[Federal Register Volume 78, Number 32 (Friday, February 15, 2013)]
[Notices]
[Pages 11169-11170]
[FR Doc No: 2013-03497]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 8657-064]

Virginia Hydrogeneration and Historical Society's, L.C.; Notice
of Termination of License by Implied Surrender and Soliciting Comments,
Protests, and Motions To Intervene

    Take notice that the following hydroelectric proceeding has been
initiated by the Commission:
    a. Type of Proceeding: Termination of license by implied surrender.
    b. Project No.: 8657-064.
    c. Date Initiated: February 8, 2013.
    d. Licensee: Virginia Hydrogeneration and Historical Society's,
L.C.
    e. Name and Location of Project: The Harvell Hydroelectric Project
is located on Appomattox River in Dinwiddie and Chesterfield counties,
Virginia.
    f. Filed Pursuant to: 18 CFR 6.4.
    g. Licensee Contact Information: C.D.L. Perkins c/o Bryan Brothers;
1802 Bayberry Court, Suite 301; Richmond, VA 23226.
    h. FERC Contact: Krista Sakallaris<PHONE_NUMBER> or
<EMAIL_ADDRESS>    i. Deadline for filing comments, protests, and motions to intervene
is 30 days from the issuance date of this notice. Please file your
submittal electronically via the Internet (eFiling) in lieu of paper.
Please refer to the instructions on the Commission's Web site under
http://www.ferc.gov/docs-filing/efiling.asp and filing instructions in
the Commission's Regulations at 18 CFR section 385.2001(a)(1)(iii).\1\
To assist you with eFilings you should refer to the submission
guidelines document at http://www.ferc.gov/help/submission-guide/user-guide.pdf. In addition, certain filing requirements have statutory or
regulatory formatting and other instructions. You should refer to a
list of these ``qualified documents'' at http://www.ferc.gov/docs-filing/efiling/filing.pdf. You must include your name and contact
information at the end of your comments. Please include the project
number (P-8657-064) on any documents or motions filed. The Commission
strongly encourages electronic filings; otherwise, you should submit an
original and seven copies of its submittal to the following address:
The Secretary, Federal Energy Regulatory Commission, Mail Code: DHAC,
PJ-12, 888 First Street NE., Washington, DC 20426
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    \1\ http://www.ferc.gov/legal/fed-sta.asp Select the link for
Code of Federal Regulations and navigate to Sec.  385.2001.
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    j. Description of Existing Facilities: The inoperative project
consists of the following existing facilities: (a) A 400-foot-long
concrete dam, varying in height from 7 feet to 9 feet; (b) a reservoir
with a surface area of 7 acres and a storage capacity of 49 acre-feet
at powerpool elevation of 12.63 feet m.s.l.; (c) a powerhouse, located
at the dam, containing one generating unit rated at 150 kW; (d) a 170-
foot-long canal to the powerhouse located east of the dam; (e) a
powerhouse, located east of the dam, containing two generating units
rated at 300 kW each; (f) a tailrace at the powerhouse east of the dam;
(g) a transmission system which includes the 2.3-kV generator leads,
the 270-foot-long, 2.3-kV transmission line from the powerhouse at the
dam, and the 2.3-kV leads and the 2.3-kV bus at the powerhouse east of
the dam, the transformer, and the 130-foot-long, 13.2-kV transmission
line; and (h) appurtenant facilities.
    k. Description of Proceeding: The licensee is in violation of
Standard Article 16 of its license, which was granted on December 1,
1987 (41 FERC ] 62,193). The Commission's regulations, 18 CFR 6.4,
provides, among other things, that the Commission may terminate a
project by implied surrender if the licensee abandons or discontinues
good faith operation of the project for a period of three years. The
project stopped operating prior to an August 2006 safety inspection.
    The most recent correspondence received from this licensee, was a
Joint Offer of Settlement, dated July 22, 2005. The correspondence
stated that the licensee had disconnected all electrical generating
equipment from the power grid and made reasonable efforts to secure the
site. The Commission did not act on the filing due to the inability to
resolve issues associated with terminating the license. Since then,
Commission staff inspected the project in August 2006 and again in
September 2009. A project representative was not present during the
inspections, and the project was locked and appeared abandoned.
    l. This notice is available for review and reproduction at the
Commission in the Public Reference Room, Room 2A, 888 First Street NE.,
Washington, DC 20426. The filing may also be viewed on the Commission's
Web site at http://www.ferc.gov/docs-filing/elibrary.asp. Enter the
Docket number (P-8657-064) excluding the last three digits in the
docket number field to access the notice. You may also register online
at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via
email of new filings and issuances related to this or other pending
projects. For assistance, call toll-free 1-866-208-3676 or email
<EMAIL_ADDRESS>For TTY, call<PHONE_NUMBER>.
    m. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    n. Comments, Protests, or Motions To Intervene--Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210,
385.211, and 385.214. In determining the appropriate action to take,
the Commission will consider all protests filed, but only those who
file a motion to intervene in accordance with the Commission's Rules
may become a party to the proceeding. Any protests or motions to
intervene must be received on or before the specified deadline date for
the particular proceeding.
    o. Filing and Service of Responsive Documents--Any filing must (1)
bear in all capital letters the title ``COMMENTS'', ``PROTEST'', or
``MOTION TO INTERVENE,'' as applicable; (2) set forth in the heading
the project number of the proceeding to which the filing responds; (3)
furnish the name, address, and telephone number of the person
commenting,

protesting or intervening; and (4) otherwise comply with the
requirements of 18 CFR 385.2001 through 385.2005. All comments,
protests or motions to intervene must set forth their evidentiary basis
and otherwise comply with the requirements of 18 CFR 4.34(b). All
comments, protests, or motions to intervene should relate to project
works which are the subject of the termination of license. A copy of
any protest or motion to intervene must be served upon each
representative of the Licensee specified in item g above. If an
intervener files comments or documents with the Commission relating to
the merits of an issue that may affect the responsibilities of a
particular resource agency, they must also serve a copy of the document
on that resource agency. A copy of all other filings in reference to
this notice must be accompanied by proof of service on all persons
listed in the service list prepared by the Commission in this
proceeding, in accordance with 18 CFR 4.34(b) and 385.2010.
    p. Agency Comments--Federal, state, and local agencies are invited
to file comments on the described proceeding. If any agency does not
file comments within the time specified for filing comments, it will be
presumed to have no comments.

    Dated: February 8, 2013.
Kimberly D. Bose,
Secretary.
[FR Doc. 2013-03497 Filed 2-14-13; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 66 (Friday, April 7, 2017)]
[Rules and Regulations]
[Pages 16901-16902]
[FR Doc No: 2017-06769]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2016-9101; Airspace Docket No. 16-ASO-14]

Amendment of Class D and Class E Airspace; Savannah, GA

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule; technical amendment.

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SUMMARY: This action amends Class D and Class E airspace at Savannah,
GA, by adjusting the geographic coordinates of Hunter Army Airfield
(AAF), and updating the name of Savannah/Hilton Head International
Airport. The boundaries and operating requirements of these airports
remain the same.

DATES: Effective 0901 UTC, June 22, 2017. The Director of the Federal
Register approves this incorporation by reference action under title 1,
Code of Federal Regulations, part 51, subject to the annual revision of
FAA Order 7400.11 and publication of conforming amendments.

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

FOR FURTHER INFORMATION CONTACT: John Fornito, Operations Support
Group, Eastern Service Center, Federal Aviation Administration, P.O.
Box 20636, Atlanta, Georgia 30320; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it amends Class D and Class E airspace in the Savannah, GA, area.

Availability and Summary of Documents for Incorporation by Reference

    This document amends FAA Order 7400.11A, Airspace Designations and
Reporting Points, dated August 3, 2016, and effective September 15,
2016. FAA Order 7400.11A is publicly available as listed in the
ADDRESSES section of this document. FAA Order 7400.11A lists Class A,
B, C, D, and E airspace areas, air traffic service routes, and
reporting points.

The Rule

    This action amends Title 14 Code of Federal Regulations (14 CFR)
Part 71 by adjusting the geographic coordinates of Hunter Army
Airfield, and recognizing the name change of Savannah/Hilton Head
International Airport (formerly Savannah International Airport) to be
in concert with the FAA's aeronautical database.
    This is an administrative change and does not affect the
boundaries, or operating requirements of the airspace, therefore,
notice and public procedure under 5 U.S.C. 553(b) are unnecessary.
    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
Therefore, this regulation: (1) Is not a ``significant regulatory
action'' under Executive Order 12866; (2) is not a ``significant rule''
under DOT Regulatory Policies and Procedures (44 FR 11034; February 26,
1979); and (3) does not warrant preparation of a regulatory evaluation
as the anticipated impact is so minimal. Since this is a routine matter
that only affects air traffic procedures and air navigation, it is
certified that this rule, when promulgated, does not have a significant
economic impact on a substantial number of small entities under the
criteria of the Regulatory Flexibility Act.

Lists of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

Adoption of the Amendment

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

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

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

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

Sec.  71.1   [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of Federal Aviation
Administration Order 7400.11A, Airspace Designations and Reporting
Points, dated August 3, 2016, effective September 15, 2016, is amended
as follows:

Paragraph 5000 Class D Airspace.

* * * * *

ASO GA D Savannah, GA [Amended]

Hunter AAF
    (Lat. 32[deg]00'36'' N., long. 81[deg]08'46'' W.)
Savannah/Hilton Head International Airport, GA
    (Lat. 32[deg]07'39'' N., long. 81[deg]12'08'' W.)

    That airspace extending upward from the surface to and including
2,500 feet MSL within a 4.5-mile radius of Hunter AAF; excluding
that portion of the overlying Savannah, GA, Class C airspace area
and that airspace north of lat. 32[deg]02'30'' N. This Class D
airspace is effective during the specific dates and times
established in advance by a Notice to Airmen. The effective date and
time will thereafter be continuously published in the Chart
Supplement (previously called Airport/Facility Directory).

Paragraph 6002 Class E Surface Area Airspace.

* * * * *

ASO GA E2 Savannah, GA [Amended]

Savannah/Hilton Head International Airport, GA
    (Lat. 32[deg]07'39'' N., long. 81[deg]12'08'' W.)
Hunter AAF
    (Lat. 32[deg]00'36'' N., long. 81[deg]08'46'' W.)

    Within a 5-mile radius of Savannah/Hilton Head International
Airport and within a 4.5-mile radius of Hunter AAF. This Class E
airspace area is effective during the specific dates and times
established in advance by a Notice to Airmen. The effective date and
time will thereafter be continuously published in the Chart
Supplement (previously called Airport/Facility Directory).

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

* * * * *

ASO GA E5 Savannah, GA [Amended]

Savannah/Hilton Head International Airport, GA
    (Lat. 32[deg]07'39'' N., long. 81[deg]12'08'' W.)
Hunter AAF
    (Lat. 32[deg]00'36'' N., long. 81[deg]08'46'' W.)

    That airspace extending upward from 700 feet above the surface
within a 10-mile radius of Savannah/Hilton Head International
Airport and within a 7-mile radius of Hunter AAF.

    Issued in College Park, Georgia, on March 27, 2017.
Joey L. Medders,
Acting Manager, Operations Support Group, Eastern Service Area, Air
Traffic Organization.
[FR Doc. 2017-06769 Filed 4-6-17; 8:45 am]
 BILLING CODE 4910-13-P


			  UNITED STATES OF AMERICA

		        DEPARTMENT OF TRANSPORTATION

			  OFFICE OF THE SECRETARY

			          WASHINGTON, D.C.

         Issued by the Department of Transportation on April 22, 2003

NOTICE OF ACTION TAKEN -- DOCKET OST-98-3549

________________________________________________________________________
________________________________________________________

This serves as notice to the public of the action described below, taken
by the Department official indicated (no

additional confirming order will be issued in this matter).

Applicant:  Air-India Limited							Date Filed:  February 8, 2002

Relief requested:  Renew exemption from 49 U.S.C. 41301 to conduct
scheduled foreign air transportation of persons, property and mail
between India and Los Angeles, CA, via Singapore and Taipei on a
code-share basis only.

If renewal, date and citation of last action:  Notice of Action Taken
dated February 9, 2001, in this docket

Applicant representative:  Marshall Sinick<PHONE_NUMBER>

Responsive pleadings:  None

	DISPOSITION

Action:  Approved									Action date:  April 22, 2003

Effective dates of authority granted:  April 22, 2003  -  April 22, 2004

Basis for approval (bilateral agreement/reciprocity):  U.S.-India Air
Transport Agreement and 1995 Memorandum of Consultations

Except to the extent exempted/waived, this authority is subject to the
terms, conditions, and limitations indicated:

X   Standard exemption conditions (attached)         X  Foreign air
carrier permit conditions (Order 95-4-36)

X  Statement of Authorization for Singapore Airlines and Air-India
code-share operations dated February 7, 2001, and conditions therein
(Docket OST-2000-7059)

Special conditions/Partial grant/Denial basis/Remarks:

Action taken by:   Paul L. Gretch, Director

		      Office of International Aviation

________________________________________________________________________
____________________________________________________________

We found that the applicant was qualified to perform its proposed
operations.

Under authority assigned by the Department in its regulations, 14 CFR
Part 385, we found that (1) our action was consistent with Department
policy; (2) grant of the authority was consistent with the public
interest; and (3) grant of the authority would not constitute a major
regulatory action under the Energy Policy and Conservation Act of 1975.
To the extent not granted/deferred/dismissed, we denied all requests in
the referenced Docket.  We may amend, modify, or revoke the authority
granted in this Notice at any time without hearing at our discretion.

Persons entitled to petition the Department for review of the action set
forth in this Notice under the Department’s regulations, 14 CFR
§385.30, may file their petitions within seven (7) days after the date
of issuance of this Notice.  This action was effective when taken, and
the filing of a petition for review will not alter such effectiveness.

An electronic version of this document is available on the World Wide
Web at:

  HYPERLINK "http://dms.dot.gov//reports/reports_aviation.asp"
http://dms.dot.gov//reports/reports_aviation.asp

												        Appendix A

FOREIGN AIR CARRIER CONDITIONS OF AUTHORITY

In the conduct of the operations authorized, the holder shall:

(1)  Not conduct any operations unless it holds a currently effective
authorization from its homeland for such operations, and it has filed a
copy of such authorization with the Department;

(2)  Comply with all applicable requirements of the Federal Aviation
Administration, including, but not limited to, 14 CFR Parts 129, 91, and
36, and with all applicable U.S. Government requirements concerning
security;1

(3)  Comply with the requirements for minimum insurance coverage
contained in 14 CFR Part 205, and, prior to the commencement of any
operations under this authority, file evidence of such coverage, in the
form of a completed OST Form 6411, with the Federal Aviation
Administration’s Program Management Branch (AFS-260), Flight Standards
Service (any changes to, or termination of, insurance also shall be
filed with that office);

(4)  Not operate aircraft under this authority unless it complies with
operational safety requirements at least equivalent to Annex 6 of the
Chicago Convention;

(5)  Conform to the airworthiness and airman competency requirements of
its Government for international air services;

(6)  Except as specifically exempted or otherwise provided for in a
Department Order, comply with the requirements of 14 CFR Part 203,
concerning waiver of Warsaw Convention liability limits and defenses;

(7)  Agree that operations under this authority constitute a waiver of
sovereign immunity, for the purposes of 28 U.S.C. 1605(a), but only with
respect to those actions or proceedings instituted against it in any
court or other tribunal in the United States that are:

   (a)  based on its operations in international air transportation
that, according to the contract of carriage, include a point in the
United States as a point of origin, point of destination, or agreed
stopping place, or for which the contract of carriage was purchased in
the United States; or

   (b)  based on a claim under any international agreement or treaty
cognizable in any court or other tribunal of the United States.

In this condition, the term "international air transportation" means
"international transportation" as defined by the Warsaw Convention,
except that all States shall be considered to be High Contracting
Parties for the purpose of this definition;

(8)  Except as specifically authorized by the Department, originate or
terminate all flights to/from the United States in its homeland;

(9)  Comply with the requirements of 14 CFR Part 217, concerning the
reporting of scheduled, nonscheduled, and charter data;

(10) If charter operations are authorized, except as otherwise provided
in the applicable aviation agreement, comply with the Department's rules
governing charters (including 14 CFR Parts 212 and 380); and

(11) Comply with such other reasonable terms, conditions, and
limitations required by the public interest as may be prescribed by the
Department, with all applicable orders or regulations of other U.S.
agencies and courts, and with all applicable laws of the United States.

This authority shall not be effective during any period when the holder
is not in compliance with the conditions imposed above.  Moreover, this
authority cannot be sold or otherwise transferred without explicit
Department approval under Title 49 of the U.S. Code (formerly the
Federal Aviation Act of 1958, as amended).__________________

1  To assure compliance with all applicable U.S. Government requirements
concerning security, the holder should, before commencing any new
service (including charter flights) from a foreign airport that would be
the holder’s last point of departure for the United States, inform its
Principal Security Inspector of its plans.

U.S. Department of Transportation

Office of the Secretary of Transportation									        (41301/40109)
10/2002

  Air-India conducts these operations pursuant to a code-share agreement
with Singapore Airlines Limited.


[Federal Register Volume 77, Number 77 (Friday, April 20, 2012)]
[Rules and Regulations]
[Pages 23622-23625]
[FR Doc No: 2012-9440]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R05-OAR-2011-0944; FRL-9648-6]

Approval and Promulgation of Air Quality Implementation Plans;
Illinois; Leisure Properties LLC/D/B/A Crownline Boats; Adjusted
Standard

AGENCY: Environmental Protection Agency (EPA).

ACTION: Direct final rule.

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SUMMARY: EPA is approving into the Illinois State Implementation Plan
(SIP) an adjusted standard for Leisure Properties LLC/D/B/A Crownline
Boats (Crownline) at its West Frankfort, Illinois facility. On June 10,
2011, the Illinois Environmental Protection Agency (IEPA) submitted to
EPA for approval an adjustment to the general rule, Use of Organic
Material Rule, commonly known as the eight pound per hour (8 lb/hr)
rule, as it applies to emissions of volatile organic matter (VOM) from
Crownline's manufacturing facility. The adjusted standard relieves
Crownline from being subject to the general rule for VOM emissions from
its West Frankfort facility. EPA is approving this SIP revision because
it will not interfere with attainment or maintenance of the ozone
National Ambient Air Quality Standard (NAAQS).

DATES: This direct final rule will be effective June 19, 2012, unless
EPA receives adverse comments by May 21, 2012. If adverse comments are
received, EPA will publish a timely withdrawal of the direct final rule
in the Federal Register informing the public that the rule will not
take effect.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R05-
OAR-2011-0944, by one of the following methods:
    1. www.regulations.gov: Follow the on-line instructions for
submitting comments.
    2. Email<EMAIL_ADDRESS>    3. Fax:<PHONE_NUMBER>.
    4. Mail: Pamela Blakley, Chief, Control Strategies Section, Air
Programs Branch (AR-18J), U.S. Environmental Protection Agency, 77 West
Jackson Boulevard, Chicago, Illinois 60604.
    5. Hand Delivery: Pamela Blakley, Chief, Control Strategies
Section, Air Programs Branch (AR-18J), U.S.

Environmental Protection Agency, 77 West Jackson Boulevard, Chicago,
Illinois 60604. Such deliveries are only accepted during the Regional
Office normal hours of operation, and special arrangements should be
made for deliveries of boxed information. The Regional Office official
hours of business are Monday through Friday, 8:30 a.m. to 4:30 p.m.,
excluding Federal holidays.
    Instructions: Direct your comments to Docket ID No. EPA-R05-OAR-
2011-0944. EPA's policy is that all comments received will be included
in the public docket without change and may be made available online at
www.regulations.gov, including any personal information provided,
unless the comment includes information claimed to be Confidential
Business Information (CBI) or other information whose disclosure is
restricted by statute. Do not submit information that you consider to
be CBI or otherwise protected through www.regulations.gov or email. The
www.regulations.gov Web site is an ``anonymous access'' system, which
means EPA will not know your identity or contact information unless you
provide it in the body of your comment. If you send an email comment
directly to EPA without going through www.regulations.gov your email
address will be automatically captured and included as part of the
comment that is placed in the public docket and made available on the
Internet. If you submit an electronic comment, EPA recommends that you
include your name and other contact information in the body of your
comment and with any disk or CD-ROM you submit. If EPA cannot read your
comment due to technical difficulties and cannot contact you for
clarification, EPA may not be able to consider your comment. Electronic
files should avoid the use of special characters, any form of
encryption, and be free of any defects or viruses.
    Docket: All documents in the docket are listed in the
www.regulations.gov index. Although listed in the index, some
information is not publicly available, e.g., CBI or other information
whose disclosure is restricted by statute. Certain other material, such
as copyrighted material, will be publicly available only in hard copy.
Publicly available docket materials are available either electronically
in www.regulations.gov or in hard copy at the Environmental Protection
Agency, Region 5, Air and Radiation Division, 77 West Jackson
Boulevard, Chicago, Illinois 60604. This facility is open from 8:30
a.m. to 4:30 p.m., Monday through Friday, excluding Federal holidays.
We recommend that you telephone Carolyn Persoon, Environmental
Engineer, at<PHONE_NUMBER>, before visiting the Region 5 office.

FOR FURTHER INFORMATION CONTACT: Carolyn Persoon, Environmental
Engineer, Control Strategies Section, Air Programs Branch (AR-18J),
Environmental Protection Agency, Region 5, 77 West Jackson Boulevard,
Chicago, Illinois 60604,<PHONE_NUMBER><EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document whenever ``we,''
``us,'' or ``our'' is used, we mean EPA. This supplementary information
section is arranged as follows:

I. What is EPA's analysis of Crownline's adjusted standard?
II. What action is EPA taking?
III. Statutory and Executive Order Reviews

I. What is EPA's analysis of Crownline's adjusted standard?

Background of the 8 lb/hr Rule and the Adjusted Standard

    EPA approved the VOM general 8 lb/hr rule into the Illinois SIP on
February 21, 1980 (45 FR 11472). The rule states that ``no person shall
cause or allow the discharge of more than 3.6 kg/hr (8 lb/hr) of
organic material into the atmosphere from any emission source * * *''
The basis for this rule is prevention of ground-level ozone formation
in order to meet the ozone NAAQS.
    Crownline filed a petition for an adjusted standard on December 5,
2003, in accordance with section 28.1 of the Illinois Environmental
Protection Act, 415 ILCS 5/28.1, and Illinois' regulations at 35 Ill.
Adm. Code section 215. Section 28.1 sets out the factors that a
petitioner must demonstrate to justify an adjusted standard. Crownline
filed the petition describing the factors relating to its West
Frankfort facility that are substantially and significantly different
from the factors relied on in adopting the general rule, specifically
that the general rule did not take into account the specific operations
needed to make fiberglass boats. Crownline also provided an air quality
impact analysis to support its petition. On April 23, 2004, the
Illinois Pollution Control Board (IPCB) held a public hearing on the
petition in West Frankfort, Illinois where testimony was given to
support Crownline's petition. A final order by the IPCB granted
Crownline an adjusted standard on July 22, 2004. Among other things,
the IPCB order stated that Crownline must operate in full compliance
with the Federal Maximum Achievable Control Technology (MACT) limits on
volatile organic compounds (VOCs) for the specific production of
fiberglass boats.

Analysis of SIP Revision for the Adjusted Standard

    EPA's approval is based on consideration of whether the adjusted
standard meets the requirements of section 1l0(l) of the Clean Air Act
(CAA), 42 U.S.C. 4202(l). In particular, EPA considered whether
exempting Crownline's West Frankfort facility from compliance with 35
Ill. Adm. Code 215.301 will impact Illinois' ability to attain and
maintain the ozone NAAQS in the area in which the facility is located.
    Under CAA section 110(l) the state must show that the SIP revision
will not interfere with attainment and maintenance of both existing
eight-hour ozone standards, which would be 75 parts per billion (ppb)
promulgated in 2008 and the 84 ppb promulgated in 1997. The monitor
closest to Crownline's West Frankfort facility is located in Hamilton
County, Illinois. This monitor has been and currently is attaining the
eight-hour ozone standards with a design value of 68 ppb for the 2008-
2010 design period. See EPA's Web site on design values for ozone at
http://www.epa.gov/airtrends/values.html. The IPCB order granting
Crownline an adjusted standard became effective in July 2004 and
Crownline has been operating in accordance with this adjusted standard
since that time. As noted, the 2008-2010 design value for Hamilton
County shows that the county is attaining the 2008 eight-hour ozone
standard with Crownline operating in accordance with the adjusted
standard. Thus, Crownline's facility in West Frankfort, Illinois has
not been interfering with attainment.
    To support its petition, Crownline did a conservative analysis of
emissions to determine an approximate ozone contribution that would
result from it operating at the maximum capacity which Crownline is
allowed in its approved title V permit. EPA reviewed Crownline's
analysis for the one-hour ozone standard and applied this analysis to
the eight-hour ozone standard. When adding the potential contribution
from Crownline to the existing monitored design value of 68 ppb, the
2008 eight-hour ozone standard of 75 ppb is still maintained even at
the facility's maximum permitted emissions allowance.
    Although Crownline is not required to comply with the 8 lb/hour
rule, Crownline is required to operate its facility in compliance with
Federal regulations of the National Emission Standards for Hazardous
Air Pollutants

for Boat Manufacturing set forth at 40 CFR part 63 subpart VVVV. These
regulations establish emission standards for hazardous air pollutants
(HAPs) at new and existing boat manufacturing facilities with resin and
gel coat operations, carpet and fabric adhesive operations, or aluminum
recreational boat surface coating operations and require certain
operational practices, recordkeeping, and emission limits for HAPs. EPA
promulgated these regulations under section 112(d) of the CAA, which
contains the MACT requirement.\1\ Styrene is the VOM emitted from
Crownline's West Frankfort facility and styrene is also a HAP. The
emissions of styrene from Crownline's West Frankfort facility are from
two different types of operations: (1) Lamination process which uses a
resin applied by non-atomized spray, and (2) open molding, resistant
and/or high strength gel-coat. The MACT requires emission limits on the
materials used in these processes, with HAPs content limited to 35% for
the resin applied by non-atomized guns, and 33.4% HAPs for the gelcoat
composition. These emission limits are enforceable VOM limits for the
West Frankfort Facility.
---------------------------------------------------------------------------

    \1\ ``Emission standards promulgated under this subsection shall
require the maximum degree of reduction in emissions of the
hazardous air pollutants subject to this section.'' Section
112(d)(2).
---------------------------------------------------------------------------

II. What action is EPA taking?

    EPA is approving into the Illinois SIP an adjusted standard of the
8 lb/hr general rule for VOM for Crownline. The adjusted standard sets
an alternative permanent and enforceable VOM limit for Crownline that
are the emission limits set in the Federal MACT (40 CFR part 63 subpart
VVVV) specific to fiberglass boat manufacturing. The amendment to
Illinois' SIP adding the adjusted standard is approvable because the
adjusted standard will not interfere with attaining or maintaining the
75 ppb ozone standard as prescribed by section 110(l) of the CAA.
    We are publishing this action without prior proposal because we
view this as a noncontroversial amendment and anticipate no adverse
comments. However, in the proposed rules section of this Federal
Register publication, we are publishing a separate document that will
serve as the proposal to approve the state plan amendment if relevant
adverse written comments are filed. This rule will be effective June
19, 2012 without further notice unless we receive relevant adverse
written comments by May 21, 2012. If we receive such comments, we will
withdraw this action before the effective date by publishing a
subsequent document that will withdraw the final action. All public
comments received will then be addressed in a subsequent final rule
based on the proposed action. EPA will not institute a second comment
period. Any parties interested in commenting on this action should do
so at this time. Please note that if EPA receives an adverse comment on
an amendment, paragraph, or section of this rule and if that provision
may be severed from the remainder of the rule, EPA may adopt as final
those provisions of the rule that are not the subject of an adverse
comment. If we do not receive any comments, this action will be
effective June 19, 2012.

III. Statutory and Executive Order Reviews

    Under the CAA, the Administrator is required to approve a SIP
submission that complies with the provisions of the CAA and applicable
Federal regulations. 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 CAA. Accordingly, this
action merely approves state law as meeting Federal requirements and
does not impose additional requirements. For that reason, this action:
     Is not a ``significant regulatory action'' subject to
review by the Office of Management and Budget under Executive Order
12866 (58 FR 51735, October 4, 1993);
     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, this rule does not have tribal implications as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000),
because the SIP is not approved to apply in Indian country located in
the state, and EPA notes that it will not impose substantial direct
costs on tribal governments or preempt tribal law.
    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 CAA, petitions for judicial review
of this action must be filed in the United States Court of Appeals for
the appropriate circuit by June 19, 2012. 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. Parties with objections to this direct final rule are
encouraged to file a comment in response to the parallel notice of
proposed rulemaking for this action published in the proposed rules
section of today's Federal Register, rather than file an immediate
petition for judicial review of this direct final rule, so that EPA can
withdraw this direct final rule and address the comment in the proposed
rulemaking. 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, Ozone, Reporting and
recordkeeping requirements, Volatile organic compounds.

    Dated: February 29, 2012.
Susan Hedman,
Regional Administrator, Region 5.

    40 CFR part 52 is amended as follows:

PART 52--[AMENDED]

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

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

Subpart O--Illinois

0
2. Section 52.720 is amended by adding paragraph (c)(190) to read as
follows:

Sec.  52.720  Identification of plan.

* * * * *
    (c) * * *
    (190) On June 10, 2011, the Illinois Environmental Protection
Agency submitted a revision to its state implementation plan. The
revision to the SIP allows an adjusted standard to the general rule,
Use of Organic Material Rule, known as the eight pound per hour (8 lb/
hr) rule, for volatile organic matter, for Leisure Properties LLC/D/B/A
Crownline Boats manufacturing facility located in West Frankfort,
Illinois. The adjusted standard is that the facility takes an
alternative standard of the emission limit requirements set forth in
the MACT under 40 CFR part 63 subpart VVVV as published in 40 CFR Part
63 (Sec.  63.1200 to end) revised as of July 1, 2002.
    (i) Incorporation by reference.
    (A) July 22, 2004, Opinion and Order of the Illinois Pollution
Control Board, AS-04-01, (identified in error as July 22, 2002 in the
document heading), effective July 22, 2004.
    (ii) Additional material.
    (A) Letter from Laurel L. Kroack, Illinois Environmental Protection
Agency, to Cheryl Newton, EPA, dated September 2, 2011, identifying
that due to an ownership change to Crownline Boats, the Board
transferred the adjusted standard to Leisure Properties LLC D/B/A
Crownline Boats, which is the successor to Crownline Boats, by Board
order AS04-l, effective October 7, 2010.

[FR Doc. 2012-9440 Filed 4-19-12; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 81, Number 209 (Friday, October 28, 2016)]
[Rules and Regulations]
[Pages 74921-74922]
[FR Doc No: 2016-25982]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R06-OAR-2012-0263; FRL-9953-46-Region 6]

Approval and Promulgation of Implementation Plans; Oklahoma;
Disapproval of Prevention of Significant Deterioration for Particulate
Matter Less Than 2.5 Micrometers--Significant Impact Levels and
Significant Monitoring Concentration

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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SUMMARY: The Environmental Protection Agency (EPA) is disapproving the
severable portions of the February 6, 2012, Oklahoma State
Implementation Plan (SIP) submittal which establish certain de minimis
thresholds for particulate matter less than 2.5 micrometers in diameter
(PM2.5) in the Prevention of Significant Deterioration (PSD)
permitting requirements. Specifically, we are disapproving provisions
that adopt and implement the PM2.5 significant impact levels
(SILs) and significant monitoring concentration (SMC); both of which
were vacated by a federal court and subsequently removed from federal
PSD regulations. We are disapproving the submitted provisions as
inconsistent with federal laws and regulations for the permitting of
PM2.5. The EPA is finalizing this disapproval under section
110 and part C of the Clean Air Act (CAA).

DATES: This rule is effective on November 28, 2016.

ADDRESSES: The EPA has established a docket for this action under
Docket ID No. EPA-R06-OAR-2012-0263. 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_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document wherever ``we,''
``us,'' or ``our'' is used, we mean the EPA.

I. Background

    The background for this action is discussed in detail in our August
11, 2016, proposed disapproval at 81 FR 53098. In that document, we
proposed to disapprove the severable portions of the February 6, 2012,
Oklahoma SIP submittal which establish the voluntary PM2.5
SILs provision and SMC. We presented our preliminary determination that
these submitted revisions to the Oklahoma SIP must be disapproved
because they establish permitting SIP requirements that are
inconsistent with the federal statutory and regulatory permitting
requirements for PM2.5. We did not receive any comments
regarding our proposed disapproval

II. Final Action

    We are disapproving the following severable portions of the
February 6, 2012, Oklahoma SIP submittal establishing the voluntary
PM2.5 SILs provision and SMC. We are taking this final
action under section 110 and part C of the CAA.
     Substantive revisions to the Oklahoma SIP at OAC 252:100-
8-33(c)(1)(C) establishing the PM2.5 SMC as submitted on
February 6, 2012; and
     Substantive revisions to the Oklahoma PSD program in OAC
252:100-8-35(a)(2) establishing the PM2.5 PSD SILs provision
as submitted on February 6, 2012.
    The EPA is disapproving the revisions listed because the submitted
provisions are inconsistent with the federal statutory and regulatory
permitting requirements for PM2.5. Upon the effective date
of this final disapproval, owners or operators of a proposed source or
modification will continue to satisfy the source impact analysis
provisions for PM2.5 as required under the Oklahoma SIP at
OAC 252:100-8-35(a)(1). Additionally, the State of Oklahoma will
continue to have the necessary authority to require monitoring of
PM2.5 under the Oklahoma SIP at OAC 252:100-8-35.1(b)(3),
consistent with the provisions of 40 CFR 52.21(m). This final
disapproval does not require the EPA to promulgate a Federal
Implementation Plan, because the Oklahoma PSD SIP program continues to
satisfy the Federal PSD SIP requirements for PM2.5
monitoring and source impact analysis. We are finalizing this
disapproval under section 110 and part C of the Act; as such, the EPA
will not impose sanctions as a result of this final disapproval.

III. Statutory and Executive Order Reviews

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

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

B. Paperwork Reduction Act (PRA)

    This action does not impose an information collection burden under
the PRA. There is no burden imposed under the PRA because this action
disapproves submitted revisions that are no longer consistent with
federal laws and regulations for the regulation and permitting of
PM2.5.

C. Regulatory Flexibility Act (RFA)

    I certify that this action will not have a significant economic
impact on a substantial number of small entities under the RFA. This
action will not impose any requirements on small entities. This action
disapproves submitted revisions that are no longer consistent with
federal laws and regulations for the regulation and permitting of
PM2.5, and therefore will have no impact on small entities.

D. Unfunded Mandates Reform Act (UMRA)

    This action does not contain any unfunded mandate as described in
UMRA, 2 U.S.C. 1531-1538, and does not significantly or uniquely affect
small governments. The action imposes no enforceable duty on any state,
local or tribal governments or the private sector. This action
disapproves submitted revisions that are no longer consistent with
federal laws and regulations for the regulation and permitting of
PM2.5, and therefore will have no impact on small
governments.

E. Executive Order 13132: Federalism

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

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

    This action does not have tribal implications as specified in
Executive Order 13175. This action disapproves provisions of state law
that are no longer consistent with federal law for the regulation and
permitting of PM2.5; there are no requirements or
responsibilities added or removed from Indian Tribal Governments. Thus,
Executive Order 13175 does not apply to this action.

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

    The EPA interprets Executive Order 13045 as applying only to those
regulatory actions that concern environmental health or safety risks
that the EPA has reason to believe may disproportionately affect
children, per the definition of ``covered regulatory action'' in
section 2-202 of the Executive Order. This action is not subject to
Executive Order 13045 because it disapproves state permitting
provisions that are inconsistent with federal laws and regulations for
the regulation and permitting of PM2.5.

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

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

I. National Technology Transfer and Advancement Act (NTTAA)

    This rulemaking does not involve technical standards.

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

    The EPA believes the human health or environmental risk addressed
by this action will not have potential disproportionately high and
adverse human health or environmental effects on minority, low-income
or indigenous populations. This action is not subject to Executive
Order 12898 because it disapproves state permitting provisions that are
inconsistent with federal laws and regulations for the regulation and
permitting of PM2.5.

K. Congressional Review Act (CRA)

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

L. Judicial Review

    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 December 27, 2016. 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 CAA section 307(b)(2).)

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Incorporation by
reference, Intergovernmental relations, Particulate matter, Reporting
and recordkeeping requirements.

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

    Dated: October 21, 2016.
Ron Curry,
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 LL--Oklahoma

0
2. Section 52.1922 is revised to read as follows:

Sec.  52.1922  Approval status.

    (a) With the exceptions set forth in this subpart, the
Administrator approves Oklahoma's State Implementation Plan under
section 110 of the Clean Air Act for the attainment and maintenance of
the national standards.
    (b) The EPA is disapproving the following severable portions of the
February 6, 2012, Oklahoma SIP submittal:
    (1) Revisions establishing Minor New Source Review Greenhouse Gas
(GHG) permitting requirements at OAC 252:100-7-2.1 as submitted on
February 6, 2012.
    (2) Revisions to the Oklahoma Prevention of Significant
Deterioration (PSD) program in OAC 252:100-8-31 establishing PSD
permitting requirements for sources that are classified as major and
thus required to obtain a PSD permit based solely on their potential
GHG emissions (``Step 2 sources'') at paragraph (E) of the definition
of ``subject to regulation'' as submitted on February 6, 2012.
    (3) Revisions to the Oklahoma PSD Program at OAC 252:100-8-
33(c)(1)(C) establishing the PM2.5 Significant Monitoring
Concentration as submitted on February 6, 2012.
    (4) Revisions to the Oklahoma PSD Program in OAC 252:100-8-35(a)(2)
establishing the PM2.5 PSD Significant Impact Levels as
submitted on February 6, 2012.
    (c) The EPA is disapproving the revisions to the Oklahoma State
Implementation Plan definitions of ``carbon dioxide equivalent
emissions'' at OAC 252:100-1-3 and ``subject to regulation'' at OAC
252:100-8-31 to implement the Greenhouse Gas Biomass Deferral as
submitted on January 18, 2013.

[FR Doc. 2016-25982 Filed 10-27-16; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 83, Number 43 (Monday, March 5, 2018)]
[Notices]
[Pages 9347-9349]
[FR Doc No: 2018-04340]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82788; File No. SR-NYSEArca-2018-13]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Relating to the
Wilshire Micro-Cap ETF

February 27, 2018.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on February 13, 2018, NYSE Arca, Inc. (``Exchange'' or ``NYSE
Arca'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

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

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to reflect changes to certain representations
made in the proposed rule change previously filed with the Commission
pursuant to Rule 19b-4 relating to the Wilshire Micro-Cap ETF (the
``Fund''). Shares of the Fund are currently listed and traded on the
Exchange under NYSE Arca Rule 5.2(j)(3)-E. The proposed rule change is
available on the Exchange's website at www.nyse.com, at the principal
office of the Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Commission has approved the listing and trading on the Exchange
of shares (``Shares'') of the Fund, under NYSE Arca Rule 5.2-E(j)(3)
(formerly NYSE Arca Equities Rule 5.2(j)(3)), which governs the listing
and trading of Investment Company Units.\4\ The Fund's Shares are
currently listed and traded on the Exchange under NYSE Arca Rule 5.2-
E(j)(3).\5\ The Fund is a series of the Claymore Exchange-Traded Fund
Trust (``Trust'').\6\
---------------------------------------------------------------------------

    \4\ An Investment Company Unit is a security that represents an
interest in a registered investment company that holds securities
comprising, or otherwise based on or representing an interest in, an
index or portfolio of securities (or holds securities in another
registered investment company that holds securities comprising, or
otherwise based on or representing an interest in, an index or
portfolio of securities). See NYSE Arca Rule 5.2-E(j)(3)(A).
    \5\ The Commission previously approved the listing and trading
of the Shares of the Fund. The Exchange filed a proposed rule change
relating to the Fund because Fund's underlying index--the Wilshire
US Micro-Cap IndexSM (the ``Index'')--did not meet the criteria set
forth in Commentaries .01(a)(A)(1) and .01(a)(A)(5) of NYSE Arca
Rule 5.2-E(j)(3) applicable to Units based on U.S. indexes or
portfolios. See Securities Exchange Act Release Nos. 62737 (August
17, 2010), 75 FR 51863 (August 23, 2010) (SR-NYSEArca-2010-64)
(Order Approving Proposed Rule Change Relating to Listing of the
Wilshire Micro-Cap ETF) (``Approval Order''); 62471 (July 8, 2010)
(SR-NYSEArca-2010-64) (Notice of Filing of Proposed Rule Change by
NYSE Arca, Inc. Relating to Listing of the Wilshire Micro-Cap ETF)
(the ``Notice'' and, together with the Approval Order, the
``Releases'').
    \6\ See Claymore Exchange-Traded Fund Trust's registration
statement on Form N-1A, dated December 29, 2017 (File Nos. 333-
134551; 811-21906).
---------------------------------------------------------------------------

    PowerShares Exchange-Traded Fund Trust has filed a combined
prospectus and proxy statement (the ``Proxy Statement'') with the
Commission on Form N-14 describing a ``Plan of Reorganization''
pursuant to which, following approval of the Fund's shareholders, all
or substantially all of the assets and all of the stated liabilities
included in the financial statements of the Fund would be transferred
to a corresponding, newly-formed fund of the PowerShares Exchange-
Traded Fund

Trust, described below. According to the Proxy Statement, the
investment objective of the Fund will be the same following
implementation of the Plan of Reorganization (``Reorganization'').\7\
Following shareholder approval and closing of the Reorganization,
investors will receive shares of beneficial interest of the PowerShares
Wilshire Micro-Cap Portfolio (and cash with respect to any fractional
shares held, if any) with an aggregate net asset value equal to the
aggregate net asset value of the Shares of the Fund of the Trust
calculated as of the close of business on the business day before the
closing of the Reorganization.
---------------------------------------------------------------------------

    \7\ See registration statement on Form N-14 under the Securities
Act of 1933 (15 U.S.C. 77a) (``1933 Act''), dated November 21, 2017
(File No. 333-221699). The definitive, final version of the Proxy
Statement was filed with the Commission pursuant to Rule 497 under
the 1933 Act on January 5, 2018.
---------------------------------------------------------------------------

    In this proposed rule change, the Exchange proposes to reflect a
change to certain representations made in the proposed rule change
previously filed with the Commission pursuant to Rule 19b-4 relating to
the Fund, as described above,\8\ which changes would be implemented as
a result of the Plan of Reorganization.\9\
---------------------------------------------------------------------------

    \8\ See note 5, supra.
    \9\ The Fund's investment adviser, Guggenheim Funds Investment
Advisors, LLC, represents that it will manage the Fund in the manner
described in the proposed rule change for the Fund as referenced in
note 4, supra, and the changes described herein will not be
implemented until this proposed rule change is operative.
---------------------------------------------------------------------------

Wilshire Micro-Cap ETF \10\
---------------------------------------------------------------------------

    \10\ On October 20, 2017 the PowerShares Exchange-Traded Fund
Trust filed with the Commission a pre-effective amendment to its
registration statement on Form N-1A under the 1933 Act and under the
1940 Act relating to the Fund (File Nos. 333-147622 and 811-22148).
The October 20, 2017 filing is intended to create a new entity to
serve as the vehicle into which the Fund will be reorganized through
the Plan of Reorganization contained in the Proxy Statement. In
addition, the Commission has issued an order granting certain
exemptive relief to the PowerShares Exchange-Traded Fund Trust under
the 1940 Act. See Investment Company Act Release No. 28171 (February
27, 2008) (File No. 812-13386, as amended by Investment Company
Release No. 28467) (October 27, 2008) (File No. 812-13491).
---------------------------------------------------------------------------

    The Notice stated the name of the Fund as Wilshire MicroCap ETF.
Following the Reorganization, the name of the Fund will be PowerShares
Wilshire Micro-Cap Portfolio.
    The Notice stated that the Fund is a series of the Claymore
Exchange-Traded Fund Trust. Following the Reorganization, the Fund's
trust will be PowerShares Exchange-Traded Fund Trust. The Fund's
investment adviser is Guggenheim Funds Investment Advisors, LLC.
Following the Reorganization, the Fund's investment adviser will be
Invesco PowerShares Capital Management LLC.\11\
---------------------------------------------------------------------------

    \11\ Invesco PowerShares Capital Management LLC is not
registered as a broker-dealer but is affiliated with a broker-
dealer. Invesco PowerShares Capital Management LLC has implemented
and will maintain a fire wall with respect to its affiliated broker-
dealer regarding access to information concerning the composition
and/or changes to the Fund's portfolio. In the event (a) Invesco
PowerShares Capital Management LLC becomes registered as a broker-
dealer or newly affiliated with a broker-dealer, or (b) any new
adviser or sub-adviser becomes registered as a broker-dealer or
newly affiliated with a broker-dealer, it will implement and
maintain a fire wall with respect to its relevant personnel or such
broker-dealer affiliate regarding access to information concerning
the composition and/or changes to the Fund's portfolio, and will be
subject to procedures designed to prevent the use and dissemination
of material non-public information regarding such portfolio. In
addition, personnel who make decisions on the Fund's portfolio
composition must be subject to procedures designed to prevent the
use and dissemination of material nonpublic information regarding
the Fund's portfolio.
    An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, with respect to PowerShares Wilshire Micro-Cap
Portfolio, Invesco PowerShares Capital Management LLC, as adviser,
and its related personnel, are subject to the provisions of Rule
204A-1 under the Advisers Act relating to codes of ethics. This Rule
requires investment advisers to adopt a code of ethics that reflects
the fiduciary nature of the relationship to clients as well as
compliance with other applicable securities laws. Accordingly,
procedures designed to prevent the communication and misuse of non-
public information by an investment adviser must be consistent with
Rule 204A-1 under the Advisers Act. In addition, Rule 206(4)-7 under
the Advisers Act makes it unlawful for an investment adviser to
provide investment advice to clients unless such investment adviser
has (i) adopted and implemented written policies and procedures
reasonably designed to prevent violation, by the investment adviser
and its supervised persons, of the Advisers Act and the Commission
rules adopted thereunder; (ii) implemented, at a minimum, an annual
review regarding the adequacy of the policies and procedures
established pursuant to subparagraph (i) above and the effectiveness
of their implementation; and (iii) designated an individual (who is
a supervised person) responsible for administering the policies and
procedures adopted under subparagraph (i) above.
---------------------------------------------------------------------------

    The Fund's current distributor is Guggenheim Funds Distributors,
LLC. Following the Reorganization, the Fund's distributor will be
Invesco Distributors, Inc.
    The investment objective of the Fund will remain unchanged. In
addition, the Index underlying the Fund meets and will continue to meet
the representations regarding the Index as described in the Releases.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \12\ that an exchange have rules that
are designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f (b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices, and is designed
to promote just and equitable principles of trade and to protect
investors and the public interest.
    PowerShares Exchange-Traded Fund Trust has filed the Proxy
Statement describing the Reorganization pursuant to which, following
approval of the Fund's shareholders, all assets of the Fund would be
transferred to a corresponding fund of the PowerShares Exchange-Traded
Fund Trust. This filing proposes to reflect organizational and
administrative changes that would be implemented as a result of the
Reorganization, including changes to the Fund's names, the trust entity
issuing shares of the Fund, the adviser to the Fund and the distributor
for the Fund. As noted above, Invesco PowerShares Capital Management
LLC is not registered as a broker-dealer but is affiliated with a
broker-dealer. Invesco PowerShares Capital Management LLC has
implemented and will maintain a fire wall with respect to its
affiliated broker-dealer regarding access to information concerning the
composition and/or changes to the Fund's portfolio. In the event (a)
Invesco PowerShares Capital Management LLC becomes registered as a
broker-dealer or newly affiliated with a broker-dealer, or (b) any new
adviser or sub-adviser becomes registered as a broker-dealer or newly
affiliated with a broker-dealer, it will implement and maintain a fire
wall with respect to its relevant personnel or such broker-dealer
affiliate regarding access to information concerning the composition
and/or changes to the portfolio, and will be subject to procedures
designed to prevent the use and dissemination of material non-public
information regarding such portfolio. According to the Proxy Statement,
the investment objective of the Fund will be the same following
implementation of the Reorganization. The Exchange believes these
changes will not adversely impact investors or Exchange trading. In
addition, the Index underlying the Fund meets and will continue to meet
the representations regarding the Index as described in the Releases.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose

any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange believes the
proposed rule change will enhance competition and benefit of investors
and the marketplace by permitting continued listing and trading of
Shares of the Fund following implementation of the changes described
above that would follow the Reorganization, which changes would not
impact the investment objective of the Fund.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    Because the proposed rule change does not: (i) Significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, it has become effective pursuant to
Section 19(b)(3)(A) of the Act \13\ and Rule 19b-4(f)(6)
thereunder.\14\
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    The Exchange has asked the Commission to waive the 30-day operative
delay so that the proposal may become operative immediately upon
filing. The proposal would allow the Exchange to reflect organizational
and administrative changes to the Fund that would be implemented as a
result of the Reorganization, including changes to the Fund's name, the
trust entity issuing shares of the Fund, the adviser to the Fund, and
the distributor for the Fund. The Exchange represents that the
investment objective of the Fund will remain the same, and the Index
underlying the Fund meets and will continue to meet the representations
regarding the Index as described in the Releases. The Commission
believes that the proposal raises no new or novel regulatory issues and
waiver of the 30-day operative delay is consistent with the protection
of investors and the public interest. Accordingly, the Commission
hereby waives the 30-day operative delay and designates the proposed
rule change to be operative upon filing.\15\
---------------------------------------------------------------------------

    \15\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NYSEArca-2018-13 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-NYSEArca-2018-13. 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-NYSEArca-2018-13 and should be submitted
on or before March 26, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
---------------------------------------------------------------------------

    \16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-04340 Filed 3-2-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 60 (Friday, March 28, 2014)]
[Notices]
[Pages 17623-17625]
[FR Doc No: 2014-06889]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71780; File No. SR-NYSEArca-2014-21]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending NYSE Arca
Equities Rule 7.44 To Change the Priority of Displayable Odd Lot
Interest Within the Recently Approved Retail Liquidity Program

March 24, 2014.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on March 10, 2014, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
---------------------------------------------------------------------------

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

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend NYSE Arca Equities Rule 7.44, which
governs the Exchange's recently approved Retail Liquidity Program
(``Program''), to provide that odd-lot interest priced between the PBBO
will trade together with other undisplayed interest according to price-
time priority. The text of the proposed rule change is available on the
Exchange's Web site at www.nyse.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange is proposing to amend Rule 7.44, which governs the
Exchange's recently approved Program,\3\ to provide that odd-lot
interest priced between the PBBO will trade together with other
undisplayed interest according to price-time priority. The current rule
provides that displayable odd-lot interest priced between the PBBO will
be ranked ahead of any Retail Price Improvement Orders (``RPIs'') and
other non-displayed interest at any given price point. For purposes of
this rule, displayable odd lot interest refers to odd lot interest that
is not displayed because it is priced better than the best protected
bid or offer (``PBBO''), but would be displayed if, when aggregated
with other same-priced displayable interest, [sic] equals a round lot
or greater.
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 71176 (Dec. 23,
2013), 78 FR 79524 (Dec. 30, 2013) (SR-NYSEArca-2013-107).
---------------------------------------------------------------------------

Background
    Under the Program, ETP Holders are able to provide price
improvement to Retail Orders, as defined in Rule 7.44(a)(3) and (k), by
submitting an RPI, which is non-displayed liquidity in NYSE Arca-listed
securities and UTP Securities, excluding NYSE-listed (Tape A)
securities, that is priced more aggressively than the PBBO by at least
$0.001 per share and that is identified as an RPI in a manner
prescribed by the Exchange. RPIs are entered at a single limit price,
rather than being pegged to the PBBO; however, RPIs can be designated
as a Mid-Point Passive Liquidity (``MPL'') Order, in which case the
order will re-price as the PBBO changes.\4\ RPIs remain non-displayed
and only execute against Retail Orders.
---------------------------------------------------------------------------

    \4\ RPIs not designated as MPL Orders would alternatively need
to be designated as a Passive Liquidity (``PL'') Order.
---------------------------------------------------------------------------

Odd Lot Interest Within the Program
    According to NYSE Arca Equities Rule 7.44(l), displayable odd-lot
interest priced between the PBBO is currently ranked ahead of any RPIs
and other non-displayed liquidity at any given price point. The
Exchange is proposing to amend Rule 7.44(l) to rank odd-lot interest
priced better than the PBBO in price-time priority with RPIs and other
non-displayed liquidity. The Exchange believes that ranking undisplayed
odd lots priced better than the PBBO in price-time priority with other
undisplayed interest is consistent with expectations of market
participants entering odd-lot sized interest. Specifically, odd-lot
sized interest, standing alone, is not eligible to be part of the
displayed quote.\5\ Because odd-lot orders are not displayed, they are
not the protected bid or offer of a market and can be traded through.
The Exchange therefore believes it is consistent with the expectations
of market participants that when odd-lot interest is not displayed, it
should be treated similarly to other undisplayed interest. The Exchange
does not believe that the proposed rule change would provide a
disincentive for market participants to enter odd-lot interest because
market participants are already on notice that odd-lot interest does
not receive the benefit of displayed interest if it is not part of the
displayed quote.
---------------------------------------------------------------------------

    \5\ See Rule 604(b)(3) of Regulation NMS (excepting odd-lot
orders from the limit order display rule).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is consistent
with Rule 7.38 (Odd and Mixed Lots), which provides that round lot,
mixed lot, and odd lot orders are treated in the same manner in the
NYSE Arca Marketplace. Specifically, the Exchange believes that
consistent with this rule, odd-lot orders that are undisplayed should
be treated in the same manner as round-lot orders that are undisplayed.
As such, they should be ranked in price-time priority together.
Conversely, if odd-lot interest is included in the displayed quote,
then odd-lot interest should be treated the same as other displayed
round-lot interest at the same price.
    The Exchange further believes that the current rule provides a
potential incentive for market participants to game the Program. One of
the goals of the Program is to incentivize the provision of price-
improving liquidity to retail investors. Because the Exchange
publicizes when there is RPI interest available in a symbol,\6\ market
participants are on notice when there is resting RPI interest for a
symbol. A market participant could use that knowledge to enter odd-lot
interest priced better than the PBBO in order to trade ahead of the
previously-entered RPI interest. The Exchange believes that allowing
odd-lot interest to have priority over such previously-entered RPI
interest could create a disincentive for market participants to enter
RPI interest, thereby frustrating one of the goals of the Program.
---------------------------------------------------------------------------

    \6\ The Exchange disseminates an identifier that reflects the
symbol for a particular security and whether it is buy or sell RPI
interest. See Rule 7.44(j).

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

    To demonstrate the proposed rule change, consider the following
example: \7\
---------------------------------------------------------------------------

    \7\ The Exchange is proposing to amend one of the examples in
Rule 7.44(l) to include the updated treatment of odd lot interest
within the Program.

    PBBO for security ABC is $10.00-$10.05.
    RLP 1 enters a Retail Price Improvement Order to buy ABC at
$10.01 for 500.
    RLP 2 then enters a Retail Price Improvement Order to buy ABC at
$10.02 for 500.
    RLP 3 then enters a Retail Price Improvement Order to buy ABC at
$10.03 for 500.
    LMT 1 then enters an odd lot limit order to buy ABC at $10.02
for 60.

    As proposed, an incoming Type 1-designated Retail Order to sell for
1,000 will execute first against RLP 3's bid for 500 at $10.03, because
it is the best priced bid, then against RLP 2's bid for 500 at $10.02,
because it is the next best priced bid entered earliest in time, at
which point the entire size of the Retail Order to sell 1,000 is
depleted. As proposed, the odd lot interest entered by LMT 1 would not
receive an execution because such odd lot interest is ranked in price-
time priority with RPIs and all other non-displayed interest. Without
the rule change, LMT 1 would be able to execute its 60 shares at $10.02
before RLP 2, even though RLP 2 arrived earlier in time.
    Because of the ranking and allocation proposed herein, the Exchange
is proposing to delete the provision in Rule 7.44(l) stating that
executions within the Program will occur in accordance with NYSE Arca
Equities Rule 7.36. Rule 7.36 provides that incoming orders will be
executed first in the Display Order Process, and then in the Working
Order Process. But within the Program, odd lot interest will now be
ranked and allocated in price-time priority with other equally-priced
non-displayed interest. As explained above, the Exchange believes this
is appropriate since, for purposes of the operation of the Program,
there is little difference between undisplayed odd lot interest and
other non-displayed liquidity, including that neither are protected
from being traded through pursuant to Regulation NMS.
    Further, the Exchange is proposing to amend Rule 7.44(l) to provide
that, within the Program, PL Orders will be ranked behind all other
equally-priced non-displayed interest. Currently, Rule 7.31(h)(4)
provides that PL Orders are executed in the Working Order Process after
all other Working Orders except undisplayed discretionary orders.
Therefore, under the current version of Rule 7.44(l), which provides
that executions occur pursuant to Rule 7.36, PL Orders are executed
behind all other non-displayed liquidity. Because the Exchange is
removing the reference to Rule 7.36 from Rule 7.44(l), some Users might
interpret Rule 7.44(l) as stating that it overrides all other
provisions in NYSE Arca Equities Rules, and therefore, all non-
displayed liquidity is ranked and allocated in price-time priority.
However, the Exchange is maintaining the priority rule for PL Orders in
the Program, and therefore, the Exchange is proposing to explicitly
state in Rule 7.44(l) that PL Orders will be ranked behind all other
equally-priced interest.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Act,\8\ in general, and furthers the objectives of Section 6(b)(5),\9\
in particular, in that it is designed to promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
of a free and open market and a national market system, and in general,
to protect investors and the public interest.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that ranking odd lot interest in price-time
priority with other RPIs and non-displayed liquidity within the Program
will both promote just and equitable principles of trade and remove
impediments to and perfect the mechanism of a free and open market and
a national market system. The proposed rule change will ensure that
odd-lot interest priced better than the PBBO that is not displayed is
not given priority over previously-entered non-displayed liquidity
within the Program. The purpose of the Program is to incentivize the
provision of price-improving liquidity to retail investors. However,
the Exchange believes that this purpose could be frustrated by
permitting later-arriving odd-lot interest to have priority over
earlier-arriving RPIs and non-displayed liquidity. The Exchange
therefore believes that ranking odd-lot interest in strict price-time
priority with other undisplayed interest will remove impediments to a
free and open market by eliminating the potential for market
participants to use odd-lot interest to trade ahead of previously-
entered RPI interest. The Exchange further believes that the proposed
rule change is consistent with current Exchange rules because it would
treat undisplayed odd lot interest in the same manner as undisplayed
round lots.
    The Exchange further believes that the proposed treatment of odd
lot interest is consistent with the Act and will not create a
disincentive to enter odd lot interest because market participants are
already on notice that undisplayed odd lot interest priced better than
the PBBO is not afforded the same protections as displayed interest.
    The Exchange also believes the proposal will protect investors and
the public interest because the proposed rule change will promote the
incentives for liquidity providers to enter RPIs that improve upon the
PBBO. As a result, the proposal will increase competition among
execution venues, encourage additional liquidity, and offer the
potential for price improvement to retail investors. Additionally, the
Exchange believes it is appropriate to promote the incentive to bring
more retail order flow to a public market.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange believes that
the Program is designed to increase competition among executive [sic]
venues, encourage additional liquidity, and offer the potential for
price improvement to retail investors. The Exchange notes that a
significant percentage of the orders of individual investors are
executed over-the-counter. The Exchanges believes that it is
appropriate to create a financial incentive to bring more retail order
flow to a public market.
    Additionally, the Exchange believes the proposed rule change will
have a positive effect on competition since it will ensure that the
incentives of entering RPIs into the Program are not disrupted. Without
the proposed rule change, odd lot interest would have priority over
earlier-entered RPI and non-displayed liquidity at a particular price
point. Such a priority rule could disrupt the incentives of ETP Holders
to enter RPIs, and therefore, decrease the price improving
opportunities for retail investors.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \10\ and Rule 19b-4(f)(6) thereunder.\11\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\13\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. Doing so, the Exchange
contends, would correct an element of the Program that could otherwise
undermine the Program's purpose. The Commission believes that waiving
the 30-day operative delay is consistent with the protection of
investors and the public interest because this waiver would allow the
Exchange to implement the Program, which has already been subject to
notice and comment, without further delay. Accordingly, the Commission
hereby grants the Exchange's request and designates the proposal
operative upon filing.\14\
---------------------------------------------------------------------------

    \12\ 17 CFR 240.19b-4(f)(6).
    \13\ 17 CFR 240.19b-4(f)(6)(iii).
    \14\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of this proposed rule
change, the Commission summarily may temporarily suspend this rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2014-21 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-NYSEArca-2014-21. 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 Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site 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 this filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make publicly available. All
submissions should refer to File Number SR-NYSEArca-2014-21 and should
be submitted on or before April 18, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-06889 Filed 3-27-14; 8:45 am]
BILLING CODE 8011-01-P