Circular are intended to reduce to a minimum the reliance by agencies
on government-unique standards.
    Consistent with then-President Obama's Climate Action Plan,\154\
the National Security Council staff coordinated an interagency effort
to create a new flood risk reduction standard for Federally funded
projects. The views of Governors, mayors, and other stakeholders were
solicited and considered as efforts were made to establish a new flood
risk reduction standard for Federally funded projects. The FFRMS is the
result of these efforts.
---------------------------------------------------------------------------

    \154\ The White House, ``President Obama's Climate Action Plan,
2nd Anniversary Progress Report--Continuing to cut carbon,
pollution, protect American communities, and lead internationally.''
June 2015 found at https://obamawhitehouse.archives.gov/sites/default/files/docs/cap_progress_report_final_w_cover.pdf (last
accessed July 12, 2023).
---------------------------------------------------------------------------

List of Subjects in 44 CFR Part 9

    Flood plains, Reporting and recordkeeping requirements.

    For the reasons discussed in the preamble, FEMA proposes to amend
44 CFR part 9, as follows:

PART 9--FLOODPLAIN MANAGEMENT AND PROTECTION OF WETLANDS

0
1. The authority citation for part 9 is revised to read as follows:

    Authority: 6 U.S.C. 101 et seq.; 42 U.S.C. 4001 et seq.; 42
U.S.C. 4321 et seq.; E.O. 11988 of May 24, 1977, 42 FR 26951, 3 CFR,
1977 Comp., p. 117; E.O. 11990 of May 24, 1977, 42 FR 26961, 3 CFR,
1977 Comp. p. 121; E.O. 13690, 80 FR 6425; E.O. 14030, 86 FR 27967.

0
2. Revise Sec.  9.1 to read as follows:

Sec.  9.1  Purpose.

    This part sets forth the policy, procedure, and responsibilities to
implement and enforce relevant sections of the National Flood Insurance
Act of 1968, as amended, and the Flood Disaster Protection Act of 1973,
as amended, 42 U.S.C. 4001 et seq., the National Environmental Policy
Act of 1969, 42 U.S.C. 4321 et seq., as amended, and other relevant
statutory authorities in conjunction with Executive Order 11988,
Floodplain Management, as amended, and Executive Order 11990,
Protection of Wetlands.
0
3. Amend Sec.  9.2 by revising paragraph (b) and adding paragraphs (c)
and (d) to read as follows:

Sec.  9.2  Policy.

* * * * *
    (b) The Agency will provide leadership in floodplain management and
the protection of wetlands, informed by the best available and
actionable science, to bolster the resilience of communities and
Federal assets against the impacts of flooding, which are anticipated
to increase over time due to the effects of changing conditions which
adversely affect the environment, economic prosperity, public health
and safety, and national security.
    (c) The Agency shall integrate the goals of the Orders to the
greatest possible degree into its procedures for implementing the
National Environmental Policy Act (42 U.S.C. 4321 et seq.).
    (d) The Agency shall:
    (1) Minimize the impact of floods on human health, safety, and
welfare;
    (2) Avoid long- and short-term adverse impacts associated with the
occupancy and modification of floodplains and the destruction and
modification of wetlands;
    (3) Avoid direct and indirect support of floodplain development and
new construction in wetlands wherever there is a practicable
alternative;
    (4) Reduce the risk of flood loss;
    (5) Promote the use of nonstructural flood protection methods to
reduce the risk of flood loss;
    (6) Minimize the destruction, loss, or degradation of wetlands;
    (7) Restore and preserve the natural and beneficial values served
by floodplains;
    (8) Preserve and enhance the natural values of wetlands;
    (9) Involve the public throughout the floodplain management and
wetlands protection decision-making process;
    (10) Adhere to the objectives of the Unified National Program for
Floodplain Management; and
    (11) Improve and coordinate the Agency's plans, programs,
functions, and resources so that the Nation may attain the widest range
of beneficial uses of the environment without degradation or risk to
health and safety.
0
4. Amend Sec.  9.3 by revising to read as follows:

Sec.  9.3  Severability.

    Any provision of this part held to be invalid or unenforceable as
applied to any action should be construed so as to continue to give the
maximum effect to the provision permitted by law, unless such holding
is that the provision of this part is invalid and unenforceable in all
circumstances, in which event the provision should be severable from
the remainder of this subpart and shall not affect the remainder
thereof.
0
5. Amend Sec.  9.4 by:
0
a. Adding in alphanumeric order definitions for ``0.2 Percent Annual
Chance Flood Elevation,'' ``0.2 Percent

Annual Chance Floodplain,'' ``1 Percent Annual Chance Flood
Elevation,'' and ``1 Percent Annual Chance Floodplain;''
0
b. Revising the definitions of ``Action'' and ``Actions Affecting or
Affected by Floodplains or Wetlands;''
0
c. Adding the definition of ``Action Subject to the Federal Flood Risk
Management Standard;''
0
d. Removing the definitions of ``Base Flood'' and ``Base Floodplain;''
0
e. Adding the definition of ``Base Flood Elevation;''
0
f. Revising the definitions of ``Coastal High Hazard Area,'' ``Critical
Action'' and ``Emergency Actions;''
0
g. Adding in alphabetical order definitions for ``Federal Flood Risk
Management Standard (FFRMS),'' ``Federal Flood Risk Management Standard
Floodplain,'' ``Federally Funded Project,'' and ``FEMA Resilience;''
0
h. Removing the definitions of ``Five Hundred Year Floodplain'' and
``FIA;''
0
i. Revising the definition of ``Flood or Flooding;''
0
j. Removing the definitions of ``Flood Fringe,'' ``Flood Hazard
Boundary Map (FHBM),'' ``Flood Insurance Rate Map (FIRM),'' and ``Flood
Insurance Study;''
0
k. Revising the definitions of ``Floodplain'', ``Functionally Dependent
Use'', and ``Mitigation;''
0
l. Removing the definition of ``Mitigation Directorate;''
0
m. Adding in alphabetical order a definition for ``National Security''
and ``Nature-Based Approaches,'' ``Natural and Beneficial Values of
Floodplains and Wetlands,'' and ``Natural Features;''
0
n. Removing the definition of ``Natural Values of Floodplains and
Wetlands;''
0
o. Revising the definition of ``New Construction;''
0
p. Removing the definition of ``New Construction in Wetlands;''
0
q. Revising the definitions of ``Orders'', ``Practicable'', and
``Regulatory Floodway'', ``Restore'', ``Structures'', and ``Substantial
Improvement;''
0
r. Adding the definition of ``Support of Floodplain and Wetland
Development;''
0
s. Removing the definition of ``Support;'' and
0
t. Revising the definition of ``Wetlands.''
    The additions and revisions read as follows:

Sec.  9.4  Definitions.

    0.2 Percent Annual Chance Flood Elevation means the elevation to
which floodwater is anticipated to rise during the 0.2 percent annual
chance flood (also known as the 500-year flood).
    0.2 Percent Annual Chance Floodplain means the area subject to
flooding by the 0.2 percent annual chance flood (also known as the 500-
year floodplain).
    1 Percent Annual Chance Flood Elevation--see Base Flood Elevation.
    1 Percent Annual Chance Floodplain means the area subject to
flooding by the 1 percent annual chance flood (also known as the 100-
year floodplain or base floodplain).
    Action means
    (1) Acquiring, managing, and disposing of Federal lands and
facilities;
    (2) Providing federally undertaken, financed, or assisted
construction and improvements; and
    (3) Conducting Federal activities and programs affecting land use,
including, but not limited to, water and related land resources,
planning, regulating, and licensing activities.
    Actions Affecting or Affected by Floodplains or Wetlands means
actions which have the potential to result in the long- or short-term
impacts associated with:
    (1) The occupancy or modification of floodplains, and the direct or
indirect support of floodplain development, or
    (2) The destruction and modification of wetlands and the direct or
indirect support of new construction in wetlands.
    Action Subject to the Federal Flood Risk Management Standard
(FFRMS) means any action where FEMA funds are used for new
construction, substantial improvement, or to address substantial damage
to a structure or facility.
* * * * *
    Base Flood Elevation means the elevation to which floodwater is
anticipated to rise during the 1 percent annual chance flood (also
known as the base flood or 100-year flood). The terms ``base flood
elevation,'' ``1 percent annual change flood elevation,'' and ``100-
year flood elevation'' are synonymous and are used interchangeably.
    Coastal High Hazard Area means an area of flood hazard extending
from offshore to the inland limit of a primary frontal dune along an
open coast and any other area subject to high velocity wave action from
storms or seismic sources.
    Critical Action means any action for which even a slight chance of
flooding is too great. Critical actions include, but are not limited
to, those which create or extend the useful life of structures or
facilities:
    (1) Such as those which produce, use or store highly volatile,
flammable, explosive, toxic or water-reactive materials;
    (2) Such as hospitals and nursing homes, and housing for the
elderly, which are likely to contain occupants who may not be
sufficiently mobile to avoid the loss of life or injury during flood
and storm events;
    (3) Such as emergency operation centers, or data storage centers
which contain records or services that may become lost or inoperative
during flood and storm events; and
    (4) Such as generating plants, and other principal points of
utility lines.
* * * * *
    Emergency Actions means emergency work essential to save lives and
protect property and public health and safety performed under sections
403 and 502 of the Robert T. Stafford Disaster Relief and Emergency
Assistance Act of 1988 (42 U.S.C. 5170b and 5192).
* * * * *
    Federal Flood Risk Management Standard (FFRMS) means the Federal
flood risk management standard to be incorporated into existing
processes used to implement Executive Order 11988, as amended.
    Federal Flood Risk Management Standard (FFRMS) Floodplain means the
floodplain established using one of the approaches described in Sec.
9.7(c) of this part.
    Federally Funded Project--see Action Subject to the Federal Flood
Risk Management Standard.
    FEMA Resilience means the organization within FEMA that includes
the Federal Insurance and Mitigation Administration, the Grants Program
Directorate, and the National Preparedness Directorate.
* * * * *
    Flood or flooding means the general and temporary condition of
partial or complete inundation of normally dry land areas from the
overflow of inland and/or tidal waters, and/or the unusual and rapid
accumulation of runoff of surface waters from any source. 0.2 Percent
Annual Chance Flood means the flood which has a 0.2 percent chance of
being equaled or exceeded in any given year (also known as the 500-year
flood). 1 Percent Annual Chance Flood means the flood which has a 1
percent chance of being equaled or exceeded in any given year (also
known as the 100-year flood or base flood). The terms ``base flood,''
``1 percent annual chance flood,'' and ``100-year flood'' are
synonymous and are used interchangeably.
* * * * *
    Floodplain means any land area that is subject to flooding. The
term

``floodplain,'' by itself, refers to geographic features with undefined
boundaries. For the purposes of this part, the FFRMS floodplain shall
be established using one of the approaches described in Sec.  9.7(c) of
this part. See 0.2 Percent Annual Chance Floodplain, 1 Percent Annual
Chance Floodplain, and Federal Flood Risk Management Standard
Floodplain.
* * * * *
    Functionally Dependent Use means a use which cannot perform its
intended purpose unless it is located or carried out in close proximity
to water.
* * * * *
    Mitigation means steps necessary to minimize the potentially
adverse effects of the proposed action, and to restore and preserve the
natural and beneficial floodplain values and to preserve and enhance
natural values of wetlands.
* * * * *
    National Security means a condition that is provided by either (1)
a military or defense advantage over any foreign nation or group of
nations; (2) a favorable foreign relations position; or (3) a defense
posture capable of successfully resisting hostile or destructive action
from within or without, overt or covert. National security encompasses
both national defense and foreign relations of the United States.
    Nature-Based Approaches means the features (sometimes referred to
as ``green infrastructure'') designed to mimic natural processes and
provide specific services such as reducing flood risk and/or improving
water quality. Nature-based approaches are created by human design (in
concert with and to accommodate natural processes) and generally, but
not always, must be maintained in order to reliably provide the
intended level of service.
    Natural and Beneficial Values of Floodplains and Wetlands means
features or resources that provide environmental and societal benefits.
Water and biological resources are often referred to as ``natural
functions of floodplains and wetlands.'' These values include, but are
not limited to:
    (1) Water Resource Values (storing and conveying floodwaters,
maintaining water quality, and groundwater recharge);
    (2) Living Resource Values (providing habitats and enhancing
biodiversity for fish, wildlife, and plant resources);
    (3) Cultural Resource Values (providing open space, natural beauty,
recreation, scientific study, historic and archaeological resources,
and education; and
    (4) Cultivated Resource Values (creating rich soils for
agriculture, aquaculture, and forestry).
    Natural Features means characteristics of a particular environment
(e.g., barrier islands, sand dunes, wetlands) that are created by
physical, geological, biological, and chemical processes and exist in
dynamic equilibrium. Natural features are self-sustaining parts of the
landscape that require little or no maintenance to continue providing
their ecosystem services (functions).
    New Construction means the construction of a new structure or
facility or the replacement of a structure or facility which has been
totally destroyed. New construction includes permanent installation of
temporary housing units. New construction in wetlands includes
draining, dredging, channelizing, filling, diking, impounding, and
related activities.
* * * * *
    Orders means Executive Order 11988, Floodplain Management, as
amended, and Executive Order 11990, Protection of Wetlands.
    Practicable means capable of being done within existing
constraints. The test of what is practicable depends on the situation
and includes consideration of all pertinent factors, such as natural
environment, social concerns, economic aspects, legal constraints, and
agency authorities.
* * * * *
    Regulatory Floodway means the area regulated by Federal, State, or
local requirements to provide for the discharge of the base flood so
the cumulative rise in the water surface is no more than a designated
amount above the base flood elevation.
    Restore means to reestablish a setting or environment in which the
natural functions of the floodplain can operate.
    Structure means a walled and roofed building, including a temporary
housing unit (manufactured housing) or a gas or liquid storage tank.
    Substantial Improvement means any repair, reconstruction or other
improvement of a structure or facility, which has been damaged in
excess of, or the cost of which equals or exceeds, 50% of the pre-
disaster market value of the structure or replacement cost of the
facility (including all ``public facilities'' as defined in the Robert
T. Stafford Disaster Relief and Emergency Assistance Act of 1988) (1)
before the repair or improvement is started, or (2) if the structure or
facility has been damaged and is proposed to be restored. Substantial
improvement includes work to address substantial damage to a structure
or facility. If a facility is an essential link in a larger system, the
percentage of damage will be based on the cost of repairing the damaged
facility relative to the replacement cost of the portion of the system
which is operationally dependent on the facility. The term
``substantial improvement'' does not include any alteration of a
structure or facility listed on the National Register of Historic
Places or a State Inventory of Historic Places.
* * * * *
    Support of Floodplain and Wetland Development means to, directly or
indirectly, encourage, allow, serve, or otherwise facilitate
development in floodplains or wetlands. Development means any man-made
change to improved or unimproved real estate, including but not limited
to new construction, mining, dredging, filling, grading, paving,
excavation or drilling operations, or storage of equipment or
materials. Direct support results from actions within floodplains or
wetlands, and indirect support results from actions outside of
floodplains or wetlands.
    Wetlands means those areas which are inundated or saturated by
surface or ground water with a frequency sufficient to support, or that
under normal hydrologic conditions does or would support, a prevalence
of vegetation or aquatic life typically adapted for life in saturated
or seasonally saturated soil conditions, including wetlands areas
separated from their natural supply of water as a result of
construction activities such as structural flood protection methods or
solid-fill road beds, and activities such as mineral extraction and
navigation improvements. Examples of wetlands include, but are not
limited to, swamps, fresh and salt water marshes, estuaries, bogs,
beaches, wet meadows, sloughs, potholes, mud flats, river overflows,
and other similar areas. This definition is intended to be consistent
with the definition utilized by the U.S. Fish and Wildlife Service.
0
6. Amend Sec.  9.5 by revising paragraph (a)(3), the first sentence of
paragraph (b)(1), and paragraphs (c) through (g) to read as follows:

Sec.  9.5  Scope.

    (a) * * *
    (3) The amendments to this part made on [EFFECTIVE DATE OF FINAL
RULE] apply to new actions for which assistance is made available
pursuant to declarations under the Robert T. Stafford Disaster Relief
and Emergency Assistance Act of 1988 on or after [EFFECTIVE DATE OF
FINAL RULE] and new actions for which assistance is

made available pursuant to notices of funding opportunities published
on or after [EFFECTIVE DATE OF FINAL RULE]. For ongoing actions for
which assistance was made available prior to that date, legacy program
regulations set forth in guidance and available at http://www.fema.gov
shall apply.
    (b) * * *
    (1) Executive Order 11990, Protection of Wetlands, contains a
limited exemption not found in Executive Order 11988, Floodplain
Management, as amended. * * *
* * * * *
    (c) Decision-making involving certain categories of actions. The
provisions set forth in this part are not applicable to the actions
enumerated in paragraphs (c)(1) through (10) of this section except
that the Regional Administrators shall comply with the spirit of
Executive Order 11988, as amended, and Executive Order 11990 to the
extent practicable. For any action which is excluded from the actions
enumerated below, the full 8-step process applies (see Sec.  9.6)
(except as indicated at paragraphs (d), (e), and (g) of this section
regarding other categories of partial or total exclusion). The
provisions of this part do not apply to the following (all references
are to the Robert T. Stafford Disaster Relief and Emergency Assistance
Act of 1988, Pub. L. 93-288, as amended, except as noted):
    (1) Assistance provided for emergency work essential to save lives
and protect property and public health and safety performed pursuant to
sections 403 and 502;
    (2) Emergency Support Teams (section 303);
    (3) Emergency Communications (section 418);
    (4) Emergency Public Transportation (section 419);
    (5) Fire Management Assistance (section 420), except for hazard
mitigation assistance under sections 404 and 420(d);
    (6) Community Disaster Loans (section 417), except to the extent
that the proceeds of the loan will be used for repair of facilities or
structures or for construction of additional facilities or structures;
    (7) The following Federal Assistance to Individuals and Households
Program (section 408) categories of assistance:
    (i) Financial assistance for temporary housing (section
408(c)(1)(A));
    (ii) Lease and repair of rental units for temporary housing
(section 408(c)(1)(B)(ii)), except that Step 1 (Sec.  9.7) shall be
carried out;
    (iii) Repairs (section 408(c)(2));
    (iv) Replacement (section 408(c)(3)); and
    (v) Financial assistance to address other needs (section 408(e)).
    (8) Debris clearance and removal (sections 403 and 502), except
those grants involving non-emergency disposal of debris within a
floodplain or wetland (section 407);
    (9) Actions under sections 406 and 407 of less than $18,000. Such
$18,000 amount will be adjusted annually to reflect changes in the
Consumer Price Index for All Urban Consumers published by the
Department of Labor;
    (10) Placement of families in existing resources and Temporary
Relocation Assistance provided to those families so placed under the
Comprehensive Environmental Response, Compensation, and Liability Act
of 1980, Public Law 96-510.
    (d) Abbreviated decision-making process applying steps 1, 4, 5, and
8. The Regional Administrator shall apply steps 1, 4, 5, and 8 of the
decision-making process (Sec. Sec.  9.7, 9.10, and 9.11) to repairs
under section 406 of the Robert T. Stafford Disaster Relief and
Emergency Assistance Act of 1988, Public Law 93-288, as amended,
between $18,000 and $91,000. Such $18,000 and $91,000 amounts will be
adjusted annually to reflect changes in the Consumer Price Index for
All Urban Consumers published by the Department of Labor. For any
action which is excepted from the actions listed below (except as
otherwise provided in Sec.  9.5 regarding other categories of partial
or total exclusion), the full 8-step process applies (See Sec.  9.6).
The Regional Administrator may also require certain other portions of
the decision-making process to be carried out for individual actions as
is deemed necessary. Steps 1, 4, 5, and 8 of the decision-making
process apply to actions under section 406 of the Stafford Act
referenced above except for:
    (1) Actions in a floodway or coastal high hazard area; or
    (2) New construction, substantial improvement, or repairs to
address substantial damage of structures or facilities; or
    (3) Facilities or structures which have previously sustained damage
from flooding due to a major disaster or emergency or on which a flood
insurance claim has been paid; or
    (4) Critical actions.
    (e) Abbreviated decision-making process applying steps 1, 2, 4, 5,
and 8. The Regional Administrator shall apply steps 1, 2, 4, 5, and 8
of the decision-making process (Sec. Sec.  9.7, 9.8, 9.10, and 9.11,
see Sec.  9.6) to certain actions under Section 406 of the Robert T.
Stafford Disaster Relief and Emergency Assistance Act of 1988, Public
Law 93-288, as amended, provided in paragraphs (1) and (2) below. Steps
3 and 6 (Sec.  9.9) shall be carried out except that alternative sites
outside the floodplain or wetland need not be considered. After
assessing impacts of the proposed action on the floodplain or wetlands
and of the site on the proposed action, alternative actions to the
proposed action, if any, and the ``no action'' alternative shall be
considered. The Regional Administrator may also require certain other
portions of the decision-making process to be carried out for
individual actions as is deemed necessary. For any action which is
excluded from the actions listed below (except as otherwise provided in
Sec.  9.5 regarding other categories of partial or total exclusion),
the full 8-step process applies (see Sec.  9.6). The Regional
Administrator shall apply steps 1, 2, 4, 5, and 8 of the decision-
making process (Sec. Sec.  9.7, 9.8, 9.10, and 9.11, see Sec.  9.6) to:
    (1) Replacement of building contents, materials, and equipment
(section 406).
    (2) Repairs under section 406 to damaged facilities or structures,
except any such action for which one or more of the following is
applicable:
    (i) FEMA estimated cost of repairs is more than 50 percent of the
estimated reconstruction cost of the entire facility or structure or is
more than $364,000. Such $364,000 amount will be adjusted annually to
reflect changes in the Consumer Price Index for All Urban Consumers
published by the Department of Labor; or
    (ii) The action is located in a floodway or coastal high hazard
area; or
    (iii) Facilities or structures which have previously sustained
structural damage from flooding due to a major disaster or emergency or
on which a flood insurance claim has been paid; or
    (iv) The action is a critical action.
    (f) Other categories of actions. Based upon the completion of the
8-step decision-making process (Sec.  9.6), the Regional Administrator
may find that a specific category of actions either offers no potential
for carrying out the purposes of the Orders and shall be treated as
those actions listed in Sec.  9.5(c), or has no practicable alternative
sites and shall be treated as those actions listed in Sec.  9.5(e), or
has no practicable alternative actions or sites and shall be treated as
those actions listed in Sec.  9.5(d). This finding will be made in
consultation with FEMA Resilience and the Council on Environmental
Quality as provided in section 2(d) of Executive Order 11988, as
amended. Public notice of each of these determinations shall

include publication in the Federal Register and a 30-day comment
period.
    (g) The National Flood Insurance Program (NFIP). (1) FEMA
Resilience shall apply the 8-step decision-making process to program-
wide actions under the NFIP, including all regulations, procedures, and
other issuances making or amending program policy, and the
establishment of programmatic standards or criteria. FEMA Resilience
shall not apply the 8-step decision-making process to the application
of programmatic standards or criteria to specific situations. Thus, for
example, FEMA Resilience would apply the 8-step process to a
programmatic determination of categories of structures to be insured,
but not to whether to insure each individual structure.
    (2) The provisions set forth in this part are not applicable to the
actions enumerated below except that FEMA Resilience shall comply with
the spirit of the Orders to the extent practicable:
    (i) The issuance of individual flood insurance policies and policy
interpretations;
    (ii) The adjustment of claims made under the Standard Flood
Insurance Policy;
    (iii) The hiring of independent contractors to assist in the
implementation of the NFIP;
    (iv) The issuance of individual flood insurance maps, Map
Information Facility map determinations, and map amendments; and
    (v) The conferring of eligibility for emergency or regular program
(NFIP) benefits upon communities.
0
7. Revise Sec.  9.6 to read as follows:

Sec.  9.6  Decision-making process.

    (a) Purpose. This section sets out the floodplain management and
wetlands protection decision-making process to be followed by the
Agency in applying the Orders to its actions. The numbering of Steps 1
through 8 does not require that the steps be followed sequentially. As
information is gathered through the decision-making process, and as
additional information is needed, reevaluation of lower numbered steps
may be necessary.
    (b) Decision-making process. Except as otherwise provided in Sec.
9.5 regarding categories of partial or total exclusion when proposing
an action, the Agency shall apply the 8-step decision-making process.
FEMA shall:
    (1) Step 1. Determine whether the proposed action is located in a
floodplain and/or a wetland as established by Sec.  9.7; and whether it
has the potential to affect or be affected by a floodplain or wetland
(see Sec.  9.7);
    (2) Step 2. Notify the public at the earliest possible time of the
intent to carry out an action in a floodplain or wetland, and involve
the affected and interested public in the decision-making process (see
Sec.  9.8);
    (3) Step 3. Identify and evaluate practicable alternatives to
locating the proposed action in a floodplain or wetland (including
alternative sites, actions, natural features, nature-based approaches,
and the ``no action'' option) (see Sec.  9.9). If a practicable
alternative exists outside the floodplain or wetland FEMA must locate
the action at the alternative site.
    (4) Step 4. Identify the potential direct and indirect impacts
associated with the occupancy or modification of floodplains and
wetlands and the potential direct and indirect support of floodplain
and wetland development that could result from the proposed action (see
Sec.  9.10);
    (5) Step 5. Minimize the potential adverse impacts to or within
floodplains and wetlands and minimize support of floodplain and wetland
development identified under Step 4. Restore and preserve the natural
and beneficial values served by floodplains, and preserve and enhance
the natural and beneficial values served by wetlands. Integrate nature-
based approaches where appropriate (see Sec.  9.11);
    (6) Step 6. Reevaluate the proposed action to determine first, if
it is still practicable in light of its exposure to flood hazards, the
extent to which it will aggravate hazards to others, and its potential
to disrupt floodplain and wetland values; and second, if alternatives
preliminarily rejected at Step 3 are practicable in light of the
information gained in Steps 4 and 5. FEMA shall not act in a floodplain
or wetland unless it is the only practicable location (see Sec.  9.9);
    (7) Step 7. Prepare and provide the public with a finding and
public explanation of any final decision that the floodplain or wetland
is the only practicable alternative (see Sec.  9.12); and
    (8) Step 8. Review the implementation and post-implementation
phases of the proposed action to ensure that the requirements stated in
Sec.  9.11 are fully implemented. Oversight responsibility shall be
integrated into existing processes.
0
8. Amend Sec.  9.7 by revising paragraphs (a), (b), (c), (d)(3) and (4)
to read as follows:

Sec.  9.7  Determination of proposed action's location.

    (a) Purpose. This section establishes Agency procedures for
determining whether any action as proposed is located in or affects a
floodplain established in paragraph (c) of this section or a wetland.
    (b) Information needed. (1) The Agency shall obtain enough
information so that it can fulfill the requirements in this part to:
    (i) Avoid Federal action in floodplain and wetland locations unless
they are the only practicable alternatives; and
    (ii) Minimize harm to and within floodplains and wetlands.
    (2) In all cases, FEMA shall determine whether the proposed action
is located in a floodplain or wetland. Information about the floodplain
as established by Sec.  9.7(c) and the location of floodways and
coastal high hazard areas may also be needed to comply with this part,
especially Sec.  9.11.
    (3) The following additional current and future flooding
characteristics may be identified by the Regional Administrator as
applicable:
    (i) Velocity of floodwater;
    (ii) Rate of rise of floodwater;
    (iii) Duration of flooding;
    (iv) Available warning and evacuation time and routes;
    (v) Special problems:
    (A) Levees;
    (B) Erosion;
    (C) Subsidence;
    (D) Sink holes;
    (E) Ice jams;
    (F) Debris load;
    (G) Pollutants;
    (H) Wave heights;
    (I) Groundwater flooding;
    (J) Mudflow.
    (vi) Any other applicable flooding characteristics.
    (c) Floodplain determination. In the absence of a finding to the
contrary, FEMA will determine that a proposed action involving a
facility or structure that has been flooded previously is in the
floodplain. In determining if a proposed action is in the floodplain:
    (1) FEMA shall determine whether the action is an action subject to
the FFRMS as defined in Sec.  9.4.
    (i) If the action is an action subject to the FFRMS, FEMA shall
establish the FFRMS floodplain area and associated flood elevation by
using the process specified in (c)(3) of this section and one of the
following approaches:
    (A) Climate-Informed Science Approach (CISA): Using a climate-
informed science approach that uses the best-available, actionable
hydrologic and hydraulic data and methods that integrate current and
future changes in flooding based on climate science. This approach will
also include an emphasis on whether the action is a critical action as
one of the factors to be considered when conducting the analysis;

    (B) Freeboard Value Approach (FVA): Using the freeboard value,
reached by adding an additional 2 feet to the base flood elevation for
non-critical actions and by adding an additional 3 feet to the base
flood elevation for critical actions;
    (C) 0.2 Percent Annual Chance Flood Approach (0.2PFA): The 0.2
percent annual chance flood; or
    (D) Any other method identified in an update to the FFRMS.
    (ii) FEMA may select among and prioritize the approaches in
paragraph (c)(1) by policy.
    (iii) FEMA may provide an exception to using the FFRMS floodplain
and corresponding flood elevation for an action subject to the FFRMS
and instead use the 1 percent annual chance (base) floodplain for non-
critical actions or the 0.2 percent annual chance floodplain for
critical actions where the action is in the interest of national
security, where the action is an emergency action, or where the action
is a mission-critical requirement related to a national security
interest or an emergency action.
    (2) If the action is not an action subject to the FFRMS as defined
in Sec.  9.4, FEMA shall use, at a minimum:
    (i) The 1 percent annual chance (base) floodplain and flood
elevation for non-critical actions; and
    (ii) The 0.2 percent annual chance floodplain and flood elevation
for critical actions.
    (3) FEMA shall establish the floodplain and corresponding elevation
using the best available information. The floodplain and corresponding
elevation determined using the best available information must be at
least as restrictive as FEMA's regulatory determinations under the NFIP
where such determinations are available. In obtaining the best
available information, FEMA may consider other FEMA information as well
as other available information, such as:
    (i) Department of Agriculture: Natural Resources Conservation
Service, U.S. Forest Service;
    (ii) Department of Defense: U.S. Army Corps of Engineers;
    (iii) Department of Commerce: National Oceanic and Atmospheric
Administration;
    (iv) Department of the Interior: Bureau of Land Management, Bureau
of Reclamation, U.S. Fish and Wildlife Service, United States
Geological Survey;
    (v) Tennessee Valley Authority;
    (vi) Department of Transportation;
    (vii) Environmental Protection Agency;
    (viii) General Services Administration;
    (ix) States and Regional Agencies; or
    (x) Local sources such as Floodplain Administrators, Regional Flood
Control Districts, or Transportation Departments.
    (4) If the sources listed in paragraph (c)(3) of this section do
not have or know of the information necessary to comply with the
requirements in this part, the Regional Administrator may seek the
services of a professional registered engineer.
    (5) If a decision involves an area or location within extensive
Federal or state holdings or a headwater area and FEMA's regulatory
determinations under the National Flood Insurance Program are not
available, the Regional Administrator shall seek information from the
land administering agency before information and/or assistance is
sought from the sources listed in paragraph (c)(3).
    (d) * * *
    (3) If the identified sources do not have adequate information upon
which to base the determination, the Agency shall carry out an on-site
analysis performed by a representative of the FWS or other qualified
individual for wetlands characteristics based on the definition of a
wetland in Sec.  9.4.
    (4) If an action constitutes new construction and is in a wetland
but not in a floodplain, the provisions of this part shall apply. If
the action is not in a wetland, the Regional Administrator shall
determine if the action has the potential to result in indirect impacts
on wetlands. If so, all potential adverse impacts shall be minimized.
For actions which are in a wetland and the floodplain, completion of
the decision-making process is required. (See Sec.  9.6). In such a
case, the wetland will be considered as one of the natural and
beneficial values of the floodplain.
0
9. Amend Sec.  9.8 by revising paragraphs (a), (c)(1), the first
sentence of paragraph (c)(2), the introductory text of paragraph
(c)(3), paragraph (c)(3)(v), paragraphs (c)(4) and (5) to read as
follows:

Sec.  9.8  Public notice requirements.

    (a) Purpose. This section establishes the initial notice procedures
to be followed when the Agency proposes any action in or affecting
floodplains or wetlands.
* * * * *
    (c) * * *
    (1) For an action for which an environmental impact statement is
being prepared, the Notice of Intent to File an EIS constitutes the
early public notice if it includes the information required under
paragraph (c)(5) of this section.
    (2) For each action having national significance for which notice
is being provided, the Agency at a minimum shall provide notice by
publication in the Federal Register and shall provide notice by mail to
national organizations reasonably expected to be interested in the
action. * * *
    (3) The Agency shall determine whether it has provided appropriate
notices, adequate comment periods, and whether to issue cumulative
notices (paragraphs (c)(4), (6), and (7) of this section) based on
factors which include, but are not limited to:
* * * * *
    (v) Anticipated potential impact of the action.
    (4) For each action having primarily local importance for which
notice is being provided, notice shall be made in accordance with the
criteria under paragraph (c)(3) of this section, and shall include, as
appropriate:
    (i) Notice through the internet or another comparable method.
    (ii) Notice to Indian tribes when effects may occur on
reservations.
    (iii) Information required in the affected State's public notice
procedures for comparable actions.
    (iv) Publication in local newspapers.
    (v) Notice through other local media including newsletters.
    (vi) Notice to potential interested community organizations.
    (vii) Direct mailing to owners and occupants of nearby or affected
property.
    (viii) Posting of notice on and off site in the area where the
action is to be located.
    (ix) Public hearing.
    (5) The notice shall:
    (i) Describe the action, its purposes, and a statement of the
intent to carry out an action affecting or affected by a floodplain or
wetland;
    (ii) Based on the factors in paragraph (c)(3) of this section,
include a map of the area and other identification of the floodplain
and/or wetland areas which is of adequate scale and detail;
alternatively, FEMA may state that such map is available for public
inspection, including the location at which such map may be inspected
and a telephone number to call for information or may provide a link to
access the map online;
    (iii) Based on the factors in paragraph (c)(3) of this section,
describe the type, extent, and degree of hazard involved and the
floodplain or wetland values present; and
    (iv) Identify the responsible official or organization for
implementing the proposed action, and from whom further information can
be obtained.
* * * * *
0
10. Amend Sec.  9.9 by:

0
a. Revising paragraphs (a)(1), (b)(2), and (c)(1) through (4);
0
b. Adding paragraph (c)(5);
0
c. Revising paragraphs (d), (e)(1)(i), (e)(1)(iii), (e)(1)(iv); (e)(2)
introductory text, (e)(3) introductory text, and (e)(4);
0
d. Lifting the suspension of paragraph (e)(6) and removing the
paragraph.
    The addition and revisions read as follows:

Sec.  9.9  Analysis and reevaluation of practicable alternatives.

    (a) * * *
    (1) This section expands upon the directives set out in Sec.  9.6
of this part in order to clarify and emphasize the requirements to
avoid floodplains and wetlands unless there is no practicable
alternative.
* * * * *
    (b) * * *
    (2) Alternative actions which serve essentially the same purpose as
the proposed action, but which have less potential to affect or be
affected by the floodplain or wetlands. In developing the alternative
actions, the Agency shall use, where possible, natural systems,
ecosystem processes, and nature-based approaches; and
* * * * *
    (c) * * *
    (1) Natural environment (including, but not limited to topography,
habitat, hazards, when applicable);
    (2) Social concerns (including, but not limited to aesthetics,
historical and cultural values, land patterns, when applicable);
    (3) Economic aspects (including, but not limited to costs of space,
technology, construction, services, relocation, when applicable);
    (4) Legal constraints (including, but not limited to deeds and
leases, when applicable); and
    (5) Agency authorities.
    (d) * * *
    (1) The Agency shall not locate the proposed action in the
floodplain as established by Sec.  9.7(c) or in a wetland if a
practicable alternative exists outside the floodplain or wetland.
    (2) If no practicable alternative exists outside the floodplain or
wetland, in order to carry out the action the floodplain or wetland
must itself be a practicable location in light of the review required
in this section.
    (e) * * *
    (1) * * *
    (i) The action is still practicable at a floodplain or wetland
site, considering the flood risk and the ensuing disruption of natural
values;
* * * * *
    (iii) The scope of the action can be limited to increase the
practicability of previously rejected non-floodplain or wetland sites
and alternative actions; and
    (iv) Harm to or within the floodplain can be minimized using all
practicable means.
    (2) Take no action in a floodplain unless the importance of the
floodplain site clearly outweighs the requirements to:
* * * * *
    (3) Take no action in a wetland unless the importance of the
wetland site clearly outweighs the requirements to:
* * * * *
    (4) In carrying out this balancing process, give the factors in
paragraphs (e)(2) and (3) of this section great weight.
* * * * *
0
11. Amend Sec.  9.10 by revising paragraph (a), the second sentence of
paragraph (b), (c) and (d) to read as follows:

Sec.  9.10  Identify impacts of proposed actions.

    (a) This section ensures that the effects of proposed Agency
actions are identified.
    (b) * * * Such identification of impacts shall be to the extent
necessary to comply with the requirements of this part to avoid
floodplain and wetland locations unless they are the only practicable
alternatives to minimize harm to and within floodplains and wetlands.
    (c) This identification shall consider whether the proposed action
will result in an increase in the useful life of any structure or
facility in question, maintain the investment at risk and exposure of
lives to the flood hazard or forego an opportunity to restore the
natural and beneficial values served by floodplains or wetlands.
    (d) In the review of a proposed or alternative action, the Regional
Administrator shall consider and evaluate: impacts associated with
modification of wetlands and floodplains regardless of its location;
additional impacts which may occur when certain types of actions may
support subsequent action which have additional impacts of their own;
adverse impacts of the proposed actions on lives and property and on
natural and beneficial floodplain and wetland values; and the three
categories of factors listed below:
    (1) Flood hazard-related factors. These include, but are not
limited to, the factors listed in Sec.  9.7(b)(3);
    (2) Natural values-related factors. These include, but are not
limited to: water resource values, as in storing and conveying
floodwaters, maintaining water quality, and groundwater recharge;
living resource values, as in providing habitats and enhancing
biodiversity for fish and wildlife and plant resources; cultural
resource values, as in providing open space, natural beauty,
recreation, scientific study, historical and archaeological resources,
and education; and cultivated resource values, as in creating rich
soils for agriculture, aquaculture, and forestry.
    (3) Factors relevant to a proposed action's effects on the survival
and quality of wetlands. These include, but are not limited to: Public
health, safety, and welfare, including water supply, quality, recharge
and discharge; pollution; flood and storm hazards; and sediment and
erosion; maintenance of natural systems, including conservation and
long term productivity of existing flora and fauna, species and habitat
diversity and stability, hydrologic utility, fish, wildlife, timber,
and food and fiber resources; and other uses of wetlands in the public
interest, including recreational, scientific, and cultural uses.
0
12. Amend Sec.  9.11 by:
0
a. Revising paragraphs (a) and (c)(1);
0
b. Revising the first sentence of paragraph (d) introductory text, the
introductory text of paragraph (d)(1), paragraphs (d)(2), (3) and (4),
the introductory text of paragraph (d)(5), and paragraph (d)(9);
0
c. Lifting the suspension of paragraph (e)(4) and removing paragraph
(e); and
0
d. Redesignating paragraph (f) as paragraph (e) and revising newly
redesignated paragraph (e).
    The revisions read as follows:

Sec.  9.11  Mitigation.

    (a) Purpose. This section expands upon the directives set out in
Sec.  9.6 of this part and sets out the mitigative actions required if
the preliminary determination is made to carry out an action that
affects or is in a floodplain or wetland.
* * * * *
    (c) * * *
    (1) Potential harm to lives and the investment from flooding based
on flood elevations as established by Sec.  9.7(c);
* * * * *
    (d) Minimization Standards. The Agency shall apply, at a minimum,
the following standards to its actions to comply with the requirements
of paragraphs (b) and (c) of this section (except as provided in Sec.
9.5(c), (d), and (g) regarding categories of partial or total
exclusion). * * *
    (1) There shall be no new construction or substantial

improvement in a floodway and no new construction in a coastal high
hazard area, except for: * * *
    (2) For a structure which is a functionally dependent use or which
facilitates an open space use, the following applies: Any construction
of a new or substantially improved structure in a coastal high hazard
area must be elevated on adequately anchored pilings or columns, and
securely anchored to such piles or columns so that the lowest portion
of the structural members of the lowest floor (excluding the pilings or
columns) is elevated to or above the floodplain as established by Sec.
9.7(c). The structure shall be anchored so as to withstand velocity
waters and hurricane wave wash.
    (3) Elevation of structures. The following applies to elevation of
structures:
    (i) There shall be no new construction or substantial improvement
of structures unless the lowest floor of the structures (including
basement) is at or above the elevation of the floodplain as established
by Sec.  9.7(c).
    (ii) If the subject structure is nonresidential, instead of
elevating the structure, FEMA may approve the design of the structure
and its attendant utility and sanitary facilities so that the structure
is water tight below the flood elevation with walls substantially
impermeable to the passage of water and with structural components
having the capability of resisting hydrostatic and hydrodynamic loads
and effects of buoyancy.
    (iii) The provisions of paragraphs (d)(3)(i) and (ii) of this
section do not apply to the extent that FEMA Resilience has granted an
exception under Sec.  60.6(b) of this chapter, or the community has
granted a variance which the Regional Administrator determines is
consistent with Sec.  60.6(a) of this chapter. In a community which
does not have a FEMA regulatory product in effect, FEMA may approve a
variance from the standards of paragraphs (d)(3)(i) and (ii) of this
section, after compliance with the standards of Sec.  60.6(a) of this
chapter.
    (4) There shall be no encroachments, including but not limited to
fill, new construction, substantial improvements of structures or
facilities, or other development within a designated regulatory
floodway that would result in any increase in flood elevation within
the community during the occurrence of the 1 percent annual chance
(base) flood discharge. Until a regulatory floodway is designated, no
fill, new construction, substantial improvements, or other development
shall be permitted within the 1 percent annual chance (base) floodplain
unless it is demonstrated that the cumulative effect of the proposed
development, when combined with all other existing and anticipated
development, will not increase the water surface elevation of the 1
percent annual chance (base) flood more than the amount designated by
the NFIP or the community, whichever is most restrictive.
    (5) Even if an action is a functionally dependent use or
facilitates open space uses (under paragraph (d)(1) or (2) of this
section) and does not increase flood heights (under paragraph (d)(4) of
this section), such action may only be taken in a floodway or coastal
high hazard area if: * * *
* * * * *
    (9) In the replacement of building contents, materials and
equipment, the Regional Administrator shall require as appropriate,
flood proofing and/or elevation of the building and/or elimination of
such future losses by relocation of those building contents, materials,
and equipment outside or above the floodplain as established by Sec.
9.7(c).
    (e) Restore and preserve. (1) For any action taken by the Agency
which affects the floodplain or wetland and which has resulted in, or
will result in, harm to the floodplain or wetland, the Agency shall act
to restore and preserve the natural and beneficial values served by
floodplains and wetlands.
    (2) Where floodplain or wetland values have been degraded by the
proposed action, the Agency shall identify, evaluate, and implement
measures to restore the values.
    (3) If an action will result in harm to or within the floodplain or
wetland, the Agency shall design or modify the action to preserve as
much of the natural and beneficial floodplain and wetland values as is
possible.
0
13. In Sec.  9.12 amend paragraph (d) by:
0
a. Designating the introductory text as paragraph (d)(1);
0
b. Designating paragraphs (d)(1) through (6) as paragraphs (d)(1)(i)
through (d)(1)(vi);
0
c. Designate the undesignated text after newly designated paragraph
(d)(1)(vi) as paragraph (d)(2) and revise newly designated paragraph
(d)(2) to read as follows:

Sec.  9.12  Final public notice.

* * * * *
    (d) * * *
    (2) When a damaged structure or facility is already being repaired
by the State or local government at the time of the project
application, the requirements of Steps 2 and 7 (Sec. Sec.  9.8 and this
9.12) may be met by a single notice. Such notice shall contain all the
information required by both sections.
0
14. Revise Sec.  9.13 to read as follows:

Sec.  9.13  Particular types of temporary housing.

    (a) This section sets forth the procedures whereby the Agency will
provide certain specified types of temporary housing at a private,
commercial, or group site.
    (b) Prior to providing the temporary housing described in paragraph
(a) of this section, the Agency shall comply with the provisions of
this section. For temporary housing not enumerated above, the full 8-
step process (see Sec.  9.6) applies.
    (c) The actions described in paragraph (a) of this section are
subject to the following decision-making process:
    (1) The temporary housing action shall be evaluated in accordance
with the provisions of Sec.  9.7 to determine if it is in or affects
the 1 percent annual chance (base) floodplain or wetland.
    (2) No temporary housing unit may be placed on a site in a floodway
or coastal high hazard area.
    (3) An individual or family shall not be housed in the 1 percent
annual chance (base) floodplain or wetland unless the Regional
Administrator has complied with the provisions of Sec.  9.9 to
determine that such site is the only practicable alternative. The
following factors shall be substituted for the factors in Sec.  9.9(c)
and (e)(2) through (4):
    (i) Speedy provision of temporary housing;
    (ii) Potential flood risk to the temporary housing occupant;
    (iii) Cost effectiveness;
    (iv) Social and neighborhood patterns;
    (v) Timely availability of other housing resources; and
    (vi) Potential harm to the floodplain or wetland.
    (4) For temporary housing units at group sites, Step 4 of the 8-
step process shall be applied in accordance with Sec.  9.10.
    (5) An individual or family shall not be housed in a floodplain or
wetland (except in existing resources) unless the Regional
Administrator has complied with the provisions of Sec.  9.11 to
minimize harm to and within floodplains and wetlands. The following
provisions shall be substituted for the provisions of Sec.  9.11(d) for
temporary housing units:
    (i) No temporary housing unit may be placed unless it is elevated
to the fullest extent practicable up to the base flood elevation and
adequately anchored.
    (ii) No temporary housing unit may be placed if such placement is
inconsistent with the criteria of the NFIP (44 CFR

parts 59 and 60) or any more restrictive Federal, State, or local
floodplain management standard. Such standards may require elevation to
the base flood elevation in the absence of a variance.
    (iii) Temporary housing units shall be elevated on open works
(walls, columns, piers, piles, etc.) rather than on fill where
practicable.
    (iv) To minimize the effect of floods on human health, safety and
welfare, the Agency shall:
    (A) Where appropriate, integrate all of its proposed actions in
placing temporary housing units for temporary housing in floodplains
into existing flood warning or preparedness plans and ensure that
available flood warning time is reflected;
    (B) Provide adequate access and egress to and from the proposed
site of the temporary housing unit; and
    (C) Give special consideration to the unique hazard potential in
flash flood and rapid-rise areas.
    (6) FEMA shall comply with Step 2 Early Public Notice (Sec.
9.8(c)) and Step 7 Final Public Notice (Sec.  9.12). In providing these
notices, the emergency nature of temporary housing shall be taken into
account.
    (7) FEMA shall carry out the actions in accordance with Step 8,
ensuring the requirements of this section and the decision-making
process are fully integrated into the provision of temporary housing.
    (d) Sale or disposal of temporary housing. The following applies to
the permanent installation of a temporary housing unit as part of a
sale or disposal of temporary housing:
    (1) FEMA shall not permanently install temporary housing units in
floodways or coastal high hazard areas. FEMA shall not permanently
install a temporary housing unit in floodplains as established by
9.7(c) or wetlands unless there is full compliance with the 8-step
process. Given the vulnerability of temporary housing units to
flooding, a rejection of a non-floodplain location alternative and of
the no-action alternative shall be based on:
    (i) A compelling need of the family or individual to buy a
temporary housing unit for permanent housing; and
    (ii) A compelling requirement to permanently install the unit in a
floodplain.
    (2) FEMA shall not permanently install temporary housing units in
the floodplain as established by Sec.  9.7(c) unless they are or will
be elevated at least to the elevation of the floodplain as established
by Sec.  9.7(c).
    (3) The Regional Administrator shall notify FEMA Resilience of each
instance where a floodplain location has been found to be the only
practicable alternative for permanent installation of a temporary
housing unit.
0
15. In Sec.  9.14, revise paragraphs (a), (b)(4), (5), (6), (b)(7)(ii)
and (iii), and (b)(9) to read as follows:

Sec.  9.14  Disposal of Agency Property

    (a) This section sets forth the procedures whereby the Agency shall
dispose of property.
    (b) * * *
    (4) Identify the potential impacts and support of floodplain and
wetland development associated with the disposal of the property in
accordance with Sec.  9.10;
    (5) Identify the steps necessary to minimize, restore, preserve and
enhance in accordance with Sec.  9.11. For disposals, this analysis
shall address all four of these components of mitigation where
unimproved property is involved, but shall focus on minimization
through elevation or floodproofing and restoration of natural values
where improved property is involved;
    (6) Reevaluate the proposal to dispose of the property in light of
its exposure to the flood hazard and its natural values-related
impacts, in accordance with Sec.  9.9. This analysis shall focus on
whether it is practicable in light of the findings from Sec. Sec.  9.10
and 9.11 to dispose of the property, or whether it must be retained. If
it is determined that it is practicable to dispose of the property,
this analysis shall identify the practicable alternative that best
achieves the Agency's mitigation responsibility.
    (7) * * *
    (ii) Properties located inside the floodplain but outside of the
floodway and the coastal high hazard area; and
    (iii) Properties located in a floodway, regulatory floodway, or
coastal high hazard area.
* * * * *
0
16. In Sec.  9.16, revise paragraph (b) introductory text, paragraphs
(b)(2) through (b)(5), and paragraph (c) to read as follows:

Sec.  9.16  Guidance for applicants.

* * * * *
    (b) This shall be accomplished primarily through amendment of all
Agency instructions to applicants, and also through contact made by
agency staff during the normal course of their activities, to fully
inform prospective applicants of:
* * * * *
    (2) The decision-making process to be used by the Agency in making
the determination of whether to take an action in or affecting
floodplains or wetlands as set out in Sec.  9.6;
    (3) The practicability analysis as set out in Sec.  9.9;
    (4) The mitigation responsibilities as set out in Sec.  9.11;
    (5) The public notice and involvement process as set out in
Sec. Sec.  9.8 and 9.12; and
* * * * *
    (c) Guidance to applicants shall be provided, where possible, prior
to the time of application in order to minimize potential delays in the
Agency's processing of the application due to failure of applicants to
follow the provisions in this part.
0
17. In Sec.  9.17, revise paragraph (a), paragraph (b) introductory
text, paragraphs (b)(3) through (b)(5), and paragraphs (c) and (d) to
read as follows:

Sec.  9.17  Instructions to applicants.

    (a) Purpose. In accordance with Executive Orders 11988, as amended,
and 11990, the Federal executive agencies must respond to a number of
floodplain management and wetland protection responsibilities before
carrying out any of their activities, including the provision of
Federal financial and technical assistance. This section provides
notice to applicants for Agency assistance of both the criteria that
FEMA is required to follow, and the applicants' responsibilities under
this part.
    (b) Responsibilities of Applicants. Based upon the guidance
provided by the Agency under Sec.  9.16, the guidance included in the
U.S. Water Resources Council's Guidelines for Implementing Executive
Order 11988, Floodplain Management, and Executive Oder 13690,
Establishing a Federal Flood Risk Management Standard and a Process for
Further Soliciting and Considering Stakeholder Input, and based upon
the provisions of the Orders and this part, applicants for Agency
assistance shall recognize and reflect in their application:
* * * * *
    (3) The practicability analysis as set out in Sec.  9.9;
    (4) The mitigation responsibilities as set out in Sec.  9.11;
    (5) The public notice and involvement process as set out in
Sec. Sec.  9.8 and 9.12; and
* * * * *
    (c) Provision of supporting information. Applicants for Agency
assistance may be required to provide supporting information relative
to the various responsibilities set out in paragraph (b) of this
section as a prerequisite to the approval of their applications.
    (d) Approval of applicants. Applications for Agency assistance
shall be reviewed for compliance with the

provisions in this part in addition to the Agency's other approval
criteria.
0
18. In Sec.  9.18, revise paragraph (a)(1), the second sentence of
paragraph (b)(1), and the first sentence of (b)(2) to read as follows:

Sec.  9.18  Responsibilities.

    (a) * * *
    (1) Implement the requirements of the Orders and this part. Under
Sec. Sec.  9.2, 9.6 through 9.13, and 9.15 where a direction is given
to the Agency, it is the responsibility of the Regional Administrator.
* * * * *
    (b) * * *
    (1) * * * When a decision of a Regional Administrator relating to
disaster assistance is appealed, FEMA Resilience may make
determinations under this part on behalf of the Agency.
    (2) Prepare and submit to the Office of Chief Counsel reports to
the Office of Management and Budget in accordance with section 2(b) of
Executive Order 11988, as amended, and section 3 of Executive Order
11990.* * *

Appendix A to Part 9 [Removed]

0
19. Remove appendix A to part 9.

Deanne B. Criswell,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2023-21101 Filed 9-29-23; 8:45 am]
BILLING CODE 9111-66-P


[Federal Register Volume 79, Number 241 (Tuesday, December 16, 2014)]
[Notices]
[Page 74730]
[FR Doc No: 2014-29424]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2014-N-1697]

Privacy Act of 1974; Report of a New System of Records; Food and
Drug Administration Commissioning of State and Local Officials;
Correction

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice; correction.

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SUMMARY: The Food and Drug Administration (FDA) is correcting a notice
that appeared in the Federal Register of December 8, 2014. The document
misstated the effective date of the new system of records. This notice
corrects that error.

FOR FURTHER INFORMATION CONTACT: Joyce Strong, Regulations Editorial
Section, Regulations Policy and Management Staff, Office of Policy,
Food and Drug Administration, 10903 New Hampshire Ave., Silver Spring,
MD 20993-0002,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The December 8, 2014 (79 FR 72687) notice
published with an incorrect effective date of December 8, 2014, for the
new system of records. This document corrects that error. For the
convenience of the reader, the complete DATES language is set out
below.
    In 79 FR 72687, published on December 8, 2014, we are correcting
the DATES section to read as follows:

DATES: Effective Date: The new system of records and related routine
uses will be effective on January 22, 2015. Submit either electronic or
written comments by January 22, 2015.

    Dated: December 10, 2014.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2014-29424 Filed 12-15-14; 8:45 am]
BILLING CODE 4164-01-P


[Federal Register Volume 80, Number 44 (Friday, March 6, 2015)]
[Notices]
[Pages 12228-12232]
[FR Doc No: 2015-05159]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74405; File No. SR-NYSE-2015-08]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Amending Its Price List

March 2, 2015.
    Pursuant to section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that on February 26, 2015, New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend its Price List to (1) revise credits
applicable to certain Designated Market Maker transactions, and (2)
revise the credits for Supplemental Liquidity Providers. The Exchange
also proposes to amend its Price List to remove certain trading license
fees that expire on February 27, 2015. The Exchange proposes to
implement the fee change effective March 1, 2015. The text of the
proposed rule change is available on the Exchange's Web site at
www.nyse.com, at the principal office of the Exchange,

and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those 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 parts 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 its Price List to (1) revise credits
for certain Designated Market Makers (``DMMs'') transactions, and (2)
revise the credits for Supplemental Liquidity Providers (``SLPs''). The
Exchange also proposes to amend its Price List to remove certain
trading license fees that expire on February 27, 2015.
    The Exchange proposes to implement these fee changes effective
March 1, 2015.
Credits for Certain DMM Transactions
    Currently, for securities with an ADV of less than 1 million per
month in the previous month (``Less Active Securities''), DMMs receive
all of the market data quote revenue (the ``Quoting Share'') received
by the Exchange from the Consolidated Tape Association under the
Revenue Allocation Formula of Regulation NMS (regardless of whether the
stock price exceeds $1.00) in any month in which the DMM quotes at the
National Best Bid or Offer (``NBBO'') in the applicable security at
least 15% of the time (the ``Less Active Securities Quoting
Requirement'').
    The Exchange proposes to increase the DMM's quoting requirement at
the NBBO to 20% in each applicable security in order for the DMM to
receive 100% of the Quoting Share. The Exchange also proposes that if
the DMM meets the Less Active Securities Quoting Requirement but quotes
less than 20% of the time in an applicable month, the DMM would receive
50% of the Quoting Share. The Exchange also proposes to re-locate the
text describing Quoting Share allocation to a stand-alone paragraph.
    The current monthly rebate payable to DMMs for securities with an
ADV of less than 250,000 shares during the billing month (regardless of
whether the stock price exceeds $1.00) in any month in which the DMM
meets the Less Active Securities Quoting Requirement is $200.
    The Exchange proposes to introduce different rebate amounts
depending on the ADV of the security and the DMM quoting percentage. In
particular, for securities with an ADV of 100,000 up to 250,000 shares
in the previous month, the Exchange proposes a monthly rebate of $250
when the DMM quotes at the NBBO 20% of the time or more in an
applicable security in any month in which the DMM meets the Less Active
Securities Quoting Requirement. If the DMM quotes at the NBBO at least
15% and up to 20% of the time in an applicable month in an applicable
security, the Exchange proposes a $200 rebate.
    For securities with an ADV of less than 100,000 shares in the
previous month, the Exchange proposes a monthly rebate of $175 when the
DMM quotes at the NBBO 20% of the time or more in an applicable
security in any month in which the DMM meets the Less Active Securities
Quoting Requirement. If the DMM quotes at the NBBO at least 15% and up
to 20% of the time in an applicable month in an applicable security,
the Exchange proposes a $125 rebate.
    The Exchange proposes to specify that the ADV would be calculated
based on the previous month in order to make the ADV calculation
consistent with how ADV is calculated for Less Active Securities for
purposes of the Quoting Share rebate.
    No other changes to the DMM Tier or the corresponding credits would
result from this proposed change.
Credits Applicable to SLPs
    Currently, when adding liquidity to the NYSE in securities with a
share price of $1.00 or more, if an SLP (1) meets the 10% average or
more quoting requirement in assigned securities pursuant to Rule 107B
and (2) adds liquidity for assigned SLP securities in the aggregate \4\
of an ADV of more than 0.20% of NYSE CADV,\5\ the SLP is eligible for a
per share credit of $.0023. In the case of Non-Displayed Reserve
Orders, the SLP credit is $0.0018 and in the case of MPL Orders, the
credit is $0.0020.
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    \4\ Under Rule 107B, an SLP can be either a proprietary trading
unit of a member organization (``SLP-Prop'') or a registered market
maker at the Exchange (``SLMM''). For purposes of the 10% average or
more quoting requirement in assigned securities pursuant to Rule
107B, quotes of an SLP-Prop and an SLMM of the same member
organization are not aggregated. However, for purposes of adding
liquidity for assigned SLP securities in the aggregate, shares of
both an SLP-Prop and an SLMM of the same member organization are
included.
    \5\ NYSE CADV is defined in the Price List as the consolidated
average daily volume of NYSE-listed securities.
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    Similarly, a SLP adding liquidity for assigned SLP securities in
the aggregate of an ADV of more than 0.35% of NYSE CADV is eligible for
a per share credit of $.0026. In the case of Non-Displayed Reserve
Orders, the credit is $0.0021 and in the case of MPL Orders, the credit
is $0.0020.
    Finally, a SLP adding liquidity for assigned SLP securities in the
aggregate of an ADV of more than 0.55% of NYSE CADV is eligible for a
per share credit of $.0029. In the case of Non-Displayed Reserve
Orders, the credit is $0.0024 and in the case of MPL Orders, the credit
is $0.0020.
    The Exchange proposes to lower the ADV percentage requirement for
SLPs that are also DMMs and subject to Rule 107B(i)(2)(A) \6\ for the
above-three described credits applicable to SLPs from 0.20% to 0.15%,
0.35% to 0.30%, and 0.55% to 0.50%, respectively. The Exchange does not
propose to change the ADV percentage requirement of NYSE ADV for SLPs
that are not subject to Rule 107B(i)(2)(A), which will remain at 0.20%,
0.35% and 0.55%, respectively.
---------------------------------------------------------------------------

    \6\ Rule 107B(i)(2)(A) prohibits a DMM from acting as a SLP in
the same securities in which it is a DMM.
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    For each of these three categories of SLP credits, the Exchange
also proposes to increase the credit for securities with an ADV in the
previous month of 500,000 shares or less per month (``Less Active SLP
Securities'') by $.0005, as follows:
     For assigned SLP securities in the aggregate of an ADV of
more than 0.20% of NYSE CADV or, if also a DMM and subject to Rule
107B(i)(2)(A), more than 0.15% of NYSE CADV, increase the credit from
$.0023 to $.0028 and increase the credit for Non-Displayed Reserve
Orders from $0.0018 to $.0023. The credit applicable for MPL Orders
would not change.
     for assigned SLP securities in the aggregate of an ADV of
more than 0.35% of NYSE CADV or, if also a DMM and subject to Rule
107B(i)(2)(A), more than 0.30% of NYSE CADV, increase the credit from
$.0026 to $.0031 and increase the credit for Non-Displayed Reserve
Orders from $0.0021 to $.0026. The credit applicable for MPL Orders
would not change.

     for assigned SLP securities in the aggregate of an ADV of
more than 0.55% of NYSE CADV or, if also a DMM and subject to Rule
107B(i)(2)(A), more than 0.050% of NYSE ADV, increase the credit from
$.0029 to $.0034 and increase the credit for Non-Displayed Reserve
Orders from $0.0024 to $.0029. The credit applicable for MPL Orders
would not change.
    No other changes to SLP Tier or the corresponding credits would
result from this proposed change.
Trading License Fees
    On December 23, 2014, the Exchange filed to amend its Price List
related to fees for trading licenses to extend the fee schedule to
February 27, 2015 and to implement new trading license fees effective
March 1, 2015.\7\
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    \7\ See Securities Exchange Act Release No. 34-73996 (January 6,
2015), 80 FR 1534 (January 12, 2015) (SR-NYSE-2014-74).
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    In particular, for the period between January 2, 2015 and February
27, 2015, the Exchange retained an annual fee of $40,000 per license
for the first two trading licenses held by a member organization and
$25,000 for each additional trading license. The Exchange also retained
a fee relief scheme whereby fees for trading licenses issued after July
1, 2013 were prorated for the portion of the calendar year that the
trading license was outstanding but if a member organization was issued
additional trading licenses between July 1, 2013 and February 27, 2015,
and the total number of trading licenses held by the member during that
time was greater than the total number of trading licenses held by the
member organization on July 1, 2013, the member organization would not
be charged a prorated fee for the period from July 3, 2013 to February
27, 2015 for those additional trading licenses above the number the
member organization held on July 1, 2013.\8\
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    \8\ See id.
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    The Exchange's filing also proposed that, effective March 1, 2015,
the Exchange would charge an annual fee of $50,000 for the first
license held by a member organization and $15,000 for each additional
license. The Exchange also proposed to eliminate the existing fee
relief for additional licenses and delete the relevant text from
current footnote 15 effective March 1, 2015.
    The Exchange accordingly proposes to amend the Price List to
reflect the elimination of the fees in effect through February 27, 2015
and the fee relief for additional licenses by deleting the text
describing those fees and corresponding footnote 15 from the Price
List. The Exchange also proposes to delete the ``A'' from footnote 15A
in the current Price List so that footnote 15A would become footnote 15
to the new annual fee and regulated only member annual administration
fee effective March 1, 2015.
    Finally, the Exchange proposes to amend current footnote 15A to the
Price List (proposed footnote 15) to change the number of calendar days
a trading license is charged a flat fee. Currently, footnote 15A
provides that for a trading license in place for 15 calendar days or
less in a calendar month, proration for that month is at a flat rate of
$100 per day with no tier pricing involved. For a trading license in
place for 16 calendar days or more in a calendar month, proration for
that month is computed based on the number of days as applied to the
applicable annual fee for the trading license.
    The Exchange proposes to lower the number of calendar days charged
the flat rate of $100 per day with no tier pricing from 15 to 10 and
make a corresponding change from 16 to 11 calendar days for licenses
that would be held beyond the period subject to the flat rate and that
would be prorated based on the number of days as applied to the
applicable annual fee for the trading license. The Exchange has
determined this change is necessary once the fee for additional
licenses becomes $15,000 effective March 1, 2015 in order to avoid
charging a fee to license holders at a flat rate ($1500/$100 per day
for 15 calendar days) that would exceed the monthly cost of the license
($1,250/$15,000 divided by 12). The Exchange believes that lowering the
calendar days during which license holders are charged the flat rate to
10 days ($1,000/$100 per day for 10 calendar days) would avoid this
result and be more equitable for license holders.
    The above proposed changes are not otherwise intended to address
any other issues, and the Exchange is not aware of any problems that
members and member organizations would have in complying with the
proposed change.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with section 6(b) of the Act,\9\ in general, and furthers the
objectives of sections 6(b)(4) and 6(b)(5) of the Act,\10\ in
particular, because it provides for the equitable allocation of
reasonable dues, fees, and other charges among its members, issuers and
other persons using its facilities and does not unfairly discriminate
between customers, issuers, brokers or dealers.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed higher monthly credit of
$250 for each security that has a consolidated ADV of more than 100,000
and less than 250,000 shares during the month when the DMM quotes at
the NBBO in the applicable security at least 20% of the time in the
applicable month is reasonable because of the proposed higher quoting
requirement associated with this increase in the credit. The Exchange
also believes that it is reasonable to retain a $200 credit for each
security that has a consolidated ADV of more than 100,000 and less than
250,000 shares during the month when the DMM quotes at the NBBO in the
applicable security at least 15% and up to 20% of the time in the
applicable month as this is the rate currently charged and it would
apply equally to all DMM firms. The Exchange believes that the proposal
would increase the incentive to add liquidity across thinly-traded
securities where there may be fewer liquidity providers.
    The Exchange also believes that the proposed lower monthly credits
of $175 for each security that has a consolidated ADV 100,000 shares or
less during the month when the DMM quotes at the NBBO in the applicable
security at least 20% of the time in the applicable month is reasonable
in light of lower trading volumes in the applicable securities
relatively to those securities that have a consolidated ADV of more
than 100,000 and less than 250,000 shares. The Exchange further
believes it is reasonable to provide a lower rebate of $125.00 for each
security that has a consolidated ADV of 100,000 shares or less if the
DMM does not meet the proposed 20% quoting requirement. Moreover, the
requirement is equitable and not unfairly discriminatory because it
would apply equally to all DMM firms.
    Further, the Exchange believes that the proposed higher DMM quoting
requirement at the NBBO of 20% in order to receive in each applicable
security 100% of the Quoting Share is reasonable because the higher
proposed requirement would improve quoting and increase adding
liquidity across thinly-traded securities where there may be fewer
liquidity providers. Under the proposal, DMMs that do not meet the
proposed quoting requirement of 20% but still meet the Less Active
Securities Quoting Requirement of 15% would still receive 50% of the
Quoting Share. Moreover, the requirement is equitable and not unfairly
discriminatory because it would apply equally to all DMM

firms. The Exchange notes that the Quoting Share in Less Active
Securities the DMMs receive is in addition to the DMM rebate for
providing liquidity and the monthly rebate payable to DMMs for
securities with an ADV of less than 250,000 shares during the billing
month.
    In addition, the Exchange believes that proposal to lower the ADV
percentage requirement for SLPs that are also DMMs and subject to Rule
107B(i)(2)(A) is reasonable because the current ADV requirement is more
difficult for such market participants to meet given that the pool of
stocks they are allowed to trade is smaller. Pursuant to Rule
107B(i)(2)(A), a DMM unit may not act as an SLP in the same securities
in which it is a DMM. Accordingly, a SLP that is also a DMM subject to
Rule 107B(i)(2)(A) would not be eligible to be assigned securities in
which the affiliated DMM is registered, thereby reducing the number of
securities available to such an SLP to meet the adding liquidity
requirement, which is expressed as a percentage of NYSE CADV. The
Exchange further believes that the proposed lower ADV percentage for
such SLPs is equitable and not unfairly discriminatory because it would
be applied equally to all SLPs that are also DMMs subject to Rule
107B(i)(2)(A). SLPs that are not DMMs do not have the same restrictions
on which securities they may be assigned as a SLP and would not be
harmed by the proposal for those firms that are also DMMs.
    Further, increasing the credit for SLP transactions providing
liquidity in Less Active SLP Securities by $0.0005 is reasonable
because it will encourage greater liquidity and competition in such
securities on the Exchange. The Exchange also believes that increasing
the SLP credit is reasonable because it will increase the incentive to
add liquidity across thinly traded securities where there may be fewer
liquidity providers. Once again, the Exchange believes that the
proposed higher credit is equitable and not unfairly discriminatory
because it would apply equally to all SLPs.
    Finally, amending the Price List to remove fees that are expiring
on February 27, 2015 provides greater clarity and transparency to the
Price List and avoids confusion as to what trading license fees would
apply after that date. Further, amending the Price List to change the
number of calendar days a trading license is charged a flat fee is
reasonable because it would avoid charging a fee to license holders at
a flat rate that would exceed the monthly cost of the license, which is
scheduled to begin on March 1, 2015. This proposal is equitable and not
unfairly discriminatory because it would apply the unchanged flat rate
equally to all license holders over the same number of days.
    The Exchange believes that it is subject to significant competitive
forces, as described below in the Exchange's statement regarding the
burden on competition.
    For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.

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

    In accordance with section 6(b)(8) of the Act,\11\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, the Exchange believes that the proposed
change would contribute to the Exchange's market quality by promoting
price discovery and ultimately increased competition. For the same
reasons, the proposed change also would not impose any burden on
competition among market participants. Pricing for executions at the
opening would remain at the same relatively low levels and would
continue to reflect the benefit that market participants receive
through the ability to have their orders interact with other liquidity
at the opening.
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    \11\ 15 U.S.C. 78f(b)(8).
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    Finally, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing venues if they deem fee levels at a particular venue to be
excessive or rebate opportunities available at other venues to be more
favorable. In such an environment, the Exchange must continually adjust
its fees and rebates to remain competitive with other exchanges and
with alternative trading systems that have been exempted from
compliance with the statutory standards applicable to exchanges.
Because competitors are free to modify their own fees and credits in
response, and because market participants may readily adjust their
order routing practices, the Exchange believes that the degree to which
fee changes in this market may impose any burden on competition is
extremely limited. As a result of all of these considerations, the
Exchange does not believe that the proposed changes will impair the
ability of member organizations or competing order execution venues to
maintain their competitive standing in the financial markets.

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

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

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

    The foregoing rule change is effective upon filing pursuant to
section 19(b)(3)(A) \12\ of the Act and subparagraph (f)(2) of Rule
19b-4 \13\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
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    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such 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 under
section 19(b)(2)(B) \14\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \14\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSE-2015-08 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-NYSE-2015-08. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/

rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for Web site
viewing and printing in the Commission's Public Reference Room, 100 F
Street NE., Washington, DC 20549, on official business days between the
hours of 10:00 a.m. and 3:00 p.m. Copies of the filing will also be
available for inspection and copying at the NYSE's principal office and
on its Internet Web site at www.nyse.com. 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-2015-08 and should be submitted on
or before March 27, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-05159 Filed 3-5-15; 8:45 am]
BILLING CODE 8011-01-P