[Federal Register: November 12, 2008 (Volume 73, Number 219)]
[Rules and Regulations]
[Page 66743-66745]
[DOCID:fr12no08-7]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2008-0151; Directorate Identifier 2007-NM-347-AD;
Amendment 39-15708; AD 2008-22-12]
RIN 2120-AA64

Airworthiness Directives; Boeing Model 727 Airplanes

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: We are adopting a new airworthiness directive (AD) for all
Boeing Model 727 airplanes. This AD requires repetitive inspections for
any crack in the area of the elevator side fitting/hinge fitting joint
and for any crack or elongation inside and outside of the holes in the
clevis and in the lug, corrective actions if necessary, and other
specified actions. This AD results from reports of elongated holes and
cracks found in the lugs of the attachment fittings of the elevator
quadrant upper support assembly at the tip of the vertical fin. We are
issuing this AD to detect and correct damage to the aft attachment lugs
of the elevator quadrant support assembly that could lead to failure of
the lugs. This condition could accelerate wear elsewhere in the
elevator control system, which could reduce the crew's ability to
maintain safe flight.

DATES: This AD is effective December 17, 2008.
    The Director of the Federal Register approved the incorporation by
reference of a certain publication listed in this AD as of December 17,
2008.

ADDRESSES: For service information identified in this AD, contact
Boeing Commercial Airplanes, P.O. Box 3707, Seattle, Washington 98124-
2207; telephone<PHONE_NUMBER>; fax<PHONE_NUMBER>; e-mail<EMAIL_ADDRESS>
Internet https://www.myboeingfleet.com.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://
www.regulations.gov; or in person at the Docket Management Facility
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays. The AD docket contains this AD, the regulatory evaluation,
any comments received, and other information. The address for the
Docket Office (telephone<PHONE_NUMBER>) is the Document Management
Facility, U.S. Department of Transportation, Docket Operations, M-30,
West Building Ground Floor, Room W12-140, 1200 New Jersey Avenue SE.,
Washington, DC 20590.

FOR FURTHER INFORMATION CONTACT: Berhane Alazar, Aerospace Engineer,
Airframe Branch, ANM-120S, FAA, Seattle Aircraft Certification Office,
1601 Lind Avenue SW., Renton, Washington 98057-3356; telephone (425)
917-6577; fax<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Discussion

    We issued a notice of proposed rulemaking (NPRM) to amend 14 CFR
part 39 to include an airworthiness directive (AD) that would apply to
all Boeing Model 727 airplanes. That NPRM was published in the Federal
Register on February 8, 2008 (73 FR 7489). That NPRM proposed to
require repetitive inspections for any crack in the area of the
elevator side fitting/hinge fitting joint and for any crack or
elongation inside and outside of the holes in the clevis and in the
lug, corrective actions if necessary, and other specified actions.

Comments

    We gave the public the opportunity to participate in developing
this AD. We considered the comments received from the two commenters.

Support for the NPRM

    Boeing concurs with the NPRM.

Request To Extend Compliance Time

    FedEx requests that we extend the compliance time from 18 months to
30 months for doing the initial inspections of the side and hinge
fittings of the elevator control quadrant upper support assembly. FedEx
states that, prior to issuance of the AD, it will take immediate action
to accomplish the inspections within the required timetable, but that
the 18-month compliance time will likely cause FedEx to do the
inspections outside of scheduled heavy maintenance. FedEx, therefore,
requests an extension of the compliance time, so that it may accomplish
the initial inspections for its entire fleet during its next scheduled
C-check. FedEx states that it prefers to do the inspections at a
maintenance facility during a scheduled heavy maintenance check because
of the difficulty associated in providing safe and adequate access to
the inspection areas, the availability of the requisite tooling, and
the presence of skilled mechanics.
    FedEx also requests that we extend the calendar time from 24 months
to 30 months for doing the repetitive inspections. (The NPRM proposed
accomplishing those inspections within 24 months, 4,000 flight hours,
or 3,000 flight cycles, whichever occurs first.) FedEx states that an
increase in calendar time should provide an equivalent level of safety
because it operates its airplanes at a low, daily-utilization rate,
thereby, keeping the flight cycle and flight hour count significantly
below the proposed requirement, even after 30 months of calendar time
has elapsed. FedEx also states that increasing the calendar time for
the repetitive inspections in this way will allow FedEx to accomplish
the inspections within its heavy maintenance schedule.
    We disagree with the FedEx's request to extend the compliance times
for the initial inspection and repetitive interval.

In developing appropriate compliance times for these actions, we
considered the urgency associated with the subject unsafe condition,
the average utilization rate of the affected fleet, and the practical
aspect of accomplishing the required actions within a period of time
that corresponds to the normal scheduled maintenance for most affected
operators. Although FedEx did not submit any technical data to support
its request, its airplane utilization rate might possibly support an
extension in the compliance time. However, FedEx's airplane utilization
rate might not be typical for most operators, and we believe that the
required compliance times specified in the referenced service bulletins
coincides with most operators' utilization rates. If FedEx's airplane
utilization rate and maintenance program for the inspection area prove
that the new compliance time would provide an acceptable level of
safety, FedEx may apply for an AMOC according to the provisions in
paragraph (i) of this AD. We have not changed the AD in this regard.

Conclusion

    We reviewed the relevant data, considered the comments received,
and determined that air safety and the public interest require adopting
the AD as proposed.

Costs of Compliance

    We estimate that this AD affects 401 airplanes of U.S. registry. We
also estimate that it takes about 2 work-hours per product to comply
with this AD. The average labor rate is $80 per work-hour. Based on
these figures, we estimate the cost of this AD to the U.S. operators to
be $64,160, or $160 per product, per inspection cycle.

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. ``Subtitle VII: Aviation
Programs,'' describes in more detail the scope of the Agency's
authority.
    We are issuing this rulemaking under the authority described in
``Subtitle VII, Part A, Subpart III, Section 44701: General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    This AD will not have federalism implications under Executive Order
13132. This AD will not have a substantial direct effect on the States,
on the relationship between the national government and the States, or
on the distribution of power and responsibilities among the various
levels of government.
    For the reasons discussed above, I certify that this AD:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Is not a ``significant rule'' under DOT Regulatory Policies and
Procedures (44 FR 11034, February 26, 1979), and
    (3) Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.
    You can find our regulatory evaluation and the estimated costs of
compliance in the AD Docket.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

Adoption of the Amendment

0
Accordingly, under the authority delegated to me by the Administrator,
the FAA amends 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority: 49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new AD:

    2008-22-12 Boeing: Amendment 39-15708. Docket No. FAA-2008-0151;
Directorate Identifier 2007-NM-347-AD.

Effective Date

    (a) This airworthiness directive (AD) is effective December 17,
2008.

Affected ADs

    (b) None.

Applicability

    (c) This AD applies to all Boeing Model 727, 727C, 727-100, 727-
100C, 727-200, and 727-200F series airplanes, certificated in any
category.

Unsafe Condition

    (d) This AD results from reports of elongated holes and cracks
found in the lugs of the attachment fittings of the elevator
quadrant upper support assembly at the tip of the vertical fin. We
are issuing this AD to detect and correct damage to the aft
attachment lugs of the elevator quadrant support assembly that could
lead to failure of the lugs. This condition could accelerate wear
elsewhere in the elevator control system, which could reduce the
crew's ability to maintain safe flight.

Compliance

    (e) Comply with this AD within the compliance times specified,
unless already done.

Repetitive Inspections and Corrective/Other Specified Actions

    (f) At the applicable compliance times specified in paragraph
1.E. of Boeing Special Attention Service Bulletin 727-55-0092, dated
June 4, 2007, except as provided by paragraph (g) of this AD: Do the
detailed inspection for any crack in the area of the elevator side
fitting/hinge fitting joint, detailed inspections for elongation
inside and outside of the holes in the clevis and in the lug, and
high frequency eddy current (HFEC) inspections for any crack inside
and outside of the holes in the clevis and in the lug, and do all
the applicable corrective actions and other specified actions, by
accomplishing all of the applicable actions specified in the
Accomplishment Instructions of the service bulletin, except as
provided by paragraph (h) of this AD. Repeat the inspections
thereafter at the applicable intervals specified in paragraph 1.E.
of the service bulletin. Accomplishing the repair or modification
specified in Part 3 of the service bulletin terminates only the
repetitive inspections specified in Part 2 of the service bulletin.

Exceptions to Compliance Times

    (g) Where paragraph 1.E. of Boeing Special Attention Service
Bulletin 727-55-0092, dated June 4, 2007, specifies counting the
compliance time from ``. . . the date on this service bulletin,''
this AD requires counting the compliance time from the effective
date of this AD. Where paragraph 1.E. of the service bulletin
specifies a compliance time of ``. . . 18 months . . . '' or ``24
months . . .,'' this AD requires a compliance time of 30 months.

Exception to Corrective Actions

    (h) If any damage beyond the repair limits or any crack is found
in the area of the elevator side fitting/hinge fitting joint during
any inspection required by this AD, and Boeing Special Attention
Service Bulletin 727-55-0092, dated June 4, 2007, specifies to
contact Boeing for appropriate action: Before further flight, repair
the crack using a method approved in accordance with the procedures
specified in paragraph (i) of this AD.

Alternative Methods of Compliance (AMOCs)

    (i)(1) The Manager, Seattle Aircraft Certification Office (ACO),
FAA, ATTN: Berhane Alazar, Aerospace Engineer, Airframe Branch, ANM-
120S, FAA, Seattle ACO, 1601 Lind Avenue, SW., Renton, Washington
98057-3356; telephone<PHONE_NUMBER>; fax<PHONE_NUMBER>; has the

authority to approve AMOCs for this AD, if requested using the
procedures found in 14 CFR 39.19.
    (2) To request a different method of compliance or a different
compliance time for this AD, follow the procedures in 14 CFR 39.19.
Before using any approved AMOC on any airplane to which the AMOC
applies, notify your appropriate principal inspector (PI) in the FAA
Flight Standards District Office (FSDO), or lacking a PI, your local
FSDO.
    (3) An AMOC that provides an acceptable level of safety may be
used for any repair required by this AD, if it is approved by an
Authorized Representative for the Boeing Commercial Airplanes
Delegation Option Authorization Organization who has been authorized
by the Manager, Seattle ACO, to make those findings. For a repair
method to be approved, the repair must meet the certification basis
of the airplane, and the approval must specifically refer to this
AD.

Material Incorporated by Reference

    (j) You must use Boeing Special Attention Service Bulletin 727-
55-0092, dated June 4, 2007, to do the actions required by this AD,
unless the AD specifies otherwise.
    (1) The Director of the Federal Register approved the
incorporation by reference of this service information under 5
U.S.C. 552(a) and 1 CFR part 51.
    (2) For service information identified in this AD, contact
Boeing Commercial Airplanes, P.O. Box 3707, Seattle, Washington
98124-2207; telephone<PHONE_NUMBER>; fax<PHONE_NUMBER>; e-mail
<EMAIL_ADDRESS>Internet https://www.myboeingfleet.com.
    (3) You may review copies of the service information
incorporated by reference at the FAA, Transport Airplane
Directorate, 1601 Lind Avenue, SW., Renton, Washington; or at the
National Archives and Records Administration (NARA). For information
on the availability of this material at NARA, call<PHONE_NUMBER>, or
go to: http://www.archives.gov/federal_register/code_of_federal_
regulations/ibr_locations.html.

    Issued in Renton, Washington, on October 9, 2008.
Ali Bahrami,
Manager, Transport Airplane Directorate, Aircraft Certification
Service.
 [FR Doc. E8-25686 Filed 11-10-08; 8:45 am]

BILLING CODE 4910-13-P


[Federal Register Volume 78, Number 131 (Tuesday, July 9, 2013)]
[Notices]
[Pages 41161-41163]
[FR Doc No: 2013-16477]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69925; File No. SR-OCC-2013-803]

Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing of Advance Notice To Reflect Enhancements in OCC's
System for Theoretical Analysis and Numerical Simulations as Applied to
Longer-Tenor Options

July 3, 2013.
    Pursuant to Section 806(e)(1) of the Payment, Clearing, and
Settlement Supervision Act of 2010 (``Clearing Supervision Act'') \1\
and Rule 19b-4(n)(1)(i) \2\ of the Securities Exchange Act of 1934
(``Exchange Act'') notice is hereby given that on June 4, 2013, The
Options Clearing Corporation (``OCC'') filed with the Securities and
Exchange Commission (``Commission'') the advance notice described in
Items I and II below, which Items have been substantially prepared by
OCC.\3\ The Commission is publishing this notice to solicit comments on
the advance notice from interested persons.
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    \1\ 12 U.S.C. 5465(e)(1).
    \2\ 17 CFR 240.19b-4(n)(1)(i).
    \3\ OCC is a designated financial market utility and is required
to file advance notices with the Commission. See 12 U.S.C. 5465(e).
OCC also filed the proposals contained in this advance notice as a
proposed rule change under Section 19(b)(1) of the Exchange Act and
Rule 19b-4 thereunder. 15 U.S.C. 78s(b)(1); 17 CFR 240.19b-4. See
SR-OCC-2013-08.
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I. Clearing Agency's Statement of the Terms of Substance of the Advance
Notice

    OCC is proposing to provide for enhancements in OCC's margin model
for longer-tenor options (i.e., those options with at least three years
of residual tenor) and OCC intends to reflect those enhancements in the
description of OCC's margin model in OCC's Rules through a
corresponding proposed rule change.\4\
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    \4\ See supra note 3.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Advance Notice

    In its filing with the Commission, OCC included statements
concerning the purpose of and basis for the advance notice and
discussed any comments it received on the advance notice. The text of
these statements may be examined at the places specified in Item IV
below. OCC has prepared summaries, set forth in sections A, B, and C
below, of the most significant aspects of such statements.\5\
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    \5\ The Commission has modified the text of the summaries
prepared by the clearing agency.
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(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Advance Notice

    The purpose of this advance notice is to provide for enhancements
in OCC's margin model for longer-tenor options (i.e., those options
with at least three years of residual tenor) and OCC intends to reflect
those enhancements in the description of OCC's margin model in OCC's
Rules through a corresponding proposed rule change.\6\
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    \6\ See supra note 3.
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1. Background
    On August 30, 2012, OCC submitted a rule change and advance notice
with respect to OCC's proposal to clear certain over-the-counter
options on the S&P 500 Index (``OTC Options Filings'').\7\ Additional
information concerning OCC's proposal to clear OTC Options is included
in the OTC Options Filings. As described in the OTC Options Filings,
OCC intends to use its STANS margin system to calculate margin
requirements for OTC Options on the same basis as for exchange-listed
options cleared by OCC. However, OCC is proposing to implement
enhancements to its risk models for all longer-tenor options (including
OTC Options) in order to better reflect certain risks of longer-tenor
options. The changes described herein would apply to all longer-tenor
options cleared by OCC and would be implemented before OCC begins
clearing OTC Options.
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    \7\ See Exchange Act Release No. 68434 (Dec. 14, 2012), 77 FR
75243 (Dec. 19, 2012) (SR-OCC-2012-14 and AN-OCC-2012-01).
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2. Description of Current Proposed Changes
    OCC states that the proposed change includes daily OTC quotes,
variations in implied volatility and valuation adjustments in the
modeling of all longer-tenor options under STANS, thereby enhancing
OCC's ability to set margin requirements through the use of risk-based
models and encouraging clearing members to have sufficient financial
resources to meet their obligations to OCC. OCC states that the
proposed change would not affect OCC's safeguarding of securities and
funds in its custody or control because though it may change margin
requirements in respect of certain longer-tenor options, it does not
change the manner in which margin assets are pledged. In addition, OCC
states that the proposed change allows OCC to enhance its risk
management procedures and controls related to longer-tenor options.
    OCC states that it calculates clearing-level margin using STANS,
which determines the minimum expected liquidating value of each account
using a large number of projected price scenarios created by large-
scale Monte Carlo simulations. OCC is proposing to implement
enhancements to the STANS margin calculation methodology with respect
to longer-tenor options and to amend Rule 601 to reflect these
enhancements as well as to make certain clarifying changes in the
description of STANS in Rule 601. The specific details of the
calculations performed by STANS are maintained in OCC's proprietary
procedures for the calculation of margin and coded into the computer
systems used by OCC to calculate daily margin requirements.
    OCC has proposed at this time to clear only OTC Options on the S&P
500 index and only such options with tenors of up to five years.
However, OCC currently clears FLEX Options with tenors of up to fifteen
years. While OCC believes that its current risk management practices
are adequate for current clearing activity, OCC proposes to implement
risk modeling enhancements with respect to all longer-tenor options.
Daily OTC Indicative Quotes
    OCC states that, in general, the market for listed longer-tenor
options is less liquid than the market for other options, with less
volume and therefore less price information. In order to supplement
OCC's pricing data derived from the listed markets, and to improve the
valuation process for longer-tenor options, OCC proposes to include in
the daily dataset of market prices used by STANS to value each
portfolio indicative daily quotations obtained through a third-party
service provider that obtains these quotations through a daily poll of
OTC derivatives dealers. A third-party service provider was selected to
provide this data in lieu of having the data provided directly by the
OTC derivatives dealers in order to avoid unnecessarily duplicating

reporting that is already done in the OTC markets.
Variations in Implied Volatility
    OCC states that, to date, the STANS methodology has assumed that
implied volatilities of option contracts do not change during the two-
day risk horizon used by OCC in the STANS methodology. According to
OCC, back testing of its margin models has identified few instances in
which this assumption would have, as a result of sudden changes in
implied volatility, resulted in margin deposits insufficient to
liquidate clearing member accounts without loss. However, as OCC
expects to begin clearing more substantial volumes of longer-tenor
options, including OTC Options, OCC believes that implied volatility
shocks may become more relevant due to the greater sensitivity of
longer-tenor options to implied volatility. OCC therefore proposes to
introduce variations in implied volatility in the modeling of all
longer-tenor options under STANS. OCC states that this will be achieved
by incorporating, into the set of risk factors whose behavior is
included in the econometric models underlying STANS, time series of
proportional changes in implied volatilities for a range of tenors and
in-the-money and out-of-the-money amounts representative of the dataset
provided by OCC's third-party service provider.
    OCC states that it has reviewed individual S&P 500 Index put and
call options positions with varying in-the-money amounts and with four
to nine years of residual tenor and that such review indicates that the
inclusion of modeled implied volatilities tends to result in less
margin being held against short call positions and more margin being
held against short put positions. OCC states that these results are
consistent with what would be expected given the strong negative
correlation that exists between changes in implied volatility and
market returns.
    OCC states that the description of the Monte Carlo simulations
performed within STANS in Rule 601 references revaluations of assets
and liabilities in an account under numerous price scenarios for
``underlying interests.'' In order to accommodate the proposed implied
volatility enhancements, OCC is proposing to amend this portion of Rule
601 to provide that the scenarios used may also involve projected
levels of other variables influencing prices of cleared contracts and
modeled collateral. Accordingly, the references to ``underlying
interests'' are proposed to be deleted.
Valuation Adjustment
    OCC states that historically it has not cleared a significant
volume of longer-tenor options, but that it anticipates that there will
be growth in the volume of longer-tenor options, including OTC Options,
being cleared with three to five year tenors. According to OCC, longer-
tenor options may represent a larger portion of any clearing member's
portfolio in the future, and OCC has therefore identified a need to
model anticipated changes in the value of longer-tenor options on a
portfolio basis in order to address OCC's exposure to longer-tenor
options that may have illiquid characteristics. OCC proposes to
introduce a valuation adjustment into the portfolio net asset value
used by STANS based upon the aggregate sensitivity of any longer-tenor
options in a portfolio to the overall level of implied volatilities at
three years and five years and to the relationship between implied
volatility and exercise prices at both the three- and five-year tenors
in order to allow for the anticipated market impact of unwinding a
portfolio of longer-tenor options, as well as for any differences in
the quality of data in OCC's third party service provider's dataset,
given that month-end data may be subjected to more extensive validation
by the service provider than daily data. In order to accommodate the
planned valuation adjustment for longer-tenor options, OCC proposes to
add language to Rule 601 to indicate that the projected portfolio
values under the Monte Carlo simulations may be adjusted to account for
bid-ask spreads, illiquidity, or other factors.
Clarification of Pricing Model Reference in Rule 601
    Rule 601 currently refers to the use of ``options pricing models''
to predict the impact of changes in values on positions in OCC-cleared
contracts. OCC is proposing to amend this description to reflect that
OCC currently uses non-options related models to price certain
instruments, such as futures contracts and U.S. Treasury securities.
OCC states that this change is not intended to be substantive and
simply clarifies the description in Rule 601.
Effect on Clearing Members
    OCC states that the proposed change will affect clearing members
who engage in transactions in longer-tenor options, and indirectly
their customers, by enhancing the STANS margin calculation methodology
for these options. The STANS enhancements could increase margin
requirements with respect to these positions. However, OCC states that
it does not believe that the enhancements will result in significantly
increased margin requirements for any particular clearing member, and
therefore is not aware of any significant problems that clearing
members are likely to have in complying with the proposed rule change.
    OCC states that the proposed rule change is consistent with the
purposes and requirements of Section 17A(b)(3)(F) of the Exchange Act
\8\ and the rules and regulations thereunder, including Rule 17Ad-
22(b)(2) \9\ and Rule 17Ad-22(d)(2) \10\ because by providing
additional clarity to clearing members and others concerning the
current calculation of margin requirements under OCC's Rules, while
also enhancing the calculation of margin with respect to longer-tenor
options, the proposed modifications would help remove impediments to
and perfect the mechanism of a national system for the prompt and
accurate clearance and settlement of securities transactions, ensure
that OCC's rules are reasonably designed to have participation
requirements that are objective and publicly disclosed and permit fair
and open access, and provide for a well-founded, transparent, and
enforceable legal framework. OCC states that the proposed rule change
is not inconsistent with any rules of OCC, including any other rules
proposed to be amended.
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    \8\ 15 USC 78q-1(b)(3)(F).
    \9\ 17 CFR 240.17Ad-22(b)(2).
    \10\ 17 CFR 240.17Ad-22(d)(2).
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(B) Clearing Agency's Statement on Comments on the Advance Notice
Received From Members, Participants, or Others

    Written comments were not and are not intended to be solicited by
OCC with respect to the advance notice and none have been received.

(C) Advance Notices Filed Pursuant to Section 806(e) of the Clearing
Supervision Act

    OCC is filing this proposed change as an advance notice pursuant to
Section 806(e)(2) of the Clearing Supervision Act because the proposed
change could be deemed to materially affect the nature or level of
risks presented by OCC. However, OCC believes that the Rule changes and
changes in OCC's system for calculating margin on longer-tenor options
will represent enhancements to OCC's ability to manage the risks
presented to it, particularly as OCC begins clearing OTC Options.

    According to OCC, OTC Options are nearly identical to listed FLEX
options on the S&P 500 that OCC has cleared for many years. OTC Options
have the same degree of customization as FLEX options except that OTC
Options are limited to a maximum tenor of five years whereas FLEX
options can have tenors of up to fifteen years. In this respect, OCC
states that OTC Options pose less of a challenge from a risk management
perspective than do FLEX options. However, OCC believes, based on
activity in the existing OTC markets for uncleared, bilateral options,
that there may be greater open interest in OTC Options with tenors
exceeding three years as compared to FLEX options, in which open
interest is more concentrated in shorter term options. In addition, it
is inherent in the nature of the OTC option markets that there are no
market makers with affirmative duties to create liquidity by standing
ready to buy and sell OTC Options in response to market interest as in
the listed options markets, including the FLEX options market.
    In order to address the potentially greater open interest in
longer-tenor options, OCC is proposing to supplement its existing risk
management procedures by enhancing its STANS margining system by:
    (i) including in the daily dataset of market prices used by STANS
to value each portfolio indicative daily quotations obtained through a
third-party service provider that obtains these quotations through a
daily poll of OTC derivatives dealers;
    (ii) incorporating, into the set of risk factors whose behavior is
included in the econometric models underlying STANS, time series of
proportional changes in implied volatilities, for a range of tenors and
in-the-money and out-of-the-money amounts representative of the
foregoing dataset; and
    (iii) introducing a valuation adjustment into the portfolio net
asset value used by STANS, based upon the aggregate sensitivity of any
longer-tenor options in a portfolio to the overall level of implied
volatilities at three years and five years and to the relationship
between implied volatility and exercise prices at both the three- and
five-year tenors in order to allow for the market impact of unwinding a
portfolio of longer-tenor options, as well as for any differences in
the quality of data provided by OCC's third party service provider's
dataset, given that month-end data may be subjected to more extensive
validation by the service provider than daily data.
    These proposed changes are described in more detail above. As noted
above, OCC will not commence clearing of OTC Options unless and until
the Commission has approved the modeling enhancements described herein.

III. Date of Effectiveness of the Advance Notice and Timing for
Commission Action

    OCC may implement the proposed change pursuant to Section
806(e)(1)(G) of the Clearing Supervision Act \11\ if it has not
received an objection to the proposed change within 60 days of the
later of (i) the date that the Commission received the advance notice
or (ii) the date the Commission receives any further information it
requested for consideration of the notice. The clearing agency shall
not implement the proposed change if the Commission has any objection
to the proposed change.
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    \11\ 12 U.S.C. 5465(e)(1)(G).
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    The Commission may extend the period for review by an additional 60
days if the proposed change raises novel or complex issues, subject to
the Commission providing the clearing agency with prompt written notice
of the extension. A proposed change may be implemented in less than 60
days from the date of receipt of the advance notice, or the date the
Commission receives any further information it requested, if the
Commission notifies the clearing agency in writing that it does not
object to the proposed change and authorizes the clearing agency to
implement the proposed change on an earlier date, subject to any
conditions imposed by the Commission.
    The clearing agency shall post notice on its Web site of proposed
changes that are implemented.
    The proposal shall not take effect until all regulatory actions
required with respect to the proposal are completed.\12\
---------------------------------------------------------------------------

    \12\ OCC also filed the proposals contained in this advance
notice as a proposed rule change under Section 19(b)(1) of the
Exchange Act and Rule 19b-4 thereunder. See supra note 3.
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and
arguments concerning the foregoing. 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-OCC-2013-803 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-OCC-2013-803. 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 advance notice that are filed
with the Commission, and all written communications relating to the
advance notice between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for Web site viewing and printing in
the Commission's Public Reference Room, 100 F Street NE., Washington,
DC 20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of OCC and on OCC's Web site
(http://www.theocc.com/about/publications/bylaws.jsp). 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-OCC-2013-803 and should be
submitted on or before July 30, 2013.

    By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2013-16477 Filed 7-8-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 203 (Tuesday, October 21, 2014)]
[Notices]
[Page 62949]
[FR Doc No: 2014-25001]

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

Clean Air Act Advisory Committee; Notice of charter renewal

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of charter renewal.

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    Notice is hereby given that the Environmental Protection Agency
(EPA) has determined that, in accordance with the provisions of the
Federal Advisory Committee Act (FACA), 5 U.S.C. App. 2, the Clean Air
Act Advisory Committee (CAAAC) is a necessary committee that is in the
public interest. Accordingly, CAAAC will be renewed for an additional
two-year period. The purpose of the CAAAC to provide advice and
recommendations to the EPA Administrator on policy issues associated
with implementation of the Clean Air Act. Inquiries may be directed to
Jeneva Craig, CAAAC Designated Federal Officer, U.S. EPA, 1200
Pennsylvania Avenue NW., (Mail Code 6103A), Washington, DC 20460, or by
email to<EMAIL_ADDRESS>
    Dated: October 7, 2014.
Jeneva Craig,
Designated Federal Officer, Clean Air Act Advisory Committee, Office of
Air and Radiation.
[FR Doc. 2014-25001 Filed 10-20-14; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 79, Number 148 (Friday, August 1, 2014)]
[Notices]
[Pages 44817-44818]
[FR Doc No: 2014-18290]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID: FEMA-2014-0024; OMB No. 1660-0057]

Agency Information Collection Activities: Proposed Collection;
Comment Request; Chemical Stockpile Emergency Preparedness Program
(CSEPP) Evaluation and Customer Satisfaction Survey

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: The Federal Emergency Management Agency, as part of its
continuing effort to reduce paperwork and respondent burden, invites
the general public and other Federal agencies to take this opportunity
to comment on a revision of a currently approved information
collection. In accordance with the Paperwork Reduction Act of 1995,
this notice seeks comments concerning the collection of data from
citizens living in the Immediate Response Zones and Protection Action
Zones surrounding chemical stockpile sites.

DATES: Comments must be submitted on or before September 30, 2014.

ADDRESSES: To avoid duplicate submissions to the docket, please use
only one of the following means to submit comments:
    (1) Online. Submit comments at www.regulations.gov under Docket ID
FEMA-2014-0024. Follow the instructions for submitting comments.
    (2) Mail. Submit written comments to Office of Chief Counsel,
Regulatory Affairs Division, DHS/FEMA, 500 C Street SW., Room 8NE,
Washington, DC 20472-3100.
    (3) Facsimile. Submit comments to<PHONE_NUMBER>.
    All submissions received must include the agency name and Docket
ID. Regardless of the method used for submitting comments or material,
all submissions will be posted, without change, to the Federal
eRulemaking Portal at http://www.regulations.gov, and will include any
personal information you provide. Therefore, submitting this
information makes it public. You may wish to read the Privacy Act
notice that is available via the link in the footer of
www.regulations.gov.

FOR FURTHER INFORMATION CONTACT: Thomas Warnock, Program Specialist,
Technological Hazards Division, National Preparedness Directorate, at
(202) 657-2301 for additional information. You may contact the Records
Management Division for copies of the proposed collection of
information at facsimile number<PHONE_NUMBER> or email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The Chemical Stockpile Emergency
Preparedness Program (CSEPP) is one facet of the multi-hazard readiness
program in two States that deal with hazardous material spills or
releases. The program's goal is to improve preparedness to protect the
people of these communities in the unlikely event of an accident.
CSEPP, a cooperative effort between FEMA and the U.S. Army, provides
funding (grants), training, community outreach, guidance, technical
support and expertise to State, local, and Tribal governments to
improve their capabilities to prepare for and respond to this type of
disaster. Since no preparedness program can be successful without the
public's understanding and cooperation, input from the residents and
businesses of immediate and/or surrounding areas is vital for program
managers' ability to design custom-tailored strategies to educate and
communicate risks and action plans at the local level. This survey,
which was initiated six years ago, will continue as the assessment
mechanism to document and quantify program achievements. The
authorities supporting this information collection include: (1) 42
U.S.C. 5131; (2) 50 U.S.C 1521; (3) the Government Performance and
Results Act of 1993, Public Law 103-62, 107 Stat. 285; (4) the
Government Performance and Results Modernization Act of 2010, Public
Law 111-352; 124 Stat. 3866; (5) Executive Order 12862, and its March
23, 1995 Memorandum addendum, ``Improving Customer Service''; and (6)
Executive Order 13571, and its June 13, 2011 Memorandum ``Implementing
Executive Order 13571 on Streamlining Service Delivery and Improving
Customer Service.''

Collection of Information

    Title: Chemical Stockpile Emergency Preparedness Program (CSEPP)
Evaluation and Customer Satisfaction Survey.
    Type of Information Collection: Revision of a currently approved
information collection.
    FEMA Forms: FEMA Form 008-0-3, Pueblo EPZ Residential Survey; FEMA
Form 008-0-3INT, Pueblo EPZ Residential Survey; FEMA Form 008-0-4,
Pueblo City Residential Survey; FEMA Form 008-0-5, Pueblo EPZ Business
Survey; and FEMA Form 008-0-7, Blue Grass EPZ Residential Survey.

Abstract

    To support the development of public outreach and education efforts
that will improve emergency preparedness, DHS/FEMA's Chemical Stockpile
Emergency Preparedness Program (CSEPP) will collect data from the
citizens living in the Immediate Response Zones and Protective Action
Zones surrounding stockpile sites. Program managers use survey data
findings to evaluate public awareness of protective actions at CSEPP
sites, and identify outreach weaknesses and strengths to develop
effective outreach and education campaigns. Results from this
information collection are shared with State, local, Tribal, and other
FEMA officials for subsequent action plans addressing program-wide and
stockpile site-specific issues. Results are also shared with other
Federal agencies that lend expertise in specific areas of the program.
    Affected Public: Individuals or households, business or other for-
profit.
    Number of Respondents: 2,098.
    Number of Responses: 2,098.
    Estimated Total Annual Burden Hours: 493.94 hours.
    Estimated Cost: There are no record keeping, capital, startup or
maintenance costs associated with this information collection.

Comments

    Comments may be submitted as indicated in the ADDRESSES caption
above. Comments are solicited to (a) evaluate whether the proposed data
collection is necessary for the proper performance of the agency,
including whether the information shall have practical utility; (b)
evaluate the accuracy of the agency's estimate of the burden of the
proposed collection of information, including the validity of the
methodology and assumptions used; (c) enhance the quality, utility, and
clarity of the information to be collected; and (d) minimize the burden
of the collection of information on those who are to respond, including
through the use of appropriate automated, electronic, mechanical, or
other technological collection techniques or other forms of information
technology, e.g., permitting electronic submission of responses.

    Dated: July 14, 2010.
Charlene D. Myrthil,
Director, Records Management Division, Mission Support Bureau, Federal
Emergency Management Agency, Department of Homeland Security.
[FR Doc. 2014-18290 Filed 7-31-14; 8:45 am]
BILLING CODE 9111-46-P


[Federal Register Volume 81, Number 40 (Tuesday, March 1, 2016)]
[Proposed Rules]
[Pages 10544-10545]
[FR Doc No: 2016-04284]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2016-2859; Directorate Identifier 2016-NE-04-AD]
RIN 2120-AA64

Airworthiness Directives; Turbomeca S.A. Turboshaft Engines

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: We propose to adopt a new airworthiness directive (AD) for all
Turbomeca S.A. Arriel 1D and 1D1 turboshaft engines with a pre-
modification (mod) TU357 gas generator module (M03), installed. This
proposed AD was prompted by reports of divergent rubbing between the
piston shaft small diameter labyrinth and the rear bearing support.
This proposed AD would require removing the pre-modification (mod)
TU357 gas generator module (M03) and replacing with a part eligible for
installation. We are proposing this AD to prevent failure of the
labyrinth seal and engine, in-flight shutdown, and loss of control of
the helicopter.

DATES: We must receive comments on this proposed AD by May 2, 2016.

ADDRESSES: You may send comments by any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the instructions for submitting comments.
     Mail: Docket Management Facility, U.S. Department of
Transportation, 1200 New Jersey Avenue SE., West Building Ground Floor,
Room W12-140, Washington, DC 20590-0001.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
     Fax:<PHONE_NUMBER>.
    For service information identified in this NPRM, contact Turbomeca
S.A., 40220 Tarnos, France; phone: 33 (0)5 59 74 40 00; fax: 33 (0)5 59
74 45 15. You may view this service information at the FAA, Engine &
Propeller Directorate, 1200 District Avenue, Burlington, MA. For
information on the availability of this material at the FAA, call 781-
238-7125.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2016-
2859; or in person at the Docket Operations office between 9 a.m. and 5
p.m., Monday through Friday, except Federal holidays. The AD docket
contains this proposed AD, the mandatory continuing airworthiness
information (MCAI), the regulatory evaluation, any comments received,
and other information. The address for the Docket Office (phone: 800-
647-5527) is in the ADDRESSES section. Comments will be available in
the AD docket shortly after receipt.

FOR FURTHER INFORMATION CONTACT: Philip Haberlen, Aerospace Engineer,
Engine Certification Office, FAA, Engine & Propeller Directorate, 1200
District Avenue, Burlington, MA 01803; phone:<PHONE_NUMBER>; fax: 781-
238-7199; email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Comments Invited

    We invite you to send any written relevant data, views, or
arguments about this NPRM. Send your comments to an address listed
under the ADDRESSES section. Include ``Docket No. FAA-2016-2859;
Directorate Identifier 2016-NE-04-AD'' at the beginning of your
comments. We specifically invite comments on the overall regulatory,
economic, environmental, and energy aspects of this NPRM. We will
consider all comments received by the closing date and may amend this
NPRM based on those comments.
    We will post all comments we receive, without change, to http://www.regulations.gov, including any personal information you provide. We
will also post a report summarizing each substantive verbal contact
with FAA personnel concerning this NPRM.

Discussion

    The European Aviation Safety Agency (EASA), which is the Technical
Agent for the Member States of the European Community, has issued EASA
AD 2016-0009, dated January 13, 2016 (referred to hereinafter as ``the
MCAI''), to correct an unsafe condition for the specified products. The
MCAI states:

    Some cases of divergent rubbing between the piston shaft small
diameter labyrinth and the rear bearing support have been reported.
    This condition, if not corrected, could lead to an uncommanded
engine in-flight shutdown.

    You may obtain further information by examining the MCAI in the AD
docket on the Internet at http://www.regulations.gov by searching for
and locating Docket No. FAA-2016-2859.

Related Service Information

    Turbomeca S.A. has issued Mandatory Service Bulletin (MSB) No. 292
72 1357, Version B, dated November 12, 2015. The MSB describes
procedures for installing a post-modification (mod) TU357 gas generator
module (M03). This service information is reasonably available because
the interested parties have access to it through their normal course of
business or by the means identified in the ADDRESSES section of this
NPRM.

FAA's Determination and Requirements of This Proposed AD

    This product has been approved by the aviation authority of France,
and is approved for operation in the United States. Pursuant to our
bilateral

agreement with the European Community, EASA has notified us of the
unsafe condition described in the MCAI and service information
referenced above. We are proposing this NPRM because we evaluated all
information provided by EASA and determined the unsafe condition exists
and is likely to exist or develop on other products of the same type
design. This NPRM would require removing the pre-modification (mod)
TU357 gas generator module (M03) and replacing with a part eligible for
installation.

Costs of Compliance

    We estimate that this proposed AD affects 426 engines installed on
helicopters of U.S. registry. We also estimate that it would take about
40 hours per engine to comply with this proposed AD. The average labor
rate is $85 per hour. Required parts cost about $16,500 per engine.
Based on these figures, we estimate the cost of this proposed AD on
U.S. operators to be $8,477,400.

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. ``Subtitle VII: Aviation
Programs,'' describes in more detail the scope of the Agency's
authority.
    We are issuing this rulemaking under the authority described in
``Subtitle VII, Part A, Subpart III, Section 44701: General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    We determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national Government and the States, or on the distribution
of power and responsibilities among the various levels of government.
    For the reasons discussed above, I certify this proposed
regulation:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979),
    (3) Will not affect intrastate aviation in Alaska to the extent
that it justifies making a regulatory distinction, and
    (4) Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

The Proposed Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA proposes to amend 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority:  49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new airworthiness
directive (AD):

Turbomeca S.A.: Docket No. FAA-2016-2859; Directorate Identifier
2016-NE-04-AD.

(a) Comments Due Date

    We must receive comments by May 2, 2016.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to all Arriel 1D and 1D1 turboshaft engines with
a pre-modification (mod) TU357 gas generator module (M03),
installed.

(d) Reason

    This AD was prompted by reports of divergent rubbing between the
piston shaft small diameter labyrinth and the rear bearing support.
We are issuing this AD to prevent failure of the labyrinth seal and
engine, in-flight shutdown, and loss of control of the helicopter.

(e) Actions and Compliance

    Comply with this AD within the compliance times specified,
unless already done.
    (1) Within 4 months or 240 engine operating hours after the
effective date of this AD, whichever occurs later, remove the pre-
modification (mod) TU357 gas generator module (M03) from service and
replace with a part eligible for installation.
    (2) Reserved.

(f) Alternative Methods of Compliance (AMOCs)

    The Manager, Engine Certification Office, FAA, may approve AMOCs
for this AD. Use the procedures found in 14 CFR 39.19 to make your
request. You may email your request to<EMAIL_ADDRESS>
(g) Related Information

    (1) For more information about this AD, contact Philip Haberlen,
Aerospace Engineer, Engine Certification Office, FAA, Engine &
Propeller Directorate, 1200 District Avenue, Burlington, MA 01803;
phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>    (2) Refer to MCAI European Aviation Safety Agency AD 2016-0009,
dated January 13, 2016, for more information. You may examine the
MCAI in the AD docket on the Internet at http://www.regulations.gov
by searching for and locating it in Docket No. FAA-2016-2859.

    Issued in Burlington, Massachusetts, on February 18, 2016.
Ann C. Mollica,
Acting Manager, Engine & Propeller Directorate, Aircraft Certification
Service.
[FR Doc. 2016-04284 Filed 2-29-16; 8:45 am]
 BILLING CODE 4910-13-P


DRAFT THIS IS NOT A PROPOSED OR FINAL REGULATION DRAFT*** DRAFT*** For Discussion Purposes Only*** Do Not Cite*** DRAFT** DRAFT 1 October 10, 2003 For the reasons set out in the preamble, title 40 chapter I of the code of Federal Regulations is amended as follows:

1. Subchapter J is amended by amending Part 312 to read as follows:

Part 312   Standards for Conducting All Appropriate Inquiry Subpart A   Introduction Sec. 312.1 Purpose, applicability, and scope.

Subpart B   Definitions Sec. 312.10 Definitions 312.11 References Subpart C   Standards and Practices Sec. 312.20 Results of an inquiry by an environmental professional. 312.21 Interviews with past and present owners, operators, and occupants of the facility Authority: Section 101( 35)( B) of CERCLA, as amended, 42 U. S. C. 9601( 35)( B).

Subpart A   Introduction § 312.1 Purpose, applicability, and scope. ( a) Purpose. The purpose of this section is to provide standards and procedures for " all appropriate inquiry" for the purposes of CERCLA § 101( 35)( B).

( b) Applicability. The requirements of this part are applicable to: ( 1) potential innocent landowners conducting all appropriate inquiry under § 101( 35)( B) of CERCLA; ( 2) bona fide prospective purchasers defined under § 101( 40) of CERCLA; ( 3) contiguous property owners under § 107( q) of CERCLA; and ( 4) persons conducting site characterization and assessments with the use of a grant awarded under CERCLA § 104( k)( 2)( B). DRAFT THIS IS NOT A PROPOSED OR FINAL REGULATION DRAFT*** DRAFT*** For Discussion Purposes Only*** Do Not Cite*** DRAFT** DRAFT 2 ( c) Scope. ( 1) Persons identified in § 312.1( b)( 1)( 3) must conduct investigations required in this part, including an inquiry by an environmental professional, as required under § 312.21, and the additional inquiries defined in § 312.22, to identify releases or threatened releases, as defined in CERCLA § 101( 22), of hazardous substances, as defined in CERCLA § 101( 14). ( 2) Persons identified in § 312.1( b)( 4) must conduct investigations required in this part, including an inquiry by an environmental professional, as required under § 312.21, and the additional inquiries defined in § 312.22, to identify releases and threatened releases, as defined in CERCLA § 101( 22) of: ( i) hazardous substances, as defined in CERCLA § 101( 14); ( ii) pollutants and contaminants, as defined in CERCLA § 101( 33); ( iii) petroleum or petroleum products excluded from the definition of " hazardous substance" as defined in CERCLA § 101( 14); and ( iv) controlled substances, as defined in Section 802 of Title 21 of U. S. C.

Subpart B  Definitions § 312.10   Definitions ( a) Terms used in this part and not defined below, but defined in either CERCLA or 40 CFR Part 300 ( the National Oil and Hazardous Substances Pollution Contingency Plan) shall have the definitions provided in CERCLA or 40 CFR Part 300. ( b) When used in this part, the following terms have the meanings provided below:

Environmental Professional means a person who possesses sufficient specific education, training, and experience necessary to exercise professional judgement to develop opinions and conclusions regarding the presence of a release or threatened release ( per § 312.1( c)) to the surface or subsurface of a property. In addition, the person must: ( a) hold a current Professional Engineer's or Professional Geologist's license or registration from a State, Tribe, or U. S. Territory ( or the Commonwealth of Puerto Rico); or ( b) be licensed or certified by a State, Tribe, or U. S. Territory ( or the Commonwealth of Puerto Rico) to perform environmental inquiries as defined in § 312.21; or ( c) have a Bachelors of Science, Bachelors of Arts, or higher degree in relevant disciplines of science, engineering or geology and the equivalent of five ( 5) years of full time experience with increasing responsibilities after obtaining the Bachelors degree that includes the performance, review, and oversight of environmental site assessments and subsurface environmental investigations to characterize site conditions and determine the likelihood of a release or threatened release at the property. DRAFT THIS IS NOT A PROPOSED OR FINAL REGULATION DRAFT*** DRAFT*** For Discussion Purposes Only*** Do Not Cite*** DRAFT** DRAFT 3 § 312.11   References ( a) When used in part 312 of this chapter, the following publications are incorporated by reference:

Subpart C   Standards and Practices § 312.20 All Appropriate Inquiries ( a) " All appropriate inquiries" as required under CERCLA 101( 35)( b) must include: ( 1) An inquiry by an environmental professional ( as defined in § 312.10), as provided in § 312.21; ( 2) Inquiries conducted by persons identified under § 312.1( b), and as required in § 312.22; and ( 3) Searches for environmental cleanup liens, as required in § 312.25. ( b) Objectives. These All Appropriate Inquiry standards and practices seek to identify releases and threatened releases of hazardous substances on, at, in, or to a property. In performing the all appropriate inquiries, as defined in § 312.20 and provided in the standards and practices set forth in subpart C of this part, the person identified under § 312.1( b) and the environmental professional, as defined in § 312.10, must seek to identify through the conduct of one or more of the standards and practices set forth in subpart C the following types of information about the subject property: ( 1) current and past property uses and occupancies; ( 2) current and past uses of hazardous substances; ( 3) waste management and disposal activities that could cause releases or threatened releases of hazardous substances; ( 4) past and current corrective actions and response activities undertaken to address past and on going releases of hazardous substances; ( 5) land use restrictions applicable to the subject property; and ( 6) properties located adjoining to or nearby the subject property that have environmental conditions that could result in a release or threatened release of a hazardous substance to the subject property. ( c) Performance factors. In performing each of the standards and practices set forth in this part and to meet the objectives stated above in § 312.20( b), the person identified under § 312.1( b) or the environmental professional as defined in § 312.10 ( as appropriate to the particular standard and practice) must seek to: ( 1) gather the information that is required for each standard and practice listed in subpart C of this part that is, publicly available, obtainable from its source within reasonable time and cost constraints, and which can practicably be reviewed; ( 2) review the information gathered in complying with each standard and practice listing in subpart C of this part so as to form an opinion as to its thoroughness and reliability; DRAFT THIS IS NOT A PROPOSED OR FINAL REGULATION DRAFT*** DRAFT*** For Discussion Purposes Only*** Do Not Cite*** DRAFT** DRAFT 4 ( 3) assure the thoroughness and reliability of the information and refer to and use, to the extent necessary, information gathered in the course of complying with every other standard and practice of subpart C of this part; and ( 4) to the extent there are data gaps that affect the ability of persons conducting the all appropriate inquiry to identify the presence of a release or threatened release ( such as in the historical record of property uses or ownership) in any area of inquiry under any standard and practice, identify such data gaps, identify the sources of information consulted to fill the data gaps, and assess potential impacts of such data gaps with regard to the ability to detect a release or threatened release of hazardous substances on, at, in, or to a property. ( d) All appropriate inquiries do not include the identification of de minimus conditions or releases that generally do not result in material harm to, or threaten the safety of, human health and the environment and conditions or releases that would not result in federal, state, tribal, or local government enforcement actions. ( e) None of the requirements of this part limits disclosure obligations under any other federal, state, tribal and local law, including requirements under CERCLA § § 101( 40)( C) and 107( q)( 1)( A)( vii) requiring persons to provide all legally required notices with respect to the discovery or release of any hazardous substances.

§ 312.21 Results of inquiry by an environmental professional ( a) Persons identified under § 312.1( b) must undertake an inquiry, as defined in § 312.21( b) below, by an environmental professional, or reviewed and approved by, or conducted under the direct supervision and responsible charge of an environmental professional, as defined in § 312.10. ( b) The inquiry required to be conducted by, or reviewed and approved by, or under the direct supervision and responsible charge of, an environmental professional must include the requirements set forth in § § 312.23 ( interviews with past and present owners...), 312.24 ( reviews of historical sources...), 312.26 ( reviews of government records), 312.27 ( visual inspections), 312.30 ( commonly known or reasonably attainable information), and 312.31 ( degree of obviousness of the presence... and the ability to detect the contamination...). In addition, the inquiry should take into account information provided to the environmental professional as a result of the additional inquiries conducted by persons identified in § 312.1( b) and in accordance with the requirements of § 312.22. ( c) The results of the inquiry into the presence of a release or threatened release as defined in § 312.1( c) should be certified as [ accurate?] complete and inclusive of reasonably ascertainable information about the property by both the environmental professional and the persons to which this part is applicable per § 312.1( b). [ Preamble should address what is meant by " certified."] ( d) The qualifications of the environmental professional that conducted or oversaw the inquiry should be included with the inquiry results. DRAFT THIS IS NOT A PROPOSED OR FINAL REGULATION DRAFT*** DRAFT*** For Discussion Purposes Only*** Do Not Cite*** DRAFT** DRAFT 5 § 312.22 Additional Inquiries ( a) Persons identified under § 312.1( b) must conduct, as part of " all appropriate inquiries" the following activities. The results of the activities listed below must be provided to the environmental professional responsible for conducting the activities listed in § 312.21. ( 1) specialized knowledge or experience on the part of the defendant, as required in § 312.28; ( 2) the relationship of the purchase price to the [ market] value of the property, if the property was not contaminated, as provided in § 312.29; and ( 3) commonly known or reasonably ascertainable information about the property, as required in § 312.30.

§ 312.23 Interviews with past and present owners, operators, and occupants ( a) Interviews with past and present owners, operators, and occupants of the subject property must be conducted, in conjunction with the activities conducted under the other criteria in this subpart, to gather information regarding: ( 1) releases or threatened releases, as provided in § 312.1( c), at the property; ( 2) current and past ownership and uses of the property; and ( 3) a record of activities, including response and corrective action activities, that have been conducted to address past or on going releases at the property. ( b) At a minimum, the inquiry of the environmental professional must include interviewing the current owner or occupant of the property ( or a representative thereof) that is the subject of the investigation ( whomever, in the opinion of the environmental professional would be knowledgeable and able to provide the information outlined above in § 312.23( a)). ( c) In addition, to the extent practicable, the inquiry of the environmental professional must include interviewing one or more of the following persons, as necessary, to determine the potential for a release or threatened release at the subject property or to achieve the goals listed above in § 312.23( a) and § 312.20: ( 1) current and past key facility managers, ( 2) past owners or operators of the subject property, ( 3) employees of current and past occupants of the subject property,

( 5) local and state government officials who may have knowledge of, or information related to, the subject property, and ( 6) others with knowledge of the subject property. ( d) In the case of inquiries conducted at abandoned properties, such as properties with an unknown or unreachable owner, properties where there is evidence of potential unauthorized uses of the property, or properties where there is evidence of uncontrolled access to the property, the environmental professional's inquiry must include interviewing at least two ( 2) owners or occupants of neighboring or nearby properties from which it appears possible to have observed DRAFT THIS IS NOT A PROPOSED OR FINAL REGULATION DRAFT*** DRAFT*** For Discussion Purposes Only*** Do Not Cite*** DRAFT** DRAFT 6 uses of and releases at such abandoned properties for the purpose of gathering information regarding releases or threatened releases, as defined in § 312.1( c), at the property that is the subject of the inquiry. ( e) In cases where the environmental professional is unable to conduct interviews, as described above, and the result is an inability of the environmental professional's inquiry to meet the goals of the inquiry, as set forth in § 312.23( a) and § 312.20 above, the environmental professional's inquiry must include: ( 1) documentation of efforts undertaken to attempt such interviews; ( 2) documentation of the impact that the absence of interview information may have on the accuracy and quality of the overall environmental inquiry; and ( 3) documentation, to the extent practicable, of other sources of information regarding releases or threatened releases at the property that were consulted and documentation of steps taken to obtain such information.

§ 312.24 Reviews of historical sources of information ( a) To the extent practicable ( and to the extent necessary information is not obtained from other sources of information or in response to conducting activities required under other criteria in this subpart), historical documents and records must be reviewed for the purpose of determining previous uses and occupancies of the property that is the subject of the inquiry and to identify past and on going activities that could contribute to or result in a release or threatened release, as defined in § 312.1( c), at the property. The inquiry must cover a period of time as far back in the history of the property as can be shown that the property contained structures or from the time the property was used for residential, agricultural, commercial, industrial, or governmental purposes. ( b) Historical documents or sources of information such as chain of title documents, aerial photographs, fire insurance maps, building department records, and land use records should be reviewed with the goal of obtaining a comprehensive understanding of the past uses of the property and how such uses may have resulted in a release or threatened release as defined in 312.1( c). ( c) The environmental professional may exercise professional judgement in context of the facts available at the time of the inquiry as to how far back in time it is necessary to search historical records to obtain an accurate assessment of property uses and an assessment of the potential for releases or threatened releases at the property. ( d) In cases where a search for historical documents or sources of information does not result in the ability of the environmental professional's inquiry meeting the goals of the inquiry, as set forth in § 312.24( a) and § 312.20 above, the inquiry of the environmental professional must include: ( 1) documentation of efforts undertaken to attempt to obtain the necessary historical documentation; DRAFT THIS IS NOT A PROPOSED OR FINAL REGULATION DRAFT*** DRAFT*** For Discussion Purposes Only*** Do Not Cite*** DRAFT** DRAFT 7 ( 2) documentation of the impact that the absence of historical information may have on the accuracy and quality of the overall environmental inquiry; and ( 3) documentation, to the extent practicable, of other sources of information regarding releases or threatened releases at the property that were consulted and documentation of steps taken to obtain such information.

§ 312.25 Searches for recorded environmental cleanup liens ( a) All appropriate inquiries must include a search for the existence of environmental cleanup liens against the subject property that are filed or recorded under Federal, Tribal, State, or local law. ( b) All information collected regarding the existence of environmental cleanup liens associated with the subject property must be provided to the environmental professional.

§ 312.26 Reviews of Federal, State, Tribal and local government records ( a) Publicly available and reasonably obtainable Federal, Tribal, State, and local government records for the property must be reviewed, as part of the environmental professional's inquiry, for the purpose of identifying activities conducted at the boundary of the property that have or had resulted in a current, past, or potential release or threatened release of a hazardous substance ( to the extent that such necessary information is not obtained from other sources of information or in response to conducting activities required under other criteria in this subpart). ( b) The search distance from the property boundary for identifying activities listed in § 312.26( a) based upon the professional judgement of the environmental professional. The environmental professional may consider one or more of the following factors in determining an alternate appropriate search distance: ( 1) nature and extent of a release, ( 2) geologic and hydrogeologic conditions of the property and surrounding environment, ( 3) land use and land use densities, ( 4) property type, ( 5) existing and past uses of surrounding properties ( 6) potential migration pathways ( e. g., ground water flow direction, prevalent wind direction), and ( 7) other relevant factors. ( c) The review of publicly available and reasonably obtainable Federal, Tribal, State, and local government records ( including searches of publicly available data bases) should include, as appropriate and to the extent that such information is not obtained from activities conducted in response to other criteria in this subpart: ( 1) hazardous substance release investigation reports for the property; DRAFT THIS IS NOT A PROPOSED OR FINAL REGULATION DRAFT*** DRAFT*** For Discussion Purposes Only*** Do Not Cite*** DRAFT** DRAFT 8 ( 2) records of activities or incidents likely to cause or contribute to a release or threatened release as defined in § 312.1( c), including landfill and other disposal unit location records and permits, underground storage tank records and permits, hazardous waste handler and generator records and permits, Federal, Tribal and state government listings of sites identified as priority cleanup sites, and spill reporting records; ( 3) environmental records that reflect incidents or activities that are likely to cause or contribute to releases or threatened releases at the property; ( 4) public health records; and ( 5) information on institutional controls associated with the property that is the subject of the inquiry. ( d) In cases where Federal, Tribal, State, and local government records of activities conducted on or within the general vicinity of the property are not publicly available and not reasonably obtainable, and therefore result in the environmental professional inability to meet the goals of the inquiry, as set forth in § 312.26 ( a) and ( b) and in § 312.20 above, the inquiry of the environmental professional must include: ( 1) documentation of efforts undertaken to attempt to obtain the necessary government records; ( 2) documentation of the impact that the absence of appropriate governmental records may have on the accuracy and quality of the overall environmental inquiry; and ( 3) documentation, to the extent practicable of the other sources of information regarding releases or threatened releases at the property consulted and documentation of the steps taken to attain such information.

§ 312.27 Visual inspections of the facility and of adjoining properties ( a) For the purpose of determining the presence of a release or threatened release on the property per § 312.1( c), the inquiry of the environmental professional must include: ( 1) a visual on site inspection or observation of the property, facilities on the property, and improvements on the property including a visual inspection of hazardous substance use, storage, treatment, handling, and disposal practices conducted on the properties for the purpose of assessing the potential presence of a release or threatened release on the subject property; and ( 2) at a minimum, a visual inspection or observation of immediately adjacent properties, from the subject property line or public right of ways, including a visual inspection or observation of hazardous substance use, storage, treatment, and disposal practices conducted on the adjacent properties for the purpose of assessing the potential for a release or threatened release from an immediately adjacent property that may impact the subject property. Observations or physical limitations to inspection or observation of adjacent properties must be noted. ( b) Persons conducting site characterization and assessments with the use of a grant awarded under CERCLA § 104( k)( 2)( B) must include in the scope of the visual inspection or observation, a visual inspection of the use, storage, treatment, or disposal of petroleum and petroleum products, controlled substances, and hazardous pollutants and contaminants. DRAFT THIS IS NOT A PROPOSED OR FINAL REGULATION DRAFT*** DRAFT*** For Discussion Purposes Only*** Do Not Cite*** DRAFT** DRAFT 9 ( c) It is essential that a visual on site inspection of the subject property be conducted as part of the inquiry. In the unusual circumstance where an on site visual inspection or observation of the subject property and/ or immediately adjacent properties cannot be performed because of physical limitations, remote location, or other inability to obtain access to the property despite good faith efforts to obtain such access, the inquiry of the environmental professional must include: ( 1) visually inspecting or observing the subject property and immediately adjacent properties via another method ( such as aerial imagery for large properties), or visually inspecting or observing the subject property from the nearest accessible vantage point ( such as the property line or public road for small properties); ( 2) documentation of efforts undertaken to attempt to conduct a visual inspection; and ( 3) documentation of the impact that the inability to conduct a visual inspection may have on the accuracy and quality of the overall environmental inquiry; and ( 4) documentation, to the extent practicable of the other sources of information regarding releases or threatened releases at the property consulted and documentation of the steps taken to attain such information.

§ 312.28 Specialized knowledge or experience on the part of the defendant ( a) Persons to which this part is applicable per § 312.1( b) must disclose to the environmental professional, and the inquiry must take into account, their specialized knowledge of the subject property the area surrounding the subject property, the conditions of adjoining properties, and any other experience relevant to the inquiry, for the purpose of assessing the presence of a release or threatened release at the subject property, as defined in § 312.1( c). ( b) All appropriate inquiries, as outlined under § 312.20, are not complete unless the results of the inquiries take into account all relevant and applicable specialized knowledge and experience of the persons responsible for undertaking the inquiry ( as described in § 312.1( b)).

§ 312.29 The relationship of the purchase price to the [ market] value of the property, if the property was not contaminated ( a) Persons to which this part is applicable per § 312.1( b) must consider whether the purchase price of the property that is the subject of the inquiry reasonably reflects the fair market value of the property, if the property were not contaminated. ( b) Persons who conclude that the purchase price of the property that is the subject of the inquiry does not reasonably reflect the fair market value of that property, if the property were not contaminated, should consider whether or not the differential in purchase price and fair market value is due to the fact that the property contains releases or threatened releases of hazardous substances. ( c) Persons conducting site characterization and assessments with the use of a grant awarded under CERCLA § 104( k)( 2)( B) and who knows that the purchase price of the property that is the subject of the inquiry does not reasonably reflect the fair market value of that property, if the property were not contaminated, should consider whether or not the differential in purchase DRAFT THIS IS NOT A PROPOSED OR FINAL REGULATION DRAFT*** DRAFT*** For Discussion Purposes Only*** Do Not Cite*** DRAFT** DRAFT 10 price and fair market value is due to the fact that the property contains releases or threatened releases of hazardous substances, petroleum and petroleum products, controlled substances, and/ or hazardous pollutants and contaminants.

§ 312.30 Commonly known or reasonably ascertainable information about the property ( a) Persons to which this part is applicable per § 312.1( b) and environmental professionals conducting an inquiry of a property must take into account local commonly known or reasonably ascertainable information about the property throughout the inquiry and consider such information when determining whether or not there is a release or threatened release, as defined in § 312.1( c), at the subject property. ( b) Commonly known information includes information obtained by the person to whom this part applies per § 312.1( b) and by the environmental professional about releases or threatened releases at the subject property that is incidental to or in addition to the information obtained during the inquiry performed under this part.

§ 312.31 The degree of obviousness of the presence or likely presence of contamination at the property, and the ability to detect the contamination by appropriate investigation ( a) Persons to which this part is applicable per § 312.1( b) and environmental professionals conducting an inquiry of a property on behalf of such persons must consider obvious indications of the presence of a release or threatened release at the property and should document compliance with the criteria of this part prior to purchasing the property. ( b) If, after completing the inquiries required under § § 312.23 through 312.30 above, the results of the inquiries indicate, to a significant degree of obviousness, that there is a release or threatened release, as defined in § 312.1( c), or a high potential of a release or threatened release at the property that is the subject of the inquiry, then the results of inquiry should include the environmental professional's recommendations regarding additional appropriate investigations ( e. g., sampling and analysis of soils, groundwater, or air) that may be necessary to detect releases or threatened releases at the property for the purposes of limiting potential human and environmental exposure to such releases.


[Federal Register Volume 88, Number 168 (Thursday, August 31, 2023)]
[Rules and Regulations]
[Pages 60150-60151]
[FR Doc No: 2023-18708]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R04-OAR-2021-0618; FRL-9242-03-R4]

Air Plan Approval; North Carolina; Volatile Organic Compound
Regulations; Correction

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule; correction.

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SUMMARY: The Environmental Protection Agency (EPA) published a final
rule that appeared in the Federal Register on August 4, 2023, titled
``Air Plan Approval; North Carolina; Volatile Organic Compound
Regulations.'' The document approved revisions to the North Carolina
State Implementation Plan concerning several updates to the North
Carolina Department of Environmental Quality's air regulations which
apply to sources that emit volatile organic compounds. EPA approved
those changes pursuant to the Clean Air Act. An error in the
instructions amending the Code of Federal Regulations (CFR) in the
document is identified and corrected in this action. This correction
does not change any final action taken by EPA in the August 4, 2023,
final rule.

DATES: Effective September 8, 2023.

ADDRESSES: EPA has established a docket for this action under Docket
Identification No. EPA-R04-OAR-2021-0618. All documents in the docket
are listed on the regulations.gov website. Although listed in the
index, some information may not be publicly available, i.e.,
Confidential Business Information or other information whose disclosure
is restricted by statute. Certain other material, such as copyrighted
material, is not placed on the internet and will be publicly available
only in hard copy form. Publicly available docket materials are
available either electronically through www.regulations.gov or in hard
copy at the Air Regulatory Management Section, Air Planning and
Implementation Branch, Air and Radiation Division, U.S. Environmental
Protection Agency, Region 4, 61 Forsyth Street SW, Atlanta, Georgia
30303-8960. EPA requests that if at all possible, you contact the
person listed in the FOR FURTHER INFORMATION CONTACT section to
schedule your inspection. The Regional Office's official hours of
business are Monday through Friday 8:30 a.m. to 4:30 p.m., excluding
Federal holidays.

FOR FURTHER INFORMATION CONTACT: Sarah LaRocca, Air Planning and
Implementation Branch, Air and Radiation Division, U.S. Environmental
Protection Agency, Region 4, 61 Forsyth Street SW, Atlanta, Georgia
30303-8960. Ms. LaRocca can be reached via electronic mail at
[email protected] or via telephone at<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: EPA published a final rule in the Federal
Register on August 4, 2023 (88 FR 51713), titled ``Air Plan Approval;
North Carolina; Volatile Organic Compound Regulations.'' The final rule
approved changes to the following regulations in North Carolina's SIP:
15A North Carolina Administrative Code Subchapter 02D, Rules .0901,
Definitions; .0902, Applicability; .0903, Recordkeeping: Reporting:
Monitoring; .0906, Circumvention; .0909, Compliance Schedules for
Sources in Ozone Nonattainment and Maintenance Areas; .0912, General
Provisions on Test Methods and Procedures; .0918, Can Coating; .0919,
Coil Coating; .0922, Metal Furniture Coatings; .0923, Surface Coating
of Large Appliance Parts; .0924, Magnet Wire Coating; .0925, Petroleum
Liquid Storage in Fixed Roof Tanks; .0928, Gasoline Service Stations
Stage 1; .0930, Solvent Metal Cleaning; .0931, Cutback Asphalt; .0933,
Petroleum Liquid Storage in External Floating Roof Tanks; .0935,
Factory Surface Coating of Flat Wood Paneling; .0937, Manufacture of
Pneumatic Rubber Tires; .0943, Synthetic Organic Chemical and Polymer
Manufacturing; .0944, Manufacture of Polyethylene: Polypropylene and
Polystyrene; .0945 Petroleum Dry Cleaning; .0947, Manufacture of
Synthesized Pharmaceutical Products; .0948, VOC Emissions from Transfer
Operations; .0949, Storage of Miscellaneous Volatile Organic Compounds;
.0951, RACT For Sources of Volatile Organic Compounds; .0955, Thread
Bonding Manufacturing; .0956, Glass Christmas Ornament Manufacturing;
.0957, Commercial Bakeries; .0961, Offset Lithographic Printing and
Letterpress Printing; .0962, Industrial Cleaning Solvents; .0963,
Fiberglass Boat Manufacturing Materials; .0964, Miscellaneous
Industrial Adhesives; .0965, Flexible Package Printing; .0966, Paper,
Film and Foil Coatings; .0967, Miscellaneous Metal and Plastic Parts
Coatings; and .0968, Automobile and Light Duty Truck Assembly Coatings.
However, the Federal Register document contained an error in the
instructions regarding amendments to the table titled ``EPA-Approved
North Carolina Regulations'' found at 40 CFR 52.1770(c)(1). See 88 FR
51715. In the instructions, EPA inadvertently referred to the table
entries to be amended as ``Section .0901,'' ``Section .0902,''
``Section .0903,'' ``Section .0906,'' ``Section .0909,'' ``Section
.0912,'' ``Section .0918,'' ``Section .0919,'' ``Section .0922,''
``Section .0923,'' ``Section .0924,'' ``Section .0925,'' ``Section
.0928,'' ``Section .0930,'' ``Section .0931,'' ``Section .0933,''
``Section .0935,'' ``Section .0937,'' ``Section .0943,'' ``Section
.0944,'' ``Section .0945,'' ``Section .0947,'' ``Section .0948,''
``Section .0949,'' ``Section .0951,'' ``Section .0955,'' ``Section
.0956,'' ``Section .0957,'' ``Section .0961,'' ``Section .0962,''
``Section .0963,'' ``Section .0964,'' ``Section .0965,'' ``Section
.0966,'' ``Section .0967,'' and ``Section .0968'' instead of ``Rule
.0901,'' ``Rule .0902,'' ``Rule .0903,'' ``Rule .0906,'' ``Rule
.0909,'' ``Rule .0912,'' ``Rule .0918,'' ``Rule .0919,'' ``Rule
.0922,'' ``Rule .0923,'' ``Rule .0924,'' ``Rule .0925,'' ``Rule
.0928,'' ``Rule .0930,'' ``Rule .0931,'' ``Rule .0933,'' ``Rule
.0935,'' ``Rule .0937,'' ``Rule .0943,'' ``Rule .0944,'' ``Rule
.0945,'' ``Rule .0947,'' ``Rule .0948,'' ``Rule .0949,'' ``Rule
.0951,'' ``Rule .0955,'' ``Rule .0956,'' ``Rule .0957,'' ``Rule
.0961,'' ``Rule .0962,'' ``Rule .0963,'' ``Rule .0964,'' ``Rule
.0965,'' ``Rule .0966,'' ``Rule .0967,'' and ``Rule .0968'' and
therefore inadvertently sought to replace, rather than revise, those
entries. EPA is now correcting that error.

Correction

Sec.  52.1770  [Corrected]

0
In FR Doc. 2023-16600, published at 88 FR 51713 in the issue of August
4, 2023, on page 51715, in the second and third columns, amendatory
instruction 2

for Sec.  52.1770 is corrected to read as follows:
0
2. In Sec.  52.1770, amend the table in paragraph (c)(1) by revising
the entries for ``Rule .0901,'' ``Rule .0902,'' ``Rule .0903,'' ``Rule
.0906,'' ``Rule .0909,'' ``Rule .0912,'' ``Rule .0918,'' ``Rule
.0919,'' ``Rule .0922,'' ``Rule .0923,'' ``Rule .0924,'' ``Rule
.0925,'' ``Rule .0928,'' ``Rule .0930,'' ``Rule .0931,'' ``Rule
.0933,'' ``Rule .0935,'' ``Rule .0937,'' ``Rule .0943,'' ``Rule
.0944,'' ``Rule .0945,'' ``Rule .0947,'' ``Rule .0948,'' ``Rule
.0949,'' ``Rule .0951,'' ``Rule .0955,'' ``Rule .0956,'' ``Rule
.0957,'' ``Rule .0961,'' ``Rule .0962,'' ``Rule .0963,'' ``Rule
.0964,'' ``Rule .0965,'' ``Rule .0966,'' ``Rule .0967,'' and ``Rule
.0968'' to read as follows:

    Dated: August 25, 2023.
Carol Kemker,
Acting Regional Administrator, Region 4.
[FR Doc. 2023-18708 Filed 8-30-23; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register: February 10, 2006 (Volume 71, Number 28)]
[Notices]
[Page 7028]
[DOCID:fr10fe06-59]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. ER98-4643-004, et al.]

Storm Lake Power Partners I, LLC, et al.; Electric Rate and
Corporate Filings

February 3, 2006.
    The following filings have been made with the Commission. The
filings are listed in ascending order within each docket
classification.

1. Storm Lake Power Partners I, LLC; DeGreeffpa, LLC; Bendwind, LLC;
Sierra Wind, LLC; Groen Wind, LLC; Larswind, LLC; TAIR Windfarm, LLC;
Hillcrest Wind, LLC

[Docket Nos. ER98-4643-004; ER06-215-001; ER06-220-001; ER06-221-001;
ER06-222-001; ER06-223-001; ER06-224-001; ER06-225-001]

    Take notice that on January 26, 2006, DeGreeffpa, LLC; Bendwind
LLC; Sierra Wind, LLC; Groen Wind, LLC; Larswind, LLC; TAIR Windfarm,
LLC; Hillcrest Wind, LLC and Storm Lake Power Partners I, LLC
(collectively, Edison Entities), each of which is an indirect
subsidiary of Edison International, tendered for filing in compliance
with reporting requirements in Order No. 652, its indirect affiliation
with the San Juan Mesa Wind Project, LLC and Storm Lake's recent
indirect affiliation with the East Ridge Projects.
    Comment Date: 5 p.m. eastern time on February 16, 2006.

2. California Independent System Operator Corporation; Pacific Gas and
Electric Company

[Docket Nos. ER04-115-006; EL04-47-006; ER04-242-005; EL04-50-004]

    Take notice that on January 27, 2006, the California Independent
System Operator, pursuant to Commission's Order issued on February 2,
2005, is filing its refund report.
    Comment Date: 5 p.m. eastern time on February 17, 2006.

3. American Electric Power Service Corporation

[Docket No. ER06-533-000]

    Take notice that on January 24, 2006, American Electric Power
Service Corporation, as agent for Kentucky Power Company (KPCo)
tendered for filing an interconnection and local delivery service
agreement between KPCo and the city of Olive Hill, Kentucky.
    Comment Date: 5 p.m. eastern time on February 14, 2006.

New England Power Company

[Docket No. ER06-555-000]

    Take notice that on January 27, 2006, New England Power Company
(NEP) tendered for filing a Fourth Revised Service Agreement No. 6
between NEP and its affiliate, Granite State Electric Company.
    Comment Date: 5 p.m. eastern time on February 17, 2006.

Standard Paragraph

    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date. On or
before the comment date, it is not necessary to serve motions to
intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov.
 Persons unable to file electronically should submit an

original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the

``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For

TTY, call<PHONE_NUMBER>.

Magalie R. Salas,
Secretary.
[FR Doc. E6-1850 Filed 2-9-06; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register: July 17, 2006 (Volume 71, Number 136)]
[Notices]
[Page 40567-40568]
[DOCID:fr17jy06-118]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54124; File No. SR-ISE-2005-49]

Self-Regulatory Organizations; International Securities Exchange,
Inc.; Order Approving Proposed Rule Change and Amendment Nos. 1 and 2
Relating to Complex Order Execution

July 11, 2006.

I. Introduction

    On October 4, 2005, the International Securities Exchange, Inc.
(``ISE'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission''), pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to amend ISE Rule 722, ``Complex
Orders,'' to allow the legs of an options-only complex order to be
executed in penny increments. The ISE filed Amendment Nos. 1 and 2 to
the proposal on February 1, 2006, and April 20, 2006, respectively.\3\
The proposed rule change, as amended by Amendment Nos. 1 and 2, was
published for comment in the Federal Register on June 6, 2006.\4\ The
Commission received no comments regarding the proposal, as amended.
This order approves the proposed rule change, as amended.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 2 replaced the initial filing and Amendment
No. 1 in their entirety.
    \4\ See Securities Exchange Act Release No. 53909 (May 31,
2006), 71 FR 32617.
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II. Description of the Proposal

    ISE Rule 722(b)(1) currently allows the options leg(s) of a stock-
option order to be executed in one-cent increments, regardless of the
minimum increment otherwise applicable to the individual options leg(s)
of the order.\5\ The ISE proposes to amend ISE Rule 722(b)(1) to allow
options-only complex orders, as well as stock-option orders, to be
executed in one-cent increments. The proposal retains the existing
requirement under the ISE's rules that allows a complex order to take
priority over established Public Customer interest in the marketplace
only if at least one leg of the complex order trades at a price that is
better than the corresponding bid or offer in the marketplace by at
least one minimum trading increment, as provided in ISE Rule 710.\6\
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    \5\ Under ISE Rule 710, ``Minimum Trading Increments,'' the
minimum trading increment is $.05 for an options contract trading at
less than $3.00 per option and $.10 for an options contract trading
at $3.00 per option or higher.
    \6\ See ISE Rule 722(b)(2).
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III. Discussion

    After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities exchange
and, in particular, with Section 6(b)(5) of the Act,\7\ which requires,
among other things, that the rules of a national securities exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to remove impediments
to, and perfect the mechanism of, a free and open market and a national
market system and, in general, to protect investors and the public
interest.\8\ Specifically, the Commission believes that by allowing
options-only complex orders to be executed in one-cent increments, the
proposal may facilitate the execution of options-only complex orders by
providing a greater number of price points at which such orders may be
executed. As noted above, the ISE's rules will continue to require that
at least one leg of a complex order trade at a price that is better
than the corresponding bid or offer in the marketplace by at least one
minimum trading increment, as provided in ISE Rule 710, when any of the
established bids or offers in the marketplace consists of a Public
Customer limit order.\9\
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    \7\ 15 U.S.C. 78f(b)(5).
    \8\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \9\ See ISE Rule 722(b)(2).
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IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\10\ that the proposed rule change (SR-ISE-2005-49), as amended, is
approved.
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    \10\ 15 U.S.C. 78s(b)(2).

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    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
 [FR Doc. E6-11228 Filed 7-14-06; 8:45 am]

BILLING CODE 8010-01-P