[Federal Register Volume 82, Number 109 (Thursday, June 8, 2017)]
[Rules and Regulations]
[Pages 26594-26595]
[FR Doc No: 2017-11831]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R09-OAR-2016-0318; FRL-9960-07-Region 9]

Approval of California Air Plan Revisions, Imperial County Air
Pollution Control District

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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SUMMARY: The Environmental Protection Agency (EPA) is taking final
action to approve revisions to the Imperial County Air Pollution
Control District (ICAPCD) portion of the California State
Implementation Plan (SIP). These revisions concern emissions of
volatile organic compounds (VOCs) and particulate matter (PM) from
large confined animal facilities (LCAFs). We are approving local rules
that regulate these emission sources under the Clean Air Act (CAA or
the Act).

DATES: These rules will be effective on July 10, 2017.

ADDRESSES: The EPA has established a docket for this action under
Docket ID No. EPA-R09-OAR-2016-0318. 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 (CBI) or other information whose
disclosure is restricted by statute. Certain other material, such as
copyrighted material, is not placed on the Internet and will be
publicly available only in hard copy form. Publicly available docket
materials are available through http://www.regulations.gov, or please
contact the person identified in the FOR FURTHER INFORMATION CONTACT
section for additional availability information.

FOR FURTHER INFORMATION CONTACT: Nancy Levin, EPA Region IX, (415) 972
3848<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document, ``we,'' ``us'' and
``our'' refer to the EPA.

Table of Contents

I. Proposed Action
II. Public Comments and EPA Responses
III. EPA Action
IV. Incorporation by Reference
V. Statutory and Executive Order Reviews

I. Proposed Action

    On December 9, 2016 (81 FR 89024), the EPA proposed to approve the
following rules into the California SIP.

----------------------------------------------------------------------------------------------------------------
                                                                                Adopted/
           Local agency                Rule No.              Rule Title              amended/        Submitted
                                                                                revised
----------------------------------------------------------------------------------------------------------------
ICAPCD............................             217  Large Confined Animal             02/09/2016      04/21/2016
                                                     Facilities (LCAF) Permits
                                                     Required.
ICAPCD............................             101  Definitions.................      02/09/2016      04/21/2016
ICAPCD............................             202  Exemptions..................      02/09/2016      04/21/2016
----------------------------------------------------------------------------------------------------------------

    We proposed to approve these rules because we determined that they
complied with the relevant CAA requirements. Our proposed action
contains more information on the rules and our evaluation.

II. Public Comments and EPA Responses

    The EPA's proposed action provided a 30-day public comment period.
We received no comments during this period.

III. EPA Action

    No comments were submitted. Therefore, as authorized in section
110(k)(3) of the Act, the EPA is fully approving these rules into the
California SIP.

IV. Incorporation by Reference

    In this rule, the EPA is finalizing regulatory text that includes
incorporation by reference. In accordance with requirements of 1 CFR
51.5, the EPA is finalizing the incorporation by reference of the
ICAPCD rules described in the amendments to 40 CFR part 52 set forth
below. The EPA has made, and will continue to make, these documents
available through www.regulations.gov and at the EPA Region IX Office
(please contact the person identified in the FOR FURTHER INFORMATION
CONTACT section of this preamble for more information).

V. Statutory and Executive Order Reviews

    Under the Clean Air Act, the Administrator is required to approve a
SIP submission that complies with the provisions of the Act and
applicable federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a).
Thus, in reviewing SIP submissions, the EPA's role is to approve state
choices, provided that they meet the criteria of the Clean Air Act.
Accordingly, this action merely approves state law as meeting federal
requirements and does not impose additional requirements beyond those
imposed by state law. For that reason, this action:
     Is not a significant regulatory action subject to review
by the Office of Management and Budget under Executive Orders 12866 (58
FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21, 2011);
     does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the Clean Air Act; and
     does not provide the EPA with the discretionary authority
to address, as appropriate, disproportionate human health or
environmental effects, using practicable and legally permissible
methods, under Executive Order 12898 (59 FR 7629, February 16, 1994).
    In addition, the SIP is not approved to apply on any Indian
reservation land or in any other area where the EPA or an Indian tribe
has demonstrated that a tribe has jurisdiction. In those areas of
Indian country, the rule does not have tribal implications and will not
impose substantial direct costs on tribal governments or preempt tribal
law as specified by Executive Order 13175 (65 FR 67249, November 9,
2000).
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. The EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the Clean Air Act, petitions for
judicial review of this action must be filed in the United States Court
of Appeals for the appropriate circuit by August 7, 2017. Filing a
petition for reconsideration by the Administrator of this final rule
does not affect the finality of this action for the purposes of
judicial review nor does it extend the time within which a petition for
judicial review may be filed, and shall not postpone the effectiveness
of such rule or action. This action may not be challenged later in
proceedings to enforce its requirements (see section 307(b)(2)).

List of Subjects in 40 CFR Part 52

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

    Dated: January 11, 2017.
Alexis Strauss,
Acting Regional Administrator, Region IX.
    Part 52, chapter I, title 40 of the Code of Federal Regulations is
amended as follows:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

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

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

Subpart F--California

0
2. Section 52.220 is amended by adding paragraphs (c)(351)(i)(A)(5),
(c)(442)(i)(A)(4), and (c)(485) to read as follows:

Sec.  52.220   Identification of plan--in part.

* * * * *
    (c) * * *
    (351) * * *
    (i) * * *
    (A) * * *
    (5) Previously approved on May 9, 2011 in paragraph
(c)(351)(i)(A)(4) of this section and now deleted with replacement in
paragraph (c)(485)(i)(A)(2), Rule 202, ``Exemptions,'' revised on
October 10, 2006.
* * * * *
    (442) * * *
    (i) * * *
    (A) * * *
    (4) Previously approved on October 2, 2014 in paragraph
(c)(442)(i)(A)(1) of this section and now deleted with replacement in
paragraph (c)(485)(i)(A)(1), Rule 101, ``Definitions,'' revised on
October 22, 2013.
* * * * *
    (485) New and amended regulations were submitted on April 21, 2016
by the Governor's designee.
    (i) Incorporation by reference. (A) Imperial County Air Pollution
Control District.
    (1) Rule 101, ``Definitions,'' revised February 9, 2016.
    (2) Rule 202, ``Exemptions,'' revised February 9, 2016.
    (3) Rule 217, ``Large Confined Animal Facilities (LCAF) Permits
Required,'' revised February 9, 2016.

[FR Doc. 2017-11831 Filed 6-7-17; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 83, Number 3 (Thursday, January 4, 2018)]
[Notices]
[Pages 566-568]
[FR Doc No: 2017-28488]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 32957 ]

Notice of Applications for Deregistration Under the Investment
Company Act of 1940

December 29, 2017.
    The following is a notice of applications for deregistration under
section 8(f) of the Investment Company Act of 1940 for the month of
December 2017. A copy of each application may be obtained via the
Commission's website by searching for the file number, or for an
applicant using the Company name box, at http://www.sec.gov/search/search.htm or by calling<PHONE_NUMBER>. An order granting each
application will be issued unless the SEC orders a hearing. Interested
persons may request a hearing on any application by writing to the
SEC's Secretary at the address below and serving the relevant applicant
with a copy of the request, personally or by mail. Hearing requests
should be received by the SEC by 5:30 p.m. on January 23, 2018, and
should be accompanied by proof of service on applicants, in the form of
an affidavit or, for lawyers, a certificate of service. Pursuant to
Rule 0-5 under the Act, hearing requests should state the nature of the
writer's interest, any facts bearing upon the desirability of a hearing
on the matter, the reason for the request, and the issues contested.
Persons who wish to be notified of a hearing may request notification
by writing to the Commission's Secretary.

ADDRESSES: The Commission: Secretary, U.S. Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549-1090.

FOR FURTHER INFORMATION CONTACT: Brad Gude, Senior Counsel, at (202)
551-5590 or Chief Counsel's Office at<PHONE_NUMBER>; SEC, Division of
Investment Management, Chief Counsel's Office, 100 F Street NE,
Washington, DC 20549-8010.

Korea Equity Fund, Inc. [File No. 811-08002]

    Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. On June 29,
2017 and August 7, 2017, applicant made liquidating distributions to
its shareholders, based on net asset value. Expenses of $147,554
incurred in connection with the liquidation were paid by the applicant.
    Filing Dates: The application was filed on November 28, 2017.
    Applicant's Address: Worldwide Plaza, 309 West 49th Street, New
York, New York, 10019.

Center Coast Core MLP Fund II, LLC [File No. 811-22566]

    Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. Applicant has
never made a public offering of its securities and does not propose to
make a public offering or engage in business of any kind.
    Filing Dates: The application was filed on November 7, 2017, and
amended on November 30, 2017.
    Applicant's Address: 1600 Smith Street, Suite 3800, Houston, Texas,
77002.

Brookfield MLP & Energy Infrastructure Income Fund Inc. [File No. 811-
22945]

    Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. Applicant has
never made a public offering of its securities and does not propose to
make a public offering or engage in business of any kind.
    Filing Dates: The application was filed on October 30, 2017, and
amended on December 1, 2017.
    Applicant's Address: Brookfield Place, 250 Vesey Street, New York,
New York, 10281.

The Finance Company of Pennsylvania [File No. 811-01144]

    Summary: Applicant, an open-end investment company, seeks an order
declaring that it has ceased to be an investment company. On August 11,
2017, applicant made liquidating distributions to its shareholders,
based on net asset value. Expenses of $382,968 incurred in connection
with the liquidation were paid by the applicant.
    Filing Dates: The application was filed on September 20, 2017, and
amended on December 1, 2017.
    Applicant's Address: 400 Market Street, Suite 425, Philadelphia,
Pennsylvania 19106.

CCA Investments Trust [File No. 811-22753]

    Summary: Applicant, an open-end investment company, seeks an order
declaring that it has ceased to be an investment company. The applicant
has transferred its assets to CCA Aggressive Return Fund, a series of
the MSS Series Trust, and, on October 16, 2017, made a final
distribution to its shareholders based on net asset value. Expenses of

$38,657 incurred in connection with the reorganization were paid by the
applicant's adviser.
    Filing Dates: The application was filed on November 13, 2017, and
amended on December 4, 2017.
    Applicant's Address: 190 North Canon Drive, Suite 402, Beverly
Hills, California, 90210.

Aetna Multi-Strategy 1099 Fund [File No. 811-22713]

    Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. Applicant
currently has fewer than 100 beneficial owners, is not presently making
an offering of securities and does not propose to make any offering of
securities. Applicant will continue to operate as a private investment
fund in reliance on section 3(c)(1) of the Act.
    Filing Dates: The application was filed on December 6, 2017.
    Applicant's Address: c/o UMB Fund Services, Inc., 235 West Galena
Street, Milwaukee, Wisconsin 53212.

Henderson Global Funds [File No. 811-10399]

    Summary: Applicant, an open-end investment company, seeks an order
declaring that it has ceased to be an investment company. Each series
of applicant has transferred its assets to a corresponding series of
Janus Investment Fund, and, on May 31, 2017 and June 2, 2017, made
final distributions to its shareholders based on net asset value.
Expenses of $4,227,058 incurred in connection with the reorganization
were paid by the applicant's adviser.
    Filing Dates: The application was filed on August 28, 2017, and
amended on December 6, 2017.
    Applicant's Address: 151 Detroit Street, Denver, Colorado 80206.

Integrity Managed Portfolios [File No. 811-06153]

    Summary: Applicant, an open-end investment company, seeks an order
declaring that it has ceased to be an investment company. Each series
of applicant has transferred its assets to a corresponding series of
Viking Mutual Funds, and, on October 31, 2017, made a final
distribution to its shareholders based on net asset value. Expenses of
$179,568 incurred in connection with the reorganization were paid by
the parent company of applicant's adviser.
    Filing Dates: The application was filed on December 7, 2017.
    Applicant's Address: 1 Main Street North, Minot, North Dakota
58703.

RidgeWorth Funds [File No. 811-06557]

    Summary: Applicant, an open-end investment company, seeks an order
declaring that it has ceased to be an investment company. Each series
of applicant has transferred its assets to a corresponding series of
Virtus Asset Trust and Investment Managers Series Trust, and, on June
30, 2017 and July 14, 2017, made final distributions to its
shareholders based on net asset value. Expenses of $4,791,191 incurred
in connection with the reorganization were paid by applicant's adviser
and the acquiror of applicant's adviser.
    Filing Dates: The application was filed on October 26, 2017, and
amended on December 8, 2017.
    Applicant's Address: 3333 Piedmont Road, Suite 1500, Atlanta,
Georgia 30305.

TFS Capital Investment Trust [File No. 811-21531]

    Summary: Applicant, an open-end investment company, seeks an order
declaring that it has ceased to be an investment company. On October
12, 2017, October 27, 2017, and October 30, 2017, applicant made
liquidating distributions to its shareholders, based on net asset
value. Expenses of $220,273 incurred in connection with the liquidation
were paid by the applicant, in part reimbursed by the adviser.
    Filing Dates: The application was filed on November 2, 2017, and
amended on December 8, 2017.
    Applicant's Address: TFS Capital Management, 10 N High Street,
Suite 500, West Chester, Pennsylvania 19380.

Transamerica Partners Portfolios [File No. 811-08272]

    Summary: Applicant, an open-end investment company, seeks an order
declaring that it has ceased to be an investment company. Each series
of applicant has transferred its assets to a corresponding series of
Transamerica Funds, and, on March 10, 2017, March 24, 2017, April 21,
2017, May 5, 2017, September 15, 2017, and October 13, 2017, made final
distributions to its shareholders based on net asset value. Expenses of
$1,772,198 incurred in connection with the reorganization were paid by
the applicant, the applicant's adviser, and the destination series.
    Filing Dates: The application was filed on November 13, 2017, and
amended on December 8, 2017.
    Applicant's Address: 1801 California Street, Suite 5200, Denver,
Colorado 80202.

Transamerica Partners Funds Group II [File No. 811-07495]

    Summary: Applicant, an open-end investment company, seeks an order
declaring that it has ceased to be an investment company. Each series
of applicant has transferred its assets to a corresponding series of
Transamerica Funds, and, on March 10, 2017, March 24, 2017, April 21,
2017, May 5, 2017, May 21, 2017, and October 13, 2017, made final
distributions to its shareholders based on net asset value. Expenses of
$555,936 incurred in connection with the reorganization were paid by
the applicant, the applicant's adviser, and the destination series.
    Filing Dates: The application was filed on November 13, 2017, and
amended on December 8, 2017.
    Applicant's Address: 1801 California Street, Suite 5200, Denver,
Colorado 80202.

Transamerica Partners Funds Group [File No. 811-07674]

    Summary: Applicant, an open-end investment company, seeks an order
declaring that it has ceased to be an investment company. Each series
of applicant has transferred its assets to a corresponding series of
Transamerica Funds, and, on March 10, 2017, March 24, 2017, April 21,
2017, May 5, 2017, May 21, 2017, September 15, 2017, and October 13,
2017, made final distributions to its shareholders based on net asset
value. Expenses of $1,517,292 incurred in connection with the
reorganization were paid by the applicant, the applicant's adviser, and
the destination series.
    Filing Dates: The application was filed on November 13, 2017, and
amended on December 8, 2017.
    Applicant's Address: 1801 California Street, Suite 5200, Denver,
Colorado 80202.

FEG Directional Access TEI Fund LLC [File No. 811-23140]

    Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. Applicant
currently has fewer than 100 beneficial owners, is not presently making
an offering of securities and does not propose to make any offering of
securities. Applicant will continue to operate as a private investment
fund in reliance on section 3(c)(1) of the Act.
    Filing Dates: The application was filed on December 12, 2017.
    Applicant's Address: 201 East Fifth Street, Suite 1600, Cincinnati,
Ohio 45202.

FEG Directional Access Fund LLC [File No. 811-22685]

    Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. Applicant
currently has fewer than 100 beneficial owners, is not presently making
an offering of securities and does not propose to make any offering of
securities. Applicant will continue to operate as a private investment
fund in reliance on section 3(c)(1) of the Act.
    Filing Dates: The application was filed on December 12, 2017.
    Applicant's Address: 201 East Fifth Street, Suite 1600, Cincinnati,
Ohio 45202.

Bluearc Multi-Strategy Fund [File No. 811-23017]

    Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. Applicant
currently has fewer than 100 beneficial owners, is not presently making
an offering of securities and does not propose to make any offering of
securities. Applicant will continue to operate as a private investment
fund in reliance on section 3(c)(1) of the Act.
    Filing Dates: The application was filed on November 1, 2017, and
amended on December 13, 2017.
    Applicant's Address: 17605 Wright Street, Suite 2, Omaha, Nebraska
68130.

    For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2017-28488 Filed 1-3-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 88, Number 108 (Tuesday, June 6, 2023)]
[Notices]
[Pages 37050-37051]
[FR Doc No: 2023-11938]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP23-131-000]

East Tennessee Natural Gas, LLC; Notice of Schedule for the
Preparation of an Environmental Assessment for the System Alignment
Program Project

    On March 31, 2023, East Tennessee Natural Gas, LLC (East Tennessee)
filed an application in Docket No. CP23-131-000 requesting a
Certificate of Public Convenience and Necessity pursuant to section
7(c) and Authorization pursuant to section 7(b) of the Natural Gas Act
to replace, construct, and operate certain natural gas pipeline
facilities in Tennessee, North Carolina, and Virginia. The proposed
project is known as the System Alignment Program Project (Project).
East Tennessee states that the Project would improve the operational
reliability of East Tennessee's system by minimizing the amount of
displacement in the system design to meet customers' shifting needs.
    On April 14, 2023, the Federal Energy Regulatory Commission
(Commission or FERC) issued its Notice of Application for the Project.
Among other things, that notice alerted agencies issuing federal
authorizations of the requirement to complete all necessary reviews and
to reach a final decision on a request for a federal authorization
within 90 days of the date of issuance of the Commission staff's
environmental document for the Project.
    This notice identifies Commission staff's intention to prepare an
environmental assessment (EA) for the Project and the planned schedule
for the completion of the environmental review.\1\
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    \1\ 40 CFR 1501.10 (2020).
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Schedule for Environmental Review

Issuance of EA November 17, 2023
90-day Federal Authorization Decision Deadline \2\ February 15, 2024
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    \2\ The Commission's deadline applies to the decisions of other
federal agencies, and state agencies acting under federally
delegated authority, that are responsible for federal
authorizations, permits, and other approvals necessary for proposed
projects under the Natural Gas Act. Per 18 CFR 157.22(a), the
Commission's deadline for other agency's decisions applies unless a
schedule is otherwise established by federal law.

    If a schedule change becomes necessary, additional notice will be
provided so that the relevant agencies are kept informed of the
Project's progress.

Project Description

    East Tennessee would construct approximately 16.1 miles of 24-inch-
diameter pipeline loop (Boyds Creek Loop) adjacent to its existing 16-
inch-diameter pipeline in Knox and Sevier Counties, Tennessee; a new
6,000-horsepower compressor station (the Talbot Compressor Station) in
Jefferson County, Tennessee; a new 19,000-horsepower compressor station
in Rockingham County, North Carolina (the Draper Compressor Station);
and ancillary facilities in Knox County and Sevier Counties, Tennessee
and Washington and Wythe Counties, Virginia. East Tennessee would also
replace approximately 6.4 miles of 8-inch-diameter pipeline with new
24-inch-diameter pipeline within its existing right-of-way in
Washington County, Virginia and complete a hydrotest of an
approximately 1.2 mile-segment of existing pipeline in Patrick County,
Virginia.

Background

    On October 19, 2022, the Commission issued a Notice of Scoping
Period Requesting Comments on Environmental Issues for the Planned
System Alignment Program Project (Notice of Scoping). The Notice of
Scoping was issued during the pre-filing review of the Project in
Docket No. PF22-8-000 and was sent to affected landowners; federal,
state, and local government agencies; elected officials; environmental
and public interest groups; Native American tribes; other interested
parties; and local libraries and newspapers. In response to the Notice
of Scoping, the Commission received comments from the North Carolina
Department of Natural and Cultural Resources, Choctaw Nation of
Oklahoma, U.S. Department of the Interior Bureau of Indian Affairs,
State of Tennessee Department of Environment and Conservation: Division
of Air Pollution Control, Commonwealth of Virginia Department of
Conservation and Recreation, Environmental Protection Agency,
Appalachian Voices, Teamsters National Pipeline Labor, Quapaw Nation,
North Carolina Department of Environmental Quality, Tennessee
Department of Environment and Conservation: Division of Water
Resources, Virginia Department of Environmental Quality, and fifteen
landowners. The primary issues raised by the commenters are impacts on
cultural and natural resources; incomplete tribal consultations, worker
trainings, and permitting; potential groundwater contamination;
potential air and noise pollution; and impacts on landowner property.
All substantive comments will be addressed in the EA. No cooperating
agencies are involved in the preparation of this EA.

Additional Information

    The Commission's Office of Public Participation (OPP) supports
meaningful public engagement and participation in Commission
proceedings. OPP can help members of the public, including landowners,
environmental justice communities, Tribal members and others, access
publicly available information and navigate Commission processes. For
public inquiries and assistance with making filings such as
interventions, comments, or requests for rehearing, the public is
encouraged to contact OPP at<PHONE_NUMBER> or [email protected].
    In order to receive notification of the issuance of the EA and to
keep track of formal issuances and submittals in specific dockets, the
Commission offers a free service called eSubscription. This service
provides automatic notification of filings made to subscribed dockets,
document summaries, and direct links to the documents. Go to https://www.ferc.gov/ferc-online/overview to register for eSubscription.
    Additional information about the Project is available from the
Commission's Office of External Affairs at (866) 208-FERC or on the
FERC website (www.ferc.gov). Using the ``eLibrary'' link, select
``General Search'' from the eLibrary menu, enter the selected date
range and ``Docket Number'' excluding the last three digits (i.e.,
CP23-131), and follow the instructions. For assistance with access to
eLibrary, the helpline can be reached at<PHONE_NUMBER>, TTY (202) 502-
8659, or at [email protected]. The eLibrary link on the FERC
website also provides access to the texts of formal documents issued by
the Commission, such as orders, notices, and rule makings.

    Dated: May 30, 2023.
Kimberly D. Bose,
Secretary.
[FR Doc. 2023-11938 Filed 6-5-23; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 176 (Monday, September 12, 2011)]
[Notices]
[Page 56200]
[FR Doc No: 2011-23184]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2010-N-0646]

Agency Information Collection Activities; Announcement of Office
of Management and Budget Approval; Tobacco Products, Exemptions From
Substantial Equivalence Requirements

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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SUMMARY: The Food and Drug Administration (FDA) is announcing that a
collection of information entitled ``Tobacco Products, Exemptions From
Substantial Equivalence Requirements'' has been approved by the Office
of Management and Budget (OMB) under the Paperwork Reduction Act of
1995.

FOR FURTHER INFORMATION CONTACT: Daniel Gittleson, Office of
Information Management, Food and Drug Administration, 1350 Piccard Dr.,
PI50-400B, Rockville, MD 20850,<PHONE_NUMBER>,
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: On June 1, 2011, the Agency submitted a
proposed collection of information entitled ``Tobacco Products,
Exemptions From Substantial Equivalence Requirements'' to OMB for
review and clearance under 44 U.S.C. 3507. An Agency may not conduct or
sponsor, and a person is not required to respond to, a collection of
information unless it displays a currently valid OMB control number.
OMB has now approved the information collection and has assigned OMB
control number 0910-0684. The approval expires on August 14, 2014. A
copy of the supporting statement for this information collection is
available on the Internet at http://www.reginfo.gov/public/do/PRAMain.

    Dated: September 6, 2011.
Leslie Kux,
Acting Assistant Commissioner for Policy.
[FR Doc. 2011-23184 Filed 9-9-11; 8:45 am]
BILLING CODE 4160-01-P


[Federal Register Volume 78, Number 151 (Tuesday, August 6, 2013)]
[Notices]
[Pages 47697-47698]
[FR Doc No: 2013-18945]

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ENVIRONMENTAL PROTECTION AGENCY

[FRL-9844-1]

Public Water System Supervision Program Revision for the State of
Louisiana

AGENCY: United States Environmental Protection Agency (EPA).

ACTION: Notice of tentative approval.

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SUMMARY: Notice is hereby given that the State of Louisiana is revising
its approved Public Water System Supervision Program. Louisiana has
adopted three EPA drinking water rules, namely the: 1) Long Term 2
Enhanced Surface Water Treatment Rule (LT2), 2) the Stage 2
Disinfectants and Disinfection Byproducts Rule (DBP2), and 3) the Lead
and Copper Rule Short-Term Revisions and Clarifications (LCR). EPA has
determined that the proposed LT2, DBP2, and the LCR submitted by
Louisiana are no less stringent than the corresponding federal
regulations. Therefore, EPA intends to approve this program revision.

DATES: All interested parties may request a public hearing. A request
for a public hearing must be submitted by September 5, 2013 to the
Regional Administrator at the EPA Region 6 address shown below.
Frivolous or insubstantial requests for a hearing may be denied by the
Regional Administrator. However, if a substantial request for a public
hearing is made by September 5, 2013, a public hearing will be held. If
no timely and appropriate request for a hearing is received and the
Regional Administrator does not elect to hold a hearing on his own
motion, this determination shall become final and effective on
September 5, 2013. Any request for a public hearing shall include the
following information: The name, address, and telephone number of

the individual, organization, or other entity requesting a hearing; a
brief statement of the requesting person's interest in the Regional
Administrator's determination and a brief statement of the information
that the requesting person intends to submit at such hearing; and the
signature of the individual making the request, or, if the request is
made on behalf of an organization or other entity, the signature of a
responsible official of the organization or other entity.

ADDRESSES: All documents relating to this determination are available
for inspection between the hours of 8:00 a.m. and 4:30 p.m., Monday
through Friday, at the following offices: Louisiana Department of
Health and Hospitals, Office of Public Health, Bienville Building, 628
4th Street, Baton Rouge, LA 70821; and United States Environmental
Protection Agency, Region 6, Drinking Water Section (6WQ-SD), 1445 Ross
Avenue, Suite 1200, Dallas, Texas 75202.

FOR FURTHER INFORMATION CONTACT: Amy Camacho, EPA Region 6, Drinking
Water Section at the Dallas address given above, or by telephone at
(214) 665-7175, or by email at<EMAIL_ADDRESS>
    Authority: Section 1413 of the Safe Drinking Water Act, as
amended (1996), and 40 CFR part 142 of the National Primary Drinking
Water Regulations.

    Dated: July 19, 2013.
Ron Curry,
Regional Administrator.
[FR Doc. 2013-18945 Filed 8-5-13; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 79, Number 123 (Thursday, June 26, 2014)]
[Notices]
[Pages 36357-36361]
[FR Doc No: 2014-14942]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72444; File No. SR-FINRA-2014-025]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing of a Proposed Rule Change To Adopt a
Supplemental Schedule for Inventory Positions Pursuant to FINRA Rule
4524 (Supplemental FOCUS Information)

June 20, 2014.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``SEA'') \1\ and Rule 19b-4

thereunder,\2\ notice is hereby given that on June 16, 2014, the
Financial Industry Regulatory Authority, Inc. (``FINRA'') filed with
the Securities and Exchange Commission (``SEC'' or ``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been substantially prepared by FINRA. 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

    FINRA is proposing to adopt a supplemental schedule for inventory
positions pursuant to FINRA Rule 4524 (Supplemental FOCUS Information).
    The text of the proposed rule change is available on FINRA's Web
site at http://www.finra.org, at the principal office of FINRA, 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, FINRA 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 these statements may be examined at the places specified in
Item IV below. FINRA has prepared summaries, set forth in Items II.A.,
II.B., and II.C. below, of the most significant aspects of such
statements.

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

1. Purpose
    Pursuant to SEA Rule 17a-5,\3\ most firms are required to file with
FINRA reports concerning their financial and operational status using
the Financial and Operational Combined Uniform Single (FOCUS)
Report.\4\ In general, firms with a FOCUS filing requirement must
either file a FOCUS Report Part II if they clear transactions or carry
customer accounts \5\ or file a FOCUS Report Part IIA if they do
not.\6\ Firms that are government securities broker-dealers registered
under Section 15C of the Act \7\ do not file a FOCUS Report and instead
are required to file reports concerning their financial and operational
status using the Report on Finances and Operations of Government
Securities Brokers and Dealers (FOGS Report).\8\ These firms are
required to file a FOGS Report Part I and either a FOGS Report Part II
if they clear transactions or carry customer accounts or FOGS Report
Part IIA if they do not.\9\
---------------------------------------------------------------------------

    \3\ 17 CFR 240.17a-5.
    \4\ SEC Form X-17A-5.
    \5\ Firms that calculate net capital using Appendix E to SEA
Rule 15c3-1 file FOCUS Report Part II CSE, rather than FOCUS Report
Part II.
    \6\ 17 CFR 240.17a-5.
    \7\ 15 U.S.C. 78o-5.
    \8\ Department of the Treasury Form G-405.
    \9\ 17 CFR 405.2; 17 CFR 240.17a-5.
---------------------------------------------------------------------------

    FINRA Rule 4524 (Supplemental FOCUS Information) requires each
firm, as FINRA shall designate, to file such additional financial or
operational schedules or reports as FINRA may deem necessary or
appropriate for the protection of investors or in the public interest
as a supplement to the FOCUS Report.\10\ Pursuant to FINRA Rule 4524,
FINRA is proposing the adoption of a supplemental schedule to the FOCUS
Report Part II, FOCUS Report Part IIA and the FOGS Report Part I that
would provide more detailed information of inventory positions held by
firms. The proposed Supplemental Inventory Schedule (``SIS'') would be
due 20 business days after the end of a firm's FOCUS or FOGS reporting
period.\11\
---------------------------------------------------------------------------

    \10\ The reference to FOCUS reports under FINRA Rule 4524
includes FOGS Reports required to be filed by government securities
broker-dealers registered under Section 15C of the Act in lieu of
FOCUS Reports.
    \11\ Firms that file FOCUS Report Part II CSE would not be
subject to the proposed SIS. As part of FOCUS Report Part II CSE,
the Aggregate Securities and OTC Derivative Positions schedule
requires firms to provide information that is similar to the
proposed SIS.
---------------------------------------------------------------------------

    The proposal requires the SIS to be filed by firms that are
required to file FOCUS Report Part II, FOCUS Report Part IIA or FOGS
Report Part I with inventory positions as of the end of the FOCUS or
FOGS reporting period with two exceptions. The first exception is for
firms that have a minimum net capital or liquid capital requirement
\12\ of less than $100,000. Such firms are not allowed to engage in
dealer activities and are limited to 10 proprietary transactions per
year. Further, such firms are not permitted to self-clear or carry
customer accounts. The second exception is for firms that have
inventory positions consisting only of money market mutual funds. Money
market mutual funds limit their investments to short-term, high-quality
debt securities and are permitted to sell and redeem shares at a stable
price, typically at $1.00 per share, without regard to small variations
in the value of the funds' underlying securities.\13\ A firm with
inventory positions consisting only of money market mutual funds would
need to affirmatively indicate through functionality on the eFOCUS
system that no SIS filing is required for the reporting period. FINRA
believes that firms that meet either of these two criteria pose
significantly less risk to customers and other market participants.
These exceptions will not only minimize the burden on firms, but also
will allow FINRA to focus its resources where the risk is most
concerning.
---------------------------------------------------------------------------

    \12\ Firms that file the FOCUS Report must comply with a minimum
net capital requirement, while firms that file the FOGS Report must
comply with a minimum liquid capital requirement.
    \13\ See Securities Act Release No. 9408 (June 5, 2013), 78 FR
36834, 36835 (June 19, 2013) (Proposed Rule: Money Market Fund
Reform; Amendments to Form PF).
---------------------------------------------------------------------------

    The proposed SIS is intended to capture more details of a firm's
long and short inventory positions than what is captured on the FOCUS
Report Part II, FOCUS Report Part IIA and FOGS Report Part I. For
example, FOCUS Report Part II, FOCUS Report Part IIA and FOGS Report
Part I require total inventory of securities sold short to be reported
in aggregate (Item 1620), providing no information on the types of
securities sold short by firms. In addition, FOGS Report Part I
requires that all long inventory be reported in aggregate (Item 850).
Further, on FOCUS Report Part II and IIA, long inventory is reported in
categories that aggregate securities with different market risk
profiles (e.g., the Corporate Obligations category on the FOCUS Report
Part II (Item 400) and Debt Securities category on the FOCUS Report
Part IIA (Item 419) include single name corporate bonds, private-label
mortgage-backed securities and foreign issuer debt obligations). The
proposed SIS would enhance FINRA's ongoing surveillance monitoring of
firms' financial condition by providing greater transparency into the
market risk posed by a firm's inventory positions and the potential
impact to a firm's net capital or liquid capital, as well as related
funding and liquidity needs. In addition, the information provided by
the proposed SIS would enable FINRA staff to perform more targeted
examinations of firms' market risk exposure.
    The proposed rule change will be effective upon Commission
approval. FINRA will announce the implementation date of the proposed
supplemental schedule in a Regulatory Notice to be published no later
than 60 days following Commission approval. The due date for the first
proposed schedule will be no later than 90 days following Commission
approval of the proposed rule change.

2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\14\ which requires, among
other things, that FINRA rules must be designed to prevent fraudulent
and manipulative acts and practices, to promote just and equitable
principles of trade, and, in general, to protect investors and the
public interest. FINRA believes that the proposed rule change is
consistent with the provisions of the Act noted above in that the
proposed SIS will provide FINRA with greater insights into the types of
securities held in inventory by firms and the related market risk
associated with such inventory positions. In addition, the proposed SIS
would enable FINRA staff to assess the related impact on firms'
liquidity and funding needs. The information provided on the proposed
SIS would be used by FINRA to monitor firms' financial condition and
perform more targeted examinations of firms' market risk exposure. The
proposed rule change also is consistent with Section 712(b)(3)(B) of
the Dodd-Frank Wall Street Reform and Consumer Protection Act \15\ in
that it is necessary to enable FINRA to more effectively examine for
compliance with, and enforce, its rules on capital adequacy.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78o-3(b)(6).
    \15\ Public Law 111-203, 124 Stat. 1376 (2010).
---------------------------------------------------------------------------

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

    FINRA does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. FINRA believes that the
economic and operational impact associated with completion of the
proposed SIS would be minimal because the required information should
be readily available to firms, as it is necessary for purposes of
computing the haircut deductions required under SEA Rule 15c3-1.\16\
However, FINRA recognizes that there may be an initial one-time cost to
map inventory positions to the line items on the proposed SIS. FINRA
believes that any burden imposed by the proposed SIS would be
outweighed by the benefit to firms in allowing the staff to better
understand a firm's market risk, which will lead to more focused
reviews during examinations. In addition, the proposal is narrowly
tailored to capture those firms that pose the most risk to customers
and other market participants. Firms with inventory positions as of the
end of the FOCUS or FOGS reporting period will not have to file the
proposed SIS if they: (1) Have a minimum net capital or liquid capital
requirement of less than $100,000; or (2) have inventory positions
consisting only of money market mutual funds. Based on FOCUS Report
data, as of June 30, 2013, FINRA estimates that 2,830 out of 4,327
firms (65 percent) have a minimum net capital or liquid capital
requirement of less than $100,000.
---------------------------------------------------------------------------

    \16\ 17 CFR 240.15c3-1.
---------------------------------------------------------------------------

    As discussed in Item II.C. below, FINRA initially considered
exempting from the SIS filing requirement those firms that had
inventory positions consisting only of U.S. Treasury securities or
money market mutual funds. However, three commenters questioned the
U.S. Treasury exemption, noting among other factors the market risk
posed by certain U.S. Treasury securities and the risks posed by
concentrations in those securities. Alternatively, these commenters
suggested exemptions based on a firm's level of excess capital and
leverage, for short-term instruments and for small broker-dealers. In
response to commenters' suggestions, FINRA is not proposing an
exemption for U.S. Treasury securities. However, FINRA is proposing at
this time to exempt from the SIS filing requirement those firms that
have a minimum net capital or liquid capital requirement of less than
$100,000. FINRA believes that exempting such firms should serve to
reduce the compliance burdens for many small firms while also ensuring
that FINRA receives the SIS data from those firms that pose higher risk
to customers and other market participants.

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

    The proposed rule change was published for comment in Regulatory
Notice 13-05 (January 2013) (the ``Notice''). Four comments were
received in response to the Notice. \17\ Below is a summary of the
comments and FINRA's responses.
---------------------------------------------------------------------------

    \17\ See Letter from Pat Nelson, dated January 31, 2013
(``Nelson''); letter from Jim Nelson, dated February 7, 2013 (``Jim
Nelson''); letter from Wendie L Wachtel, CCO, Wachtel & Co Inc, to
Marcia E Asquith, Corporate Secretary, FINRA, dated February 12,
2013 (``Wachtel''); and letter from Howard Spindel, Senior Managing
Director, and Cassondra E. Joseph, Managing Director, Integrated
Management Solutions USA LLC, dated February 25, 2013 (``IMS'').
---------------------------------------------------------------------------

1. Exemption for U.S. Treasury Securities
    In the Notice, FINRA specifically requested comment on whether
firms that have inventory positions consisting only of U.S. Treasury
securities should be exempt from the filing requirement. One commenter
believed that no securities, including U.S. Treasury securities, should
be excluded from review as all securities pose certain risks especially
if they are concentrated.\18\ As discussed further below, one commenter
believed that the exemption is a poor match with regulatory
objectives.\19\ Another commenter disagreed with the exemption and
questioned ``why FINRA would exempt from reporting a firm with a
portfolio of longer-term, low coupon U.S. Government bonds that would
be significantly more sensitive to market risk than many other debt
instruments especially investment-grade ones of much shorter
durations.''\20\ The commenter believed that there should be an
exemption for firms that invest their excess cash in short-term
instruments such as money market mutual funds, short-term funds and
high-grade debt instruments maturing in the short term.\21\
---------------------------------------------------------------------------

    \18\ Nelson.
    \19\ Wachtel.
    \20\ IMS.
    \21\ IMS.
---------------------------------------------------------------------------

    FINRA has considered these comments and agrees that a firm that has
inventory positions consisting only of U.S. Treasury securities should
be required to file the proposed SIS. FINRA, however, proposes to
exempt from the filing requirement those firms that: (1) Have a minimum
net capital or liquid capital requirement of less than $100,000; or (2)
have inventory positions consisting only of money market mutual funds.
In response to the comment for a short-term instrument exemption, FINRA
notes that the proposal exempts firms with inventory positions
consisting only of money market mutual funds. However, FINRA believes
that firms with inventory positions in short-term funds or high-grade
debt instruments maturing in the short term should not be exempted from
the proposed SIS as those positions are subject to greater market risk.
For example, the credit crisis showed that short-term debt instruments
(e.g., auction rate securities) can suffer material losses,
irrespective of their investment grade ratings.
2. Exemption for Firms Based on Net Capital or Liquid Capital
Requirement
    In the Notice, FINRA specifically requested comment on whether
there is a category of firms that should not be required to file the
proposed SIS based upon a de minimis amount of inventory

positions. One commenter believed there should be a de minimis cutoff
and stated that FINRA should ``not place undue burdens on the small
broker dealer community.'' \22\ The commenter suggested that
``reporting should only be required by firms that pose a systemic risk
to the financial markets.''\23\ One commenter believed that an
exemption should be focused on a firm's level of excess capital and
leverage.\24\ FINRA has considered these comments and proposes that
firms with inventory positions that have a net capital or liquid
capital requirement of less than $100,000 would not need to file the
proposed SIS. These firms are prohibited from engaging in dealer
activities, self-clearing or carrying customer accounts and, as such
pose less risk to the financial markets than firms with higher net
capital or liquid capital requirements. FINRA disagrees with the
commenters that reporting should only be required by firms that pose
systemic risk or that an exemption should be focused on a firm's level
of excess capital and leverage. Systemic risk is not the focus of the
proposed SIS; rather, the proposal is intended to protect customers and
other market participants who could be at risk if the firm's financial
condition deteriorates. As such, requiring only firms that pose
systemic risk to report to FINRA would hinder the staff's ability to
identify and monitor the market, funding and liquidity risk of other
firms whose inventory positions and dealer activities could result in
harm to customers and other market participants. In addition, an
exemption based on a firm's high excess net capital or liquid capital
without regard to the type of inventory positions held would exempt a
number of firms that hold significant levels of complex securities in
inventory and self-clear, carry customer accounts or engage in dealer
activities. Further, an exemption based on leverage would exempt those
firms that have a low leverage ratio without regard to other risk
factors, such as a high concentration in a particular category of less
liquid securities (e.g., high yield debt, private label collateralized
mortgage obligations).
---------------------------------------------------------------------------

    \22\ Jim Nelson and Nelson.
    \23\ Nelson.
    \24\ Wachtel.
---------------------------------------------------------------------------

3. Economic Impact
    In the Notice, FINRA specifically requested comment on the economic
impact of the proposed SIS. Two commenters believed that the proposed
SIS would place an unjustified burden on firms.\25\ One of these
commenters stated that even though firms already have the requested
inventory information, the data will have to be put in the required
format.\26\ The commenter suggested that FINRA should ask a firm for a
copy of its inventory and then input the data.\27\ One commenter
believed that there would be significant cost with no benefit and the
proposed SIS would increase the effort of monthly filing by 15%.\28\
Further, the commenter requested that any new requirements be
incorporated into the original FOCUS form rather than requiring
separate schedules that entail burdensome duplication and
reconciliations.\29\ However, one commenter agreed that firms currently
compile inventory information as it is needed to compute haircut
deductions when calculating net capital and stated that the proposed
SIS is not nearly as burdensome as receiving questions from FINRA
examiners or coordinators seeking to drill down into figures that are
provided by the FOCUS Report.\30\
---------------------------------------------------------------------------

    \25\ Jim Nelson and Nelson.
    \26\ Nelson.
    \27\ Nelson.
    \28\ Wachtel.
    \29\ Wachtel.
    \30\ IMS.
---------------------------------------------------------------------------

    Consistent with the discussion above, FINRA believes that the
economic impact associated with completion of the proposed SIS would be
minimal because the required information should be readily available to
firms, as it is necessary for purposes of computing the haircut
deductions required under SEA Rule 15c3-1.\31\ Moreover, FINRA believes
the proposed SIS is an effective and timely way to obtain detail of the
inventory positions held by firms. FINRA notes it consulted with its
advisory committees to help inform this view. In regard to the comment
that the proposed SIS would increase the effort of monthly filing by
15%, FINRA notes that the commenter did not provide any evidence, basis
or context to support the assertion, and therefore FINRA is uncertain
as to its reliability. With respect to incorporating new requirements
into the original FOCUS form, Form X-17A-5, FINRA notes that it is an
SEC form, and any changes to it must be proposed and adopted by the
SEC. However, FINRA would support updates to Form X-17A-5 by the SEC
that would incorporate this more detailed reporting, and, if such
updates were made, FINRA staff would seek to reduce accordingly the
requirement for firms to file the proposed SIS.
---------------------------------------------------------------------------

    \31\ 17 CFR 240.15c3-1.
---------------------------------------------------------------------------

4. Instructions and Recommended Changes
    One commenter was concerned that there were no instructions
provided for the proposed SIS and that key definitions such as
``arbitrage'' and ``no ready market'' are not defined.\32\ In addition,
the commenter believed that the term ``Investments'' is particularly
confusing in the category for ``Investments with no ready market'' and
suggested that ``Securities'' should be used.\33\ In addition, the
commenter believed that asking for a beginning date on the proposed SIS
is meaningless information.\34\ Furthermore, the commenter stated that
the proposed SIS ignores financings such as repurchase agreements and
loans, does not contain a line for securities lending, does not itemize
derivatives by market bias and does not request a breakdown of the
types of commodities actually being held.\35\
---------------------------------------------------------------------------

    \32\ IMS.
    \33\ IMS.
    \34\ IMS.
    \35\ IMS.
---------------------------------------------------------------------------

    In response to the commenter, FINRA has developed instructions for
the proposed SIS. The instructions include guidance, clarifications and
definitions with respect to specific line items that FINRA believes
should ameliorate the commenter's concern. In addition, FINRA has
amended the proposed SIS to state ``[s]ecurities with no ready market''
on line 13, instead of ``[i]nvestments with no ready market,'' to
alleviate confusion and has removed the line item for a beginning
period date. With regard to capturing information about repurchase
agreements and securities lending, FINRA notes that the proposed SIS is
an inventory schedule and, as such, is not intended to capture
financing transactions. In response to the comment about itemizing
derivatives exposures by market bias, FINRA has expanded the
``Derivatives including Options'' on line 11 to distinguish between
centrally cleared derivatives and other derivatives and to require a
limited breakdown of information for the two categories. In addition,
FINRA notes that additional derivatives information is captured on the
Derivatives and Other Off-Balance Sheet Schedule. Finally, in response
to the request for a breakdown of the types of commodities actually
being held, FINRA believes, at this time, that the proposed SIS
captures the information that is needed to enable FINRA staff to

assess the related market risk and impact on firms' liquidity and
funding needs arising from inventory holdings.
5. Alternatives to Proposed SIS
    One commenter offered an alternative to the proposed SIS.\36\ The
commenter suggested that ``FINRA should offer firms the ability to
report the dollar amounts to which each haircut category applies.''
\37\ The commenter believed that ``[t]he haircut category is so much
more relevant than the issuer type or even whether the haircut is on a
long or short position.'' \38\ FINRA disagrees with the commenter and
believes that for purposes of understanding market risk associated with
firms' inventory positions, issuer type is more appropriate than
haircut category. For example, an equity security has different market
risk than certain high-yield bonds; however, both types of securities
can be in the same haircut category. Therefore, FINRA believes that
obtaining information regarding the actual makeup of a firm's inventory
positions is best achieved through the proposed SIS.
---------------------------------------------------------------------------

    \36\ IMS.
    \37\ IMS.
    \38\ IMS.
---------------------------------------------------------------------------

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove such proposed rule change; or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

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-FINRA-2014-025 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-FINRA-2014-025. 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
a.m. and 3 p.m.
    Copies of such filing also will be available for inspection and
copying at the principal office of FINRA. 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 available publicly. All submissions
should refer to File Number SR-FINRA-2014-025 and should be submitted
on or before July 17, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\39\
---------------------------------------------------------------------------

    \39\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-14942 Filed 6-25-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 120 (Thursday, June 21, 2012)]
[Proposed Rules]
[Pages 37361-37362]
[FR Doc No: 2012-15206]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 63

[EPA-HQ-OAR-2008-0708; FRL-9690-8]
RIN 2060-AQ58

National Emission Standards for Hazardous Air Pollutants for
Reciprocating Internal Combustion Engines; New Source Performance
Standards for Stationary Internal Combustion Engines

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule; Notice of public hearing; Extension of public
comment period.

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

SUMMARY: The EPA published in the Federal Register on June 7, 2012, the
proposed rule, ``National Emission Standards for Hazardous Air
Pollutants for Reciprocating Internal Combustion Engines; New Source
Performance Standards for Stationary Internal Combustion Engines.'' The
EPA was asked to hold a public hearing. Therefore, the EPA is making
two announcements: First, a public hearing for the proposed, ``National
Emission Standards for Hazardous Air Pollutants for Reciprocating
Internal Combustion Engines; New Source Performance Standards for
Stationary Internal Combustion Engines'' will be held on July 10, 2012,
and second, the comment period for the proposed rule will be extended
until August 9, 2012.

DATES: The public hearing will be held on July 10, 2012. Comments must
be received by August 9, 2012.

ADDRESSES: The public hearing will be held in Room 1152 EPA East, 1201
Constitution Avenue NW., Washington, DC 20460,<PHONE_NUMBER>.
    The public hearing will convene at 10:00 a.m. and will continue
until 4:00 p.m. A lunch break is scheduled from 12:00 p.m. until 1:00
p.m. The EPA's Web site for the rulemaking, which includes the proposal
and information about the hearing, can be found at: http://www.epa.gov/ttn/atw/rice/ricepg.html.

FOR FURTHER INFORMATION CONTACT: If you would like to present oral
testimony at the public hearing, please contact Ms. Pamela Garrett,
U.S. Environmental Protection Agency, Office of Air Quality Planning
and Standards, Sector Policies and Programs Division (D243-01),
Research Triangle Park, North Carolina 27711; telephone: (919) 541-
7966; fax number:<PHONE_NUMBER>; email address<EMAIL_ADDRESS>(preferred

method for registering). The last day to register to present oral
testimony in advance will be Friday, July 6, 2012. If using email,
please provide the following information: The time you wish to speak
(morning or afternoon), name, affiliation, address, email address and
telephone and fax numbers. Time slot preferences will be given in the
order requests are received. Additionally, requests to speak will be
taken the day of the hearing at the hearing registration desk, although
preferences on speaking times may not be able to be fulfilled. If you
require the service of a translator, please let us know at the time of
registration.
    Questions concerning the proposed rule should be addressed to Ms.
Melanie King, Office of Air Quality Planning and Standards, Sector
Policies and Programs Division (D243-01), Environmental Protection
Agency, Research Triangle Park, North Carolina 27711; telephone number:
(919) 541-2469; facsimile number:<PHONE_NUMBER>; email address:
<EMAIL_ADDRESS>    Public hearing: The proposal for which the EPA is holding the
public hearing was published in the Federal Register on June 7, 2012,
and is available at: http://www.gpo.gov/fdsys/pkg/FR-2012-06-07/pdf/2012-13193.pdf and also in the docket identified below. The public
hearing will provide interested parties the opportunity to present oral
comments regarding the EPA's proposed standards, including data, views
or arguments concerning the proposal. The EPA may ask clarifying
questions during the oral presentations, but will not respond to the
presentations at that time. Written statements and supporting
information submitted during the comment period will be considered with
the same weight as any oral comments and supporting information
presented at the public hearing.
    Commenters should notify Ms. Garrett if they will need specific
equipment or if there are other special needs related to providing
comments at the public hearing. The EPA will provide equipment for
commenters to make computerized slide presentations if we receive
special requests in advance. Oral testimony will be limited to 5
minutes for each commenter. The EPA encourages commenters to submit to
the docket a copy of their oral testimony electronically (via email or
CD) or in hard copy form.
    The public hearing schedule, including lists of speakers, will be
posted on the EPA's Web site at: http://www.epa.gov/ttn/atw/rice/ricepg.html. A verbatim transcript of the hearing and written
statements will be included in the docket for the rulemaking. The EPA
will make every effort to follow the schedule as closely as possible on
the day of the hearing; however, please plan for the hearing to run
either ahead of schedule or behind schedule.

How can I get copies of this document and other related information?

    The EPA has established a docket for the proposed rule,
    ``National Emission Standards for Hazardous Air Pollutants for
Reciprocating Internal Combustion Engines; New Source Performance
Standards for Stationary Internal Combustion Engines'' under Docket ID
No. EPA-HQ-OAR-2008-0708, available at www.regulations.gov.

List of Subjects in 40 CFR Part 63

    Environmental protection, Administrative practice and procedure,
Air pollution control, Hazardous substances, Intergovernmental
relations, Reporting and recordkeeping requirements.

    Dated: June 15, 2012.
Mary E. Henigin,
Acting Director, Office of Air Quality Planning and Standards.
[FR Doc. 2012-15206 Filed 6-20-12; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 82, Number 213 (Monday, November 6, 2017)]
[Notices]
[Pages 51444-51447]
[FR Doc No: 2017-24049]

=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81990; File No. SR-DTC-2017-020]

Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Establish a Special Segregation Account for a Participant or Pledgee
That Is a Derivatives Clearing Organization or Futures Commission
Merchant

October 31, 2017.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on October 20, 2017, The Depository Trust Company (``DTC'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I, II and III below, which Items have
been prepared by DTC. DTC filed the proposed rule change pursuant to
section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\
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.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    The proposal would add new Rule 37 (Segregated Accounts for
Customer Property) to provide that a Participant \5\ or Pledgee may
establish a specifically designated Account to which Eligible
Securities may be credited that the Participant or Pledgee wishes to
segregate as the property of its customers that trade commodities,
options, swaps, and other products (``Customer Property'') subject to
the Customer Property Segregation Rules.\6\ Based on this segregation
structure and the representations and warranties made by the
Participant or Pledgee under the proposed Rule, DTC would, upon the
request of the Participant or Pledgee, provide an acknowledgment of the
segregation of such Customer Property,\7\ as further described below.
---------------------------------------------------------------------------

    \5\ Each capitalized term not otherwise defined herein has its
respective meaning as set forth in the Rules, By-Laws and
Organization Certificate of The Depository Trust Company (the
``Rules''), available at http://www.dtcc.com/legal/rules-and-procedures.aspx.
    \6\ ``Customer Property Segregation Rules'' means the rules and
regulations of the Commodity Futures Trading Commission (``CFTC''),
relating to the deposit of customer property (including money,
securities and other property) held by derivatives clearing
organizations (``DCOs'') or futures commission merchants (``FCMs'')
for customers that trade commodities, options, swaps and other
products. 7 U.S.C. 6d; 17 CFR 1.20-1.30, 22, 30. Under the proposed
rule change, only Deposited Securities credited to an appropriately
designated Account may constitute ``Customer Property'' for purposes
of such Customer Property Segregation Rules; DTC does not, and will
not under the proposed rule change, segregate money.
    \7\ See 7 U.S.C. 6d(a)(2); 7 U.S.C. 6d(f); 17 CFR 1.20(d);
1.20(g); 1.26; 22.5; 30.7.
---------------------------------------------------------------------------

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

    In its filing with the Commission, DTC 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 these statements may be examined at the places specified in
Item IV below. DTC has prepared summaries, set forth in sections A, B,
and C below, of the most significant aspects of such statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

1. Purpose
    The proposal would add new Rule 37 (Segregated Accounts for
Customer Property) to provide that a Participant or Pledgee may
establish a specifically designated Account to which Eligible
Securities may be credited that the Participant or Pledgee wishes to
segregate as Customer Property subject to the Customer Property
Segregation Rules. Based on this segregation structure and the
representations and warranties made by the Participant or Pledgee under
the proposed Rule, DTC would, upon the request of the Participant or
Pledgee, provide an acknowledgment of the segregation of such Customer
Property, as further described below.
A. Background
a. DTC Omnibus Account Structure
    DTC maintains omnibus Accounts for its Participants and
Pledgees.\8\ That is, it

does not distinguish among Accounts that Participants or Pledgees may
use for activities that are proprietary or conducted by the Participant
or Pledgee for the benefit of customer(s). The Rules expressly provide
that ``[a] Participant or Pledgee which utilizes the services of [DTC]
for another Person shall, so far as the rights of [DTC], and other
Participants and Pledgees are concerned, be liable as principal.'' \9\
---------------------------------------------------------------------------

    \8\ DTC holds Eligible Securities collectively on behalf of
Participants and reflects the transfer of interests in those
Eligible Securities among Participants by computerized book-entry.
Eligible Securities Deposited with DTC for book-entry transfer
services are registered in the name of its nominee, Cede & Co.
(``Cede''), a New York partnership. When the Eligible Securities are
registered in the name of Cede, DTC acquires legal title to the
Eligible Securities and, when DTC credits interests in these
Eligible Securities to the Securities Accounts of Participants,
those Participants acquire a beneficial interest in the Eligible
Securities and a Security Entitlement with respect to those Eligible
Securities is credited to their Accounts. A Security Entitlement is
both a package of personal rights against the securities
intermediary [in this case, DTC] and an interest in the property
held by the securities intermediary. NYUCC Sec.  8-102(14)(i); NYUCC
Sec.  8-102(17) and OFF. CMT. 17. A security entitlement is not,
however, a specific property interest in any [security] held by the
securities intermediary or by the clearing corporation through which
the securities intermediary holds the [security]. NYUCC Sec.  8-
102(17) and OFF. CMT. 17. Thus, a Participant does not have a right
to any particular security; each Participant has a proportionate
interest in the fungible total inventory of the issue held by DTC.
     Participants, in many cases, are themselves securities
intermediaries, maintaining securities accounts for the benefit of
their customers, crediting a portion of the amount of any issue of a
Security held in their Account(s) to one or more customers, as
securities entitlements of their customers against them. That is,
their customers are entitlement holders, holding the rights and
property interest represented by the amount of the security credited
to their account(s) vis a vis the Participant. Some customers of a
Participant may also be securities intermediaries, holding on behalf
of, and maintaining securities accounts for, their own customers,
and so forth. DTC does not know whether a Participant is holding
interest in the Securities for itself or on behalf of its customers,
as their securities intermediary.
     This tiered system of intermediaries holding interests in
securities for their respective customers is generally described as
the ``indirect holding system.'' Id. Any entitlement holder may only
assert its rights to a security entitlement against its own
securities intermediary; Participants and Pledgees are in
contractual privity with DTC; their customers are not and do not
have any claim against DTC to the security entitlement of the
Participant. Such customers of a Participant would have securities
entitlements against the Participant that is acting on their behalf
as their ``securities intermediary.'' Such customers only have
rights against the Participant, and not against the Participant's
securities intermediary; i.e., DTC. See NYUCC Sec.  8-503 OFF. CMT.
2. (``The entitlement holder cannot assert rights directly against
other persons, such as other intermediaries [DTC] through whom the
intermediary [the Participants] holds the positions . . . .'').
Moreover, DTC does not owe any duties to such customers. See NYUCC
Sec.  8-115 OFF. CMT. 4. (``[T]his section embodies one of the
fundamental principles of the Article 8 indirect holding system
rules--that a securities intermediary [DTC] owes duties only to its
own entitlement holders [its Participants]'').
    \9\ Rule 2, section 2, supra note 5.
---------------------------------------------------------------------------

    The Rules provide for Segregated Accounts that Participants have
typically used to separate Securities held for their customers. The
characteristics of a Segregated Account are, chiefly, that DTC has no
lien on or claim to the Securities credited thereto to secure any
obligation of the Participant to DTC.\10\ Participants therefore use
Segregated Accounts to separately identify customer property.\11\
---------------------------------------------------------------------------

    \10\ Rule 1, section 1, supra note 5.
    \11\ Participants that are registered broker-dealers use
Segregation Accounts as a tool to maintain compliance with their
obligations under Rule 15c3-3 of the Act (``Customer Protection
Rule''). 17 CFR 240.15c3-3. The Customer Protection Rule requires,
among other things, that broker-dealers maintain control of all
fully-paid or excess margin Securities they hold for the accounts of
customers. Compliance with those obligations by such broker-dealers
is external to DTC. See Rule 2, supra note 5.
---------------------------------------------------------------------------

    The Rules also provide that Securities Pledged to a Pledgee (when
credited to the Account of the Pledgee in a Free Pledge or, in a Pledge
Versus Payment), are held free of any lien or other interest of
DTC.\12\ Thus, the Pledge mechanism is a tool that may be used by a
Pledgee to segregate Securities at DTC.
---------------------------------------------------------------------------

    \12\ Rule 4(A), supra note 5.
---------------------------------------------------------------------------

    If a Participant or Pledgee holds Segregated or Pledged Securities
on behalf of customers, that would be reflected in the accounts
maintained by the Participant or Pledgee for its customers. DTC has no
knowledge of whether Securities credited in that manner are held by the
Participant or Pledgee for customers. It is the sole responsibility of
the Participant or Pledgee to maintain appropriate records on its own
books to identify customer Securities separately.
b. Customer Property Segregation Rules of the CFTC
    Because DTC is agnostic as to whether, when and how any Participant
or Pledgee may be utilizing its Account for the benefit of customers,
DTC cannot independently verify that any particular Securities are
``customer securities'' vis-[agrave]-vis the Participant or Pledgee.
However, FCMs and DCOs have statutory requirements for the separate
identification of Customer Property pursuant to the Customer Property
Segregation Rules.\13\ To accommodate this need of certain Participants
or Pledgees that are FCMs or DCOs, DTC proposes this rule change,
pursuant to which DTC would provide acknowledgment of Customer Property
credited to the specified Accounts, in reliance on the representations
of the Participant or Pledgee provided in the proposed Rule.\14\
---------------------------------------------------------------------------

    \13\ See supra note 6.
    \14\ DTC is proposing this rule change to provide Participants
and Pledgees that may be FCMs or DCOs a mechanism to comply with
their obligations under the Customer Property Segregation Rules.
---------------------------------------------------------------------------

    The Customer Property Segregation Rules require that each FCM and
DCO separately account for, and segregate from its own proprietary
funds, all money, securities, or other property deposited by futures
customers \15\ for trading on designated contract markets.\16\ The
Customer Property Segregation Rules also provide that an FCM or DCO may
only deposit futures customer property with a bank or trust company,
and, additionally, an FCM may deposit with a DCO or another FCM (each,
a ``depository'').\17\ FCMs and DCOs are required to obtain a written
acknowledgment from the depository in which the depository acknowledges
and agrees to requirements and conditions set forth below
(``Acknowledgment Letter'').\18\ The Customer Property Segregation
Rules prescribe the precise form of Acknowledgment Letter that is
required for each the entity type (FCM and DCO) and the type of
Customer Property.\19\
---------------------------------------------------------------------------

    \15\ ``Futures Customer'' means, with certain exceptions
outlined in 17 CFR 1.3(iiii), any person who uses a futures
commission merchant, introducing broker, commodity trading advisor,
or commodity pool operator as an agent in connection with trading in
any contract for the purchase of sale of a commodity for future
delivery or any option on such contract. See 17 CFR 1.3(iiii).
    \16\ See 17 CFR 1.20.
    \17\ 17 CFR 1.20(d); 1.20(g); 1.26; 22.5; 30.7. An FCM may also
deposit customer property at a DCO or another FCM.
    \18\ 17 CFR 1.20, 1.26, 30.7. Although the Acknowledgment Letter
requirement may relate to DTC, it is the sole obligation of the FCM
or DCO. DTC is not subject to the Customer Property Segregation
Rules, including without limitation, with respect to the
Acknowledgement Letter.
    \19\ The Acknowledgment Letter requirements are set forth in 17
CFR l.20(d) and 1.26 (with respect to futures customer funds), 22.5
(with respect to cleared swaps customer collateral) and 30.7(d)
(with respect to 30.7 customer funds-applicable to FCMs only). See
Appendices A and B to 17 CFR 1.20; Appendix A to 17 CFR 1.26;
Appendix E to 17 CFR 30.
---------------------------------------------------------------------------

c. CFTC Required Acknowledgment Letter
    Each Acknowledgment Letter must be executed in the form specified
in the Customer Property Segregation Rules with no additions, deletions
or modifications permitted.\20\ In the Acknowledgement Letter, the
depository is required to acknowledge and agree, among other things:
---------------------------------------------------------------------------

    \20\ 17 CFR l.20(d)(2), 22.5(a) and 30.7(d)(2).
---------------------------------------------------------------------------

    (1) That the FCM/DCO has opened or will open the subject account
for the purpose of depositing, Customer Property, as required by
Customer Property Segregation Rules, including Regulation 1.20, as
amended;
    (2) that the Customer Property held by the depository after being
deposited into the subject account will be separately accounted for and
segregated on the depository's books from the FCM/DCO's own funds and
from any other funds or accounts held by the FCM/DCO in accordance with
the Customer Property Segregation Rules;
    (3) that such Customer Property may not be used by the depository
or by the FCM/DCO to secure or guarantee any obligations that the FCM/
DCO might owe the depository, and they may not be used by FCM/DCO to
secure or obtain credit from the depository; and
    (4) that the Customer Property in the subject account shall not be
subject to any right of offset or lien for or on account of any
indebtedness, obligations or liabilities the FCM/DCO has or may have
owing to the depository.
    An FCM Acknowledgment Letter has additional examination,
connectivity, and information requirements.\21\
---------------------------------------------------------------------------

    \21\ See Appendix A to 17 CFR 1.20.
---------------------------------------------------------------------------

B. The Proposed Rule
    DTC would, pursuant to the proposed rule change, establish an
Account type that a Participant or Pledgee could use to segregate its
Customer Property and provide DTC with the representations needed in
order for DTC to execute FCM and DCO Acknowledgment Letters for such
Accounts, as may be requested. Because DTC does not have independent
knowledge of whether a Participant or Pledgee is utilizing an

Account for the benefit of customers, in the absence of such
representations, DTC would not be able to sign an Acknowledgement
Letter.
    The proposed rule change would add Rule 37 to the Rules, to provide
for:
    (1) The establishment and maintenance by a Participant or Pledgee
that is a DCO or FCM (respectively, ``DCO Party'' and ``FCM Party'') of
one or more segregated Accounts (respectively, a ``Segregated DCO
Account'' or ``Segregated FCM Account'') for the purpose of holding
interests in Customer Property;
    (2) credits to and debits from Segregated DCO Accounts and
Segregated FCM Accounts in the manner otherwise provided by in the
Rules and Procedures;
    (3) the representation of each DCO Party to DTC:
    i. That the only interests in property that such DCO Party shall
cause or allow to be credited to its Segregated DCO Account (or
Accounts) shall be interests in Deposited Securities that constitute
Customer Property;
    ii. that interests in Customer Property credited to its Segregated
DCO Account (or Accounts) shall not be used by such DCO Party to secure
or otherwise guarantee any obligations that such DCO Party might owe to
DTC;
    iii. that interests in Customer Property credited to its Segregated
DCO Account (or Accounts) shall not be subject to any right of offset
or lien for or on account of any indebtedness, obligations or
liabilities that such DCO Party may have owing to DTC; and
    iv. that DTC shall be entitled to rely on the representations of
such DCO Party in connection with any acknowledgment that DTC may be
required to provide to such DCO Party and/or the CFTC pursuant to the
Customer Property Segregation Rules or for any other purpose;
    (4) the representation of each FCM Party to DTC:
    i. That the only interests in property that such FCM Party shall
cause or allow to be credited to its Segregated FCM Account (or
Accounts) shall be interests in Deposited Securities that constitute
Customer Property;
    ii. that interests in Customer Property credited to its Segregated
FCM Account (or Accounts) shall not be used by such FCM Party to secure
or otherwise guarantee any obligations that such FCM Party might owe to
DTC;
    iii. that interests in Customer Property credited to its Segregated
FCM Account (or Accounts) shall not be subject to any right of offset
or lien for or on account of any indebtedness, obligations or
liabilities that such FCM Party may have owing to DTC; and
    iv. that DTC shall be entitled to rely on the representations of
such FCM Party in connection with any acknowledgment that DTC may be
required to provide to such FCM Party and/or the CFTC pursuant to the
Customer Property Segregation Rules or for any other purpose;
    (5) the representation of DTC to each DCO Party that interests in
Customer Property credited to the Segregated DCO Account (or Accounts)
of such DCO Party:
    i. May not be used by DTC to secure or guarantee any obligations
that such DCO Party might owe to DTC;
    ii. may not be used by such DCO Party to secure or obtain credit
from DTC; and
    iii. shall not be subject to any right of offset or lien for or on
account of any indebtedness, obligations or liabilities such DCO Party
may have owing to DTC; provided, however, that this prohibition does
not affect the right of DTC to recover funds advanced in the form of
cash transfers, lines of credit, repurchase agreements or other
liquidity arrangements DTC makes in lieu of liquidating non-cash assets
held in the Segregated DCO Account (or Accounts) of such DCO Party or
in lieu of converting cash held in the Segregated DCO Account (or
Accounts) of such DCO Party to cash in a different currency;
    (6) the representation of DTC to each FCM Party that interests in
Customer Property credited to the Segregated FCM Account (or Accounts)
of such FCM Party:
    i. May not be used by DTC to secure or guarantee any obligations
that such FCM Party might owe to DTC;
    ii. may not be used by such FCM Party to secure or obtain credit
from DTC; and
    iii. shall not be subject to any right of offset or lien for or on
account of any indebtedness, obligations or liabilities such FCM Party
may have owing to DTC; provided, however, that this prohibition does
not affect the right of DTC to recover funds advanced in the form of
cash transfers, lines of credit, repurchase agreements or other
liquidity arrangements DTC makes in lieu of liquidating non-cash assets
held in the Segregated FCM Account (or Accounts) of such FCM Party or
in lieu of converting cash held in the Segregated FCM Account (or
Accounts) of such FCM Party to cash in a different currency;
    (7) DTC's disclaimer of liability:
    i. To any DCO Party or FCM Party as a result of DTC acting on an
instruction from such DCO Party or FCM Party to credit to or debit from
interests in Customer Property from a Segregated DCO Account or
Segregated FCM Account, respectively;
    ii. to any DCO Party or FCM Party as a result of (x) any loss or
liability suffered or incurred by such DCO Party or FCM Party arising
out of or relating to the matters subject to proposed Rule 37, unless
caused directly by the gross negligence or willful misconduct of DTC or
by a violation of Federal securities law by DTC for which there is a
private right of action, or (y) any force majeure, market disruption or
technical malfunction that prevents DTC from performing its obligations
to such DCO Party or FCM Party pursuant to proposed Rule 37; and
    iii. to any third party (including without limitation any customer
of any DCO Party or FCM Party) for any reason; and a provision stating
that in the event of a conflict between proposed Rule 37 and the
provisions of any other Rule, the provisions of Proposed Rule 37 would
govern.
Implementation Timeframe
    The proposed rule change would be implemented 30 days after the
date of filing, or such shorter time as the Commission may designate.
2. Statutory Basis
    DTC believes that the proposed rule change is consistent with the
requirements of the Act, and the rules and regulations thereunder
applicable to DTC, in particular section 17A(b)(3)(F) of the Act \22\
and Rule 17Ad-22(e)(21) thereunder.\23\
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78q-1(b)(3)(F).
    \23\ 17 CFR 240.17Ad-22(e)(21).
---------------------------------------------------------------------------

    Section 17A(b)(3)(F) of the Act requires, inter alia, that the
rules of the clearing agency be designed to promote the prompt and
accurate clearance and settlement of securities transactions.\24\ The
proposed rule change provides a basis on which DTC may provide
Acknowledgement Letters, affording the efficiency of DTC book-entry
transfers for securities transactions relating to Customer Property. By
establishing special segregated Accounts for Participants and Pledgees
to use for Customer Property held at DTC, where they otherwise would
have the administrative burden of segregating Customer Property at
another depository in compliance with the Customer Property Segregation
Rules, proposed Rule 37 is designed to promote the prompt and accurate
clearance and settlement of securities transactions, consistent with
the requirements of the

Act, in particular section 17A(b)(3)(F), cited above.
---------------------------------------------------------------------------

    \24\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    Rule 17Ad-22(e)(21) requires, inter alia, that each covered
clearing agency establish, implement, maintain and enforce written
policies and procedures reasonably designed to be efficient and
effective in meeting the requirements of its participants and the
markets it serves.\25\ Pursuant to the proposed rule change, the Rules
would be updated to establish a framework for DTC to provide
Acknowledgement Letters to Participants and Pledgees who are DCOs or
FCMs that would allow them to meet their requirements under the
Customer Property Segregation Rules, while utilizing the efficiency
provided by DTC book-entry transfers, consistent with the requirements
of Rule 17Ad-22(e)(21), cited above.
---------------------------------------------------------------------------

    \25\ 17 CFR 240.17Ad-22(e)(21).
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    DTC does not believe that the proposed rule change would have any
impact, or impose any burden, on competition because the proposed Rule
and its features would be available to all Participants and Pledgees
equally on a non-discriminatory basis. Participants and Pledgees will
be charged fees applicable to the maintenance of Accounts and
transaction fees that are not different from established published
fees.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others

    DTC has not solicited and does not intend to solicit comments
regarding the proposed rule change. DTC has not received any
unsolicited written comments from interested parties. To the extent DTC
receives written comments on the proposed rule change, DTC will forward
such comments to the Commission.

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

    Because the foregoing 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 for 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 \26\ and
Rule 19b-4(f)(6) thereunder.\27\
---------------------------------------------------------------------------

    \26\ 15 U.S.C. 78s(b)(3)(A).
    \27\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    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-DTC-2017-020 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-DTC-2017-020. 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 20549-1090 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 DTC and on DTCC's
Web site (http://dtcc.com/legal/sec-rule-filings.aspx). 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-DTC-2017-020 and
should be submitted on or before November 27, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
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    \28\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-24049 Filed 11-3-17; 8:45 am]
BILLING CODE 8011-01-P