[Federal Register Volume 81, Number 44 (Monday, March 7, 2016)]
[Rules and Regulations]
[Pages 11673-11677]
[FR Doc No: 2016-04897]

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

ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R05-OAR-2014-0860; FRL 9943-31-Region 5]

Air Plan Approval; Wisconsin; Base Year Emission Inventories for
the 2008 8-Hour Ozone Standard

AGENCY: Environmental Protection Agency (EPA).

ACTION: Direct final rule.

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

SUMMARY: The Environmental Protection Agency (EPA) is approving a State
Implementation Plan (SIP) revision submitted by the Wisconsin
Department of Natural Resources (WDNR) on November 14, 2014, to address
emission inventory requirements for the Sheboygan nonattainment area
(Sheboygan area) and the Wisconsin portion (Kenosha area) of the
Chicago-Naperville, Illinois-Indiana-Wisconsin (Chicago-Naperville, IL-
IN-WI) nonattainment area under the 2008 ozone National Ambient Air
Quality Standard (NAAQS or standard). The Clean Air Act (CAA) requires
emission inventories for all ozone nonattainment areas. The emission
inventories contained in Wisconsin's November 14, 2014, submission meet
this CAA requirement.

DATES: This direct final rule is effective on May 6, 2016, unless the
EPA receives

adverse comments by April 6, 2016. If adverse comments are received by
EPA, EPA will publish a timely withdrawal of the direct final rule in
the Federal Register informing the public that the rule will not take
effect.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R05-
OAR-2014-0860 at http://www.regulations.gov or via email to
<EMAIL_ADDRESS>For comments submitted at Regulations.gov,
follow the online instructions for submitting comments. Once submitted,
comments cannot be edited or removed from Regulations.gov. For either
manner of submission, EPA may publish any comment received to its
public docket. Do not submit electronically any information you
consider to be Confidential Business Information (CBI) or other
information whose disclosure is restricted by statute. Multimedia
submissions (audio, video, etc.) must be accompanied by a written
comment. The written comment is considered the official comment and
should include discussion of all points you wish to make. EPA will
generally not consider comments or comment contents located outside of
the primary submission (i.e. on the Web, cloud, or other file sharing
system). For additional submission methods, please contact the person
identified in the FOR FURTHER INFORMATION CONTACT section. For the full
EPA public comment policy, information about CBI or multimedia
submissions, and general guidance on making effective comments, please
visit http://www2.epa.gov/dockets/commenting-epa-dockets.

FOR FURTHER INFORMATION CONTACT: Edward Doty, Attainment Planning and
Maintenance Section, Air Programs Branch (AR-18J), Environmental
Protection Agency, Region 5, 77 West Jackson Boulevard, Chicago,
Illinois 60604,<PHONE_NUMBER><EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document, whenever ``we,''
``us,'' or ``our'' is used, we mean the EPA. This SUPPLEMENTARY
INFORMATION section is arranged as follows:

I. The 2008 Ozone NAAQS and Emission Inventory Requirements
II. Wisconsin's Emission Inventories
    A. Base Year
    B. How did the State develop the emission inventories?
III. EPA's Evaluation
    A. Did the State adequately document the derivation of the
emission estimates?
    B. Did the State quality assure the emission estimates?
    C. Did the State provide for public review of the requested SIP
revision?
IV. Final Action
V. Statutory and Executive Order Reviews

I. The 2008 Ozone NAAQS and Emission Inventory Requirements

    On March 12, 2008, EPA promulgated a revised 8-hour ozone NAAQS of
0.075 parts per million (ppm). See 73 FR 16436 (March 27, 2008). The
Sheboygan and Kenosha areas were designated as marginal nonattainment
areas for the 2008 ozone NAAQS. See 77 FR 30088 (May 21, 2012) and 77
FR 34221 (June 11, 2012). The Sheboygan area is Sheboygan County. The
Kenosha area is the portion of Kenosha County bounded by the Illinois/
Wisconsin border (Kenosha County border) on the south, Lake Michigan on
the east, the Kenosha County/Racine County border on the north, and the
Interstate 94 (I-94) corridor (including all of the I-94 corridor) on
the west. Both of these areas are classified as marginal nonattainment
for the 2008 ozone standard.
    CAA sections 172(c)(3) and 182(a)(1), 42 U.S.C. 7502(c)(3) and
7511a(a)(1), require states to develop and submit, as SIP revisions,
emission inventories for all areas designated as nonattainment for the
ozone NAAQS. An emission inventory for ozone is an estimation of actual
emissions of air pollutants that contribute to the formation of ozone
in an area. Ozone is a gas that is formed by the reaction of Volatile
Organic Compounds (VOC) and Oxides of Nitrogen (NOX) in the
atmosphere in the presence of sunlight. VOC and NOX are
referred to as ozone precursors. Therefore, an emission inventory for
ozone focuses on the emissions of VOC and NOX. VOC is
emitted by many types of pollution sources, including power plants,
industrial sources, on-road and off-road mobile sources, smaller
stationary sources, collectively referred to as area sources, and
biogenic sources.\1\ NOX is primarily emitted by combustion
sources, both stationary and mobile.
---------------------------------------------------------------------------

    \1\ Biogenic emissions are produced by living organisms and are
typically not included in the base year emission inventories, but
are considered in ozone modeling analyses, which must consider all
emissions in a modeled area.
---------------------------------------------------------------------------

    The emission inventories provide emissions data for a variety of
air quality planning tasks, including establishing baseline emission
levels for anthropogenic (manmade) emissions associated with ozone
standard violations, calculating emission reduction targets needed to
attain the NAAQS and achieving reasonable further progress toward
attainment of the ozone standard (not required in the areas considered
here), determining emission inputs for ozone air quality modeling
analyses, and tracking emissions over time to determine progress toward
achieving air quality and emission reduction goals. As stated above,
the CAA requires the states to submit emission inventories for areas
designated as nonattainment for ozone. For the 2008 ozone NAAQS, EPA
has recommended that states submit typical summer day emission
estimates for 2011 (78 FR 34178, 34190, June 6, 2013). However, EPA
also allows states to submit base year emissions for other years during
a recent ozone standard violation period. States are required to submit
estimates of VOC and NOX emissions for four general classes
of anthropogenic sources: Stationary point sources; area sources; on-
road mobile sources; and off-road mobile sources. The base year
emission inventories must be submitted for ozone nonattainment within
two years after EPA designates nonattainment areas for a new ozone
standard.

II. Wisconsin's Emission Inventories

    Tables 1 and 2 summarize the 2011 VOC and NOX emissions
in the Wisconsin ozone nonattainment areas for a typical summer day.\2\
---------------------------------------------------------------------------

    \2\ The highest ozone concentrations are typically monitored
during the summer months and, in Wisconsin, ozone standard
exceedances are typically monitored during the months of July
through September.

            Table 1--Sheboygan County 2011 Emission Inventory
                             [Tons per day]
------------------------------------------------------------------------
               Source type                      VOC             NOX
------------------------------------------------------------------------
Point...................................            2.63           11.73
Area....................................            7.35            1.35
On-Road Mobile..........................            2.49            5.18

Off-Road Mobile.........................            4.36            3.26
                                         -------------------------------
    Totals..............................           16.83           21.52
------------------------------------------------------------------------

              Table 2--Kenosha Area 2011 Emission Inventory
                             [Tons per day]
------------------------------------------------------------------------
               Source type                      VOC             NOX
------------------------------------------------------------------------
Point...................................            0.70            8.80
Area....................................            4.78            1.09
On-Road Mobile..........................            2.14            4.67
Off-Road Mobile.........................            2.42            2.33
                                         -------------------------------
    Totals..............................           10.04           16.89
------------------------------------------------------------------------

A. Base Year

    WDNR chose 2011 as the base year for these emission inventories, as
recommended by EPA.

B. How did the State develop the emission inventories?

    The point source NOX and VOC emissions were derived from
facility-reported emissions for 2011. Wisconsin requires major source
facilities to report emissions annually. WDNR used seasonal process-
level source activity information contained in the annual emission
reports along with emission control information to calculate both the
summer day emissions and the annual emissions for each facility. The
source location and emissions data contained in the facility emission
reports were used to determine the emissions specific to the Sheboygan
and Kenosha areas.
    The 2011 area source emissions were derived using the 2011 National
Emissions Inventory (NEI), version 2, emission estimates for Sheboygan
and Kenosha Counties. The area source emissions data have been derived
for each appropriate Source Classification Code (SCC) covered by the
NEI for Sheboygan and Kenosha Counties. The WDNR used various source
surrogate data, such as population, land use data, and employment
source sector or SCC, to allocate the area source emissions to the
nonattainment portion of Kenosha County. The emission inventory
documentation contained in Appendix 5 of Wisconsin's submittal includes
documentation explaining how the emissions were derived for each area
source type.
    On-road mobile source emissions were determined using EPA's Motor
Vehicle Emission Simulator (MOVES), version MOVES2010b, Vehicle Miles
Traveled (VMT) and other vehicle class-specific data supplied by the
Southeastern Wisconsin Regional Planning Commission (SEWRPC), the Bay-
Lake Regional Planning Commission (BLRPC), the metropolitan planning
organizations that cover the two ozone nonattainment areas, and the
Wisconsin Department of Transportation.
    Non-road mobile source emissions were derived by dividing the
various area source types into two groups: (1) Commercial marine
vessels, aircraft, and railroads (collectively referred to as MAR); and
(2) all other non-road source types. For the aircraft and railroad
components of the MAR, the WDNR relied on the emissions for these
source types contained in EPA's 2011 NEI, version 1. For commercial
marine vessel emissions, the WDNR used emissions derived by the Lake
Michigan Air Directors Consortium (LADCO), but used the county-specific
commercial marine vessel emissions in the 2011 NEI to allocate the
LADCO-supplied commercial marine vessel emissions to the Sheboygan and
Kenosha ozone nonattainment areas. For the non-MAR area source
emissions, the WDNR used the National Mobile Inventory Model (NMIM) to
generate annual and summer day NOX and VOC emissions for
each non-road mobile source type.
    To quality assure (QA) and quality check (QC) the emission
estimates, the WDNR developed a quality assurance plan. This plan was
applied for each source category and source type to ensure accuracy,
completeness, comparability, and representativeness of the estimated
emissions. One of the major quality assurance procedures employed was
the comparison of the calculated emissions to emissions data contained
in the 2011 NEI.

III. EPA's Evaluation

    EPA has reviewed Wisconsin's November 14, 2014, requested SIP
revision for consistency with CAA and EPA emission inventory
requirements. In particular, EPA has reviewed the techniques used by
the WDNR to derive and quality assure the emission estimates. EPA has
also determined whether Wisconsin has provided the public with the
opportunity to review and comment on the development of the emission
estimates and whether the State has addressed all public comments.

A. Did the State adequately document the derivation of the emission
estimates?

    The State documented the general procedures used to estimate the
emissions for each of the major source types. The documentation of the
emission estimation procedures is adequate for us to determine that
Wisconsin followed acceptable procedures to estimate the emissions.

B. Did the State quality assure the emission estimates?

    As noted above, WDNR developed a quality assurance plan and
followed this plan during various phases of the emissions estimation
and documentation process to QA and QC the emissions for completeness
and accuracy. The quality assurance procedures have been determined to
be adequate and acceptable. We conclude that Wisconsin has developed
inventories of VOC and NOX emissions that are comprehensive
and complete.

C. Did the State provide for public review of the requested SIP
revision?

    WDNR notified the public of the opportunity for comment both in
newspapers and on the WDNR Web site. A public hearing was held on
September 25, 2014, and WDNR provided for the review of written
comments received outside of the public hearing. The only comments
received were those from EPA, and WDNR addressed those comments through
revisions reflected in the final emission inventories and associated
documentation.

IV. Final Action

    We are approving a Wisconsin SIP revision submitted to address the
ozone-related emission inventory requirements for the Sheboygan and
Kenosha areas for the 2008 ozone NAAQS. The emission inventories we are
approving into the SIP are specified in Tables 1 and 2 above. We are
approving the emission inventories because they contain comprehensive,
accurate, and current inventories of actual emissions for all relevant
VOC and NOX sources in accordance with CAA sections
172(c)(3) and 182(a) and because Wisconsin adopted the emission
inventories after providing for reasonable public notice and a public
hearing.
    We are publishing this action without prior proposal because we
view this as a noncontroversial amendment and anticipate no adverse
comments. However, in the proposed rules section of this Federal
Register publication, we are publishing a separate document that will
serve as the proposal to approve the state plan if relevant adverse
written comments are filed. This rule is effective on May 6, 2016
without further notice unless we receive relevant adverse written
comments by April 6, 2016. If we receive such comments, we will
withdraw this action before the effective date by publishing a
subsequent document withdrawing the final action. All public comments
received will then be addressed in a subsequent final rule based on the
proposed action. EPA will not institute a second comment period. Any
parties interested in commenting on this action should do so at this
time. Please note that if EPA receives adverse comment on an amendment,
paragraph, or section of this rule and if that provision may be severed
from the remainder of the rule, EPA may adopt as final those provisions
of the rule that are not the subject of an adverse comment. If we do
not receive any comments, this action will be effective May 6, 2016.

V. Statutory and Executive Order Reviews

    Under the CAA, the Administrator is required to approve a SIP
submission that complies with the provisions of the CAA and applicable
Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a). Thus, in
reviewing SIP submissions, EPA's role is to approve state choices,
provided that they meet the criteria of the CAA. Accordingly, this
action merely approves state law as meeting Federal requirements and
does not impose additional requirements beyond those imposed by state
law. For that reason, this action:
     Is not a ``significant regulatory action'' subject to
review by the Office of Management and Budget under Executive Orders
12866 (58 FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21,
2011);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the CAA; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).
    In addition, the SIP is not approved to apply on any Indian
reservation land or in any other area where EPA or an Indian tribe has
demonstrated that a tribe has jurisdiction. In those areas of Indian
country, the rule does not have tribal implications and will not impose
substantial direct costs on tribal governments or preempt tribal law as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000).
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the CAA, petitions for judicial review
of this action must be filed in the United States Court of Appeals for
the appropriate circuit by May 6, 2016. Filing a petition for
reconsideration by the Administrator of this final rule does not affect
the finality of this action for the purposes of judicial review nor
does it extend the time within which a petition for judicial review may
be filed, and it shall not postpone the effectiveness of such rule or
action. Parties with objections to this direct final rule are
encouraged to file a comment in response to the parallel notice of
proposed rulemaking for this action published in the proposed rules
section of today's Federal Register, rather than file an immediate
petition for judicial review of this direct final rule, so that EPA can
withdraw this direct final rule and address the comment in the proposed
rulemaking. This action may not be challenged later in proceedings to
enforce its requirements. (See section 307(b)(2).)

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Carbon monoxide,
Incorporation by reference, Intergovernmental relations, Nitrogen
dioxide, Ozone, Reporting and recordkeeping requirements, Volatile
organic compounds.

    Dated: February 22, 2016.
Robert A. Kaplan,
Acting Regional Administrator, Region 5.

    40 CFR part 52 is amended as follows:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

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

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

0
2. Section 52.2585 is amended by adding paragraph (dd) to read as
follows:

Sec.  52.2585  Control strategy: Ozone.

* * * * *
    (dd) On November 14, 2014, Wisconsin submitted 2011 volatile
organic compounds and oxides of nitrogen emission inventories for the
Sheboygan County and Wisconsin portion (Kenosha area) of the Chicago-
Naperville, Illinois-Indiana-Wisconsin nonattainment areas for the 2008
ozone national ambient air quality standard as a revision of the
Wisconsin state implementation plan. The documented emission
inventories are approved as a revision of the State's implementation
plan.

[FR Doc. 2016-04897 Filed 3-4-16; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register: December 28, 2009 (Volume 74, Number 247)]
[Notices]
[Page 68651-68653]
[DOCID:fr28de09-102]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61201; File No. SR-NYSE-2009-127]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Extending the Pilot Program That Offers Liquidity Takers a Reduced
Transaction Fee Structure for Certain Bond Trades Executed on the NYSE
Bonds System and Retiring the Liquidity Provider Credit Pilot Program

December 18, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on December 17, 2009, the New York Stock Exchange LLC (``NYSE'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Exchange has designated this proposal as one establishing or changing a
due, fee, or other charge imposed by the Exchange under Section
19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\
which renders the proposal effective upon filing with the Commission.
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange proposes to extend the pilot program that offers
liquidity takers a reduced transaction fee structure for certain bond
trades executed on the NYSE BondsSM system (``NYSE Bonds'')
to June 30, 2010, and retire the pilot program that issues liquidity
providers a $20 credit for certain bond trades executed on NYSE Bonds
with an execution size of less than 20 bonds that is due to expire on
December 31, 2009. The text of the proposed rule change is available on
the NYSE's Web site (http://www.nyx.com), on the Commission's Web site
(http://www.sec.gov), at the Exchange's principal office, and at the
Commission's Public Reference Room.

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

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

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

1. Purpose
    The New York Stock Exchange LLC (the ``Exchange'' or the ``NYSE'')
proposes to: (1) Extend the pilot program that offers liquidity takers
a reduced transaction fee structure for certain bond trades executed on
the NYSE BondsSM system (``NYSE Bonds'') to June 30, 2010,
and (2) retire the pilot program that issues liquidity providers a $20
credit for certain bond trades executed on NYSE Bonds with an execution
size of less than 20 bonds that is due to expire on December 31, 2009.

Liquidity Taker Pilot Program

    The Exchange's pilot program reduces transaction fees charged to
liquidity takers for transactions executed on NYSE Bonds with a
staggered transaction fee schedule based on the number of bonds
purchased or sold in excess of ten (10) bonds. Currently, the
transaction fee for orders that take liquidity from the market is $.50
per bond. This fee remains unchanged for orders up to ten (10) bonds.
The extended fee filing pilot program provides for the following
transaction fee schedule: (1) When the liquidity taker purchases or
sells from one to ten (10) bonds, the Exchange will charge an execution
fee of $0.50 per bond; (2) when the liquidity taker purchases or sells
from eleven (11) to twenty-five (25) bonds, the Exchange will charge an
execution fee of $0.20 per bond, and (3) when the liquidity taker
purchases or sells twenty-six (26) bonds or more, the Exchange will
charge an execution fee of $0.10 per bond.
    For example, if a liquidity taker purchases or sells five (5)
bonds, the Exchange will charge $.50 per bond, or a total of $2.50 for
execution fees. If a liquidity taker purchases or sells twenty (20)
bonds, the Exchange will charge $.20 per bond or a total of $4.00 for
execution fees. If a liquidity taker purchases or sells thirty (30)
bonds, the Exchange will charge $.10 per bond or a total of $3.00 for
execution fees.
    The Exchange will continue to impose a $100 execution fee cap per
transaction.
    The Exchange seeks to file with the Commission, a proposal to make
this liquidity taker program permanent. Accordingly, the Exchange
proposes to extend the pilot program for an additional six (6) months
in order to give the Exchange the necessary time to complete the 19b-4
process regarding the program permanency filing.

Liquidity Taker Pilot Program

    In December 2007, the Exchange initiated a four-month pilot program
that issued liquidity providers a $20 credit for certain bond trades
executed on the NYSE Bonds with an execution size of less than 20
bonds.\5\ This pilot program was extended twice with the most recent
expiration date of December 31, 2009.\6\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 56894 (December 7,
2007), 72 FR 70362 (December 11, 2007) (SR-NYSE-2007-107).
    \6\ See Securities Exchange Act Release Nos. 57617 (April 4,
2008), 73 FR 19542 (April 10, 2008) (SR-NYSE-2008-25) and 59177
(December 30, 2008), 74 FR 747 (January 7, 2009) (SR-NYSE-2008-136).
---------------------------------------------------------------------------

    The purpose of establishing a $20 credit program for liquidity
providers was to incentivize them to display the best price available
on NYSE Bonds. However, during the operation of this pilot, no
significant liquidity was generated. This is not the case with the
pilot program for liquidity takers. Accordingly, the Exchange proposes
that the pilot program for liquidity providers be retired on its
expiration date of December 31, 2009, and be removed from the NYSE
Price List.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act \7\ in general and Section
6(b)(4) of the Act \8\ in particular, in that it is designed to provide
for the equitable allocation of reasonable dues, fees and other charges
among its members and other persons using its facilities.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f.
    \8\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.

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

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

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

    Because the foregoing rule change establishes or changes a due,
fee, or other charge imposed by the Exchange, it has become effective
pursuant to Section 19(b)(3)(A) of the Act \9\ and subparagraph (f)(2)
of Rule 19b-4 thereunder.\10\ At any time within 60 days of the filing
of the proposed rule change, the Commission may summarily abrogate such
rule change if it appears to the Commission that such action is
necessary or appropriate in the public interest, for the protection of
investors, or otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NYSE-20098-127 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-NYSE-2009-127. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written

communications relating to the proposed rule change between the
Commission and any person, other than those that may be withheld from
the public in accordance with the provisions of 5 U.S.C. 552, will be
available for inspection and copying in the Commission's Public
Reference Room, 100 F Street, NE., Washington, DC 20549, on official
business days between the hours of 10 a.m. and 3 p.m. Copies of such
filing also will be available for inspection and copying at the
principal office of NYSE. 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-NYSE-2009-127 and should be submitted on or before January 19, 2010.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-30616 Filed 12-24-09; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 154 (Friday, August 9, 2013)]
[Notices]
[Pages 48742-48744]
[FR Doc No: 2013-19259]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70109; File No. SR-MIAX-2013-38]

Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend the MIAX Options Fee Schedule

August 5, 2013.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on July 23, 2013, Miami International Securities Exchange LLC
(``Exchange'' or ``MIAX'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the self-
regulatory organization. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange is filing a proposal to amend the MIAX Options Fee
Schedule (the ``Fee Schedule'') to allow certain Lead Market Makers
(``LMMs'') to be allocated Marketing Fees for orders directed to that
LMM.
    The text of the proposed rule change is available on the Exchange's
Web site at http://www.miaxoptions.com/filter/wotitle/rule_filing, at
MIAX's principal office, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend its marketing fee.\3\ The marketing
fee is assessed on certain transactions of all Market Makers.\4\ The
funds collected via this marketing fee are then put into pools
controlled by Primary Lead Market Makers (``PLMMs'') and LMMs. The PLMM
or LMM controlling a certain pool of funds can then determine the
Electronic Exchange Member(s) (``EEM'') to which the funds should be
directed in order to encourage such EEM(s) to send orders to the
Exchange. In accordance with Exchange Rule 514, an EEM can designate an
order (``Directed Order'') to a specific LMM.
---------------------------------------------------------------------------

    \3\ The proposal is based on a substantially similar filing by
the Chicago Board Options Exchange, Incorporated. See Securities
Exchange Act Release No. 68131 (November 1, 2012), 77 FR 67032
(November 8, 2012) (SR-CBOE-2012-101).
    \4\ See MIAX Options Fee Schedule, Section (1)(b), entitled
Marketing Fee for more detail regarding the marketing fee. The
Exchange is also proposing [sic] changes to its Directed Order
program in order to allow LMMs in unassigned options classes to
receive Directed Orders in a related companion filing SR-MIAX-2013-
20. See Securities Exchange Act Release No. 69507 (May 3, 2013), 78
FR 27269 (May 9, 2013) (SR-MIAX-2013-20).
---------------------------------------------------------------------------

    Currently, Section 1(b) of the Fee Schedule, which relates to the
marketing fee, states that an LMM will only be given access to
marketing fee funds generated from a Directed Order if the LMM has an
appointment in the class in which the Directed Order is received and
executed. However, other options exchanges allow an LMM (or similar
position) to have access to the marketing fee funds generated from a
Directed Order (or similar order type) regardless of whether the LMM
has an appointment in a class in which the Directed Order is received
and executed.\5\ The Exchange has determined to offer similar
functionality on MIAX in order to be on even competitive footing as
these other exchanges.\6\
---------------------------------------------------------------------------

    \5\ See CBOE Fees Schedule, fn. 6; NASDAQ OMX Phlx, LLC
(``Phlx'') Pricing Schedule, section on Payment for Order Flow Fee;
NYSE Amex Options Fee Schedule, fn. 10; International Securities
Exchange, LLC (``ISE'') Schedule of Fees, Section IV(D). None of
which contain requirements that a PLMM or LMM (or similar position)
have an appointment in the class in which a Directed Order (or
similar order type) is received and executed in order to have access
to the marketing fee funds generated from that Preferred order.
    \6\ See Securities Exchange Act Release No. 69507 (May 3, 2013),
78 FR 27269 (May 9, 2013) (SR-MIAX-2013-20).
---------------------------------------------------------------------------

    The Exchange proposes amending the Fee Schedule to allow qualifying
LMMs to receive an allocation of marketing fees generated by Directed
Orders sent to the qualifying LMM. Specifically, the Exchange proposes
that for an LLM to qualify to be allocated Marketing Fees for Directed
Orders for an applicable month, the LMM must either: (i) Have an
appointment in the relevant option class at the time of being directed
the order; or (ii) for the month preceding the applicable month (the
``qualifying month'') have an appointment as an LMM for at least ten
(10) trading days in a minimum of fifty percent (50%) of the option
classes listed on the Exchange for the entire qualifying month. The
first prong is a carry-over from the current requirements and thus no
change is proposed to this means of qualification. The Exchange
proposes in the second prong a new means of qualifying for allocation
of marketing fees, one which would allow qualifying LMMs without an
appointment in the relevant class access to marketing fees. The
Exchange designed the additional means of qualifying for access to
marketing fee funds to be an appropriate counterbalance to the benefit
of being allocated marketing fees. The Exchange believes that
qualifying LMMs have demonstrated a commitment to providing liquidity
on the Exchange through meeting the quoting and other regulatory
obligations required of an LMM in either the relevant option class or a
significant portion of option classes traded on the Exchange (i.e.,
50%) for a significant portion of the previous trading month (i.e., 10
trading days). In contrast, the Exchange proposes that orders directed
to non-qualifying LMMs be treated similar to non-directed orders and
the marketing fee be allocated to the PLMM's ``pool.''
    Permitting qualifying LMMs to be allocated marketing fees generated
from a Directed Order would allow LMMs to encourage greater order flow
to be sent to the Exchange. This increased order flow would benefit all
market participants on the Exchange, such as customer orders with
resting orders on the Exchange and LMMs that have an appointment and
quote in the relevant option. Allowing qualifying LMMs to be allocated
marketing fees generated from a Directed Order would provide LMMs with
an incentive to encourage the routing of order flow into classes in
which the LMM otherwise would not (such as classes in which the LMM is
not appointed and quoting). Further, this will also provide LMMs with
more flexibility to change their appointments, as they will not have to
be concerned with whether or not they have made arrangements to pay for
order flow in a

specific class prior to changing appointments.
    The proposed fee changes are to take effect on August 1, 2013.
2. Statutory Basis
    MIAX believes that its proposed rule change is consistent with
Section 6(b) of the Act \7\ in general, and furthers the objectives of
Section 6(b)(5) of the Act \8\ in particular, in that it is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, to remove impediments to and perfect the mechanisms of a
free and open market and a national market system and, in general, to
protect investors and the public interest.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that this proposal removes a requirement that
other exchanges do not share and perfects the mechanism for a free and
open market and a national market system by allowing the Exchange's
marketing fee program to operate in a manner similar to competing
options exchanges. In addition, the proposal promotes just and
equitable principles of trade by encouraging greater order flow to be
sent to the Exchange through Directed Orders in a manner that will
benefit all market participants on the Exchange.
    The Exchange also believes that allowing qualifying LMMs to be
allocated marketing fees generated by a Directed Order is consistent
with Section 6(b)(4) of the Act \9\ which provides that Exchange rules
may provide for the equitable allocation of reasonable dues, fees, and
other charges among its members and other persons using its facilities.
The proposed change is reasonable because it will allow LMMs greater
access to marketing fee funds. The proposed change is equitable and not
unfairly discriminatory because it is designed to allow LMMs to
encourage greater order flow to be sent to the Exchange. A qualifying
LMM could be able to amass a greater pool of funds with which to use to
incent order flow providers to send order flow to the Exchange. This
increased order flow would benefit all market participants on the
Exchange. Further, allowing a qualified LMM to access marketing fee
funds generated from a Directed Order would provide certain LMMs with
an incentive to encourage the routing of order flow into classes in
which the LMM otherwise would not (i.e., classes in which the
qualifying LMM is not appointed and quoting).
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    Additionally, the Exchange designed the qualifying criteria for
LMMs, either (i) having an appointment in the relevant option class the
time of being directed the order or (ii) having an appointment as an
LMM for at least ten (10) trading days in a minimum of fifty percent
(50%) of the option classes listed on the Exchange for the entire
qualifying month, to be an appropriate counterbalance to the benefit of
being allocated marketing fees. The Exchange believes that qualifying
LMMs have demonstrated a commitment to providing liquidity on the
Exchange through meeting the quoting and other regulatory obligations
required of an LMM in either the specific option class or a significant
portion of option classes traded on the Exchange (i.e., 50%) and for a
significant portion of the previous trading month (i.e., 10 trading
days).
    Lastly, the Exchange believes it to be equitable to treat orders
directed to non-qualifying LMMs similar to non-directed order and
allocate any applicable marketing fees to the PLMM's ``pool'' because
the PLMM faces the highest quoting standard of any Market Maker in the
relevant option class.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The proposed rule change would
place the Exchange on equal footing as other exchanges that allow their
LMM equivalents to be allocated marketing fees generated by Directed
Orders, regardless of having an appointment in the relevant option
class. The Exchange believes that such an even playing field will
promote competition among options exchanges.
    The Exchange designed the qualifying criteria for LMMs to be an
appropriate counterbalance to the benefit of being allocated marketing
fees. The Exchange believes that qualifying LMMs have demonstrated a
commitment to providing liquidity on the Exchange through meeting the
quoting and other regulatory obligations required of an LMM in either
the specific option class or a significant portion of option classes
traded on the Exchange (i.e., 50%) and for a significant portion of the
previous trading month (i.e., 10 trading days). The Exchange believes
that the proposal to treat orders directed to non-qualifying LMMs
similar to non-directed order and allocate any applicable marketing
fees to the PLMM's ``pool'' would not create an undue burden on
competition because the PLMM faces the highest quoting standard of any
Market Maker in the relevant option class.
    The Exchange notes that it operates in a highly competitive market
in which market participants can readily direct order flow to competing
venues who offer similar fee structures. Many competing venues offer
similar fee structures to market participants. To this end, the
Exchange is proposing a market enhancement to encourage market
participants to trade on the Exchange. The Exchange believes the
proposed rule change is procompetitive because it would enable the
Exchange to provide member organizations with a fee structure that is
similar to that of other exchanges.

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

    Written comments were neither solicited nor received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\10\ At any time within 60 days of the
filing of the proposed rule change, the Commission summarily may
temporarily suspend such rule change if it appears to the Commission
that such action is necessary or appropriate in the public interest,
for the protection of investors, or otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-MIAX-2013-38 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-MIAX-2013-38. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make publicly available. All
submissions should refer to File Number SR-MIAX-2013-38 and should be
submitted on or before August 30, 2013.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-19259 Filed 8-8-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 155 (Friday, August 12, 2022)]
[Notices]
[Pages 49926-49927]
[FR Doc No: 2022-17465]

=======================================================================
-----------------------------------------------------------------------

UNIFIED CARRIER REGISTRATION PLAN

Sunshine Act Meetings

TIME AND DATE: August 18, 2022, 12:00 p.m. to 2:00 p.m., Eastern time.

PLACE: This meeting will be accessible via conference call and via Zoom
Meeting and Screenshare. Any interested person may call (i) 1-929-205-
6099 (US Toll) or 1-669-900-6833 (US Toll) or (ii) 1-877-853-5247 (US
Toll Free) or 1-888-788-0099 (US Toll Free), Meeting ID: 994 9030 9143,
to listen and participate in this meeting. The website to participate
via Zoom Meeting and Screenshare is https://kellen.zoom.us/meeting/register/tJ0pfumrrjIrHtfXuYMESgBABSaxbGIfmwvE.

STATUS: This meeting will be open to the public.

MATTERS TO BE CONSIDERED: The Unified Carrier Registration Plan
Education and Training Subcommittee (the ``Subcommittee'') will
continue its work

in developing and implementing the Unified Carrier Registration Plan
and Agreement. The subject matter of this meeting will include:

Proposed Agenda

I. Call to Order--Subcommittee Chair

    The Subcommittee Chair will welcome attendees, call the meeting
to order, call roll for the Subcommittee, confirm whether a quorum
is present, and facilitate self-introductions.

II. Verification of Publication of Meeting Notice--UCR Executive
Director

    The UCR Executive Director will verify the publication of the
meeting notice on the UCR website and distribution to the UCR
contact list via email followed by the subsequent publication of the
notice in the Federal Register.

III. Review and Approval of Subcommittee Agenda and Setting of Ground
Rules--Subcommittee Chair

For Discussion and Possible Subcommittee Action

    The Subcommittee Agenda will be reviewed, and the Subcommittee
will consider adoption.

Ground Rules

[rtarr8] Subcommittee action only to be taken in designated areas on
agenda

IV. Review and Approval of Subcommittee Minutes from the June 23, 2022
Subcommittee Meeting--Subcommittee Chair

For Discussion and Possible Subcommittee Action

    Draft minutes from the June 23, 2022, Subcommittee meeting via
teleconference will be reviewed. The Subcommittee will consider
action to approve.

V. Roadside Enforcement Module Video Update--Subcommittee Chair

    The Subcommittee Chair will provide an update on the Roadside
Enforcement Module that describes the steps a roadside law
enforcement officer would use to enforce UCR.

VI. UCR Education and E-Certificate Strategy--Subcommittee Chair

    The Subcommittee Chair will discuss the UCR E-Certificate and
review questions assigned to Subcommittee members.

VII. UCR Volunteer Training Module--UCR Chief Staff Executive

    The UCR Chief Staff Executive will discuss the UCR Volunteer
Training Module.

VIII. Other Business--Subcommittee Chair

    The Subcommittee Chair will call for any other items
Subcommittee members would like to discuss.

IX. Adjournment--Subcommittee Chair

    The Subcommittee Chair will adjourn the meeting.

    The agenda will be available no later than 5:00 p.m. Eastern time,
August 10, 2022 at: https://plan.ucr.gov.

CONTACT PERSON FOR MORE INFORMATION: Elizabeth Leaman, Chair, Unified
Carrier Registration Plan Board of Directors,<PHONE_NUMBER>,
[email protected].

Alex B. Leath,
Chief Legal Officer, Unified Carrier Registration Plan.
[FR Doc. 2022-17465 Filed 8-10-22; 11:15 am]
BILLING CODE 4910-YL-P


[Federal Register Volume 78, Number 150 (Monday, August 5, 2013)]
[Notices]
[Pages 47311-47312]
[FR Doc No: 2013-18781]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 1

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

    Docket Numbers: ER10-2401-003; ER10-2423-003; ER10-2404-003; ER10-
2406-003.
    Applicants: Blue Canyon Windpower II LLC, Flat Rock Windpower LLC,
Flat Rock Windpower II LLC, High Trail Wind Farm, LLC.
    Description: Notice of Non-Material Change in Status of Blue Canyon
Windpower II LLC, et al.
    Filed Date: 7/26/13.
    Accession Number: 20130726-5180.
    Comments Due: 5 p.m. ET 8/16/13.

    Docket Numbers: ER11-4026-002.
    Applicants: Eel River Power LLC.
    Description: Supplement to June 28, 2013 Notice of Change in Status
to be effective 9/26/2013.
    Filed Date: 7/26/13.
    Accession Number: 20130726-5154.
    Comments Due: 5 p.m. ET 8/16/13.

    Docket Numbers: ER12-1320-002.
    Applicants: Desert View Power, Inc.
    Description: Supplement to Notice of Change in Status to be
effective 9/26/2013.
    Filed Date: 7/26/13.
    Accession Number: 20130726-5155.
    Comments Due: 5 p.m. ET 8/16/13.

    Docket Numbers: ER13-1514-000.
    Applicants: Public Service Company of Colorado.
    Description: 2013-07-25--PSC-TSGT Davis Intm CA 341 Comp Filing to
be effective N/A.
    Filed Date: 7/25/13.
    Accession Number: 20130725-5107.
    Comments Due: 5 p.m. ET 8/15/13.

    Docket Numbers: ER13-1793-001.
    Applicants: Hazle Spindle, LLC.
    Description: Hazle Spindle, LLC submits Supplement to July 15, 2013
tariff filing Amendment.
    Filed Date: 7/26/13.
    Accession Number: 20130726-5179.
    Comments Due: 5 p.m. ET 8/16/13.

    Docket Numbers: ER13-2040-000.

    Applicants: California Independent System Operator Corporation.
    Description: California Independent System Operator Corporation
submits 2013-07-26 Payment Rescission Rules for Ancillary Services to
be effective 11-1-2013.
    Filed Date: 7/26/13.
    Accession Number: 20130726-5138.
    Comments Due: 5 p.m. ET 8/16/13.

    Docket Numbers: ER13-2041-000.
    Applicants: Southwest Power Pool, Inc.
    Description: Southwest Power Pool, Inc. submits 1977R3 Nemaha-
Marshall Electric Cooperative NITSA and NOA to be effective 6/27/2013.
    Filed Date: 7/26/13.
    Accession Number: 20130726-5146.
    Comments Due: 5 p.m. ET 8/16/13.

    Docket Numbers: ER13-2042-000
    Applicants: Southwest Power Pool, Inc.
    Description: Southwest Power Pool, Inc. submits 1886R2 Westar
Energy, Inc. NITSA and NOA to be effective 6/27/2013.
    Filed Date: 7/26/13.
    Accession Number: 20130726-5147.
    Comments Due: 5 p.m. ET 8/16/13.

    Docket Numbers: ER13-2043-000.
    Applicants: South Jersey Energy ISO4, LLC.
    Description: South Jersey Energy ISO4, LLC submits Market-Based
Rates Application to be effective 7/27/2013.
    Filed Date: 7/26/13.
    Accession Number: 20130726-5148.
    Comments Due: 5 p.m. ET 8/16/13.

    Docket Numbers: ER13-2044-000.
    Applicants: South Jersey Energy ISO5, LLC.
    Description: South Jersey Energy ISO5, LLC submits Market-Based
Rates Application to be effective 7/27/2013.
    Filed Date: 7/26/13.
    Accession Number: 20130726-5149.
    Comments Due: 5 p.m. ET 8/16/13.

    Docket Numbers: ER13-2045-000.
    Applicants: Northern States Power Company, a Wisconsin corporation.
    Description: 2013-7-29-139-NSPW-CAPX-LaX-WI-CMA-AGMT--Filing to be
effective 12/21/2012.
    Filed Date: 7/29/13.
    Accession Number: 20130729-5029.
    Comments Due: 5 p.m. ET 8/19/13.

    Docket Numbers: ER13-2046-000.
    Applicants: Northern States Power Company, a Wisconsin corporation.
    Description: Northern States Power Company, a Wisconsin corporation
submits tariff filing per 35.13(a)(2)(iii: 2013-7-29-140-NSPW-CAPX-LaX-
WI-OMA-AGMT--Filing to be effective 12/21/2012.
    Filed Date: 7/29/13.
    Accession Number: 20130729-5031.
    Comments Due: 5 p.m. ET 8/19/13.

    Docket Numbers: ER13-2047-000.
    Applicants: Northern States Power Company, a Minnesota corporation.
    Description: 2013-7-29--560-NSP-CAPX-LAX-MN-CMA--Concur-Filing to
be effective 12/21/2012.
    Filed Date: 7/29/13.
    Accession Number: 20130729-5047.
    Comments Due: 5 p.m. ET 8/19/13.

    Take notice that the Commission received the following land
acquisition reports:

    Docket Numbers: LA13-2-000.
    Applicants: Arizona Solar One LLC, Mojave Solar LLC.
    Description: Quarterly Land Acquisition Report of Arizona Solar One
LLC, et al.
    Filed Date: 7/29/13.
    Accession Number: 20130729-5026.
    Comments Due: 5 p.m. ET 8/19/13.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: July 29, 2013.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2013-18781 Filed 8-2-13; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 81, Number 52 (Thursday, March 17, 2016)]
[Notices]
[Pages 14519-14520]
[FR Doc No: 2016-05698]

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

DEPARTMENT OF TRANSPORTATION

Pipeline and Hazardous Materials Safety Administration

Hazardous Materials: Notice of Application for Modification of
Special Permit

AGENCY: Office of Hazardous Materials Safety, Pipeline and Hazardous
Materials Safety Administration (PHMSA), DOT.

ACTION: List of application for modification of special permits.

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

SUMMARY: In accordance with the procedures governing the application
for, and the processing of, special permits from the Department of
Transportation's Hazardous Material Regulations (49 CFR part 107,
subpart B), notice is hereby given that the Office of Hazardous
Materials Safety has received the applications described herein. This
notice is abbreviated to expedite docketing and public notice. Because
the sections affected, modes of transportation, and the nature of
application have been shown in earlier Federal Register publications,
they are not repeated here. Requests for modification of special
permits (e.g. to provide for additional hazardous materials, packaging
design changes, additional mode of transportation, etc.) are described
in footnotes to the application number. Application numbers with the
suffix ``M'' denote a modification request. These applications have
been separated from the new application for special permits to
facilitate processing.

DATES: Comments must be received on or before April 1, 2016.

ADDRESSES: Address Comments To: Record Center, Pipeline and Hazardous
Materials Safety Administration, U.S. Department of Transportation,
Washington, DC 20590.
    Comments should refer to the application number and be submitted in
triplicate. If confirmation of receipt of comments is desired, include
a self-addressed stamped postcard showing the special permit number.

FOR FURTHER INFORMATION CONTACT: Copies of the applications are
available for inspection in the Records Center, East Building, PHH-30,
1200 New Jersey Avenue Southeast, Washington, DC or at http://regulations.gov.
    This notice of receipt of applications for modification of special
permit is published in accordance with Part 107 of the Federal
hazardous materials transportation law (49 U.S.C. 5117(b); 49 CFR
I.53(b)).

    Issued in Washington, DC, February 16, 2016.
Don Burger,
Chief, General Approvals and Permits.

                                          Modification Special Permits
----------------------------------------------------------------------------------------------------------------
                                                                      Regulation(s)     Nature of special permit
   Application No.           Docket No.            Applicant             affected                thereof
----------------------------------------------------------------------------------------------------------------
11378-M..............  .....................  National             49 CFR 173.201;      To modify the special
                                               Aeronautics and      173.226; 173.227;    permit to authorize an
                                               Space                178.61-5; 178.61-    additional hazardous
                                               Administration       20; 173.40.          material.
                                               (NASA),
                                               Washington, DC.
12818-M..............  .....................  Shoreline Marine     49 CFR 173.301(i);   To modify the special
                                               Inc., D.B.A.         173.302.             permit to authorize two
                                               Safetech, Humble,                         additional foreign non-
                                               TX.                                       DOT specification steel
                                                                                cylinders and to
                                                                                clarify certain
                                                                                packaging and
                                                                                operational
                                                                                requirements.
13213-M..............  .....................  Washington State     49 CFR 172.101(10a)  To modify the special
                                               Ferrie, Seattle,                          permit to increase the
                                               WA.                                       quantity of Petroleum
                                                                                gases, liquefied or
                                                                                Liquefied Petroleum Gas
                                                                                from 100 lbs to 143
                                                                                lbs.
14372-M..............  .....................  Shoreline Marine     49 CFR               To modify the special
                                               Inc., dba            173.301(a)(1);       permit to authorize
                                               Safetech, Humble,    173.304.             three additional
                                               TX.                                       foreign non-DOT
                                                                                specification steel
                                                                                cylinders and clarify
                                                                                certain packaging and
                                                                                operational
                                                                                requirements.
14751-M..............  .....................  Univation            49 CFR 173.242.....  To modify the special
                                               Technologies, LLC,                        permit to authorize
                                               Houston, TX.                              adding additional
                                                                                drawings.
15691-M..............  .....................  Department of        49 CFR 180.209.....  To modify the special
                                               Defense, Scotts                           permit to authorize
                                               AFB, IL.                                  clarifying the
                                                                                requirements for the
                                                                                purpose and limitation
                                                                                and safety control
                                                                                measures.
16391-M..............  .....................  Halliburton Energy   49 CFR 173.201,      To modify the special
                                               Services, Inc.,      173.301(f),          permit to increase the
                                               Carrollton, TX.      173.302, 173.304a.   restriction of the
                                                                                service pressure to
                                                                                16,000 psi.
16469-M..............  .....................  ACS UE Testing LLC,  49 CFR 172.203(a),   To modify the special
                                               Denver, CO.          172.301(c),          permit to authorize the
                                                                    180.205.             UE system to perform a
                                                                                3 pass scan.
16555-M..............  .....................  Advance Research     49 CFR               To modify the special
                                               Chemicals, Inc.,     173.227(b)(2)(iii).  permit originally
                                               Catoosa, OK.                              issued on an emergency
                                                                                basis to authorize an
                                                                                additional two years
                                                                                and identify Advance
                                                                                Research Chemicals,
                                                                                Inc. as an offeror of
                                                                                hazardous materials.
16566-M..............  .....................  Sunset Helicopters,  49 CFR               To modify the special
                                               Inc., Aurora, OR.    172.220(b)(1),       permit originally
                                                                    172.200, 172.300,    issued on an emergency
                                                                    172.400, 173.27,     basis to authorize an
                                                                    175.30, 175.33,      additional two years.
                                                                    175.75, Part 173.
16572-M..............  .....................  Samsung Austin       49 CFR 173.158(b),   To modify the special
                                               Semiconductor,       173.158(e),          permit to authorize
                                               LLC, Austin, TX.     173.158(f).          removing unnecessary
                                                                                restrictions contained
                                                                                in paragraph 7.b.
                                                                                safety control
                                                                                measures.

16624-M..............  .....................  AREVA Inc.,          49 CFR               To modify the special
                                               Richland, WA.        173.301(a)(1).       permit originally
                                                                                issued on an emergency
                                                                                basis to authorize an
                                                                                additional two years
                                                                                and clarify certain
                                                                                requirements contained
                                                                                in paragraph 7. safety
                                                                                control measures.
----------------------------------------------------------------------------------------------------------------

[FR Doc. 2016-05698 Filed 3-16-16; 8:45 am]
BILLING CODE 4909-60-M


[Federal Register: March 30, 2006 (Volume 71, Number 61)]
[Notices]
[Page 16148-16149]
[DOCID:fr30mr06-63]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Notice of Applications Accepted for Filing and Soliciting
Comments, Motions To Intervene, and Protests

March 24, 2006.
    Take notice that the following hydroelectric applications have been
filed with the Commission and are available for public inspection:
    a. Type of Applications: Preliminary Permit (Competing).
    b. Applicants, Project Numbers, and Dates Filed:
    Wilkesboro Hydroelectric Company LLC filed the application for
Project No. 12642-000 on January 25, 2006.
    Yadkin Hydropower LLC filed the application for Project No. 12651-
000 on February 9, 2006.
    c. Name of the Project: W. Kerr Scott Hydroelectric Project. The
project would be located on the Yadkin River in Wilkes County, North
Carolina. It would use the U.S. Army Corps of Engineers' (Corps)
existing W. Kerr Scott Dam.
    d. Filed Pursuant to: Federal Power Act, 16 U.S.C. 791a-825r.
    e. Applicants Contacts: For Wilkesboro Hydroelectric Company: M.
Clifford Phillips, Wilkesboro

Hydroelectric Company, 150 North Miller Road Suite 450C, Failawn, Ohio
44333, phone<PHONE_NUMBER>. For Yadkin Hydropower LCC: Mr. Kevin
Edwards, 1000 C&N Smith Mill Road, Stoneville, North Carolina 27048,
phone<PHONE_NUMBER>.
    f. FERC Contact: Chris Yeakel,<PHONE_NUMBER>.
    g. Deadline for Filing Comments, Protests, and Motions to
Intervene: 60 days from the issuance date of this notice.
    The Commission's Rules of Practice and Procedure require all
intervenors filing documents with the Commission to serve a copy of
that document on each person in the official service list for the
project. Further, if an intervenor files comments or documents with the
Commission relating to the merits of an issue that may affect the
responsibilities of a particular resource agency, they must also serve
a copy of the document on that resource agency.
    h. Description of Projects: The project proposed by Wilkesboro
Hydroelectric Company would use the Corps' W. Kerr Scott Dam and would
consist of: (1) A proposed powerhouse containing 2 generating units
with a total installed capacity of 4 megawatts , (2) one proposed 10-
foot-diameter steel penstock, (3) a proposed transmission line, and (4)
appurtenant facilities. The Wilkesboro Hydroelectric Company's W. Kerr
Scott Project would have an average annual generation of 19 gigawatt-
hours and would be sold to a local utility.
    The project proposed by Yadkin Hydropwer, LLC would use the Corps'
W. Kerr Scott Dam and would consist of: (1) A proposed powerhouse
containing 2 generating units with a total installed capacity of 5
megawatts, (2) one proposed 11.5-foot-diameter steel penstock, (3) a
proposed transmission line, and (4) appurtenant facilities. The Yadkin
Hydropower LCC W. Kerr Scott Project would have an average annual
generation of 21.2 gigawatt-hours and would be sold to a local utility.
    i. Locations of Applications: A copy of the application is
available for inspection and reproduction at the Commission in the
Public Reference Room, located at 888 First Street NE, Room 2A,
Washington DC 20426, or by calling<PHONE_NUMBER>. This filing may also
be viewed on the Commission's Web site at http://www.ferc.gov using the

``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. For
assistance, call toll-free 1-866-208-3676 or e-mail
<EMAIL_ADDRESS>For TTY, call<PHONE_NUMBER>. A copy is

also available for inspection and reproduction at the address in item h
above.
    j. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    k. Competing Preliminary Permit: Anyone desiring to file a
competing application for preliminary permit for a proposed project
must submit the competing application itself, or a notice of intent to
file such an application, to the Commission on or before the specified
comment date for the particular application (see 18 CFR 4.36).
Submission of a timely notice of intent allows an interested person to
file the competing preliminary permit application no later than 30 days
after the specified comment date for the particular application. A
competing preliminary permit application must conform with 18 CFR
4.30(b) and 4.36.
    l. Competing Development Application: Any qualified development
applicant desiring to file a competing development application must
submit to the Commission, on or before a specified comment date for the
particular application, either a competing development application or a
notice of intent to file such an application. Submission of a timely
notice of intent to file a development application allows an interested
person to file the competing application no later than 120 days after
the specified comment date for the particular application. A competing
license application must conform with 18 CFR 4.30(b) and 4.36.
    m. Notice of Intent: A notice of intent must specify the exact
name, business address, and telephone number of the prospective
applicant, and must include an unequivocal statement of intent to
submit, if such an application may be filed, either a preliminary
permit application or a development application (specify which type of
application). A notice of intent must be served on the applicant(s)
named in this public notice.
    n. Proposed Scope of Studies under Permit: A preliminary permit, if
issued, does not authorize construction. The term of the proposed
preliminary permit would be 36 months. The work proposed under the
preliminary permit would include economic analysis, preparation of
preliminary engineering plans, and a study of environmental impacts.
Based on the results of these studies, the Applicant would decide
whether to proceed with the preparation of a development application to
construct and operate the project.
    o. Comments, Protests, or Motions to Intervene: Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211,
.214. In determining the appropriate action to take, the Commission
will consider all protests or other comments filed, but only those who
file a motion to intervene in accordance with the Commission's Rules
may become a party to the proceeding. Any comments, protests, or
motions to intervene must be received on or before the specified
comment date for the particular application.
    Comments, protests and interventions may be filed electronically
via the Internet in lieu of paper; See 18 CFR 385.2001(a)(1)(iii) and
the instructions on the Commission's web site under ``e-filing'' link.
The Commission strongly encourages electronic filing.
    p. Filing and Service of Responsive Documents--Any filings must
bear in all capital letters the title ``COMMENTS'', ``RECOMMENDATIONS
FOR TERMS AND CONDITIONS'', ``PROTEST'', OR ``MOTION TO INTERVENE'', as
applicable, and the Project Number of the particular application to
which the filing refers. Any of the above-named documents must be filed
by providing the original and the number of copies provided by the
Commission's regulations to: The Secretary, Federal Energy Regulatory
Commission, 888 First Street, NE., Washington, DC 20426. A copy of any
motion to intervene must also be served upon each representative of the
Applicant specified in the particular application.
    q. Agency Comments: Federal, state, and local agencies are invited
to file comments on the described application. A copy of the
application may be obtained by agencies directly from the Applicant. If
an agency does not file comments within the time specified for filing
comments, it will be presumed to have no comments. One copy of an
agency's comments must also be sent to the Applicant's representatives.

Magalie R. Salas,
Secretary.
[FR Doc. E6-4646 Filed 3-29-06; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 85, Number 163 (Friday, August 21, 2020)]
[Notices]
[Pages 51807-51809]
[FR Doc No: 2020-18336]

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

SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 33972; 812-15095]

Owl Rock Capital Corporation II, et al.

August 17, 2020.
AGENCY:  Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application under Section 6(c) of the Investment
Company Act of 1940 (the ``Act'') for an exemption from Sections
18(a)(2), 18(c), 18(i) and Section 61(a) of the Act.

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

    Summary of Application: Applicants request an order to permit
certain closed-end management investment companies that have elected to
be regulated as business development companies (``BDCs'') to issue
multiple classes of shares with varying sales loads and asset-based
service and/or distribution fees.
    Applicants: Owl Rock Capital Corporation II (the ``Current Fund''),
Owl Rock Core Income Corp. (``ORCIC'') and Owl Rock Capital Advisors
LLC (the ``Investment Adviser'').

DATES:  The application was filed on February 14, 2020 and amended on
May 29, 2020 and June 30, 2020.
    Hearing or Notification of Hearing: An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by emailing the Commission's
Secretary at<EMAIL_ADDRESS>and serving applicants with a
copy of the request by email. Hearing requests should be received by
the Commission by 5:30 p.m. on September 11, 2020 and should be
accompanied by proof of service on the applicants, in the form of an
affidavit, or, for lawyers, a certificate of service. Pursuant to Rule
0-5 under the Act, hearing requests should state the nature of the
writer's interest, any facts bearing upon the desirability of a hearing
on the matter, the reason for the request, and the issues contested.
Persons who wish to be notified of a hearing may request notification
by emailing to the Commission's Secretary at<EMAIL_ADDRESS>
ADDRESSES:  The Commission<EMAIL_ADDRESS>Applicants:
<EMAIL_ADDRESS>
FOR FURTHER INFORMATION CONTACT:  Marc Mehrespand, Senior Counsel, at
(202) 551-8453 or Trace Rakestraw, Branch Chief, at<PHONE_NUMBER>
(Division of Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's website by searching for the file number, or for an
applicant using the Company name box, at http://www.sec.gov/search/search.htm or by calling<PHONE_NUMBER>.

Applicants' Representations

    1. The Current Fund is a Maryland corporation that is an externally
managed, closed-end management investment company and that has elected
to be regulated as a BDC under the Act.\1\ The Current Fund's
investment objective is to generate current income and, to a lesser
extent, capital appreciation.
---------------------------------------------------------------------------

    \1\ Section 2(a)(48) of the Act defines a BDC to be any closed-
end investment company that operates for the purpose of making
investments in securities described in Sections 55(a)(1) through
55(a)(3) of the Act and makes available significant managerial
assistance with respect to the issuers of such securities.
---------------------------------------------------------------------------

    2. ORCIC is a newly-formed Maryland corporation that is expected to
be an externally managed, closed-end management investment company and
that intends to elect to be regulated as a BDC under the Act. Prior to
relying on the relief requested in its application, ORCIC will have
filed an election to be regulated as a BDC under the Act. It is
expected that ORCIC's investment objective will be to generate current
income and, to a lesser extent, capital appreciation by targeting
investment opportunities with favorable risk-adjusted returns.
    3. The Investment Adviser is registered as an investment adviser
under the Investment Advisers Act of 1940 and serves as investment
adviser to the Current Fund. The Investment Adviser is also expected to
serve as the investment adviser to ORCIC.
    4. Applicants seek an order to permit the Funds (defined below) to
offer investors multiple classes of shares, interests or units of
beneficial interest, as the case may be (``Shares''), with varying
sales loads and asset-based service and/or distribution fees.
    5. Applicants request that the order also apply to any continuously
offered registered closed-end management investment company that elects
to be regulated as a BDC that has been previously organized or that may
be organized in the future for which the Investment Adviser or any
entity controlling, controlled by, or under common control with the
Investment Adviser, or any successor in interest to any such entity,\2\
acts as investment

adviser which periodically offers to repurchase its Shares pursuant to
Rule 13e-4 under the Securities Exchange Act of 1934 (``Exchange Act'')
and Section 23(c)(2) of the Act (each, a ``Future Fund'' and together
with the Current Fund and ORCIC, the ``Funds'').\3\
---------------------------------------------------------------------------

    \2\ For purposes of the requested order, ``successor'' is
limited to any entity that results from a reorganization into
another jurisdiction or a change in the type of a business
organization.
    \3\ Any Fund relying on this relief in the future will do so in
compliance with the terms and conditions of the application.
Applicants represent that each entity presently intending to rely on
the requested relief is listed as an applicant.
---------------------------------------------------------------------------

    6. As a BDC, the Current Fund is organized as a closed-end
investment company, but offers its Shares continuously, similar to an
open-end management investment company. The Current Fund has only
issued one class of Shares, but anticipates that, if it receives the
relief requested in its application, it will consider adding additional
classes of Shares to its public offering. Shares of the Funds will not
be offered or traded in a secondary market and will not be listed on
any securities exchange and do not trade on an over-the-counter
system.\4\
---------------------------------------------------------------------------

    \4\ Applicants are not requesting relief with respect to any
Fund listed on a securities exchange. Any Fund which relies on the
relief requested herein will cease relying on such relief upon the
listing of any class of its Shares on a securities exchange.
---------------------------------------------------------------------------

    7. ORCIC anticipates that, if it receives the relief requested in
its application, it will offer multiple classes of Shares upon the
commencement of its offering.
    8. Each Fund is seeking the ability to offer multiple classes of
Shares that may charge differing front-end sales loads, contingent
deferred sales charges (``CDSCs''), an early withdrawal charge
(``Repurchase Fee''), and/or annual asset-based service and/or
distribution fees. Each class of Shares will comply with the provisions
of Rule 2310 of the Financial Industry Regulatory Authority, Inc.
(``FINRA'') Manual (``FINRA Rule 2310'').\5\
---------------------------------------------------------------------------

    \5\ Any reference to FINRA Rule 2310 includes any successor or
replacement rule that may be adopted by FINRA.
---------------------------------------------------------------------------

    9. Any Share of a Fund that is subject to asset-based service or
distribution fees shall convert to a class with no asset based service
or distribution fees upon such Share reaching the applicable sales
charge cap determined in accordance with FINRA Rule 2310. Further, if a
class of Shares were to be listed on an exchange in the future, all
other then-existing classes of Shares of the listing Fund will be
converted into the listed class, without the imposition of any sales
load, fee or other charge.
    10. In order to provide a limited degree of liquidity to
shareholders, Applicants state that each Fund may from time to time
offer to repurchase Shares in accordance with Rule 13e-4 under the
Exchange Act and Section 23(c)(2) of the Act. Applicants state further
that repurchases of each Fund's Shares will be made at such times, in
such amounts and on such terms as may be determined by the applicable
Fund's board of directors or trustees in its sole discretion.
    11. Each Fund will disclose in its prospectus the fees, expenses
and other characteristics of each class of Shares offered for sale by
the prospectus, as is required for open-end, multiple-class funds under
Form N-1A. As if it were an open-end management investment company,
each Fund will disclose fund expenses in shareholder reports,\6\ and
disclose in its prospectus any arrangements that result in breakpoints
in, or elimination of, sales loads.\7\ Each Fund will also comply with
any requirements the Commission or FINRA may adopt regarding disclosure
at the point of sale and in transaction confirmations about the costs
and conflicts of interest arising out of the distribution of open-end
management investment company shares, and regarding prospectus
disclosure of sales loads and revenue sharing arrangements as if those
requirements applied to the Fund.\8\ Each Fund will contractually
require that any distributor of a Fund's Shares comply with such
requirements in connection with the distribution of such Fund's shares.
---------------------------------------------------------------------------

    \6\ See Shareholder Reports and Quarterly Portfolio Disclosure
of Registered Management Investment Companies, Investment Co. Act
Rel. No. 26372 (Feb. 27, 2004) (adopting release).
    \7\ See Disclosure of Breakpoint Discounts by Mutual Funds,
Investment Co. Act Rel. No. 26464 (June 7, 2004) (adopting release).
    \8\ See Confirmation Requirements and Point of Sale Disclosure
Requirements for Transactions in Certain Mutual Funds and Other
Securities, and Other Confirmation Requirement Amendments, and
Amendments to the Registration Form for Mutual Funds, Investment Co.
Act Rel. No. 26341 (Jan. 29, 2004) (proposing release).
---------------------------------------------------------------------------

    12. Distribution fees will be paid pursuant to a plan of
distribution adopted by each Fund in compliance with Rules 12b-1 and
17d-3 under the Act, as if those rules applied to closed-end funds
electing to be regulated as BDCs, with respect to a class (a
``Distribution Plan'').
    13. Each Fund will allocate all expenses incurred by it among the
various classes of Shares based on the respective net assets of the
Fund attributable to each such class, except that the net asset value
and expenses of each class will reflect the expenses associated with
the Distribution Plan of that class (if any), shareholder servicing
fees attributable to a particular class (including transfer agency
fees, if any) and any other incremental expenses of that class.
Expenses of the Fund allocated to a particular class of the Fund's
Shares will be borne on a pro rata basis by each outstanding Share of
that class. Applicants state that each Fund will comply with the
provisions of Rule 18f-3 under the Act as if it were an open-end
management investment company.
    14. Any Fund that imposes a CDSC will comply with the provisions of
Rule 6c-10 (except to the extent a Fund will comply with FINRA Rule
2310 rather than FINRA Rule 2341, as such rule may be amended (``FINRA
Rule 2341'')), as if that rule applied to BDCs. With respect to any
waiver of, scheduled variation in, or elimination of the CDSC, a Fund
will comply with the requirements of Rule 22d-1 under the Act as if the
Fund were an open-end management investment company. Each Fund also
will disclose CDSCs in accordance with the requirements of Form N-1A
concerning CDSCs as if the Fund were an open-end management investment
company.
    15. Funds may impose a Repurchase Fee at a rate no greater than 2%
of the shareholder's repurchase proceeds if the interval between the
date of purchase of the Shares and the valuation date with respect to
the repurchase of such Shares is less than a specified period. Any
Repurchase Fee will apply equally to all shareholders of the applicable
Fund, regardless of class, consistent with Section 18 of the Act and
Rule 18f-3 under the Act. To the extent a Fund determines to waive,
impose scheduled variations of, or eliminate any Repurchase Fees, it
will do so consistently with the requirements of Rule 22d-1 under the
Act as if the Repurchase Fee were a CDSC and as if the Fund were an
open-end investment company and the Fund's waiver of, scheduled
variation in, or elimination of, the Repurchase Fee will apply
uniformly to all shareholders of the Fund.

Applicants' Legal Analysis

Multiple Classes of Shares

    1. Section 18(a)(2) of the Act provides that a closed-end
investment company may not issue or sell a senior security that is a
stock unless certain requirements are met. Applicants state that the
creation of multiple classes of shares of the Funds may violate Section
18(a)(2), which is made applicable to BDCs through Section 61(a) of the
Act, because the Funds may not meet such requirements with respect to a
class of shares that may be a senior security.

    2. Section 18(c) of the Act provides, in relevant part, that a
closed-end investment company may not issue or sell any senior security
if, immediately thereafter, the company has outstanding more than one
class of senior security. Applicants state that the creation of
multiple classes of Shares of the Funds may be prohibited by Section
18(c), which is made applicable to BDCs through Section 61(a) of the
Act, as a class may have priority over another class as to payment of
dividends because shareholders of different classes would pay different
fees and expenses.
    3. Section 18(i) of the Act provides that each share of stock
issued by a registered management investment company will be a voting
stock and have equal voting rights with every other outstanding voting
stock. Applicants state that multiple classes of shares of the Funds
may violate Section 18(i) of the Act, which is made applicable to BDCs
through Section 61(a) of the Act, because each class would be entitled
to exclusive voting rights with respect to matters solely related to
that class.
    4. Section 6(c) of the Act provides that the Commission may exempt
any person, security or transaction or any class or classes of persons,
securities or transactions from any provision of the Act, or from any
rule or regulation under the Act, if and to the extent such exemption
is necessary or appropriate in the public interest and consistent with
the protection of investors and the purposes fairly intended by the
policy and provisions of the Act. Applicants request an exemption under
Section 6(c) from Sections 18(a)(2), 18(c) and 18(i) (which are made
applicable to BDCs by Section 61(a) of the Act) to permit the Funds to
issue multiple classes of Shares.
    5. Applicants submit that the proposed allocation of expenses
relating to distribution and voting rights among multiple classes is
equitable and will not discriminate against any group or class of
shareholders. Applicants submit that the proposed arrangements would
permit a Fund to facilitate the distribution of its Shares and provide
investors with a broader choice of fee options. Applicants assert that
the proposed BDC multiple class structure does not raise the concerns
underlying Section 18 of the Act to any greater degree than open-end
management investment companies' multiple class structures that are
permitted by Rule 18f-3 under the Act.

Applicants' Condition

    Applicants agree that any order granting the requested relief will
be subject to the following condition:
    1. Each Fund will comply with the provisions of Rules 6c-10 (except
to the extent a Fund will comply with FINRA Rule 2310 rather than FINRA
Rule 2341), 12b-1, 17d-3, 18f-3, 22d-1, and, where applicable, 11a-3
under the Act, as amended from time to time, or any successor rules
thereto, as if those rules applied to BDCs. In addition, each Fund will
comply with FINRA Rule 2310, as amended from time to time, or any
successor rule thereto, and will make available to any distributor of a
Fund's shares all of the information necessary to permit the
distributor to prepare client account statements in compliance with
FINRA Rule 2231.

    For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-18336 Filed 8-20-20; 8:45 am]
BILLING CODE 8011-01-P