Ahead for Progress in the 21st Century Act (MAP-21). This
provision requires FMCSA to complete a rulemaking proceeding to
consider requiring States to establish a program for annual inspections
of commercial motor vehicles (CMVs) designed or used to transport
passengers. Additionally, under MAP-21, FMCSA must assess the risks
associated with improperly maintained or inspected CMVs designed or
used to transport passengers; the effectiveness of existing Federal
standards for the inspection of such vehicles in mitigating the risks
associated with improperly maintained vehicles and ensuring the safe
and proper operation condition of such vehicles; and the costs and
benefits of a mandatory inspection program. Any data regarding this
topic would be appreciated. The session will be held at the Commercial
Vehicle Safety Alliance's (CVSA) workshop in Jacksonville, Florida. All
comments will be transcribed and placed in the docket referenced above
for FMCSA's consideration. The entire proceeding will be webcast.

DATES: The listening session will be held on Tuesday, April 14, 2015,
from 3:30 p.m. to 6 p.m., Local Time.

ADDRESSES: The listening session will be held at the Hyatt Regency
Jacksonville Riverfront, 225 East Coastline Drive, Jacksonville, FL
32202, in the Clearwater Ballroom. In addition to attending the session
in person, the Agency offers several ways to provide comments, as
enumerated below.
    Internet Address for Live Webcast. FMCSA will post specific
information on how to participate via the Internet on the FMCSA Web
site at www.fmcsa.dot.gov in advance of the listening sessions.
    You may submit comments identified by Docket Number FMCSA-2014-0470
using any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov.
Follow the online 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 or Courier: 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:<PHONE_NUMBER>.
    Each submission must include the Agency name and the docket number
for this notice. Note that DOT posts all comments received, without
change, to www.regulations.gov, including any personal information
included in a comment. Please see the Privacy Act heading below. To
avoid duplication, please use only one of these four methods. See the
``Public Participation and Request for Comments'' portion of the
SUPPLEMENTARY INFORMATION section for instructions on submitting
comments.
     Docket: For access to the docket to read background
documents or comments, go to www.regulations.gov at any time or visit
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., ET, Monday
through Friday, except Federal holidays. The online Federal document
management system is available 24 hours each day, 365 days each year.
If you would like acknowledgment that the Agency received your
comments, please include a self-addressed, stamped envelope or postcard
or print

the acknowledgment page that appears after submitting comments on-line.

FOR FURTHER INFORMATION CONTACT: Shannon L. Watson, Senior Policy
Advisor, Federal Motor Carrier Safety Administration, 1200 New Jersey
Avenue SE., Washington, DC 20590-0001 or by telephone at<PHONE_NUMBER>.
If you have questions on viewing or submitting material to the docket,
contact Docket Services, telephone<PHONE_NUMBER>.
    If you need sign language interpretation or any other accessibility
accommodations, please contact Ms. Watson by close of business on
Wednesday, April 8, 2015, to allow us to arrange for such services.
FMCSA cannot guarantee that interpreter services requested on short
notice will be provided.

SUPPLEMENTARY INFORMATION:

Submitting Comments

    If you submit a comment, please include the docket number for this
notice (FMCSA-2014-0470), and provide a reason for each suggestion or
recommendation. 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,
put the docket number, FMCSA-2014-0470, in the keyword box, and click
``Search.'' When the new screen appears, click on the ``Comment Now!''
button and type your comment into the text box on the following screen.
Choose whether you are submitting your comment as an individual or on
behalf of a third party and then submit. 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 draft a request for further comment to support
consideration of further regulatory action.

Viewing Comments and Documents

    To view comments, as well as any documents mentioned in this
preamble as being available in the docket, go to http://www.regulations.gov. Insert the docket number, FMCSA-2014-0470, in the
keyword box, and click ``Search.'' Next, click the ``Open Docket
Folder'' button and choose the document to review. If you do not have
access to the Internet, you may view the docket online by visiting the
Docket Management Facility in Room W12-140 on the ground floor of the
DOT West Building, 1200 New Jersey Avenue SE., Washington, DC 20590,
between 9 a.m. and 5 p.m., E.T., Monday through Friday, except Federal
holidays.

Privacy Act

    In accordance with 5 U.S.C. 553(c), DOT solicits comments from the
public to better inform its rulemaking process. DOT posts these
comments, without edit, including any personal information the
commenter provides, to www.regulations.gov, as described in the system
of records notice (DOT/ALL-14 FDMS), which can be reviewed at
www.dot.gov/privacy.

I. Background

    On July 6, 2012, the President signed MAP-21 into law. The new law
included certain requirements concerning State inspection programs for
passenger-carrying vehicles (e.g., motorcoaches). Specifically, section
32710 requires the Secretary of Transportation to complete a rulemaking
proceeding to consider requiring States to establish a program for
annual inspections of CMVs designed or used to transport passengers.
FMCSA must also include an assessment of the following: (1) The risks
associated with improperly maintained or inspected CMVs designed or
used to transport passengers; (2) the effectiveness of existing Federal
standards for the inspection of such vehicles in (a) mitigating the
risks associated with improperly maintained vehicles; and (b) ensuring
the safe and proper operation condition of such vehicles; and (3) the
costs and benefits of a mandatory inspection program. Any data with
regard to the topic would be appreciated.
    To help inform consideration of the MAP-21 requirements, the Agency
believes it would be helpful to conduct a public listening session to
provide all interested parties the opportunity to share their views on
the subject. The April 14 meeting is the third in a series of sessions.
The previous listening sessions were announced on December 22, 2014 (79
FR 76295) and conducted on January 13 and January 18, 2015. The Agency
requests information on the following questions:
     Does your State or the States in which you domicile buses
conduct mandatory bus inspections? Are these inspections conducted
annually and by State employees or 3rd party inspectors? If conducted
by 3rd party inspectors, what oversight is or should be required? What
is the cost of these inspections?
     If your State imposes mandatory inspection of buses, how
do you assess the effectiveness of such inspections? For example, have
you measured the occurrence of bus-involved crashes, injuries and/or
fatalities before and after the imposition of a mandatory inspection
requirement?
     Which vehicle defects are most prevalent at these
inspections? What conclusions do you draw from the results of these
inspections?
     Where should these inspections be performed? At a ``brick
and mortar'' facility or at the carrier's place of business? If at the
carrier's place of business, what accommodations must be made to ensure
appropriate access (e.g. pits, lifts, etc.) to conduct full inspections
of motorcoaches and other large vehicles? What should the fees be for
the various types of inspections?
     How much does it cost to establish and run inspection
programs on an annual basis? Would self-inspection or 3rd party
inspections be an option to a State inspection? How would the costs
differ? Do you envision other more preferable options?
     Should States allow fleets to self-inspect? How many
fleets use their own mechanics, as opposed to 3rd party inspectors, to
conduct bus inspections?
     Has your State or organization collected data related to
crashes, injuries and/or fatalities attributable to improperly
maintained or inspected buses? If so, what conclusions have you drawn
from that data?

II. Meeting Participation and Information FMCSA Seeks From the Public

    The listening session is open to the public. Speakers should try to
limit their remarks to 3-5 minutes. No preregistration is required.
Attendees may submit material to the FMCSA staff at the session for
inclusion in the pubic docket referenced at the beginning of this
notice.
    FMCSA will docket the transcripts of the webcast and a separate
transcription of the listening session will be prepared by an official
court reporter.

    Issued on: March 24, 2015.
Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2015-07054 Filed 3-26-15; 8:45 am]
BILLING CODE 4910-EX-P


MEMORANDUM

Date:	June 1, 2007

Subject:  	Summary of a verbal comment on the SAFETEA-LU transportation
conformity NPRM

From: 		Rudolph Kapichak

State Measures and Conformity Group, OTAQ

To:		Docket EPA-HQ-OAR-2006-0612

	On May 29, 2007, I spoke with a representative of the Kentucky
Transportation Cabinet.  He asked if EPA had considered revising the
transportation conformity rule’s list of exempt projects contained in
40 CFR 93.126 to further clarify the types of projects that are either
exempt or non-exempt under “Transportation enhancement activities.”
The commenter was concerned that some types of non-exempt projects
besides the two examples listed in 40 CFR 93.126 could be funded with
transportation enhancement funds.