[Federal Register: October 4, 2006 (Volume 71, Number 192)]
[Rules and Regulations]
[Page 58499-58504]
[DOCID:fr04oc06-9]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 63

[EPA-HQ-OAR-2003-0178; FRL-8227-5]
RIN 2060-AM72

National Emission Standards for Hazardous Air Pollutants:
Miscellaneous Coating Manufacturing

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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SUMMARY: This action promulgates amendments to the national emission
standards for hazardous air pollutants for miscellaneous coating
manufacturing. The amendments clarify that coating manufacturing means
the production of coatings using operations such as mixing and
blending, not reaction or separation processes used in chemical
manufacturing. The amendments extend the compliance date for certain
coating manufacturing equipment that is also part of a chemical
manufacturing process unit. The amendments also clarify that operations
by end users that modify a purchased coating prior to application at
the purchasing facility are exempt. These changes clarify applicability
of the rule and minimize the compliance burden.

EFFECTIVE DATE: October 4, 2006.

ADDRESSES: EPA has established a docket for this action under Docket ID
No. EPA-HQ-OAR-2003-0178. All documents in the docket are listed on the
http://www.regulations.gov Web site. Although listed in the index, some

information is not publicly available, e.g., confidential business
information or other information whose disclosure is restricted by
statute. Certain other material, such as copyrighted material, is not
placed on the Internet and will be publicly available only in hard copy
form. Publicly available docket materials are available either
electronically through http://www.regulations.gov or in hard copy at

the Air and Radiation Docket, Docket ID No. EPA-HQ-OAR-2003-0178, EPA/
DC, EPA West Building, Room B-102, 1301 Constitution Ave., NW.,
Washington, DC. The Public Reading Room is open from 8:30 a.m. to 4:30
p.m., Monday through Friday, excluding legal holidays. The telephone
number for the Public Reading Room is<PHONE_NUMBER>, and the telephone
number for the Air and Radiation Docket is<PHONE_NUMBER>.

    Note: The EPA Docket Center suffered damage due to flooding
during the last week of June 2006. The Docket Center is continuing
to operate. However, during the cleanup, there will be temporary
changes to Docket Center telephone numbers, addresses, and hours of
operation for people who wish to visit the Public Reading Room to
view documents. Consult EPA's Federal Register notice at 71 FR 38147
(July 5, 2006) or the EPA Web site at http://www.epa.gov/epahome/dockets.htm
 for current information on docket status, locations, and

telephone numbers.

FOR FURTHER INFORMATION CONTACT: Mr. Randy McDonald, Office of Air
Quality Planning and Standards, Sector Policies and Programs Division,
Coatings and Chemicals Group (E143-01), U.S. EPA, Research Triangle
Park, NC 27711; telephone number:<PHONE_NUMBER>; fax number: (919)
541-0246; e-mail address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Regulated Entities. The regulated category
and entities affected by this action include:

------------------------------------------------------------------------
                                                         Examples of
            Category                 NAICS Code*      regulated entities
------------------------------------------------------------------------
Industry........................  3255, 3259.......  Manufacturers of
                                                      paints, coatings,
                                                      adhesives, or
                                                      inks.
------------------------------------------------------------------------
*North American Industry Classification System

    This table is not intended to be exhaustive, but rather provides a
guide for readers likely to be interested in the revisions to the rule
affected by this action. To determine whether your facility, company,
business, organization, etc., is regulated by this action, you should
carefully examine all of the applicability criteria in 40 CFR 63.7985
of subpart HHHHH (national emission standards for hazardous air
pollutants (NESHAP) for miscellaneous coating manufacturing), as well
as in today's amendment to the definitions section. If you have
questions regarding the applicability of the amendments to a particular
entity, consult either the air permit authority for the entity or your
EPA regional representative as listed in 40 CFR 63.13 of subpart A
(General Provisions).
    World Wide Web (WWW). In addition to being available in the docket,
an electronic copy of the final action will also be available on the
WWW through the Technology Transfer Network (TTN). Following signature,
a copy of the final action will be posted on the TTN policy and
guidance page for newly proposed or promulgated rules at http://www.epa.gov/ttn/oarpg.
 The TTN provides information and technology exchange in

various areas of air pollution control.
    Judicial Review. Under section 307(b)(1) of the Clean Air Act
(CAA), judicial review of the final amendments is available only by
filing a petition for review in the United States Court of Appeals for
the District of Columbia Circuit by December 4, 2006. Under section
307(d)(7)(B) of the CAA, only an objection to the final amendments that
was raised with reasonable specificity during the period for public
comment may be raised during judicial review. Moreover, under section
307(b)(2) of the CAA, the requirements established by the final
amendments may not be challenged separately in any civil or criminal
proceedings brought by EPA to enforce these requirements.
    Section 307(d)(7)(B) of the CAA further provides that ``[o]nly an
objection to a rule or procedure which was raised with reasonable
specificity during the period for public comment (including any public
hearing) may be raised during judicial review.'' This section also
provides a mechanism for us to convene a proceeding for
reconsideration, ``[i]f the person raising an objection can demonstrate
to the EPA that it was impracticable to raise such objection within
[the period for public comment] or if the grounds for such objection
arose after the period for public comment (but within the time
specified for judicial review) and if such objection is of central
relevance to the outcome of the rule.'' Any person seeking to make such
a demonstration to us should submit a Petition for Reconsideration to
the Office of the Administrator, U.S. EPA, Room 3000, Ariel Rios
Building, 1200 Pennsylvania Ave., NW., Washington, DC 20460, with a
copy to both the person(s) listed in the preceding FOR FURTHER
INFORMATION CONTACT section, and the Associate General Counsel for the
Air and Radiation Law Office, Office of General Counsel (Mail Code
2344A), U.S. EPA, 1200 Pennsylvania Ave., NW., Washington, DC 20004.
    Organization of this Document. The information presented in this
preamble is organized as follows:

I. Background
II. Response to Comments
    A. Compliance Date
    B. Affiliated Operations
III. Statutory and Executive Order Reviews
    A. Executive Order 12866: Regulatory Planning and Review
    B. Paperwork Reduction Act
    C. Regulatory Flexibility Act
    D. Unfunded Mandates Reform Act
    E. Executive Order 13132: Federalism
    F. Executive Order 13175: Consultation and Coordination With
Indian Tribal Governments

    G. Executive Order 13045: Protection of Children From
Environmental Health Risks and Safety Risks
    H. Executive Order 13211: Actions Concerning Regulations That
Significantly Affect Energy Supply, Distribution, or Use
    I. National Technology Transfer and Advancement Act
    J. Congressional Review Act

I. Background

    On December 11, 2003, we promulgated NESHAP for miscellaneous
coating manufacturing as subpart HHHHH of 40 CFR part 63 (68 FR 69164).
Subpart HHHHH applies to the facilitywide collection of equipment used
to manufacture coatings. On May 17, 2006 (71 FR 28639), we proposed
amendments to the: (1) Definition of the term ``coating,'' (2)
compliance date for shared equipment that is part of a process unit
group (PUG) developed under the miscellaneous organic chemical
manufacturing NESHAP (MON) (40 CFR part 63, subpart FFFF), and (3)
exemptions for operations by end users that are related to the
application of a pre-manufactured coating.
    All equipment that is used to manufacture coatings is subject to 40
CFR part 63, subpart HHHHH. Because the definition of coating at 40 CFR
63.8105 in subpart HHHHH does not specify that coatings are produced
only by blending, mixing, diluting, and related formulation operations
without chemical synthesis or separation, some products of synthetic
organic chemical manufacturing could be considered coatings. This
overly broad definition of ``coating'' expands the applicability of 40
CFR part 63, subpart HHHHH to equipment intended to by covered by 40
CFR part 63, subpart FFFF. The proposed amendments to the definition of
coating clarify that products of reaction and separation, such as
polymers, resins, and synthetic organic chemicals are not coatings and
are not covered by the final rule. In addition, the proposed amendments
to the definition of coating clarify that 40 CFR part 63, subpart HHHHH
also does not apply to the production of formulation components by
chemical synthesis or separation activity if those components are not
stored prior to formulation. We proposed these revisions so that the
applicability of the final rule accurately and appropriately reflects
the coating manufacturing industry and the basis for the maximum
achievable control technology (MACT) floor.
    The recent extension of the compliance date for 40 CFR part 63,
subpart FFFF (see 71 FR 10439, March 1, 2006) raises a timing issue
with respect to 40 CFR part 63, subpart FFFF and 40 CFR part 63,
subpart HHHHH overlap. The extension for the compliance date for 40 CFR
part 63, subpart FFFF results in the compliance date for 40 CFR part
63, subpart HHHHH occurring before the MON compliance date, thus
creating a problem for plants with equipment subject to both subparts
FFFF and HHHHH of 40 CFR part 63 who opt to develop a PUG. Because we
have extended the compliance date for 40 CFR part 63, subpart FFFF, a
source that primarily manufactures organic chemicals, but also produces
a coating product in the same equipment, would not be able to comply
with subparts FFFF and HHHHH of 40 CFR part 63 as EPA intended during
the period between the compliance date for 40 CFR part 63, subpart
HHHHH (December 11, 2006) and 40 CFR part 63, subpart FFFF (May 10,
2008). Due to the significant amendments to 40 CFR part 63, subpart
FFFF, it is unlikely that sources will be able to comply with the
revised 40 CFR part 63, subpart FFFF by the compliance date for 40 CFR
part 63, subpart HHHHH. Alternatively, if the source was planning to
comply with subpart HHHHH by referencing 40 CFR 63.2535(l)(3)(i), it is
also unlikely the source would have enough time to design and install
interim controls for the coating operations so as to comply with 40 CFR
part 63, subpart HHHHH between December 11, 2006 and May 10, 2008.
Thus, relying on the presumption that equipment should be regulated
according to the standard that effectively applies for a majority of
products produced, we proposed amending the final rule to reference 40
CFR part 63, subpart FFFF requirements for a PUG which produces
primarily 40 CFR part 63, subpart FFFF products. The proposed
amendments also clarify that if the source so chooses, equipment that
is part of a PUG in which a MON product is the primary product must
comply with the MON by the MON compliance date, not 40 CFR part 63,
subpart HHHHH by the subpart HHHHH compliance date.
    In section IV.A of the preamble to the final rule, we stated ``the
final rule does not apply to activities conducted by end users of
coating products in preparation for application'' (68 FR 69164,
December 11, 2003). Although the final rule exempts ``affiliated
operations'' at sources that are subject to surface coating rules, it
does not specifically exempt operations at sources that are not subject
to another subpart of 40 CFR part 63. Therefore, we proposed adding an
exemption in 40 CFR 63.7985(d)(5) for operations by end users who
modify a purchased coating prior to application at the same facility.
This exemption applies only if the purchased product is already a
coating that an end user could apply as purchased, and the modified
coating must be applied at the same facility where the modification is
conducted.
    Two trade associations and three coatings manufacturing companies
provided comments on the proposed amendments to the rule. In general,
the commenters supported the proposed changes. One commenter also
requested changes to the compliance date and the exemption for
affiliated operations at sources that are subject to surface coating
MACT rules. After consideration of the comments, we are promulgating
the amendments as proposed.

II. Response to Comments

A. Compliance Date

    Comment: One commenter supported the amendment to clarify the
definition of ``coating'' but also expressed concern that this change
could have unanticipated impacts that would make it difficult to
achieve compliance by December 11, 2006. According to the commenter,
the change is a major modification of the rule because it could affect
applicability determinations for some facilities. For example, the
commenter suggested the possibility that some facilities currently
thinking they are subject to the MON may realize that they have to
comply with the Miscellaneous Coating Manufacturing NESHAP. To ensure
that facilities have time to review the amendments and make appropriate
changes to their compliance plans, the commenter requested that the
compliance date for all existing sources under 40 CFR part 63, subpart
HHHHH be extended to May 10, 2008.
    Response: As noted in the preamble to the proposed amendments,
concerns with the definition of ``coating'' in the final rule were that
it was too expansive. It included all materials that are intended to be
applied to a substrate, regardless of the production process. The
amended definition narrows the scope of the definition, which may
reduce the number of operations that are subject to the MON. Any
operations that are excluded from the amended Miscellaneous Coating
Manufacturing NESHAP will be subject to the MON. Facilities with such
operations will have until May 10, 2008, to comply with the
Miscellaneous Organic Chemical Manufacturing NESHAP. We are unaware of
any materials that are coatings under the amended definition

that would not have been coatings under the definition in the final
rule. Thus, we have determined that there is no need to extend the
compliance date for existing sources that are subject to the
Miscellaneous Coating Manufacturing NESHAP, except for operations that
are part of a PUG under the MON as discussed in section I of this
preamble.

B. Affiliated Operations

    Comment: One commenter supports our position, as stated in the
preamble to the proposed amendments, that 40 CFR part 63, subpart HHHHH
does not apply to activities conducted by end users of coating products
in preparation for application. According to the commenter, these
activities cannot be regulated under 40 CFR part 63, subpart HHHHH
because they are not coating manufacturing operations and were not part
of the MACT analysis for 40 CFR part 63, subpart HHHHH. For the rule to
be consistent with this position, the commenter believes 40 CFR
63.7985(d)(2) should exempt ``affiliated operations'' at all surface
coating facilities, not just those at sources that are subject to the
surface coating rules in subparts GG, KK, JJJJ, MMMM, and SSSS of 40
CFR part 63. The commenter suggested listing each surface coating
category in 40 CFR 63.7985(d)(2).
    Response: We decided not to adopt the changes suggested by the
commenter. Listing all surface coating categories in 40 CFR
63.7985(d)(2) is unnecessary and impractical. There are three
categories of end users to consider: Sources that are subject to 40 CFR
part 63 surface coating rules that do not include ``affiliated
operations'' in the affected source, sources that are subject to 40 CFR
part 63 surface coating rules that do include ``affiliated operations''
in the affected source, and sources that are not subject to a 40 CFR
part 63 surface coating rule. Operations at end user facilities in two
categories are exempted by existing provisions in the rule, and
operations at end user facilities in the third category are exempted by
the proposed amendments.
    First, as the commenter noted, explicit exemptions for affiliated
operations, as defined in 40 CFR 63.7985(d)(2), apply to affiliated
operations that are located at affected sources under subparts GG, KK,
JJJJ, MMMM, and SSSS of 40 CFR part 63. All of these rules lack
requirements for affiliated operations, but affiliated operations were
considered during development of the rules. Therefore, an exemption was
needed in the Miscellaneous Coating Manufacturing NESHAP to avoid a
conflict between the decisions made in the development of the five
surface coating rules and the applicability of 40 CFR part 63, subpart
HHHHH.
    Facilities in the second group of end users are also subject to
surface coating rules, but the affiliated operations at these
facilities are part of the affected sources under the applicable
surface coating rule. These affiliated operations are exempt from 40
CFR part 63, subpart HHHHH by 40 CFR 63.7985(a)(4), which specifies
that operations are miscellaneous coating manufacturing operations and
subject to 40 CFR part 63, subpart HHHHH only if they are not part of
an affected source under another subpart of 40 CFR part 63. Therefore,
exempting these source categories by listing them in 40 CFR
63.7985(d)(2) would be redundant.
    The third group of end users includes all facilities that are not
part of a source category that is subject to a surface coating NESHAP.
Listing all of these surface coating categories in 40 CFR 63.7985(d)(2)
would be impractical because there is no way of knowing all possible
categories. Therefore, the proposed exemption in new paragraph (d)(5)
of 40 CFR 63.7985 provides a general exemption for all facilities in
this group. This new provision exempts operations that modify a
purchased coating prior to application at the purchasing facility.
Therefore, we have decided to promulgate this proposed amendment
without changes.

III. Statutory and Executive Order Reviews

A. Executive Order 12866: Regulatory Planning and Review

    This action is not a ``significant regulatory action'' under the
terms of Executive Order 12866 (58 FR 51735, October 4, 1993) and is
therefore not subject to review under the Executive Order.

B. Paperwork Reduction Act

    The final rule amendments impose no new information collection
requirements on the industry. The final rule amendments clarify
applicability of the final rule and extend the compliance date for
owners and operators of certain coating manufacturing equipment. These
changes have the potential to result in minor reductions in the
information collection burden. Therefore, the Information Collection
Request (ICR) has not been revised.
    The Office of Management and Budget (OMB) has previously approved
the information collection requirements contained in the existing
regulations (40 CFR part 63, subpart HHHHH) under the provisions of the
Paperwork Reduction Act, 44 U.S.C. 3501, et seq., and has assigned OMB
control number 2060-0535 (EPA ICR number 2115.01). A copy of the OMB
approved ICR may be obtained from Susan Auby, by mail at the Office of
Environmental Information, Collection Strategies Division; U.S. EPA
(2822T); 1200 Pennsylvania Ave., NW., Washington, DC 20460, by e-mail
at<EMAIL_ADDRESS>or by calling<PHONE_NUMBER>. A copy may also be
downloaded off the Internet at http://www.epa.gov/icr. Include the ICR

or OMB number in any correspondence.
    Burden means the total time, effort, or financial resources
expended by persons to generate, maintain, retain, or disclose or
provide information to or for a Federal agency. This includes the time
needed to review instructions; develop, acquire, install, and utilize
technology and systems for the purposes of collecting, validating, and
verifying information, processing and maintaining information, and
disclosing and providing information; adjust the existing ways to
comply with any previously applicable instructions and requirements;
train personnel to be able to respond to a collection of information;
search data sources; complete and review the collection of information;
and transmit or otherwise disclose the information.
    An agency may not conduct or sponsor, and a person is not required
to respond to a collection of information unless it displays a
currently valid OMB control number. The OMB control numbers for EPA's
regulations are listed in 40 CFR part 9.

C. Regulatory Flexibility Act

    EPA has determined that it is not necessary to prepare a regulatory
flexibility analysis in connection with the final rule amendments.
    For purposes of assessing the impacts of the final rule amendments
on small entities, small entity is defined as: (1) A small business as
defined by the Small Business Administrations' regulations at 13 CFR
121.201; (2) a small governmental jurisdiction that is a government of
a city, county, town, school district, or special district with a
population of less than 50,000; or (3) a small organization that is any
not-for-profit enterprise that is independently owned and operated and
is not dominant in its field.
    For sources subject to the final rule amendments, the relevant
NAICS and associated employee sizes are listed below:

NAICS 32551--Paint and Coatings Manufacturing--500 employees or fewer.
NAICS 32552--Adhesives and Sealants Manufacturing--500 employees or
fewer.
NAICS 32591--Printing Ink Manufacturing--500 employees or fewer.

    After considering the economic impacts of the final rule amendments
on small entities, EPA has concluded that this action will not have a
significant economic impact on a substantial number of small entities.
In determining whether a rule has a significant economic impact on a
substantial number of small entities, the impact of concern is any
significant adverse economic impact on small entities, since the
primary purpose of the regulatory flexibility analyses is to identify
and address regulatory alternatives ``which minimize any significant
economic impact of the proposed rule on small entities.'' 5 U.S.C. 603
and 604. Thus, an agency may conclude that a rule will not have a
significant economic impact on a substantial number of small entities
if the rule relieves regulatory burden, or otherwise has a positive
economic effect on all of the small entities subject to the rule. The
final rule amendments clarify applicability of the final rule and
extend the compliance date for owners and operators of certain coating
manufacturing equipment. These changes have the potential to result in
minor burden reductions for small entities.

D. Unfunded Mandates Reform Act

    Title II of the Unfunded Mandates Reform Act (UMRA) of 1995, Public
Law 104-4, establishes requirements for Federal agencies to assess the
effects of their regulatory actions on State, local, and tribal
governments and the private sector. Under section 202 of the UMRA, EPA
generally must prepare a written statement, including a cost-benefit
analysis, for proposed and final rules with ``Federal mandates'' that
may result in expenditures by State, local, and tribal governments, in
the aggregate, or to the private sector, of $100 million or more in any
1 year. Before promulgating an EPA rule for which a written statement
is needed, section 205 of the UMRA generally requires EPA to identify
and consider a reasonable number of regulatory alternatives and adopt
the least costly, most cost-effective, or least burdensome alternative
that achieves the objectives of the rule. The provisions of section 205
do not apply when they are inconsistent with applicable law. Moreover,
section 205 allows EPA to adopt an alternative other than the least
costly, most cost-effective, or least burdensome alternative if the
Administrator publishes with the final rule an explanation why that
alternative was not adopted. Before EPA establishes any regulatory
requirements that may significantly or uniquely affect small
governments, including tribal governments, it must have developed under
section 203 of the UMRA a small government agency plan. The plan must
provide for notifying potentially affected small governments, enabling
officials of affected small governments to have meaningful and timely
input in the development of EPA regulatory proposals with significant
Federal intergovernmental mandates, and informing, educating, and
advising small governments on compliance with the regulatory
requirements.
    The EPA has determined that the final rule amendments do not
contain a Federal mandate that may result in expenditures of $100
million or more for State, local, and tribal governments, in the
aggregate, or the private sector in any 1 year. Therefore, the final
rule amendments are not subject to the requirements of sections 202 and
205 of the UMRA. In addition, the final rule amendments contain no
regulatory requirements that might significantly or uniquely affect
small governments because they contain no requirements that apply to
such governments or impose obligations upon them. Therefore, the final
rule amendments are not subject to the requirements of section 203 of
the UMRA.

E. Executive Order 13132: Federalism

    Executive Order 13132 (64 FR 43255, August 10, 1999), requires EPA
to develop an accountable process to ensure ``meaningful and timely
input by State and local officials in the development of regulatory
policies that have federalism implications.'' ``Policies that have
federalism implications'' is defined in the Executive Order to include
regulations that have ``substantial direct effects on the States, on
the relationship between the national government and the States, or on
the distribution of power and responsibilities among the various levels
of government.''
    The final rule amendments do not have federalism implications. They
will not have substantial direct effects on the States, on the
relationship between the national government and the States, or on the
distribution of power and responsibilities among the various levels of
government, as specified in Executive Order 13132. None of the affected
facilities are owned or operated by State or local governments. Thus,
Executive Order 13132 does not apply to the final rule amendments.

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

    Executive Order 13175 (65 FR 67249, November 9, 2000), requires EPA
to develop an accountable process to ensure ``meaningful and timely
input by tribal officials in the development of regulatory policies
that have tribal implications.'' The final rule amendments do not have
tribal implications, as specified in Executive Order 13175. The final
rule amendments clarify applicability of the rule and extend the
compliance date for owners and operators of certain coating
manufacturing equipment. Therefore, the final rule amendments will not
have substantial direct effects on tribal governments, on the
relationship between the Federal government and Indian tribes, or on
the distribution of power and responsibilities between the Federal
government and Indian tribes. Thus, Executive Order 13175 does not
apply to the final rule amendments.

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

    Executive Order 13045 (62 FR 19885, April 23, 1997) applies to any
rule that: (1) Is determined to be ``economically significant'' as
defined under Executive Order 12866, and (2) concerns an environmental
health or safety risk that EPA has reason to believe may have a
disproportionate effect on children. If the regulatory action meets
both criteria, EPA must evaluate the environmental health or safety
effects of the planned rule on children, and explain why the planned
regulation is preferable to other potentially effective and reasonably
feasible alternatives considered by the Agency.
    EPA interprets Executive Order 13045 as applying only to those
regulatory actions that are based on health or safety risks, such that
the analysis required under section 5-501 of the Executive Order has
the potential to influence the regulation. The final rule amendments
are not subject to the Executive Order because they are based on
technology performance and not on health or safety risks.

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

    The final rule amendments do not constitute a ``significant energy
action'' as defined in Executive Order 13211 (66 FR 28355, May 22,
2001) because they are not likely to have a significant adverse effect
on the supply, distribution, or use of energy. The final rule
amendments clarify applicability of the rule and extend the compliance
date for owners and operators of certain coating manufacturing
equipment. Further, we have concluded that the final rule amendments
are not likely to have any adverse energy effects.

I. National Technology Transfer and Advancement Act

    As noted in the proposed rule, section 12(d) of the National
Technology Transfer and Advancement Act (NTTAA) of 1995, Public Law
104-113, section 12(d) (15 U.S.C. 272 note) directs EPA to use
voluntary consensus standards (VCS) in its regulatory activities unless
to do so would be inconsistent with applicable law or otherwise
impractical. VCS are technical standards (e.g., materials
specifications, test methods, sampling procedures, and business
practices) that are developed or adopted by VCS bodies. The NTTAA
directs EPA to provide Congress, through OMB, explanations when the
Agency decides not to use available and applicable VCS.
    During the rulemaking, the EPA conducted searches to identify VCS
in addition to EPA test methods referenced by the final rule. The
search and review results have been documented and placed in the docket
for the NESHAP (Docket ID No. EPA-HQ-OAR-2003-0178). The final rule
amendments do not require the use of any additional technical standards
beyond those cited in the final rule. Therefore, EPA is not considering
the use of any additional VCS for the final rule amendments.

J. Congressional Review Act

    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 the
final rule amendments and other required information to the United
States Senate, the United States House of Representatives, and the
Comptroller General of the United States prior to publication of the
final rule amendments 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). The
final rule amendments are effective on October 4, 2006.

List of Subjects in 40 CFR Part 63

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

    Dated: September 28, 2006.
Stephen L. Johnson,
Administrator.

0
For the reasons stated in the preamble, title 40, chapter I, part 63 of
the Code of the Federal Regulations is amended as follows:

PART 63--[AMENDED]

0
1. The authority citation for part 63 continues to read as follows:

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

Subpart HHHHH--[Amended]

0
2. Section 63.7985 is amended by revising paragraph (d) introductory
text and adding paragraph (d)(5) to read as follows:

Sec.  63.7985  Am I subject to the requirements of this subpart?

* * * * *
    (d) The requirements for miscellaneous coating manufacturing
sources in this subpart do not apply to operations described in
paragraphs (d)(1) through (5) of this section.
* * * * *
    (5) Modifying a purchased coating in preparation for application at
the purchasing facility.

0
3. Section 63.7995 is amended by adding introductory text to read as
follows:

Sec.  63.7995  When do I have to comply with this subpart?

    Except as specified in Sec.  63.8090, you must comply with this
subpart according to the requirements of this section.
* * * * *

0
4. Section 63.8090 is amended by adding paragraph (c) to read as
follows:

Sec.  63.8090  What compliance options do I have if part of my plant is
subject to both this subpart and another subpart?

* * * * *
    (c) Compliance with 40 CFR part 63, subpart FFFF.
    After the compliance dates specified in Sec.  63.7995, an affected
source under this subpart HHHHH that includes equipment that is also
part of an affected source under 40 CFR part 63, subpart FFFF is deemed
in compliance with this subpart HHHHH if all of the conditions
specified in paragraphs (c)(1) through (5) of this section are met.
    (1) Equipment used for both miscellaneous coating manufacturing
operations and as part of a miscellaneous organic chemical
manufacturing process unit (MCPU), as defined in Sec.  63.2435, must be
part of a process unit group developed in accordance with the
provisions in Sec.  63.2535(l).
    (2) For the purposes of complying with Sec.  63.2535(l), a
miscellaneous coating manufacturing ``process unit'' consists of all
coating manufacturing equipment that is also part of an MCPU in the
process unit group. All miscellaneous coating manufacturing operations
that are not part of a process unit group must comply with the
requirements of this subpart HHHHH.
    (3) The primary product for a process unit group that includes
miscellaneous coating manufacturing equipment must be organic chemicals
as described in Sec.  63.2435(b)(1).
    (4) The process unit group must be in compliance with the
requirements in 40 CFR part 63, subpart FFFF as specified in Sec.
63.2535(l)(3)(i) no later than the applicable compliance dates
specified in Sec.  63.2445.
    (5) You must include in the notification of compliance status
report required in Sec.  63.8070(d) the records as specified in Sec.
63.2535(l)(1) through (3).
    5. Section 63.8105 is amended by revising the definition of the
term ``coating'' in paragraph (g) to read as follows:

Sec.  63.8105  What definitions apply to this subpart?

* * * * *
    (g) * * *
    Coating means a material such as paint, ink, or adhesive that is
intended to be applied to a substrate and consists of a mixture of
resins, pigments, solvents, and/or other additives, where the material
is produced by a manufacturing operation where materials are blended,
mixed, diluted, or otherwise formulated. Coating does not include
materials made in processes where a formulation component is
synthesized by chemical reaction or separation activity and then
transferred to another vessel where it is formulated to produce a
material used as a coating,

where the synthesized or separated component is not stored prior to
formulation. Typically, coatings include products described by the
following North American Industry Classification System (NAICS) codes,
code 325510, Paint and Coating Manufacturing, code 325520, Adhesive and
Sealant Manufacturing, and code 325910, Ink Manufacturing.
* * * * *

 [FR Doc. E6-16407 Filed 10-3-06; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register: April 13, 2007 (Volume 72, Number 71)]
[Notices]
[Page 18710-18712]
[DOCID:fr13ap07-91]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55594; File No. SR-NYSE-2005-48]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing of Amendments No. 1, 2, 3, and 4 Thereto to Proposed
Rule Change to Amend Rule 619 Pertaining to Subpoenas for the
Production of Documents and Appearances of Witnesses

April 6, 2007.
    On July 13, 2005, pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ the
New York Stock Exchange LLC (``NYSE'' or ``Exchange'') filed with the
Securities and Exchange Commission (``SEC'' or ``Commission'') a
proposed rule change to amend NYSE Rule 619, pertaining to subpoenas
for the production of documents and appearance of witnesses. The
proposed rule change was published for comment in the Federal Register
on September 26, 2005,\3\ and the Commission received no comments on
the proposal. On April 18, 2006, November 2, 2006, December 22, 2006,
and February 8, 2007, the NYSE filed Amendments No. 1, 2, 3, and 4,
respectively, to revise the rule change as described in Items I, II,
and III below, which Items have been prepared by the NYSE.\4\ The
Commission is publishing this notice to solicit comments on the
proposed rule change, as amended, from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 52468 (Sept. 19,
2005), 70 FR 56201 (Sept. 26, 2005).
    \4\ Amendment No. 1 clarified that only the arbitrator(s) may
issue subpoenas and delineated the manner in which a party may
request the issuance of a subpoena. Amendment No. 2 established a
time frame for the parties to make and respond to objections to the
requested subpoena and clarified that the arbitrator(s) may not rule
on such a request until this time period has elapsed. Amendment No.
3 made technical changes to the rule and clarified that the
arbitrator(s) must receive copies of any objections to the issuance
of a subpoena. Amendment No. 4 clarified that a party requesting a
subpoena may not serve the request or the draft subpoena on a non-
party.
---------------------------------------------------------------------------

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

    NYSE is proposing to revise Rule 619, which pertains to subpoenas
for the production of documents and the appearance of witnesses. Below
is the text of the proposed rule change. Proposed new language is
italicized and proposed deletions are in brackets.
* * * * *
    (a) to (e) No change.
    (f) Subpoenas.
    (1) The arbitrator(s) [and any counsel of record to the
proceedings] may issue subpoenas for the production of documents or the
appearance of witnesses [shall have the power of the subpoena process
as provided by law. All parties shall be given a copy of the subpoena
upon its issuance. The parties shall produce witnesses and present
proofs to the fullest extent possible without resort to the subpoena
process.] The party who requests a subpoena must make a written request
asking the arbitrator(s) to issue a subpoena. The request, along with
the requested draft subpoena must be served directly on each other
party in a manner that is reasonably expected to cause the request and
the requested subpoena to be delivered to all parties on the same day.
The requesting party may not serve the request or the requested draft
subpoena on a non-party. The request and the requested subpoena must
also be filed with the Director of Arbitration, with additional copies
for each arbitrator, at the same time and in the same manner in which
they are served on the parties. The parties shall produce witnesses and
present proof at the hearing whenever possible without using subpoenas.

    (2) In the event a party receiving such a request objects to the
scope or propriety of the subpoena, that party shall, within 10 days of
service of the request, file with the Director of Arbitration, with
copies to all other parties, written objections, including additional
copies for each arbitrator. The party seeking the subpoena may respond
thereto within five days of receipt of the objection. The arbitrator(s)
appointed shall rule promptly on the

issuance and scope of the subpoena after the time period for objections
and replies thereto has elapsed.
    (3) If the arbitrator(s) issue a subpoena, the party that requested
the subpoena must serve the subpoena at the same time and in the same
manner on all parties, and, if applicable, on any non-party receiving
the subpoena.
    (4) Any party that receives documents in response to a subpoena
served upon a non-party shall provide notice to all other parties
within five days of receipt of the documents. Thereafter, any party may
request copies of such documents and, if such a request is made, the
documents must be provided within 10 days following receipt of the
request. The party requesting the documents shall be responsible for
the reasonable costs associated with the production of the copies,
unless the panel determines otherwise.
    (g) No change.
* * * * *

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 NYSE included statements
concerning the purpose of and basis for the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The NYSE 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
Proposal
    In the initial rule filing, the Exchange proposed to revise NYSE
Rule 619 to provide for a 10-day notice period requirement before a
party issues a subpoena to a non-party for pre-hearing discovery. Under
the proposed rule change only the arbitrator(s) may issue subpoenas for
the production of documents and the appearance of witnesses. In
addition, the arbitrator(s), and not the courts, would rule on
discovery disputes concerning the issuance of subpoenas. The party who
requests a subpoena would make a written request asking the
arbitrator(s) to issue a subpoena and would send a copy of the request
and the requested draft subpoena to the Director of Arbitration, each
arbitrator, and all parties to the arbitration in a manner reasonably
expected to result in delivery to everyone on the same day. The
requesting party may not serve the request or the requested draft
subpoena on any non-party.
    If a party has an objection to the propriety or scope of the
subpoena, that party would be required to file objections in writing
with the Director of Arbitration and send copies to all other parties,
including each arbitrator, within 10 days of service of the request and
draft subpoena. The party requesting the subpoena could file a reply to
the objection within five days of receipt of the objection. The
arbitrator(s) would determine the propriety and scope of the requested
subpoena after the time period for filing objections or replies had
elapsed. If a subpoena is issued by the arbitrator(s), the party that
requested the subpoena would be required to serve the subpoena at the
same time and in the same manner on all parties, and, if applicable, on
any non-party receiving the subpoena.
    Additionally, the proposed rule change provides that any party that
receives documents in response to a subpoena served upon a non-party
must provide notice to all other parties within five days of receipt of
the documents. Thereafter, any party may request copies of those
documents and, if such a request is made, the documents must be
provided within 10 days following receipt of the request. The party
requesting the documents is responsible for the reasonable costs
associated with the production of the copies, unless the panel
determines otherwise.
2. Statutory Basis
    NYSE believes that the proposed rule change is consistent with
Section 6(b)(5) \5\ of the Act in that the rule change promotes just
and equitable principles of trade by ensuring that members, member
organizations and the public have a fair and impartial forum for the
resolution of their disputes.
---------------------------------------------------------------------------

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

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

    The Commission published the proposed amendments to Rule 619 (SR-
NYSE-2005-48) in the Federal Register on September 26, 2005. The
Commission received no comments in response to the proposal.

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

    Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve the proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
); or     Send e-mail to<EMAIL_ADDRESS>Please include File

Number SR-NYSE-2006-48 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2005-48. 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. Copies of such filing also will
be available for inspection and copying at the principal office of the
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-2005-48 and should be submitted on or before May 4, 2007.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-7055 Filed 4-12-07; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 87, Number 173 (Thursday, September 8, 2022)]
[Notices]
[Pages 55068-55071]
[FR Doc No: 2022-19349]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95655; File No. SR-CboeBZX-2022-043]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Amend Exchange Rule 14.11(d) To
Accommodate Exchange Listing and Trading of Options-Linked Securities

September 1, 2022.
    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 August 18, 2022, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') proposes to
amend Exchange Rule 14.11(d) (``Securities Linked to the Performance of
Indexes and Commodities (Including Currencies)'') to accommodate
Exchange listing and trading of Options-Linked Securities. The text of
the proposed rule change is provided in Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), at the Exchange's Office of the Secretary, 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
    Exchange Rule 14.11(d) provides for Exchange listing and trading of
Securities Linked to the Performance of Indexes and Commodities
(Including Currencies) (``Linked Securities'').\3\ The Exchange
proposes to amend Rule 14.11(d) to add Options-Linked Securities to the
type of Linked Securities permitted to list and trade on the Exchange.
---------------------------------------------------------------------------

    \3\ Rule 14.11(d) currently accommodates Exchange listing and
trading of Equity Index-Linked Securities, Commodity-Linked
Securities, Fixed Income Index-Linked Securities, Futures-Linked
Securities, and Multifactor Index-Linked Securities (collectively
referred to as ``Linked Securities'').
---------------------------------------------------------------------------

    The proposed amendment would include Options-Linked Securities in
the list of Linked-Securities set forth in paragraph (d) of Rule 14.11.
Additionally, the proposal would provide that the payment at maturity
with respect to Options-Linked Securities is based on the performance
of U.S. exchange-traded options on any one or combination of the
following: (a) Index Fund Shares; (b) Managed Fund Shares, (c)
Exchange-Traded Fund Shares; (d) Linked Securities; (e) other
securities defined in Rule 14.11; \4\ (f) the S&P 100 Index, the S&P
500 Index, the Nasdaq 100 Index, the Dow Jones Industrial Average, the
MSCI EAFE Index, the MSCI Emerging Markets Index, the NYSE FANG Index,
the Russell 2000 Index, the Russell 1000 Index, the Russell 1000 Growth
Index, the Russell 1000 Value Index, the Cboe Volatility Index, and the
following subindices of the S&P 500 sectors: the Communication Services
Select Sector Index, the Consumer Discretionary Select Sector Index,
the Consumer Staples Select Sector Index, the Energy Select Sector
Index, the Financial Select Sector Index, the Health Care Select Sector
Index, the Industrial Select Sector Index, the Materials Select Sector
Index, the Real Estate Select Sector Index, the Technology Select
Sector Index, or the Utilities Select Sector Index; or (g) a basket or
index of any of the foregoing (an ``Options Reference Asset''). To the
extent that the Options Reference Asset consists of options based on
Index Fund Shares, Managed Fund Shares, Exchange-Traded Fund Shares,
Linked Securities, or other securities defined in Rule 14.11, such
Index Fund Shares, Exchange-Traded Fund Shares, Linked Securities, or
other securities defined in Rule 14.11 shall not seek to provide
investment results, before fees and expenses, that correspond to the
inverse, a specific multiple, or a specific inverse multiple of the
percentage performance on a given day of a particular index or
combination of indexes. The proposal would also include Options
Reference Assets as a Multifactor Reference Asset.
---------------------------------------------------------------------------

    \4\ The following other securities are included in Rule 14.11:
Portfolio Depository Receipts (Rule 14.11(b)), Index-Liked
Exchangeable Notes (Rule 14.11(d)(1)), Equity Gold Shares (Rule
14.11(d)(2)), Trust Certificates (Rule 14.11(d)(3)), Commodity-Based
Trust Shares (Rule 14.11(d)(4)), Currency Trust Shares (Rule
14.11(d)(5), Commodity Index Trust Shares (Rule 14.11(d)(6)),
Commodity Futures Trust Shares (Rule 14.11(d)(7), Partnership Units
(Rule 14.11(d)(8), Trust Units (Rule 14.11(d)(9), Managed Trust
Securities (Rule 14.11(d)(10), Listing of Currency Warrants (Rule
14.11(d)(11), Selected Equity-linked Debt Securities (``SEEDS'')
(Rule 14.11(d)(12), Trust Issued Receipts (Rule 14.11(f)), Index
Warrants (Rule 14.11(g)), Managed Portfolio Shares (Rule 14.11(k)),
and Tracking Fund Shares (Rule 14.11(m)).
---------------------------------------------------------------------------

    The proposal would move existing Rule 14.11(d)(2)(K)(v)
(Multifactor Index-Linked Securities Listings Standards) to Rule
14.11(d)(2)(K)(vi), and would set forth the Option-Linked Securities
Listing Standards in Rule 14.11(d)(2)(K)(v). Proposed Rule
14.11(d)(2)(K)(v)(a) provides that Option-Linked Securities must meet
either of the following initial listing standards: (1) The Options
Reference Asset to which the security is linked shall have been
reviewed and approved for the trading of Options-Linked Securities or
options or other derivatives by the Commission under Section 19(b)(2)
of the Securities Exchange Act of 1934 and rules thereunder and the
conditions set forth in the Commission's approval order, including with
respect to comprehensive surveillance sharing agreements, continue to
be satisfied; or (2) The pricing information for components of the
Options Reference Asset must be derived from a market which is an ISG
member or affiliate or with which the Exchange has a comprehensive
surveillance sharing agreement. Additionally, Proposed Rule
14.11(d)(2)(K)(v)(a) provides that Options-Linked Securities must meet
both of the following initial listing criteria: (3) the value of the
Options Reference Asset must be calculated and widely disseminated by
one or more major market data vendors on at least a 15-second basis
during the Exchange's regular market session; and (4) in the case of
Options-Linked Securities that are periodically redeemable, the
indicative value of the subject Options Linked Securities must be
calculated and widely disseminated by the Exchange or one or more major
market data vendors on at least a 15-second basis during the Exchange's
regular market session.
    Proposed Rule 14.11(d)(2)(K)(v)(b) provides that Option-Linked
Securities must meet the following continued listing criteria: (1) the
Exchange will consider the suspension of trading in, and will initiate
delisting proceedings pursuant to Rule 14.12 if any of the initial
listing criteria described above are not continuously maintained; and
(2) the Exchange will consider the suspension of trading in, and will
initiate delisting proceedings pursuant to Rule 14.12 under any of the
following circumstances: (A) if the aggregate market value or the
principal amount of the Options-Linked Securities publicly held is less
than $400,000; (B) if an interruption to the dissemination of the value
of the Options Reference Asset persists past the trading day in which
it occurred or is no longer calculated or available and a new Options
Reference Asset is substituted, unless the new Options Reference Asset
meets the requirements of this proposed Rule 14.11(d)(2)(K); or (C) if
such other event shall occur or condition exists which in the opinion
of the Exchange makes further dealings on the Exchange inadvisable.\5\
---------------------------------------------------------------------------

    \5\ Proposed Rule 14.11(d)(2)(K)(v)(b) is substantially the same
as existing Rules 14.11(d)(2)(K)(ii)(b), 14.11(d)(2)(K)(iii)(c), and
14.11(d)(2)(K)(iv)(c).
---------------------------------------------------------------------------

    The Exchange proposes to amend Interpretation and Policy .01(a) and
(b) to Rule 14.11(d) which relate to specified requirements and
obligations of a Member acting as a registered Market Maker, to include
options to the financial instruments covered by Commentary .01 and to
make ministerial changes \6\ to references to currency futures to
clarify that each is part of a list. Last, the Exchange proposes to
amend the definition of UTP Derivative Security, as provided in

Rule 1.5(ee), to include Options-Linked Securities as such securities
are a ``new derivative securities product'' as defined in Rule 19b-4(e)
under the Act, and, as proposed, would be permitted to trade on the
Exchange.
---------------------------------------------------------------------------

    \6\ Specifically, the Exchange proposes to correct references to
``currency futures'' to clarify that both currency and futures are
part of a list.
---------------------------------------------------------------------------

    With respect to equity securities underlying Options Reference
Assets, the Exchange notes that Index Fund Shares,\7\ Managed Fund
Shares,\8\ Exchange-Traded Fund Shares,\9\ and Linked Securities and
securities as defined in Rule 14.11 are subject to initial and
continued listing criteria under applicable Exchange Rules as approved
by the Commission. In addition, the Commission has approved or issued a
notice of effectiveness to permit listing on a national securities
exchange of securities based on certain Indexes.\10\ Further, Index
Fund Shares, Managed Fund Shares, Exchange-Traded Fund Shares, Linked
Securities or securities defined in Rule 14.11 based on the Indexes
have been listed on national securities exchanges under generic listing
criteria applicable to such securities. With respect to options on the
Indexes, options on all of the Indexes are currently traded on U.S.
options exchanges.
---------------------------------------------------------------------------

    \7\ See Exchange Rule 14.11(c).
    \8\ See Exchange Rule 14.11(i).
    \9\ See Exchange Rule 14.11(l).
    \10\ See, e.g., Securities Exchange Act Release Nos. 31591
(December 11, 1992), 57 FR 60253 (December 18, 1992) (SR-Amex-92-18)
(approving the listing and trading of Portfolio Depositary Receipts
based on the S&P 500 Index); 39525 (January 8, 1998), 63 FR 2438
(January 15, 1998) (SR-Amex-97-29) (approving the listing and
trading of DIAMONDS Trust Units, Portfolio Depositary Receipts based
on the Dow Jones Industrial Average); 39011 (September 3, 1997), 62
FR 47840 (September 11, 1997) (SR-CBOE-97-26) (approving the listing
and trading of options on the Dow Jones Industrial Average); 19907
(June 24, 1983), 48 FR 30814 (July 5, 1983) (SR-CBOE-83-08)
(approving the listing and trading of options on the S&P 500 Index
on the CBOE); 41119 (February 26, 1999), 64 FR 11510 (March 9, 1999)
(SR-Amex-98-34) (Order Approving and Notice of Filing and Order
Granting Accelerated Approval of Amendment Nos. 3 and 4 to the
Proposed Rule Change Relating to the Listing and Trading of Shares
of the Nasdaq-100 Trust); 87437 (October 31, 2019), 84 FR 59900
(November 6, 2019) (SR-NYSEArca-2019-62) (Notice of Filing of
Amendment No. 1, and Order Granting Accelerated Approval of a
Proposed Rule Change, as Modified by Amendment No. 1, Relating to
the Listing and Trading of Shares of the Innovator MSCI EAFE Power
Buffer ETFs and Innovator MSCI Emerging Markets Power Buffer ETFs
under NYSE Arca Rule 8.600-E).
---------------------------------------------------------------------------

    Finally, all Options-Linked Securities listed pursuant to Exchange
Rule 14.11(d) would be included within the definition of securities as
such terms are used in the Exchange's rules and, as such, are subject
to Exchange rules and procedures that currently govern the trading of
securities on the Exchange.
    The Exchange believes that the proposed standards would continue to
ensure transparency surrounding the listing process for Linked
Securities. The Exchange also believes that the standards for listing
and trading Options-Linked Securities are reasonably designed to
promote a fair and orderly market for such securities. The proposed
addition of Options Reference Assets, as described above, would also
work in conjunction with the initial and continued listing criteria
related to surveillance procedures and trading guidelines for Linked
Securities.
    The Exchange believes that its surveillance procedures are adequate
to properly monitor the trading of Options-Linked Securities in all
trading sessions and to deter and detect violations of Exchange Rules.
The issuer of a series of Options-Linked Securities will be required to
comply with Rule 10A-3 under the Act \11\ for the initial and continued
listing of Linked Securities, as provided in Exchange Rule
14.11(d)(2)(A)-(G). The Exchange notes that the proposed change is not
intended to amend any other component or requirement of Exchange Rule
14.11(d). With respect to options comprising the Options Reference
Asset, the pricing information for components of the Options Reference
Asset must be derived from a market which is an ISG member or affiliate
or with which the Exchange has a comprehensive surveillance sharing
agreement.
---------------------------------------------------------------------------

    \11\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    Quotation and last sale information for Options-Linked Securities,
Index Fund Shares, Managed Fund Shares, Exchange-Traded Fund Shares,
Linked Securities, and securities defined in Rule 14.11 are available
via the Consolidated Tape Association (``CTA'') high speed line.
Quotation and last sale information for such securities also will be
available from the exchange on which they are listed. Quotation and
last sale information for options on Index Fund Shares, Managed Fund
Shares, Exchange-Traded Fund Shares, Linked Securities, securities
defined in Rule 14.11 and the Indexes will be available via the Options
Price Reporting Authority and major market data vendors. Information
regarding values of the Indexes is available from major market data
vendors.
    The Exchange believes that the proposed rule change will provide
investors with the ability to better diversify and hedge their
portfolios using an exchange-listed security without having to trade
directly in the underlying options contracts, and will facilitate the
listing and trading of additional Linked Securities that will enhance
competition among market participants, to the benefit of investors and
the marketplace.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\12\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \13\ requirements that the rules of an exchange be
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 regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \14\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(5).
    \14\ Id.
---------------------------------------------------------------------------

    The Exchange believes its proposal to amend the definition of UTP
Derivative Security, as provided in Rule 1.5(ee), to include Options-
Linked Securities as such securities are a ``new derivative securities
product'' as defined in Rule 19b-4(e) under the Act, and, as proposed,
would be permitted to trade on the Exchange.
    With respect to equity securities underlying Options Reference
Assets, the Exchange notes that Index Fund Shares, Managed Fund Shares,
Exchange-Traded Fund Shares, Linked Securities and securities defined
in Rule 14.11 are subject to Exchange initial and continued listing
criteria under applicable Exchange rules as approved by the Commission.
In addition, the Commission has approved or issued a notice of
effectiveness to permit listing on a national securities exchange of
securities based on certain Indexes.\15\ With respect to options on the
Indexes, options on all of the Indexes are currently traded on U.S.
options exchanges. All options included in an Options Reference Asset
will be U.S. exchange-traded.
---------------------------------------------------------------------------

    \15\ Supra note 8.
---------------------------------------------------------------------------

    Any Options-Linked Securities would be required to meet the
following initial

listing criteria in proposed Rule 14.11(d)(2)(K)(v)(a): (1) the value
of the Options Reference Asset must be calculated and widely
disseminated by one or more major market data vendors on at least a 15-
second basis during the Exchange's regular market session; and (2) in
the case of Options-Linked Securities that are periodically redeemable,
the indicative value of the subject Options Linked Securities must be
calculated and widely disseminated by the Exchange or one or more major
market data vendors on at least a 15-second basis during the Exchange's
regular market session. Options-Linked Securities also will be subject
to the continued listing criteria in proposed Rule 14.11(d)(2)(K)(v)(b)
as described above. Finally, all Options-Linked Securities listed
pursuant to Exchange Rule 14.11(d) would be included within the
definition of ``security'' or ``securities'' as such terms are used in
the Exchange's rules and, as such, are subject to Exchange rules and
procedures that currently govern the trading of securities on the
Exchange.
    The Exchange believes that the proposed standards would continue to
ensure transparency surrounding the listing process for Linked
Securities. The Exchange also believes that the standards for listing
and trading Options-Linked Securities are reasonably designed to
promote a fair and orderly market for such securities. The proposed
addition of Options Reference Assets, as described above, would also
work in conjunction with the initial and continued listing criteria
related to surveillance procedures and trading guidelines for Linked
Securities. The Exchange believes that its surveillance procedures are
adequate to properly monitor the trading of Options Linked Securities
in all trading sessions and to deter and detect violations of Exchange
rules. Trading in the securities may be halted under the conditions
specified in Exchange Rule 14.11(d)(2)(H).
    The Exchange believes that the proposed rule change will provide
investors with the ability to better diversify and hedge their
portfolios using an exchange listed security without having to trade
directly in the underlying options contracts, and will facilitate the
listing and trading of additional Linked Securities that will enhance
competition among market participants, to the benefit of investors and
the marketplace.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change
will facilitate the listing and trading of additional Linked Securities
that will enhance competition among market participants, to the benefit
of investors and the marketplace.

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

    The Exchange neither solicited nor received comments on the
proposed rule change.

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

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

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-CboeBZX-2022-043 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CboeBZX-2022-043. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street, NE, Washington,
DC 20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-CboeBZX-2022-043 and should be submitted
on or before September 29, 2022.

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

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

J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-19349 Filed 9-7-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 88, Number 60 (Wednesday, March 29, 2023)]
[Notices]
[Pages 18542-18543]
[FR Doc No: 2023-06541]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OAR-2022-0071; FRL-10836-01-OMS]

Agency Information Collection Activities; Submission to the
Office of Management and Budget for Review and Approval; Comment
Request; NSPS for Rubber Tire Manufacturing (Renewal)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: The Environmental Protection Agency has submitted an
information collection request (ICR), NSPS for Rubber Tire
Manufacturing (EPA ICR Number 1158.14, OMB Control Number 2060-0156),
to the Office of Management and Budget (OMB) for review and approval in
accordance with the Paperwork Reduction Act. This is a proposed
extension of the ICR, which is currently approved through March 31,
2023. Public comments were previously requested, via the Federal
Register, on July 22, 2022 during a 60-day comment period. This notice
allows for an additional 30 days for public comments.

DATES: Comments may be submitted on or before April 28, 2023.

ADDRESSES: Submit your comments, referencing Docket ID Number EPA-HQ-
OAR-2022-0071, to EPA online using https://www.regulations.gov/ (our
preferred method), or by email to [email protected], or by mail to: EPA
Docket Center, Environmental Protection Agency, Mail Code 28221T, 1200
Pennsylvania Ave. NW, Washington, DC 20460. EPA's policy is that all
comments received will be included in the public docket without change,
including any personal information provided, unless the comment
includes profanity, threats, information claimed to be Confidential
Business Information (CBI), or other information whose disclosure is
restricted by statute.
    Submit written comments and recommendations to OMB for the proposed
information collection within 30 days of publication of this notice to
www.reginfo.gov/public/do/PRAMain. Find this particular information
collection by selecting ``Currently under 30-day Review--Open for
Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Muntasir Ali, Sector Policies and
Program Division (D243-05), Office of Air Quality Planning and
Standards, U.S. Environmental Protection Agency, Research Triangle
Park, North Carolina 27711; telephone number:<PHONE_NUMBER>; email
address: [email protected].

SUPPLEMENTARY INFORMATION: This is a proposed extension of the ICR,
which is currently approved through March 31, 2023. An Agency may
neither conduct nor sponsor, and a person is not required to respond
to, a collection of information unless it displays a currently valid
OMB control number.
    Public comments were previously requested, via the Federal Register
(87 FR 43843), on July 22, 2022 during a 60-day comment period. This
notice allows for an additional 30 days for public comments. Supporting
documents which explain in detail the information

that the EPA will be collecting are available in the public docket for
this ICR. The docket can be viewed online at https://www.regulations.gov, or in person, at the EPA Docket Center, WJC West
Building, Room 3334, 1301 Constitution Ave. NW, Washington, DC. The
telephone number for the Docket Center is<PHONE_NUMBER>. For additional
information about EPA's public docket, visit http://www.epa.gov/dockets.
    Abstract: The New Source Performance Standards (NSPS) for Rubber
Tire Manufacturing (40 CFR part 60, subpart BBB) were proposed on
January 20, 1983; promulgated on September 15, 1987; and amended on
both September 19, 1989, and October 17, 2000. These regulations apply
to both existing and new facilities with the following processes:
under-tread cementing operations, sidewall cementing operations, tread
end cementing operations, bead cementing operations, green tire
spraying operations, Michelin-A operations, Michelin-B operations, and
Michelin-C automatic operations. New facilities include those that
commenced either construction or reconstruction after the date of
proposal. Affected facilities include those that commenced either
construction, or modification, or reconstruction after January 20,
1983. This information is being collected to assure compliance with 40
CFR part 60, subpart BBB.
    In general, all NSPS standards require initial notifications,
performance tests, and periodic reports by the owners/operators of the
affected facilities. They are also required to maintain records of the
occurrence and duration of any startup, shutdown, or malfunction in the
operation of an affected facility, or any period during which the
monitoring system is inoperative. These notifications, reports, and
records are essential in determining compliance, and are required of
all affected facilities subject to NSPS.
    Form Numbers: None.
    Respondents/affected entities: Owners and operators of the rubber
tire manufacturing industry.
    Respondent's obligation to respond: Mandatory (40 CFR part 60,
subpart BBB).
    Estimated number of respondents: 41 (total).
    Frequency of response: Initially, occasionally, semiannually, and
annually.
    Total estimated burden: 17,700 hours (per year). Burden is defined
at 5 CFR 1320.3(b).
    Total estimated cost: $2,150,000 (per year), which includes $18,600
in annualized capital/startup and/or operation & maintenance costs.
    Changes in the Estimates: There is no change in burden from the
most recently-approved ICR as currently identified in the OMB Inventory
of Approved Burdens. This is due to two considerations: (1) the
regulations have not changed over the past three years and are not
anticipated to change over the next three years; and (2) the growth
rate for this industry is very low or non-existent, so there is no
significant change in the overall burden. Since there are no changes in
the regulatory requirements and there is no significant industry
growth, there are also no changes in the capital/startup costs. There
is an increase in O&M costs due to an adjustment from 2007 to 2020
dollars using the CEPCI Equipment Cost Index.

Courtney Kerwin,
Director, Regulatory Support Division.
[FR Doc. 2023-06541 Filed 3-28-23; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 83, Number 100 (Wednesday, May 23, 2018)]
[Notices]
[Pages 23954-23956]
[FR Doc No: 2018-10976]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83275; File No. SR-IEX-2018-10]

Self-Regulatory Organizations: Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Rule 11.410(a) To Update the Market Data Source That the Exchange Will
Use To Determine the Top of Book Quotation for NYSE National in
Anticipation of Its Planned Re-Launch

May 17, 2018.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on May 10, 2018, the Investors Exchange LLC (``IEX'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

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

    Pursuant to the provisions of Section 19(b)(1) under the Securities
Exchange Act of 1934 (``Act''),\4\ and Rule 19b-4 thereunder,\5\ IEX is
filing with the Commission a proposed rule change to amend the table in
Rule 11.410(a) to update the market data source that the Exchange will
use to determine the Top of Book \6\ quotation for NYSE National, Inc.
(``XCIS'') in anticipation of its planned re-launch. The Exchange has
designated this rule change as ``non-controversial'' under Section
19(b)(3)(A) of the Act \7\ and provided the Commission with the notice
required by Rule 19b-4(f)(6) thereunder.\8\ The text of the proposed
rule change is available at the Exchange's website at
www.iextrading.com, at the principal office of the Exchange, and at the
Commission's Public Reference Room.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(1).
    \5\ 17 CRF 240.19b-4.
    \6\ See IEX Rule 11.410(a)(1).
    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

1. Purpose
    The Exchange proposes to amend the table in Rule 11.410(a) to
update the market data source that the Exchange will use to determine
the Top of Book quotation for XCIS in anticipation of its planned re-
launch.\9\ As specified in Rule 11.410(a)(2), the Exchange uses data
from each away trading center that produces a Protected Quotation \10\
to determine its Top of Book quotation, as well as the NBBO \11\ for
certain reporting, regulatory and compliance systems within IEX.
---------------------------------------------------------------------------

    \9\ See NYSE Group Trader Update published on March 8, 2018
available at: https://www.nyse.com/publicdocs/nyse/markets/nyse/National_BC.pdf.
    \10\ See IEX Rule 1.160(bb).
    \11\ See IEX Rule 1.160(u).
---------------------------------------------------------------------------

    Specifically, the Exchange proposes to amend and update the table
specifying the primary and secondary sources for NYSE National
(``XCIS'') in anticipation of the planned re-launch of XCIS on May 21,
2018.\12\ As proposed, the Exchange will use securities information
processor (``SIP'') data, i.e., CQS SIP data for securities reported
under the Consolidated Quotation Services and Consolidated Tape
Association plans and UTDF SIP data for securities reported under the
Nasdaq Unlisted Trading Privileges national market system plan, to
determine XCIS Top of Book quotes. No secondary source is proposed to
be specified as SIP data will be used exclusively. While the Exchange
uses proprietary market data feeds to determine the Protected
Quotations of other away markets, as specified in Rule 11.410, it has
determined to utilize the SIP quote feeds for XCIS for several reasons.
First, XCIS quotations will not be included in the market data feeds
that IEX currently subscribes to and consumes for NYSE Group
exchanges.\13\ Although XCIS is not proposing charges for its
proprietary market data, the Exchange notes that making the necessary
technical changes to consume XCIS proprietary market data in time for
XCIS' planned May 21, 2018 re-launch would divert technical resources
from other higher priority initiatives. Second, the Exchange believes
that XCIS will likely have relatively low market share,\14\ and
accordingly does not believe that subscribing to an additional
proprietary market data feed at this time is necessary in order to
determine XCIS Top of Book quotes and enable the Exchange to comply
with applicable requirements of Regulation NMS with respect to its Top
of Book quotes. The Exchange also notes that other exchanges also use
SIP market data feeds to determine Top of Book quotes for some away
markets, including XCIS, pursuant to effective rule filings.\15\
---------------------------------------------------------------------------

    \12\ See supra note 9.
    \13\ See supra note 12. NYSE Group is the immediate parent
company of XCIS and its national securities exchange affiliates. See
Securities Exchange Act Release No. 82635 (February 6, 2018), 83 FR
6057 (February 12, 2018) (File No. SR-NYSENAT-2018-03).
    \14\ XCIS had overall market share of 0.02% for the week of
January 30, 2017, immediately prior to ceasing operations.
    \15\ See, e.g., Nasdaq Stock Market Rule 4759(a).
---------------------------------------------------------------------------

    The Exchange is also proposing a conforming change to Rule
11.410(a)(2) to reflect that, as proposed, the Exchange will not use
proprietary market data feeds as the primary source from which it will
determine Top of Book quotations for XCIS.
    The Exchange is not proposing any other changes to Rule 11.410 with
respect to its use of market data feeds and calculations of necessary
price reference points. The proposed change merely specifies the market
data feeds that the Exchange will use to determine XCIS Top of Book
quotes, and does not alter the manner in which orders are handled or
routed by the Exchange.
2. Statutory Basis
    IEX believes that the proposed rule change is consistent with the
provisions of Section 6(b) \16\ of the Act in general, and furthers the
objectives of Section 6(b)(5) of the Act \17\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general, to protect investors and the
public interest.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78f.
    \17\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change removes
impediments to and perfects the mechanism of a free and open market and
protects investors and the public interest because it provides
transparency with respect to the sources of market data that it will
use to determine XCIS Top of Book quotes. For the reasons discussed in
the Purpose section, the Exchange believes that use of SIP market data
will enable it to determine XCIS Top of Book quotes and comply with
applicable requirements of Regulation NMS. In addition, and as further
noted in the Purpose section, other exchanges use SIP market data to
determine Top of Book quotes for some away markets, including XCIS, so
the proposed change does not raise any new or novel issues not already
considered by the Commission.
    The Exchange also believes it is consistent with the Act to make a
conforming change to Rule 11.410(a)(2) so that provision is consistent
with the table in Rule 11.410(a).

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

    IEX does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange believes that the
proposed update does not impact competition in any respect since its
purpose is to enhance transparency and with respect

to the operation of the Exchange and its use of market data feeds.

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

    Because the proposed rule change does not (i) significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \18\ and Rule 19b-4(f)(6) thereunder.\19\
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78s(b)(3)(A).
    \19\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \20\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \21\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has asked the Commission to waive the 30-day operative delay so that
the proposal may become operative immediately upon filing, thus
allowing IEX's proposed rule change to reflect in its rules, prior to
the planned re-launch of XCIS, the source of market data that the
Exchange will utilize for determining XCIS Top of Book quotes. The
Commission does not believe that any new or novel issues are raised by
the proposal. For these reasons, the Commission believes the waiver of
the operative delay is consistent with the protection of investors and
the public interest. Therefore, the Commission hereby waives the
operative delay and designates the proposal operative upon filing.\22\
---------------------------------------------------------------------------

    \20\ 17 CFR 240.19b-4(f)(6).
    \21\ 17 CFR 240.19b-4(f)(6)(iii).
    \22\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-IEX-2018-10 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-IEX-2018-10. This file
number should be included in the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Section, 100 F Street NE, Washington,
DC 20549-1090. Copies of the filing will also be available for
inspection and copying at the IEX's principal office and on its
internet website at www.iextrading.com. All comments received will be
posted without change. Persons submitting comments are cautioned that
we do not redact or edit personal identifying information from comment
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-IEX-
2018-10 and should be submitted on or before June 13, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
---------------------------------------------------------------------------

    \23\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-10976 Filed 5-22-18; 8:45 am]
 BILLING CODE 8011-01-P