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

    (6) ``Form 8-K'' (OMB Control No. 3235-0060); \109\
---------------------------------------------------------------------------

    \109\ 17 CFR 249.308.
---------------------------------------------------------------------------

    (7) ``Schedule 14A'' (OMB Control No. 3235-0059); \110\
---------------------------------------------------------------------------

    \110\ 17 CFR 240.14a-101.
---------------------------------------------------------------------------

    (8) ``Schedule 14C'' (OMB Control No. 3235-0057); \111\
---------------------------------------------------------------------------

    \111\ 17 CFR 240.14c-101.
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    (9) ``Form 15'' (OMB Control No. 3235-0167).

The forms were adopted under the Exchange Act and set forth the
disclosure requirements for periodic, current and other reports
required to be filed by issuers registered with the Commission.
    We estimate that there are approximately 625 Exchange Act
registrants that are bank holding companies or savings and loan holding
companies. We estimate that approximately 90 bank holding companies
have filed Forms 15 to terminate or suspend their reporting obligations
under the Exchange Act based on the statutory changes in the JOBS
Act.\112\ We further estimate that approximately 90 savings and loan
holding companies or similar entities with fewer than 1,200 holders of
record would be eligible to file a Form 15 after our proposed changes.
To put these numbers in context, the current PRA estimate for the
number of annual reports on Form 10-K filed annually is 8,137. Because
the proposed rule amendments do not affect our estimates of the burden
or cost per filing and we do not anticipate a material decrease in the
number of filings as a result of the proposed rule amendments, we are
not submitting revised burden estimates for these collections of
information to OMB for review in accordance with the PRA and its
implementing regulations at this time.\113\
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    \112\ After the JOBS Act became effective, we saw an increase in
the number of termination and suspension of registrations by bank
holding companies. We do not anticipate a similar rate of
deregistration for bank holding companies after revising our rules
to reflect the new, higher deregistration threshold.
    \113\ 44 U.S.C. 3507(d); 5 CFR 1320.11.
---------------------------------------------------------------------------

    We request comment on our approach and the accuracy of the current
estimates. Pursuant to 44 U.S.C. 3506(c)(2)(A), the Commission solicits
comments to: (1) Evaluate whether the collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility; (2)
evaluate the accuracy of the Commission's estimate of burden of the
collection of information; (3) determine whether there are ways to
enhance the quality, utility and clarity of the information to be
collected; and (4) evaluate whether there are ways to minimize the
burden of the collection of information on those who are required to
respond, including through the use of automated collection techniques
or other forms of information technology.
    Persons submitting comments on the collection of information
requirements should direct the comments to the Office of Management and
Budget, Attention: Desk Officer for the Securities and Exchange
Commission, Office of Information and Regulatory Affairs, Washington,
DC 20503, and send a copy to Secretary, Securities and Exchange
Commission, 100 F Street NE., Washington, DC 20549-1090, with reference
to File No. S7-12-14. Requests for materials submitted to OMB by the
Commission with regard to these collections of information should be in
writing, refer to File No. S7-12-14, and be submitted to the Securities
and Exchange Commission, Office of FOIA Services, 100 F Street NE.,
Washington, DC 20549-2736. OMB is required to make a decision
concerning the collection of information between 30 and 60 days after
publication of this release. Consequently, a comment to OMB is assured
of having its full effect if OMB receives it within 30 days of
publication.

VII. Small Business Regulatory Enforcement Fairness Act

    For purposes of the Small Business Regulatory Enforcement Fairness
Act of 1996 (``SBREFA''),\114\ the Commission must advise OMB as to
whether a proposed regulation constitutes a ``major'' rule. Under
SBREFA, a rule is considered ``major'' where, if adopted, it results or
is likely to result in:
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    \114\ Public Law 104-121, Tit. II, 110 Stat. 857 (1996).
---------------------------------------------------------------------------

     An annual effect on the economy of $100 million or more
(either in the form of an increase or a decrease);
     a major increase in costs or prices for consumers or
individual industries; or
     significant adverse effects on competition, investment or
innovation.

If a rule is ``major,'' its effectiveness will generally be delayed for
60 days pending Congressional review.
    We request comment on whether our proposed amendments would be a
``major rule'' for purposes of SBREFA. We solicit comment and empirical
data on:
     The potential effect on the U.S. economy on an annual
basis;

     any potential increase in costs or prices for consumers or
individual industries; and
     any potential effect on competition, investment or
innovation.

We request those submitting comments to provide empirical data and
other factual support for their views to the extent possible.

VIII. Initial Regulatory Flexibility Act Analysis

    The Commission has prepared this Initial Regulatory Flexibility Act
Analysis in accordance with 5 U.S.C. 603. This Initial Regulatory
Flexibility Act Analysis relates to the proposed amendments to
Securities Act Rule 405 and Exchange Act Rules 3b-4, 12g-1, 12g-2, 12g-
3, 12g-4, 12g5-1, and 12h-3.

A. Reasons for, and Objectives of, the Proposed Action

    The primary reason for, and objective of, the proposed amendments
is to implement Title V and Title VI of the JOBS Act. The JOBS Act
directs the Commission to issue rules to implement the changes and
specifically charges the Commission with amending the definition of
``held of record'' and establishing a safe harbor for the determination
relating to ``employee compensation plan'' securities. We are proposing
rules that would revise existing rules to reflect the new, higher
Exchange Act registration, termination of registration and suspension
of reporting thresholds for banks and bank holding companies, apply the
definition of ``accredited investor'' in Securities Act Rule 501(a) in
making determinations under Exchange Act Section 12(g)(1), revise the
definition of ``held of record'' to exclude certain securities held by
persons who received them pursuant to employee compensation plans, and
establish a non-exclusive safe harbor for issuers to follow when
determining whether those securities are ``held of record.'' We are
also proposing to provide relief from the Exchange Act registration
requirements for savings and loan holding companies by applying the
same thresholds to savings and loan holding companies that apply to
banks and bank holding companies. Permitting savings and loan holding
companies to register, terminate registration and suspend reporting
using the same thresholds as banks and bank holding companies would
provide consistent treatment across depository institutions. Revising
the definition and providing a non-exclusive safe harbor to issuers
relating to the determination of securities ``held of record'' would
further assist issuers in determining which holders of record they are
required to count under the registration requirements of Exchange Act
Section 12(g).

B. Small Entities Subject to the Proposed Rules

    For purposes of the Regulatory Flexibility Act, an investment
company is a small entity if it, together with other investment
companies in the same group of related investment companies, has net
assets of $50 million or less as of the end of its most recent fiscal
year.\115\ Exchange Act Rule 0-10(a) \116\ defines an entity, other
than an investment company, to be a ``small business'' or ``small
organization'' if it had total assets of $5 million or less on the last
day of its most recent fiscal year. We estimate that there are
approximately 900 issuers that are required to file with the
Commission, other than investment companies, that may be considered
small entities.
---------------------------------------------------------------------------

    \115\ 17 CFR 270.0-10(a).
    \116\ 17 CFR 240.0-10(a).
---------------------------------------------------------------------------

    The proposed rules establishing the use of the Securities Act Rule
501(a) definition of ``accredited investor'' under Exchange Act Section
12(g)(1) and amending the definition of ``held of record'' to exclude
certain securities held by persons who received them pursuant to
employee compensation plans and establishing a non-exclusive safe
harbor for issuers to follow when determining whether those securities
are ``held of record'' may affect small issuers relying on the revised
rules and safe harbor to determine the number of holders of record.
While an issuer is not required to register a class of equity
securities pursuant to Section 12(g) of the Exchange Act until the
issuer's total assets exceed $10 million, a small business or small
organization may rely on the rules when determining to whom to issue
securities and whether to compensate employees with securities. By
providing guidance on the meaning of the term ``accredited investor''
in the Exchange Act context, the proposed rules may facilitate private
offerings and the ability of an issuer to determine their registration
and reporting obligations. By excluding certain employee compensation
securities from the definition of ``held of record,'' the proposed
rules would facilitate the use of equity compensation by small issuers,
thereby helping them to preserve cash and giving them greater ability
to determine when the Exchange Act Section 12(g) registration
obligation would be triggered.
    We cannot estimate the number of small entities affected by these
proposed rules. By definition, they are not yet subject to Section
12(g) registration and reporting requirements, which are triggered by
the issuer having total assets exceeding $10 million as of the last day
of its fiscal year. We do not otherwise have information about the
number of shareholders at small entities, including those who have
received securities as a result of employee compensation plans. We
request comment on the number of small entities that would be impacted
by our proposals, including any available empirical data.

C. Projected Reporting, Recordkeeping and Other Compliance Requirements

    When determining whether an issuer must register under Section
12(g)(1), the issuer would be permitted to rely on the proposed rules.
The proposed use of the Securities Act Rule 501(a) definition of
``accredited investor'' and safe harbor under the proposed amendment to
the definition of ``held of record'' would assist an issuer in
determining the number of holders of record. In order for an issuer to
rely on the safe harbor, the securities would need to be issued in a
transaction exempt from, or not subject to, the registration
requirements and satisfy the requirements of Rule 701(c), which
includes the requirement that the securities be offered or sold under a
written compensatory benefit plan or written compensation contract. In
addition, issuers seeking to rely upon the safe harbor may need to
maintain records to help establish their compliance with the safe
harbor conditions. We are not aware of any other recordkeeping or
compliance requirements associated with the proposed definition and
safe harbor.
    The proposed rules and amendments affecting banks, bank holding
companies and savings and loan holding companies would not add any new
reporting, recordkeeping or other compliance requirements on those
entities and we are not aware of any bank, bank holding company, or
savings and loan holding company registrants with less than $5 million
in assets. The proposed rules would raise the thresholds relating to
registration for those entities and reduce their compliance burdens.

D. Duplicative, Overlapping or Conflicting Federal Rules

    The Commission believes that there are no rules that duplicate,
overlap or conflict with the proposed rules or amendments.

E. Significant Alternatives

    Pursuant to Section 3(a) of the Regulatory Flexibility Act,\117\
the Commission must consider certain types of alternatives, including:
(1) The establishment of differing compliance or reporting requirements
or timetables that take into account the resources available to small
entities; (2) the clarification, consolidation or simplification of
compliance and reporting requirements under the rule for small
entities; (3) the use of performance rather than design standards; and
(4) an exemption from coverage of the rule, or any part of the rule,
for small entities.
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    \117\ 5 U.S.C. 603(c).
---------------------------------------------------------------------------

    We are proposing that the current definition of ``accredited
investor'' in Securities Act Rule 501(a) apply in making determinations
under Exchange Act Rule 12g-1(b)(1). We could develop a new definition
of ``accredited investor'' for purposes of Section 12(g)(1); however,
given the prevalence of the use of Regulation D for exempt offerings,
many issuers are familiar with and rely upon the definition in Rule
501(a). The increased registration threshold established by the JOBS
Act is intended to permit issuers, including small entities, to defer
Exchange Act registration until issuers have a larger shareholder base.
Because proposed Rule 12g-1(b)(1) is intended to facilitate an issuer's
ability to make the determination of when it is required to register,
we believe use of the familiar Rule 501(a) definition of ``accredited
investor'' will further this regulatory objective for all issuers,
including small entities.
    The proposed amendment to the definition of ``held of record'' and
related safe harbor, if adopted, would apply to all issuers, including
small entities, that choose to exclude securities held by persons who
received them pursuant to employee compensation plans in certain exempt
transactions or transactions not involving a sale within the meaning of
Securities Act Section 2(a)(3). The proposed amendment and safe harbor
help define the contours of an exemption from registration for issuers
that might otherwise cross the Section 12(g) registration thresholds.
    The proposed rules are intended to permit issuers, including small
entities, to exclude certain securities from the determination and to
assist issuers in making that determination by clarifying and
simplifying requirements for all entities. Establishing different
compliance or reporting requirements relating to employee compensation
plan securities or accredited investor determinations for small
entities could complicate the rules and make them more difficult to
apply as those issuers grow, cease to be small entities, and are
required to determine whether they must register with the
Commission.\118\ With respect to the use of performance standards
rather than design standards, we note that the holder of record
threshold is a statutorily created design standard, requiring issuers
to register if their holders of record coupled with their total assets
cross the threshold. As we are modifying the definition of ``held of
record'' and clarifying the determination of ``accredited investor''
under this statutory design standard, we did not evaluate whether a
performance standard would be more useful.
---------------------------------------------------------------------------

    \118\ Under Section 12(g) an issuer is not required to register
unless the issuer has total assets exceeding $10 million at the end
of its fiscal year.
---------------------------------------------------------------------------

F. Solicitation of Comment

    We are soliciting comments regarding this analysis. We request
comment on the number of small entities that would be subject to the
rules and whether the proposed rules would have any effects that have
not been discussed. We request that commenters describe the nature of
any effects on small entities subject to the rules and provide
empirical data to support the nature and extent of the effects.

IX. Statutory Authority and Text of Proposed Rule Amendments

    The amendments contained in this release are being proposed under
the authority set forth in Section 19 of the Securities Act, as
amended, Sections 3(b), 12(g), 12(h), 15(d) and 23(a) of the Exchange
Act, as amended, and Section 503 and Section 602 of the JOBS Act.

List of Subjects in 17 CFR Parts 230 and 240

    Reporting and recordkeeping requirements, Securities.

Text of the Amendments

    For the reasons set out above, the Commission proposes to amend
Title 17, chapter II of the Code of Federal Regulations, as follows:

PART 230--GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933

0
1. The authority citation for part 230 continues to read as follows:

    Authority:  15 U.S.C. 77b, 77b note, 77c, 77d, 77d note, 77f,
77g, 77h, 77j, 77r, 77s, 77z-3, 77sss, 78c, 78d, 78j, 78l, 78m, 78n,
78o, 78o-7 note, 78t, 78w, 78ll(d), 78mm, 80a-8, 80a-24, 80a-28,
80a-29, 80a-30, and 80a-37, and Pub. L. 112-106, sec. 201(a), 126
Stat. 313 (2012), unless otherwise noted.
* * * * *
0
2. Amend Sec.  230.405 by adding an Instruction to paragraph (1) to the
definition of ``Foreign private issuer'' to read as follows:

Sec.  230.405  Definitions of terms.

* * * * *
    Foreign private issuer. (1) * * *
    INSTRUCTION TO PARAGRAPH (1): To determine the percentage of
outstanding voting securities held by U.S. residents:
    A. Use the method of calculating record ownership in Sec.
240.12g3-2(a) of this chapter, except that:
    (1) The inquiry as to the amount of shares represented by accounts
of customers resident in the United States may be limited to brokers,
dealers, banks and other nominees located in:
    (i) The United States,
    (ii) The issuer's jurisdiction of incorporation, and
    (iii) The jurisdiction that is the primary trading market for the
issuer's voting securities, if different than the issuer's jurisdiction
of incorporation; and
    (2) Notwithstanding Sec.  240.12g5-1(a)(7)(i)(A) of this chapter,
the issuer shall not exclude securities held by persons who received
the securities pursuant to an employee compensation plan.
    B. If, after reasonable inquiry, the issuer is unable to obtain
information about the amount of shares represented by accounts of
customers resident in the United States, the issuer may assume, for
purposes of this definition, that the customers are residents of the
jurisdiction in which the nominee has its principal place of business.
    C. Count shares of voting securities beneficially owned by
residents of the United States as reported on reports of beneficial
ownership provided to the issuer or filed publicly and based on
information otherwise provided to the issuer.
* * * * *

PART 240--GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF
1934

0
3. The general authority citation for part 240 is revised to read as
follows:

    Authority:  15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3,
77eee, 77ggg, 77nnn, 77sss, 77ttt, 78c, 78c-3, 78c-5, 78d, 78e, 78f,
78g, 78i, 78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78n-1, 78o, 78o-4,
78o-10, 78p, 78q, 78q-1, 78s, 78u-5, 78w, 78x, 78ll, 78mm, 80a-20,
80a-23, 80a-29, 80a-37, 80b-3, 80b-4, 80b-11, 7201 et seq., and
8302; 7 U.S.C.

2(c)(2)(E); 12 U.S.C. 5221(e)(3), and 18 U.S.C. 1350, Pub. L. 111-
203, 939A, 124 Stat. 1376, 2010, and Pub. L. 112-106, sec. 503 and
602, 126 Stat. 326 (2012), unless otherwise noted.
* * * * *
0
4. Amend Sec.  240.3b-4 by revising the Instruction to Paragraph (c)(1)
to read as follows:

Sec.  240.3b-4  Definition of ``foreign government,'' ``foreign
issuer'' and ``foreign private issuer''.

* * * * *
    (c) * * *
    INSTRUCTION TO PARAGRAPH (c)(1): To determine the percentage of
outstanding voting securities held by U.S. residents:
    A. Use the method of calculating record ownership in Sec.
240.12g3-2(a), except that:
    (1) Your inquiry as to the amount of shares represented by accounts
of customers resident in the United States may be limited to brokers,
dealers, banks and other nominees located in:
    (i) The United States,
    (ii) Your jurisdiction of incorporation, and
    (iii) The jurisdiction that is the primary trading market for your
voting securities, if different than your jurisdiction of
incorporation; and
    (2) Notwithstanding Sec.  240.12g5-1(a)(7)(i)(A) of this chapter,
you shall not exclude securities held by persons who received the
securities pursuant to an employee compensation plan.
    B. If, after reasonable inquiry, you are unable to obtain
information about the amount of shares represented by accounts of
customers resident in the United States, you may assume, for purposes
of this definition, that the customers are residents of the
jurisdiction in which the nominee has its principal place of business.
    C. Count shares of voting securities beneficially owned by
residents of the United States as reported on reports of beneficial
ownership provided to you or filed publicly and based on information
otherwise provided to you.
* * * * *
0
5. Revise Sec.  240.12g-1 and the section heading to read as follows:

Sec.  240.12g-1  Registration of securities; Exemption from section
12(g).

    An issuer is not required to register a class of equity security
pursuant to section 12(g)(1) of the Act (15 U.S.C. 78l(g)(1)) if on the
last day of its most recent fiscal year:
    (a) The issuer had total assets not exceeding $10 million; or
    (b) (1) The class of equity security was held of record by fewer
than 2,000 persons or 500 persons who are not accredited investors (as
such term is defined in Sec.  230.501(a) of this chapter, determined on
such day rather than at the time of the sale of the securities); or
    (2) In the case of a bank; a savings and loan holding company, as
such term is defined in section 10 of the Home Owners' Loan Act (12
U.S.C. 1461); or a bank holding company, as such term is defined in
section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841); the
class of equity security was held of record by fewer than 2,000
persons.
0
6. Revise Sec.  240.12g-2 to read as follows:

Sec.  240.12g-2  Securities deemed to be registered pursuant to section
12(g)(1) upon termination of exemption pursuant to section 12(g)(2)(A)
or (B).

    Any class of securities which would have been required to be
registered pursuant to section 12(g)(1) of the Act (15 U.S.C.
78l(g)(1)) except for the fact that it was exempt from such
registration by section 12(g)(2)(A) of the Act (15 U.S.C. 78l(g)(2)(A))
because it was listed and registered on a national securities exchange,
or by section 12(g)(2)(B) of the Act (15 U.S.C. 78l(g)(2)(B)) because
it was issued by an investment company registered pursuant to section 8
of the Investment Company Act of 1940 (15 U.S.C. 80a-8), shall upon the
termination of the listing and registration of such class or the
termination of the registration of such company and without the filing
of an additional registration statement be deemed to be registered
pursuant to section 12(g)(1) if at the time of such termination:
    (a) The issuer of such class of securities has elected to be
regulated as a business development company pursuant to sections 55
through 65 of the Investment Company Act of 1940 (15 U.S.C. 80a-54
through 64) and such election has not been withdrawn; or
    (b) Securities of the class are not exempt from such registration
pursuant to section 12 of the Act (15 U.S.C. 78l) or rules thereunder
and all securities of such class are held of record by 300 or more
persons, or in the case of a bank; a savings and loan holding company,
as such term is defined in section 10 of the Home Owners' Loan Act (12
U.S.C. 1461); or a bank holding company, as such term is defined in
section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841);
1,200 or more persons.
0
7. Amend Sec.  240.12g-3 by revising paragraphs (a)(2), (b)(2) and
(c)(2) to read as follows:

Sec.  240.12g-3  Registration of securities of successor issuers under
section 12(b) or 12(g).

    (a) * * *
    (2) All securities of such class are held of record by fewer than
300 persons, or in the case of a bank; a savings and loan holding
company, as such term is defined in section 10 of the Home Owners' Loan
Act (12 U.S.C. 1461); or a bank holding company, as such term is
defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C.
1841); 1,200 persons.
* * * * *
    (b) * * *
    (2) All securities of such class are held of record by fewer than
300 persons, or in the case of a bank; a savings and loan holding
company, as such term is defined in section 10 of the Home Owners' Loan
Act (12 U.S.C. 1461); or a bank holding company, as such term is
defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C.
1841); 1,200 persons.
* * * * *
    (c) * * *
    (2) All securities of such class are held of record by fewer than
300 persons, or in the case of a bank; a savings and loan holding
company, as such term is defined in section 10 of the Home Owners' Loan
Act (12 U.S.C. 1461); or a bank holding company, as such term is
defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C.
1841); 1,200 persons.
* * * * *
0
8. Amend Sec.  240.12g-4 by revising paragraph (a) to read as follows:

Sec.  240.12g-4  Certifications of termination of registration under
section 12(g).

    (a) Termination of registration of a class of securities under
section 12(g) of the Act (15 U.S.C. 78l(g)) shall take effect 90 days,
or such shorter period as the Commission may determine, after the
issuer certifies to the Commission on Form 15 (Sec.  249.323 of this
chapter) that the class of securities is held of record by:
    (1) Fewer than 300 persons;
    (2) Fewer than 500 persons, where the total assets of the issuer
have not exceeded $10 million on the last day of each of the issuer's
most recent three fiscal years; or
    (3) In the case of a bank; a savings and loan holding company, as
such term is defined in section 10 of the Home Owners' Loan Act (12
U.S.C. 1461); or a bank holding company, as such term is defined in
section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841);
fewer than 1,200 persons.
* * * * *

0
9. Amend Sec.  240.12g5-1 by adding paragraph (a)(7) to read as
follows:

Sec.  240.12g5-1  Definition of securities ``held of record''.

* * * * *
    (a) * * *
    (7)(i) For purposes of determining whether an issuer is required to
register a class of equity securities with the Commission pursuant to
section 12(g)(1) of the Act (15 U.S.C. 78l(g)(1)), an issuer may
exclude securities:
    (A) Held by persons who received the securities pursuant to an
employee compensation plan in transactions;
    (1) Exempt from the registration requirements of section 5 of the
Securities Act of 1933 (15 U.S.C. 77e); or
    (2) That did not involve a sale within the meaning of section
2(a)(3) of the Securities Act of 1933 (15 U.S.C. 77b(a)(3)); and
    (B) Held by persons eligible to receive securities from the issuer
pursuant to Sec.  230.701(c) of this chapter who received the
securities in a transaction exempt from the registration requirements
of section 5 of the Securities Act (15 U.S.C. 77e) in exchange for
securities excludable under this paragraph (a)(7).
    (ii) As a non-exclusive safe harbor under this paragraph (a)(7), a
person will be deemed to have received the securities pursuant to an
employee compensation plan if such person received the securities
pursuant to a compensatory benefit plan in transactions that meet the
conditions of Sec.  230.701(c) of this chapter.
* * * * *
0
10. Amend Sec.  240.12h-3 by revising paragraph (b)(1) to read as
follows:

Sec.  240.12h-3  Suspension of duty to file reports under section
15(d).

* * * * *
    (b) * * *
    (1) Any class of securities, other than any class of asset-backed
securities, held of record by:
    (i) Fewer than 300 persons;
    (ii) Fewer than 500 persons, where the total assets of the issuer
have not exceeded $10 million on the last day of each of the issuer's
three most recent fiscal years; or
    (iii) In the case of a bank; a savings and loan holding company, as
such term is defined in section 10 of the Home Owners' Loan Act (12
U.S.C. 1461); or a bank holding company, as such term is defined in
section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841);
fewer than 1,200 persons; and
* * * * *

    By the Commission.

    Dated: December 17, 2014.
Brent J. Fields,
Secretary.
[FR Doc. 2014-30136 Filed 12-29-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 85 (Monday, May 4, 2015)]
[Notices]
[Pages 25287-25288]
[FR Doc No: 2015-10309]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #1

    Take notice that the Commission received the following exempt
wholesale generator filings:

    Docket Numbers: EG15-74-000.
    Applicants: Recurrent Energy, LLC.
    Description: Self-Certification of RE Mustang LLC.
    Filed Date: 4/27/15.
    Accession Number: 20150427-5120.
    Comments Due: 5 p.m. ET 5/18/15.

    Docket Numbers: EG15-75-000.
    Applicants: Recurrent Energy, LLC.
    Description: Self-Certification of RE Mustang 3 LLC.
    Filed Date: 4/27/15.
    Accession Number: 20150427-5121.
    Comments Due: 5 p.m. ET 5/18/15.

    Docket Numbers: EG15-76-000.
    Applicants: Recurrent Energy, LLC.
    Description: Self-Certification of RE Mustang 4 LLC.
    Filed Date: 4/27/15.
    Accession Number: 20150427-5122.
    Comments Due: 5 p.m. ET 5/18/15.

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER10-3168-012; ER14-2871-003; ER10-3243-005; ER15-
356-002; ER15-357-002; ER10-3244-005; ER10-3245-004; ER10-3249-004;
ER10-3250-004; ER10-3169-008; ER10-3251-003; ER14-2382-003; ER15-621-
002; ER12-2570-008; ER11-2639-004; ER15-622-002; ER15-463-002; ER15-
110-002; ER13-1586-004; ER10-1992-010; ER13-618-007.
    Applicants: ArcLight Energy Marketing, LLC, Cameron Ridge, LLC,
Chandler Wind Partners, LLC, Chief Conemaugh Power, LLC, Chief Keystone
Power, LLC, Coso Geothermal Power Holdings, LLC, Foote Creek II, LLC,
Foote Creek III, LLC, Foote Creek IV, LLC, Michigan Power Limited
Partnership, Oak Creek Wind Power, LLC, ON Wind Energy LLC, Pacific
Crest Power, LLC, Panther Creek Power Operating, LLC, Ridge Crest Wind
Partners, LLC, Ridgetop Energy, LLC, San Gorgonio Westwinds II, LLC,
Terra-Gen Energy Services, LLC, TGP Energy Management, LLC, Victory
Garden Phase IV, LLC, Westwood Generation, LLC.
    Description: Notice of Non-Material Change in Status of ArcLight
Energy Marketing, LLC, et al.
    Filed Date: 4/24/15.
    Accession Number: 20150424-5366.
    Comments Due: 5 p.m. ET 5/15/15.

    Docket Numbers: ER13-342-007.
    Applicants: CPV Shore, LLC.
    Description: Notice of Change in Status of CPV Shore, LLC.
    Filed Date: 4/24/15.
    Accession Number: 20150424-5370.
    Comments Due: 5 p.m. ET 5/15/15.

    Docket Numbers: ER15-237-003.
    Applicants: Public Service Company of Colorado.
    Description: Tariff Amendment per 35.17(b): 2015-04-24_Response to
JDA Deficiency Ltr to be effective 1/1/2015.
    Filed Date: 4/24/15.
    Accession Number: 20150424-5344.
    Comments Due: 5 p.m. ET 5/15/15.

    Docket Numbers: ER15-295-002.
    Applicants: Black Hills/Colorado Electric Utility Co.
    Description: Tariff Amendment per 35.17(b): Joint Dispatch
Amendment Filing--Response to Second Staff Letter to be effective 1/1/
2015.
    Filed Date: 4/24/15.
    Accession Number: 20150424-5339.
    Comments Due: 5 p.m. ET 5/15/15.

    Docket Numbers: ER15-348-002.
    Applicants: Black Hills/Colorado Electric Utility Co.
    Description: Tariff Amendment per 35.17(b): Joint Dispatch
Amendment Filing--Response to Second Staff Letter to be effective 1/1/
2015.
    Filed Date: 4/24/15.
    Accession Number: 20150424-5337.
    Comments Due: 5 p.m. ET 5/15/15.

    Docket Numbers: ER15-1565-000.
    Applicants: Sky River LLC.
    Description: Section 205(d) rate filing per 35.13(a)(2)(iii): Sky
River LLC Amendment to the Open Access Transmission Tariff to be
effective 4/25/2015.
    Filed Date: 4/24/15.
    Accession Number: 20150424-5341.
    Comments Due: 5 p.m. ET 5/15/15.

    Docket Numbers: ER15-1566-000.
    Applicants: Metropolitan Edison Company, Exelon Generation Company,
LLC.
    Description: Notice of Cancellation of Service Agreement of
Metropolitan Edison Company and Exelon Generation Company, LLC.
    Filed Date: 4/27/15.
    Accession Number: 20150427-5328.
    Comments Due: 5 p.m. ET 5/18/15.

    Docket Numbers: ER15-1567-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Section 205(d) rate filing per 35.13(a)(2)(iii): PJM
Original Service Agreement No. 4117, Queue V4-011 to be effective 3/26/
2015.
    Filed Date: 4/27/15.
    Accession Number: 20150427-5378.
    Comments Due: 5 p.m. ET 5/18/15.

    Take notice that the Commission received the following land
acquisition reports:
    Docket Numbers: LA15-1-000.
    Applicants: Arbuckle Mountain Wind Farm LLC, Blue Canyon Windpower
LLC, Blue Canyon Windpower II LLC, Blue Canyon Windpower V LLC, Blue
Canyon Windpower VI LLC, Cloud County Wind Farm, LLC, Waverly Wind Farm
LLC, Flat Rock Windpower LLC, Flat Rock Windpower II LLC, Madison
Windpower LLC, Marble River, LLC, Sustaining Power Solutions LLC.
    Description: Quarterly Land Acquisition Report of Arbuckle Mountain
Wind Farm LLC, et al.
    Filed Date: 4/27/15.
    Accession Number: 20150427-5252.
    Comments Due: 5 p.m. ET 5/18/15.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern

time on the specified comment date. Protests may be considered, but
intervention is necessary to become a party to the proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: April 27, 2015.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2015-10309 Filed 5-1-15; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 88, Number 72 (Friday, April 14, 2023)]
[Proposed Rules]
[Pages 22976-22978]
[FR Doc No: 2023-07682]

=======================================================================
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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R07-OAR-2023-0193; FRL-10815-01-R7]

Air Plan Approval; State of Missouri; Restriction of Particulate
Matter to the Ambient Air Beyond the Premises of Origin

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: The Environmental Protection Agency (EPA) is proposing
approval of a State Implementation Plan (SIP) revision submitted by the
State of Missouri on March 7, 2019. Missouri requests that the EPA
approve revisions to a state regulation for the Restriction of
Particulate Matter to the Ambient Air Beyond the Premises of Origin.
These revisions include adding definitions that are specific to the
rule, restructures the rule into the standard rule organization format,
and removes unnecessary words. The revisions are administrative in
nature and do not impact the stringency of the SIP or air quality. The
EPA's proposed approval of this rule revision is in accordance with the
requirements of the Clean Air Act (CAA).

DATES: Comments must be received on or before May 15, 2023.

ADDRESSES: You may send comments, identified by Docket ID No. EPA-R07-
OAR-2023-0193 to www.regulations.gov. Follow the online instructions
for submitting comments.
    Instructions: All submissions received must include the Docket ID
No. for this rulemaking. Comments received will be posted without
change to www.regulations.gov, including any personal information
provided. For detailed instructions on sending comments and additional
information on the rulemaking process, see the ``Written Comments''
heading of the SUPPLEMENTARY INFORMATION section of this document.

FOR FURTHER INFORMATION CONTACT: Steven Brown, Environmental Protection
Agency, Region 7 Office, Air Quality Planning Branch, 11201 Renner
Boulevard, Lenexa, Kansas 66219; telephone number:<PHONE_NUMBER>;
email address: [email protected].

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

Table of Contents

I. Written Comments
II. What is being addressed in this document?
III. Have the requirements for approval of a SIP revision been met?
IV. What action is the EPA taking?
V. Incorporation by Reference
VI. Statutory and Executive Order Reviews

I. Written Comments

    Submit your comments, identified by Docket ID No. EPA-R07-OAR-2023-
0193, at www.regulations.gov. Once submitted, comments cannot be edited
or removed from Regulations.gov. The EPA may publish any comment
received to its public docket. Do not submit electronically any
information you consider to be Confidential Business Information (CBI)
or other information whose disclosure is restricted by statute.
Multimedia submissions (audio, video, etc.) must be accompanied by a
written comment. The written comment is considered the official comment
and should include discussion of all points you wish to make. The EPA
will generally not consider comments or comment contents located
outside of the primary submission (i.e., on the web, cloud, or other
file sharing system). For additional submission methods, the full EPA
public comment policy, information about CBI or multimedia submissions,
and general guidance on making effective comments, please visit
www.epa.gov/dockets/commenting-epa-dockets.

II. What is being addressed in this document?

    The EPA is proposing to approve a SIP revision submitted by the
State of Missouri on March 7, 2019. Missouri requests the EPA approve
revisions to their SIP by replacing the existing rule, Title 10,
Division 10 of the Code of State Regulations (CSR), (10 CSR 10-6.170)
``Restriction of Particulate Matter to the Ambient Air Beyond the
Premises of Origin'', with a revised and restructured version of the
same rule. The state has revised the rule to add definitions specific
to this rule, organize the rule into state standard rule organizational
format, and remove unnecessary words. After review and analysis of the
revisions, the EPA concludes that these changes do not have adverse
effects on air quality. The full text of these changes can be found in
the State's submission, which is included in the docket for this
action. The EPA's analysis of the revisions can be found in the
technical support document (TSD), also included in the docket.

III. Have the requirements for approval of a SIP revision been met?

    The State submission has met the public notice requirements for SIP
submissions in accordance with 40 CFR 51.102. The submission also
satisfied the completeness criteria of 40 CFR part 51, appendix V. The
State provided public notice on this SIP revision from 8/01/2018 to 8/
30/2018 and received a total of eight comments. The comments and
responses are summarized herein. Comment 1: The EPA commented that they
previously recommended that the department add provisions to the rule
to make it clear what a ``reasonable degree'' is, which ``techniques''
the director might approve, and how the director might make that
determination. Response: The state responded saying the necessary
measures for determining the origin and nature of particulate matter
emissions that travel beyond a property line are handled on a case-by-
case basis. In many cases the nature and origin of fugitive particulate
matter emissions is obvious and does not require any scientific
measurements. After further review, the EPA agrees that this type of
review is done on a case-by-case basis and since the rule applies to
any operation, process, or activity, specific techniques or scientific
methods would not always apply to determine the nature and origins of
the particulate matter fugitive emissions. An example an application of
this rule may be the evaluation of the handling or transporting of
materials that cause dust to be seen in the air or dust residue left on
surfaces after this type of activity. In this example, the state air
program would investigate and decide on the nature and origin of the
particulate matter emissions based on the evidence available. Applying
a specific scientific methodology to investigate the origin and nature
of the particulate matter is not pertinent in this situation. EPA
believes these are the types of case-by-case scenarios that this rule
was primarily intended to address. No changes were made to the rule
text as a result of this comment. Comment 2: The EPA recommended that
the department provide regulatory language on what record keeping and
reporting requirements would exist for a facility to determine
compliance with the rule. Response: The state responded that since the
rule does not prescribe monitoring or control requirements the
department cannot designate record keeping or reporting requirements.
Since the rule is not necessarily subject to a facility but to an
action or processes, the EPA agrees that recordkeeping and reporting
are not required. No changes were made to the rule text as a result of
this comment. Comment 3: The St. Louis County Department of Public
Health commented on a semi colon placed after

the word facility. No changes were made to the rule text as a result of
this comment. Comment 4 and 5: The St. Louis County Department of
Public Health, and Newman, Comley, and Ruth P.C., commented that the
rule did not include an upper particle size limit. Response: As a
result of those comments, the state added an upper size limit to the
definition of particulate matter in subsection (2)(F) of this rule that
particles greater than one hundred micrometers (100 [mu]m) are not
defined as particulate matter. Comment 6: Newman, Comley, and Ruth P.C.
commented that facilities constructed before November 30, 1990, and
located within the city limits of any municipality should be exempt
from this rule. Response: Since the commenter did not provide
justification for this exemption, and the state was not able to justify
this exemption, no changes were made to the rule text as a result of
the comment. Comment 7 and 8: Newman, Comley, and Ruth P.C., and the
St. Louis County Department of Public Health commented that removing
the word ``shall'' from a rule requirement could be interpreted that
the requirement is no longer necessary. The commenter stated that
regulations must be clear and concise as to the intent of the
regulation. The department should review all instances of deleting the
word ``shall'' and consider retaining it. Response: As a result of
those comments, the state revised the language in paragraphs (3)(A)1.
and (3)(A)2. to retain the word ``shall'' in order to clarify the
obligation for facilities.
    In addition, as explained above and in more detail in the technical
support document, which is part of this docket, the revision meets the
substantive SIP requirements of the CAA, including section 110 and
implementing regulations.

IV. What action is the EPA taking?

    The EPA is proposing to amend the Missouri SIP by approving the
State's request to revise 10 CSR 10-6.170 ``Restriction of Particulate
Matter to the Ambient Air Beyond the Premises of Origin.'' We are
processing this as a proposed action because we are soliciting comments
on this proposed action. Final rulemaking will occur after
consideration of any comments.

V. Incorporation by Reference

    In this document, the EPA is proposing to include regulatory text
in an EPA final rule that includes incorporation by reference. In
accordance with requirements of 1 CFR 51.5, the EPA is finalizing the
incorporation by reference of the Missouri rule 10 CSR 10-6.170
discussed in section II of this preamble and as set forth below in the
proposed amendments to 40 CFR part 52. The EPA has made, and will
continue to make, these materials generally available through
www.regulations.gov and at the EPA Region 7 Office (please contact the
person identified in the FOR FURTHER INFORMATION CONTACT section of
this preamble for more information).

VI. Statutory and Executive Order Reviews

    Under the Clean Air Act, the Administrator is required to approve a
SIP submission that complies with the provisions of the Clean Air Act
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 Clean Air Act.
Accordingly, this action merely approves state law as meeting Federal
requirements and does not impose additional requirements beyond those
imposed by state law. For that reason, this action:
     Is not a significant regulatory action subject to review
by the Office of Management and Budget under Executive Orders 12866 (58
FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21, 2011);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001); and
     Is not subject to requirements of section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the Clean Air Act;
    In addition, the SIP is not approved to apply on any Indian
reservation land or in any other area where EPA or an Indian tribe has
demonstrated that a tribe has jurisdiction. In those areas of Indian
country, the rule does not have tribal implications and will not impose
substantial direct costs on tribal governments or preempt tribal law as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000).
    Executive Order 12898 (Federal Actions To Address Environmental
Justice in Minority Populations and Low-Income Populations, 59 FR 7629,
Feb. 16, 1994) directs Federal agencies to identify and address
``disproportionately high and adverse human health or environmental
effects'' of their actions on minority populations and low-income
populations to the greatest extent practicable and permitted by law.
EPA defines environmental justice (EJ) as ``the fair treatment and
meaningful involvement of all people regardless of race, color,
national origin, or income with respect to the development,
implementation, and enforcement of environmental laws, regulations, and
policies.'' EPA further defines the term fair treatment to mean that
``no group of people should bear a disproportionate burden of
environmental harms and risks, including those resulting from the
negative environmental consequences of industrial, governmental, and
commercial operations or programs and policies.''
    Missouri did not evaluate environmental justice considerations as
part of its SIP submittal; the CAA and applicable implementing
regulations neither prohibit nor require such an evaluation. EPA did
not perform an EJ analysis and did not consider EJ in this action.
Consideration of EJ is not required as part of this action, and there
is no information in the record inconsistent with the stated goal of
E.O. 12898 of achieving environmental justice for people of color, low-
income populations, and Indigenous peoples.

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Incorporation by
reference, Particulate matter.

    Dated: April 6, 2023.
Meghan A. McCollister,
Regional Administrator, Region 7.

    For the reasons stated in the preamble, the EPA proposes to amend
40 CFR part 52 as set forth below:

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 AA--Missouri

0
2. In Sec.  52.1320, the table in paragraph (c) is amended by revising
the entry ``10-6.170'' to read as follows:

Sec.  52.1320  Identification of plan.

* * * * *
    (c) * * *

                                        EPA-Approved Missouri Regulations
----------------------------------------------------------------------------------------------------------------
                                                           State
       Missouri citation                Title         effective date    EPA approval date        Explanation
----------------------------------------------------------------------------------------------------------------
                                    Missouri Department of Natural Resources
----------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------
                                                  * * * * * * *
    Chapter 6--Air Quality Standards, Definitions, Sampling and Reference Methods, and Air Pollution Control
                                      Regulations for the State of Missouri
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
10-6.170......................  Restriction of             3/30/2019  [Date of publication  ....................
                                 Particulate Matter                    of the final rule
                                 to the Ambient Air                    in the Federal
                                 Beyond the Premises                   Register], [Federal
                                 of Origin.                            Register citation
                                                                       of the final rule].

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

* * * * *
[FR Doc. 2023-07682 Filed 4-13-23; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 87, Number 126 (Friday, July 1, 2022)]
[Notices]
[Pages 39589-39590]
[FR Doc No: 2022-14092]

=======================================================================
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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Docket No. FAA-2022-0641]

Agency Information Collection Activities: Requests for Comments;
Clearance of a Renewed Approval of Information Collection: Employee
Assault Prevention and Response Plan

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice and request for comments.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, FAA
invites public comments about our intention to request the Office of
Management and Budget (OMB) approval to renew an information
collection. The collection involves submission of Employee Assault
Prevention and Response Plans (EAPRP), for customer service agents of
certificate holders conducting operations. The certificate holders will
submit the information to be collected to the FAA for review and
acceptanc as required by the FAA Reauthorization Act of 2018.

DATES: Written comments should be submitted by August 30, 2022.

ADDRESSES: Please send written comments:
    By Electronic Docket: www.regulations.gov (Enter docket number into
search field).
    By Mail: Sheri A. Martin, Federal Aviation Administration, Safety
Standards, AFS-200 Division, 777 S Aviation Blvd., Suite 150, El
Segundo, CA 90245.
    By Fax:<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Daniel T. Ronneberg by email at:
[email protected]; phone:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:
    Public Comments Invited: You are asked to comment on any aspect of
this information collection, including (a) Whether the proposed
collection of information is necessary for FAA's performance; (b) the
accuracy of the estimated burden; (c) ways for FAA to enhance the
quality, utility and clarity of the information collection; and (d)
ways that the burden could be minimized without reducing the quality of
the collected information. The agency will summarize and/or include
your comments in the request for OMB's clearance of this information
collection.
    OMB Control Number: 2120-0787.
    Title: Employee Assault Prevention and Response Plan.
    Form Numbers: There are no forms associated with this collection.
    Type of Review: Renewal of an information collection.
    Background: On October 5, 2018, Congress enacted Public Law 115-
254, the FAA Reauthorization Act of 2018 (``the Act''). Section 551 of
the Act required air carriers operating under 14 CFR part 121 to submit
to the FAA for review and acceptance an Employee Assault Prevention and
Response Plan (EAPRP) related to the customer service

agents of the air carrier that is developed in consultation with the
labor union representing such agents. Section 551(b) of the Act
contains the required contents of the EAPRP, including reporting
protocols for air carrier customer service agents who have been the
victim of a verbal or physical assault.
    Respondents: Nine Part 121 Air Carriers.
    Frequency: Once for submission or revision of the plan.
    Estimated Average Burden per Response: 22 hours.
    Estimated Total Annual Burden: $5,594.00.

    Issued in Washington, DC, on June 27, 2022.
Sheri Martin,
Management and Program Analyst, FAA, Safety Standards, AFS-200
Division.
[FR Doc. 2022-14092 Filed 6-30-22; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 80, Number 98 (Thursday, May 21, 2015)]
[Notices]
[Pages 29364-29367]
[FR Doc No: 2015-12294]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74980; File No. SR-OCC-2015-009]

Self-Regulatory Organizations; The Options Clearing Corporation;
Order Approving Proposed Rule Change To Establish Procedures Regarding
the Monthly Resizing of Its Clearing Fund and the Addition of Financial
Resources

May 15, 2015.
    On March 13, 2015, The Options Clearing Corporation (``OCC'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change SR-OCC-2015-009 pursuant to Section 19(b)(1) of
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4
thereunder.\2\ The proposed rule change was published for comment in
the Federal Register on April 2, 2015.\3\ The Commission did not
receive any comments on the proposed rule change. This order approves
the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4. OCC also filed this change as an advance
notice under Section 806(e)(1) of the Payment, Clearing, and
Settlement Supervision Act of 2010. 12 U.S.C. 5465(e)(1). See
Securities Exchange Act Release No. 74713 (April 10, 2015), 80 FR
20534 (April 16, 2015) (SR-OCC-2014-811).
    \3\ Securities Exchange Act Release No. 74603 (March 27, 2015),
80 FR 17808 (April 2, 2015) (SR-OCC-2015-009).

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

I. Description

    The proposal establishes new procedures to govern: (i) OCC's
resizing of the clearing fund on a monthly basis pursuant to OCC Rule
1001(a) (``Monthly Clearing Fund Sizing Procedure''); and (ii) the
addition of Financial Resources \4\ through an intra-day margin call on
one or more Clearing Members \5\ pursuant to OCC Rule 609 and, if
necessary, an intra-month increase of the clearing fund pursuant to OCC
Rule 1001(a) to ensure that OCC maintains adequate Financial Resources
in the event of a default of a Clearing Member or Clearing Member Group
\6\ presenting the largest exposure to OCC (``Financial Resource
Monitoring and Call Procedure'').\7\
---------------------------------------------------------------------------

    \4\ For purposes of this proposed rule change, ``Financial
Resources'' means, with respect to a projected loss that is
attributable to a particular Clearing Member or Clearing Member
Group, as defined hereinafter, the sum of (i) the margin deposits
(less any excess margin a Clearing Member or Clearing Member Group
may have on deposit at OCC) and deposits in lieu of margin with
respect to the accounts of such Clearing Members or Clearing Member
Groups, and (ii) the value of OCC's clearing fund, including both
the Base Amount, as defined hereinafter, and the prudential margin
of safety, as described below.
    \5\ ``Clearing Member'' is defined, in relevant part, as a
person or organization that has been admitted to membership in the
Corporation pursuant to the provisions of the By-Laws and Rules. See
OCC By-Laws, Article I.
    \6\ ``Clearing Member Group'' is defined as a Clearing Member
and any Member Affiliates of such Clearing Member. ``Member
Affiliate'' is defined as an affiliated entity of a Clearing Member
that controls, is controlled by, or under common control with, the
Clearing Member. See OCC By-Laws, Article I.
    \7\ According to OCC, the procedures described herein will be in
effect until the development of a new standard clearing fund sizing
methodology and a revised methodology for the intra-month increase
of Financial Resources. Following such development, OCC has stated
that it will file a separate rule change and advance notice with the
Commission that will include a description of the new and revised
methodologies as well as a revised Monthly Clearing Fund Sizing
Procedure and Financial Resource Monitoring and Call Procedure.
---------------------------------------------------------------------------

a. Monthly Clearing Fund Sizing Procedure

    According to OCC, under the Monthly Clearing Fund Sizing Procedure,
OCC will continue to use its daily stress test exposures under
simulated default scenarios (as described in the first sentence of OCC
Rule 1001(a)) to calculate the size of the clearing fund and resize the
clearing fund on the first business day of each month. However, instead
of resizing the clearing fund based on the average of the daily
calculations during the preceding calendar month, OCC intends to resize
the clearing fund using a new formula, which is the sum of: (i) An
amount equal to the peak five-day rolling average of clearing fund
draws observed over the preceding three calendar months using the daily
idiosyncratic default and minor systemic default scenario calculations
based on OCC's daily Monte Carlo simulations (``Base Amount''); and
(ii) a prudential margin of safety determined by OCC that is currently
set at $1.8 billion.\8\
---------------------------------------------------------------------------

    \8\ According to OCC, it computes its exposure under the
idiosyncratic default scenario and minor systemic default scenario
on a daily basis. The greater of these two exposures will be that
day's peak exposure. To calculate the rolling five-day average, OCC
will compute the average of the peak exposure for each consecutive
five-day period observed over the prior three-month period. To
determine the Base Amount, OCC will use the largest five-day rolling
average observed over the past three-months.
---------------------------------------------------------------------------

    OCC believes that the Monthly Clearing Fund Sizing Procedure
provides a sound and prudent approach to ensure that it maintains
adequate Financial Resources to protect against a default of a Clearing
Member or Clearing Member Group presenting the largest exposure to OCC.
By sizing the Base Amount of the clearing fund using the peak five-day
rolling average over the preceding three month look-back period, rather
than an average over the preceding month, OCC believes that the new
resizing formula should be more responsive to sudden increases in
exposure and less sensitive to short-run reductions in exposures that
could inappropriately reduce the overall size of the clearing fund. OCC
further asserts that the prudential margin of safety provides an
additional buffer to absorb potential future exposures not previously
observed during the look-back period. The Monthly Clearing Fund Sizing
Procedure will be supplemented by the Financial Resource Monitoring and
Call Procedure, which is described below, to provide further assurance
that the Financial Resources are adequate to protect against such risk
of loss.

b. Financial Resource Monitoring and Call Procedure

    According to OCC, under the Financial Resource Monitoring and Call
Procedure, OCC will use the same daily idiosyncratic default
calculation that is currently used under the Monthly Clearing Fund
Sizing Procedure to monitor daily the adequacy of the Financial
Resources to withstand a default by the Clearing Member or Clearing
Member Group presenting the largest exposure under extreme but
plausible market conditions.\9\ If such a daily idiosyncratic default
calculation projected a draw on the clearing fund (``Projected Draw'')
that is at least 75% of the clearing fund maintained by OCC, OCC will
be required to issue an intra-day margin call pursuant to OCC Rule 609
against the Clearing Member or Clearing Member Group that caused such a
draw (``Margin Call Event'').\10\ The amount of the intra-day margin
call made pursuant to a Margin Call Event will be the difference
between the Projected Draw and the Base Amount of the clearing fund
(``Exceedance Above Base Amount'').
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    \9\ According to OCC, since the minor systemic default scenario
contemplates the simultaneous default of two Clearing Members and
OCC maintains Financial Resources sufficient to cover a default by a
Clearing Member or Clearing Member group presenting the greatest
exposure to OCC, OCC does not use the minor systemic default
scenario to determine the adequacy of the Financial Resources under
the Financial Resource Monitoring and Call Procedure.
    \10\ OCC Rule 609 authorizes OCC to require the deposit of
additional margin in any account at any time during any business day
by any Clearing Member for, among other reasons, the protection of
OCC, other Clearing Members or the general public. Under OCC Rule
609, a Clearing Member must meet a required deposit of intra-day
margin in immediately available funds at a time prescribed by OCC or
within one hour of OCC's issuance of debit settlement instructions
against the bank account of the applicable Clearing Member.
---------------------------------------------------------------------------

    In the case of a Clearing Member Group that causes the Exceedance
Above Base Amount, the Exceedance Above Base Amount will be pro-rated
among the individual Clearing Members that compose the Clearing Member
Group based on each individual Clearing Member's proportionate share of
the total risk for such Clearing Member Group as defined in OCC Rule
1001(b) (i.e., the margin requirement with respect to all accounts of
the Clearing Member Group exclusive of the net asset value of the
positions in such accounts aggregated across all such accounts). In the
case of an individual Clearing Member or a Clearing Member Group, the
intra-day margin call will be subject to a limitation under which it
cannot exceed the lower of: (a) $500 million; or (b) 100% of the net
capital of a Clearing Member (the ``500/100 Limitation'').\11\ This
limitation will apply in aggregate to all Margin Call Events within the
same monthly period. Therefore, if the same Clearing Member or Clearing
Member Group is subject to more than one Margin Call Event in the same
month, the total amount of funds

that are collected cannot exceed the 500/100 Limitation. The 500/100
Limitation will remain in place until OCC has collected all funds to
satisfy the next monthly clearing fund resizing.\12\
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    \11\ According to OCC, implementing the 500/100 Limitation on
the intra-day margin call avoids placing a ``liquidity squeeze'' on
the subject Clearing Member or Clearing Member Group based on
exposures presented by a hypothetical stress test, which otherwise
could cause a default on the intra-day margin call. OCC back-testing
results determined that intra-day margin calls resulting from a
Margin Call Event would have been made against Clearing Members or
Clearing Member Groups that are large, well-capitalized firms, with
more than sufficient resources to satisfy the call for additional
margin subject to the 500/100 Limitation.
    \12\ The Risk Committee of the Board of Directors (``Risk
Committee'') will be notified, and can take action to address
potential Financial Resource deficiencies, in the event that a
Projected Draw resulted in a Margin Call Event and, as a result of
the 500/100 Limitation, the intra-day margin call is less than the
Exceedance Above Base Amount, but the Projected Draw is not large
enough to result in an increase in the clearing fund as discussed
below.
---------------------------------------------------------------------------

    Additionally, OCC will rely on OCC Rule 608 to preclude the
withdrawal of such additional margin amount until all of the funds from
the next monthly clearing fund resizing have been collected. Based on
three years of back-testing data, OCC determined that a Margin Call
Event would have occurred in 10 of the months during this period.
During each of these 10 months, the maximum call amount would have been
equal to $500 million.\13\ After giving effect to the intra-day margin
calls (i.e., increasing the Financial Resources by $500 million), there
was only one Margin Call Event where there was still an observed stress
test exceedance of Financial Resources.
---------------------------------------------------------------------------

    \13\ The back-testing analysis performed by OCC assumed that a
single Clearing Member caused the Exceedance Above Base Amount.
---------------------------------------------------------------------------

    To address this one observed instance, the Financial Resource
Monitoring and Call Procedure will require OCC to increase the size of
the clearing fund, if a Projected Draw exceeds 90% of the clearing fund
(``Clearing Fund Intra-month Increase Event''), after applying any
funds then on deposit with OCC from the applicable Clearing Member or
Clearing Member Group pursuant to a Margin Call Event. The amount of
such increase (``Clearing Fund Increase'') will be the greater of: (a)
$1 billion; or (b) 125% of the difference between (i) the Projected
Draw, as reduced by the deposits resulting from the Margin Call Event,
and (ii) the clearing fund. Each Clearing Member's proportionate share
of the Clearing Fund Increase will equal its proportionate share of the
variable portion of the clearing fund for the month in question as
calculated pursuant to OCC Rule 1001(b).
    According to OCC, it will notify the Risk Committee, Clearing
Members and appropriate regulatory authorities of the Clearing Fund
Increase on the business day that the Clearing Fund Intra-month
Increase Event occurs. OCC believes that this will ensure that OCC
management maintains authority to address any potential Financial
Resource deficiencies when compared to its Projected Draw estimates.
The Risk Committee will then determine whether the Clearing Fund
Increase is sufficient, and will retain authority under the Risk
Committee charter to increase the Clearing Fund Increase or the intra-
day margin call made pursuant to a Margin Call Event in its discretion.
Clearing Members will be required to meet the call for additional
clearing fund assets by 9:00 a.m. CT on the second business day
following the Clearing Fund Intra-Month Increase Event. OCC believes
that this collection process ensures that additional clearing fund
assets are promptly deposited by Clearing Members following notice of a
Clearing Fund Increase, while also providing Clearing Members with a
reasonable period of time to source such assets. According to OCC,
based on its back-testing results, after giving effect to the intra-day
margin call in response to a Margin Call Event plus the prudential
margin of safety, the Financial Resources would have been sufficient
upon implementing the one instance of a Clearing Fund Intra-month
Increase Event.
    OCC believes the Financial Resource Monitoring and Call Procedure
strikes a prudent balance between mutualizing the burden of requiring
additional Financial Resources and requiring the Clearing Member or
Clearing Member Group causing the increased exposure to bear such
burden. In the event a Projected Draw exceeds 75% of the clearing fund,
the Clearing Member or Clearing Member Group that triggers the
exceedance will be assessed an intra-day margin call to address the
increase in exposure. However, where a Projected Draw exceeds 90% of
OCC's clearing fund, OCC determined that it should mutualize the burden
of the additional Financial Resources at this threshold through a
Clearing Fund Increase. OCC believes that this balance will provide OCC
with sufficient Financial Resources without increasing the likelihood
that its procedures, based solely on stress testing results, will cause
a liquidity strain that could result in the default of a Clearing
Member or Clearing Member Group.

II. Discussion and Commission Findings

    Section 19(b)(2)(C) of the Act \14\ directs the Commission to
approve a proposed rule change of a self-regulatory organization if it
finds that the proposed rule change is consistent with the requirements
of the Act and the rules and regulations thereunder applicable to such
organization.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(2)(C).
---------------------------------------------------------------------------

    The Commission finds that the proposed rule change is consistent
with Section 17A(b)(3)(F) of the Act, which requires the rules of a
registered clearing agency be designed to, among other things, assure
the safeguarding of securities and funds which are in the custody or
control of the clearing agency or for which it is responsible, to
remove impediments to and perfect the mechanism of a national system
for the prompt and accurate clearance and settlement of securities
transactions, and, in general, to protect investors and the public
interest.\15\ By establishing procedures that govern the monthly
resizing of the clearing fund and the addition of Financial Resources,
as proposed in OCC's rule change, OCC should be in a better position to
ensure that it maintains sufficient financial resources to withstand a
default of the Clearing Member or Clearing Member Group to which it has
the largest exposure, thereby reducing the likelihood that a default
would create losses that disrupt OCC's operations and adversely affect
the clearing agency's non-defaulting participants. In so doing, the
rule change, as approved, should enhance OCC's ability to assure the
safeguarding of securities and funds which are in its custody or
control or for which it is responsible, to remove impediments to and
perfect the mechanism of a national system for the prompt and accurate
clearance and settlement of securities transactions, and, in general,
to protect investors and the public interest.
---------------------------------------------------------------------------

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

    The Commission finds that the proposed rule change is consistent
with Rule 17Ad-22(b)(3), promulgated under the Act,\16\ which requires,
among other things, registered clearing agencies that perform central
counterparty services to establish, implement, maintain and enforce
written policies and procedures reasonably designed to maintain
sufficient financial resources to withstand, at a minimum, a default by
the participant family to which it has the largest exposure in extreme
but plausible market conditions. By using a peak five-day rolling
average and extending the look-back period from one to three calendar
months, the Monthly Clearing Fund Sizing Procedure should be more
responsive than OCC's existing clearing fund resizing formula to sudden
increases in exposure and less sensitive to short-run reductions in
exposure that could inappropriately reduce the overall size of the
clearing

fund. Furthermore, the prudential margin of safety, which is currently
$1.8 billion, will provide an additional buffer to absorb potential
future exposures that may not be observed during the look-back period.
In addition, the Financial Resource Monitoring and Call Procedure will
establish a process by which OCC will be able to respond to increases
in exposure on an intra-month basis. As a result, the Monthly Clearing
Fund Sizing Procedure and Financial Resource Monitoring and Call
Procedure should ensure that OCC is capable of obtaining sufficient
financial resources in a timely manner to withstand a default of the
Clearing Member or Clearing Member Group presenting it the largest
exposure.
---------------------------------------------------------------------------

    \16\ 17 CFR 240.17Ad-22(b)(3).
---------------------------------------------------------------------------

III. Conclusion

    On the basis of the foregoing, the Commission finds that the rule
change is consistent with the requirements of the Act and in particular
with the requirements of Section 17A of the Act \17\ and the rules and
regulations thereunder.
---------------------------------------------------------------------------

    \17\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\18\ that the proposed rule change (SR-OCC-2015-009) be, and it
hereby is, approved as of the date of this order or the date of an
order by the Commission authorizing OCC to implement OCC's advance
notice proposal that is consistent with this proposed rule change (SR-
OCC-2014-811), whichever is later.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
Robert W. Errett,
Deputy Secretary.
---------------------------------------------------------------------------

    \19\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

[FR Doc. 2015-12294 Filed 5-20-15; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 12 (Friday, January 17, 2014)]
[Notices]
[Pages 3200-3201]
[FR Doc No: 2014-00929]

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ENVIRONMENTAL PROTECTION AGENCY

[ER-FRL-9013-1]

Environmental Impact Statements; Notice of Availability

    Responsible Agency: Office of Federal Activities, General
Information<PHONE_NUMBER> or http://www.epa.gov/compliance/nepa/.
Weekly receipt of Environmental Impact Statements
Filed 01/06/2014 Through 01/10/2014
Pursuant to 40 CFR 1506.9.

Notice

    Section 309(a) of the Clean Air Act requires that EPA make public
its comments on EISs issued by other Federal agencies. EPA's comment
letters on EISs are available at: http://www.epa.gov/compliance/nepa/eisdata.html.

EIS No. 20140002, Final EIS, USFS, OR, Mt. Hood Meadows Parking
Improvements, Review Period Ends: 03/04/2014, Contact: Jennie O'Connor
Card<PHONE_NUMBER>.
EIS No. 20140003, Final EIS, USFWS, TX, Comal County Regional Habitat
Conservation Plan, Review Period Ends: 02/18/2014, Contact: Marty
Tuegel<PHONE_NUMBER>.
EIS No. 20140004, Final EIS, USFWS, IN, Fowler Ridge Wind Farm Final
EIS, Review Period Ends: 02/18/2014, Contact: Scott Pruitt 812-334-
4261.
EIS No. 20140005, Draft EIS, NPS, NV, Jimbilnan, Pinto Valley, Black
Canyon, Eldorado, Ireteba Peaks, Nellis Wash, Spirit Mountain, and
Bridge Canyon Wilderness Areas Draft Wilderness Management Plan,
Comment Period Ends: 03/23/2014, Contact: Greg Jarvis<PHONE_NUMBER>.
EIS No. 20140006, Draft EIS, NPS, VA, Dyke Marsh Wetland Restoration
and Long-term Management Plan, Comment Period Ends: 03/18/2014,
Contact: Brent Steury<PHONE_NUMBER>.
EIS No. 20140007, Final EIS, USFS, WY, Shoshone National Forest Land
Management Plan Revision, Review Period Ends: 03/24/2014, Contact:
Carrie Christman<PHONE_NUMBER>.
EIS No. 20140008, Second Draft EIS (Tiering), FHWA, MO, Route I-70
Jackson County, from West of The Paseo Interchange to East of the Blue
Ridge Cutoff Interchange, Comment Period Ends: 03/07/2014, Contact:
Raegan Ball<PHONE_NUMBER>.
EIS No. 20140009, Draft EIS, FERC, LA, Cameron LNG Liquefaction
Project, Comment Period Ends: 03/03/2014, Contact: Danny Laffoon 202-
502-6257.
EIS No. 20140010, Draft EIS, NPS, FL, East Everglades Expansion Area,
Land Acquisition, Comment Period Ends: 03/18/2014, Contact: Brien
Culhane<PHONE_NUMBER>.
EIS No. 20140011, Final EIS, USACE, NV, Truckee Meadows Flood Control
Project, Review Period Ends: 02/18/2014, Contact: Dan Artho 916-557-
7723.

Amended Notices

EIS No. 20130363, Draft EIS, DOI, 00, PROGRAMMATIC-Deepwater Horizon
Oil Spill Natural Resource Damage Assessment Early Restoration Plan,
Comment Period Ends: 02/19/2014, Contact: Nanciann Regalado 678-296-
6805. Revision to FR Notice Published 12/13/2013; Extending the

Comment Period from 02/04/2014 .0to 02/19/2014.
EIS No. 20130367, Draft Supplement, USFS, MT, Miller West Fisher
Project, Comment Period Ends: 02/03/2014, Contact: Leslie McDougall
406-295-7431. Revision to FR Notice Published 12/20/2013; Retracted by
the request of the preparing agency.

    Dated: January 14, 2014.
Cliff Rader,
Director, NEPA Compliance Division, Office of Federal Activities.
[FR Doc. 2014-00929 Filed 1-16-14; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 88, Number 132 (Wednesday, July 12, 2023)]
[Notices]
[Page 44439]
[FR Doc No: 2023-14684]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Notice of Opportunity for Public Comment on Non-Rulemaking Action
at Northeast Alabama Regional Airport (GAD) Located in Gadsden, Alabama

AGENCY: Federal Aviation Administration, Department of Transportation
(DOT).

ACTION: Request for public comments.

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SUMMARY: Under the provisions of the United States Code (U.S.C.),
notice is being given that the FAA is considering a request from the
Northeast Alabama Regional Airport Authority to waive the requirement
that a 150 acre parcel of airport property, located at
Northeast Alabama Regional Airport (GAD) in Gadsden, Alabama, be used
for aeronautical purposes.

DATES: Comments must be received on or before August 11, 2023.

ADDRESSES: The public may send comments using the following methods:
     Federal eRulemaking Portal: Go to https://www.regulations.gov, and follow the instructions on providing comments.
     Fax:<PHONE_NUMBER>.
     Mail: Brian Hendry, Community Planner, Jackson Airports
District Office, 100 West Cross St., Suite B, Jackson, MS 39208-2307.
     Hand Delivery: Deliver to mail address above between 8
a.m. and 5 p.m. Monday through Friday, excluding Federal holidays.
    In addition, one copy of any comments submitted to the FAA must be
mailed or delivered to Northeast Alabama Airport Authority Attn: Mr.
Lee Roberts at the Northeast Alabama Airport, 185 Ira Gray Drive,
Gadsden, Alabama 35904.

FOR FURTHER INFORMATION CONTACT: Brian Hendry, Community Planner,
Jackson Airports District Office, 100 West Cross Street, Suite B,
Jackson, MS 39208-2307,<PHONE_NUMBER>. The land release request may be
reviewed in person at this same location.

SUPPLEMENTARY INFORMATION: The FAA is reviewing a request by the
Northeast Alabama Regional Airport Authority to release approximately
150 acres of airport property at Northeast Alabama Regional
Airport (GAD) under the provisions of 49 U.S.C. 47153(c). The FAA
determined that the request to release property at Northeast Alabama
Regional Airport (GAD) submitted by the Sponsor meets the procedural
requirements of the Federal Aviation Administration and the release of
the property does not and will not impact future aviation needs at the
airport. The FAA may approve the request, in whole or in part, no
sooner than thirty days after the publication of this notice. The
property will be purchased by The City of Gadsden, AL, and then donated
to a private entity, Ultra Safe Nuclear Corporation (USNC), to locate a
non-nuclear production facility. The property is located on the
southwest area of airport property adjacent and north of Steele Station
Road. The airport will receive fair market value for the property, and
the net proceeds from the sale of this property will be used for
maintenance and improvements at the Northeast Alabama Regional Airport
(GAD).
    The proposed use of this property is compatible with airport
operations. Copies of the Property Appraisal, Boundary Survey, Legal
Description are available for examination by appointment. Any person
may inspect the request in person at the FAA office listed above under
FOR FURTHER INFORMATION CONTACT.
    In addition, any person may, upon request, inspect the request,
notice and other documents germane to the request in person at the
Northeast Alabama Regional Airport, 185 Ira Gray Drive, Gadsden, AL
35904.

    Issued in Jackson, Mississippi, on July 6, 2023.
Rans D. Black,
Manager, Jackson Airports District Office, Southern Region.
[FR Doc. 2023-14684 Filed 7-11-23; 8:45 am]
BILLING CODE 4910-13-P