[Federal Register Volume 81, Number 72 (Thursday, April 14, 2016)]
[Notices]
[Pages 22143-22148]
[FR Doc No: 2016-08554]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77567; File No. SR-BATS-2015-94]

Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing of Amendment No. 1 and Order Approving on an Accelerated Basis a
Proposed Rule Change, as Modified by Amendments No. 1, No. 2, and No.
3, To List and Trade Shares of the SPDR DoubleLine Emerging Markets
Fixed Income ETF of the SSgA Active Trust

April 8, 2016.

I. Introduction

    On December 28, 2015, BATS Exchange, Inc. (``Exchange'') filed with
the Securities and Exchange Commission (``Commission''), pursuant

to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'')
\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to list and
trade shares of the SPDR[supreg] DoubleLine[supreg] Emerging Markets
Fixed Income ETF of the SSgA Active Trust under BATS Rule 14.11(i). The
proposed rule change was published for comment in the Federal Register
on January 15, 2016.\3\ On February 23, 2016, pursuant to Section
19(b)(2) of the Act,\4\ the Commission designated a longer period
within which to approve the proposed rule change, disapprove the
proposed rule change, or institute proceedings to determine whether to
disapprove the proposed rule change.\5\ On February 26, 2016, the
Exchange filed Amendment No. 1 to the proposal.\6\ On March 24, 2016,
the Exchange filed Amendment No. 2 to the proposal.\7\ On April 7,
2016, Exchange filed Amendment No. 3 to the proposed rule change.\8\
The Commission has received no comments on the proposal. The Commission
is publishing this notice to solicit comments on Amendment No. 1 from
interested persons, and is approving the proposed rule change, as
modified by Amendments No. 1, No. 2, and No. 3, on an accelerated
basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 76862 (Jan. 11,
2016), 81 FR 2282.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 77209, 81 FR 10315
(Feb. 29, 2016). The Commission designated April 14, 2016, as the
date by which it should approve, disapprove, or institute
proceedings to determine whether to disapprove the proposed rule
change.
    \6\ Amendment No. 1 replaced and superseded the proposed rule
change in its entirety. In Amendment No. 1, the Exchange clarified
that: (1) The Fund may invest without limit in investments
denominated in any currency, but expects to invest a portion of its
assets in U.S.-dollar-denominated investments; (2) the Fund may
invest up to 20% of its portfolio in structured securities and
junior bank loans; and (3) to limit the potential risk associated
with derivative transactions, the Fund will segregate or ``earmark''
assets determined to be liquid by the Adviser in accordance with
procedures established by the Trust's Board of Trustees and in
accordance with the Investment Company Act of 1940 (15 U.S.C. 80a-1)
(``1940 Act'') (or, as permitted by applicable regulations, enter
into certain offsetting positions) to cover its obligations under
derivative instruments, and will include appropriate risk disclosure
in its offering documents, including leveraging risk. Amendment No.
1 also adds a representation that the Adviser believes there will be
minimal, if any, impact to the arbitrage mechanism as a result of
the use of derivatives, and makes changes of a technical nature. The
amendments to the proposed rule change are available at: http://www.sec.gov/comments/sr-bats-2015-94/bats201594.shtml.
    \7\ In Amendment No. 2, the Exchange clarifies that: (1) All
statements and representations made in this filing regarding (a) the
description of the portfolio, (b) limitations on portfolio holdings
or reference assets, or (c) the applicability of Exchange rules and
surveillance procedures shall constitute continued listing
requirements for listing the Shares on the Exchange; and (2) the
issuer has represented to the Exchange that it will advise the
Exchange of any failure by the Fund to comply with the continued
listing requirements, and, pursuant to its obligations under Section
19(g)(1) of the Exchange Act, the Exchange will surveil for
compliance with the continued listing requirements. If the Fund is
not in compliance with the applicable listing requirements, the
Exchange will commence delisting procedures under Exchange Rule
14.12. Because Amendment No. 2 adds clarification to the proposal
and does not materially alter the substance of the proposed rule
change or raise unique or novel regulatory issues, Amendment No. 2
is not subject to notice and comment.
    \8\ In Amendment No. 3, the Exchange made a conforming change to
confirm that the Fund may invest in unsponsored American Depositary
Receipts (``ADRs''), which are not exchange traded. Because
Amendment No. 3 clarifies the proposal and does not materially alter
the substance of the proposed rule change or raise unique or novel
regulatory issues, Amendment No. 3 is not subject to notice and
comment.
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II. The Exchange's Description of the Proposal \9\
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    \9\ Additional information regarding, among other things, the
Shares, the Fund, its investment objective, its investments, its
investment strategies, its investment methodology, its investment
restrictions, its fees, its creation and redemption procedures,
availability of information, trading rules and halts, and
surveillance procedures can be found in Amendment No. 1 and in the
Registration Statement. See Amendment No. 1, supra note 6, and
Registration Statement, infra note 10, respectively.
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    The Exchange proposes to list and trade the Shares under BATS Rule
14.11(i), which governs the listing and trading of Managed Fund Shares
on the Exchange. The Shares will be offered by SSgA Active Trust
(``Trust''), which is organized as a Massachusetts business trust and
is registered with the Commission as an open-end management investment
company.\10\ SSGA Funds Management, Inc. will serve as the investment
adviser to the Fund (``Adviser'') \11\ as well as the administrator for
the Fund. DoubleLine Capital LP will be the Fund's sub-adviser (``Sub-
Adviser''). State Street Global Markets, LLC will be the principal
underwriter and distributor of the Shares. State Street Bank and Trust
Company will serve as the sub-administrator, custodian (``Custodian''),
transfer agent, and, where applicable, lending agent (``Lending
Agent'') for the Fund.
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    \10\ See Registration Statement on Form N-1A for the Trust,
dated October 8, 2015 (File Nos. 333-173276 and 811-22542)
(``Registration Statement''). The Exchange states that the
Commission has issued an order granting certain exemptive relief to
the Trust under the 1940 Act. See Investment Company Act Release No.
29524 (December 13, 2010) (File No. 812-13487).
    \11\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (``Advisers
Act''). As a result, the Adviser and its related personnel as well
as the Sub-Adviser and its related personnel are subject to the
provisions of Rule 204A-1 under the Advisers Act relating to codes
of ethics. This Rule requires investment advisers to adopt a code of
ethics that reflects the fiduciary nature of the relationship to
clients as well as compliance with other applicable securities laws.
Accordingly, procedures designed to prevent the communication and
misuse of non-public information by an investment adviser must be
consistent with Rule 204A-1 under the Advisers Act. In addition,
Rule 206(4)-7 under the Advisers Act makes it unlawful for an
investment adviser to provide investment advice to clients unless
such investment adviser has (i) adopted and implemented written
policies and procedures reasonably designed to prevent violation, by
the investment adviser and its supervised persons, of the Advisers
Act and the Commission rules adopted thereunder; (ii) implemented,
at a minimum, an annual review regarding the adequacy of the
policies and procedures established pursuant to subparagraph (i)
above and the effectiveness of their implementation; and (iii)
designated an individual (who is a supervised person) responsible
for administering the policies and procedures adopted under
subparagraph (i) above.
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    Neither the Adviser nor the Sub-Adviser is registered as a broker-
dealer, but the Adviser is affiliated with a broker-dealer and has
implemented a ``fire wall'' with respect to that broker-dealer
regarding access to information concerning the composition of and
changes to the Fund's portfolio. The Sub-Adviser is not affiliated with
a broker-dealer.\12\
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    \12\ See Amendment No. 1, supra note 6, at 6. In the event (a)
the Adviser or Sub-Adviser becomes registered as a broker-dealer or
newly affiliated with a broker-dealer, or (b) any new adviser or
sub-adviser is a registered broker-dealer or becomes affiliated with
a broker-dealer, it will implement a fire wall with respect to its
relevant personnel or broker-dealer affiliate regarding access to
information concerning the composition of and changes to the
portfolio, and will be subject to procedures designed to prevent the
use and dissemination of material non-public information regarding
such portfolio. See id.
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A. Principal Investments of the Fund

    The Fund is an actively managed fund that does not seek to
replicate the performance of a specified index. The Fund will seek to
provide high total return from current income and capital appreciation.
To achieve its objective, the Fund will invest, under normal
circumstances, \13\ at least 80% of its net assets (plus the amount of
borrowings for investment purposes) in emerging-market fixed income
securities.\14\ More specifically, the Fund will invest at least 80% of
its net assets (plus the amount

of borrowings for investment purposes) in fixed income instruments
(``Fixed Income Securities''), which are defined as the following
instruments: Fixed income securities issued or guaranteed by foreign
corporations \15\ or foreign governments, including securities issued
or guaranteed by companies (including hybrid securities), financial
institutions, or government entities in emerging market countries;
corporate or government bonds; sovereign debt; structured securities;
\16\ foreign currency transactions (discussed below); certain
derivatives (discussed below); exchange-traded foreign equity
securities (described below) and preferred securities; unsponsored
ADRs; \17\ zero coupon bonds; credit linked notes; pass-through notes;
bank loans; and perpetual maturity bonds. Fixed Income Securities may
have fixed or variable interest rates and any maturity. The Fund will
generally invest in Fixed Income Securities from at least five emerging
market countries,\18\ with no more than 20% allocated to a single
country. The Fund may invest in Fixed Income Securities of any credit
quality, but seeks to invest no more than 20%, at the time of
investment, in Fixed Income Securities that are unrated, rated BB+ or
lower by Standard & Poor's Rating Service or Ba1 or lower by Moody's
Investor Service, Inc. or the equivalent by any other nationally
recognized statistical rating organization.
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    \13\ The term ``under normal circumstances'' includes, but is
not limited to, the absence of extreme volatility or trading halts
in the fixed income markets or the financial markets generally;
operational issues causing dissemination of inaccurate market
information; or force majeure type events such as systems failure,
natural or man-made disaster, act of God, armed conflict, act of
terrorism, riot or labor disruption, or any similar intervening
circumstance.
    \14\ Under normal market conditions, the Sub-Adviser intends to
seek to construct an investment portfolio with a weighted average
effective duration of no less than two years and no more than eight
years.
    \15\ While the Fund is permitted to invest without restriction
in corporate bonds, the Sub-Adviser expects that, under normal
circumstances, the Fund will generally seek to invest in corporate
bond issuances that have at least $100,000,000 par amount
outstanding. Further, component corporate bonds that in the
aggregate account for at least 75% of the weight of corporate bonds
will have a minimum original principal outstanding of $100 million
or more.
    \16\ Structured securities generally include privately issued
and publicly issued structured securities, including certain
publicly issued structured securities that are not agency
securities. The Fund may invest up to 20% of its portfolio in
structured securities and junior bank loans.
    \17\ See Amendment No. 3, supra note 8.
    \18\ An ``emerging market country'' is a country that, at the
time the Fund invests in the related fixed income instruments, is
classified as an emerging or developing economy by any supranational
organization such as the World Bank or the United Nations, or
related entities, or is considered an emerging market country for
purposes of constructing a major emerging market securities index. A
fixed income instrument is considered to be from an emerging market
country if the issuer or guarantor of the instrument is either
domiciled in an emerging market country or derives a majority of its
cash flow or revenue from an emerging market country.
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    The Fund may purchase exchange-traded common stocks and exchange-
traded preferred securities of foreign corporations. The Fund's
investments in common stock of foreign corporations may also be in the
form of ADRs (sponsored and unsponsored, as noted above),\19\ Global
Depositary Receipts, and European Depositary Receipts (collectively
``Depositary Receipts'').
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    \19\ The Fund may invest in sponsored or unsponsored ADRs;
however, not more than 10% of the net assets of the Fund will be
invested in unsponsored ADRs. All exchange-traded equity securities
in which the Fund may invest will trade on markets that are members
of the Intermarket Surveillance Group (``ISG'') or that have entered
into a comprehensive surveillance agreement with the Exchange.
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    The Fund may conduct foreign currency transactions on a spot (i.e.,
cash) or forward basis (i.e., by entering into forward contracts to
purchase or sell foreign currencies). The Fund may also invest in the
following derivatives: Foreign currency futures; credit default
swaps;\20\ and options, swaps, futures, and forward contracts on Fixed
Income Securities. All such derivatives will be exchange traded or
centrally cleared.\21\
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    \20\ The Fund will enter into CDS agreements only with
counterparties that meet certain standards of creditworthiness. The
Fund will segregate assets necessary to meet any accrued payment
obligations when it is the buyer of CDSs. In cases where the Fund is
a seller of a CDS, if the CDS is physically settled or cash settled,
the Fund will be required to segregate the full notional amount of
the CDS.
    \21\ The Exchange states that the Adviser believes there will be
minimal, if any, impact to the arbitrage mechanism as a result of
the use of derivatives. Market makers and participants should be
able to value derivatives as long as the positions are disclosed
with relevant information. The Exchange states that the Adviser
believes that the price at which Shares trade will continue to be
disciplined by arbitrage opportunities created by the ability to
purchase or redeem creation Shares at their net asset value
(``NAV''), which should ensure that Shares will not trade at a
material discount or premium in relation to their NAV.
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B. Non-Principal Investments

    While the Adviser and Sub-Adviser, under normal circumstances, will
invest at least 80% of the Fund's net assets in the instruments
described above, the Adviser and Sub-Adviser may invest up to 20% of
the Fund's net assets in other securities and financial instruments, as
described below.
    The Fund may invest in U.S. Government obligations and U.S. equity
securities. The Fund's investments in such U.S. equity securities may
include securities traded over-the-counter (``OTC'') as well as those
traded on a securities exchange. The Fund may invest in convertible
securities traded on an exchange or OTC.
    The Fund may invest in repurchase agreements with commercial banks,
brokers or dealers to generate income from its excess cash balances and
to invest securities-lending cash collateral. The Fund may also enter
into reverse repurchase agreements, which involve the sale of
securities with an agreement to repurchase the securities at an agreed-
upon price, date, and interest payment and which have the
characteristics of borrowing. The Fund's exposure to reverse repurchase
agreements will be covered by securities having a value equal to or
greater than such commitments. Although there is no limit on the
percentage of Fund assets that can be used in connection with reverse
repurchase agreements, the Fund does not expect to engage, under normal
circumstances, in reverse repurchase agreements with respect to more
than 10% of its net assets.
    In addition to repurchase agreements, the Fund may invest in short-
term instruments, including money market instruments \22\ and cash
equivalents, and may hold cash.
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    \22\ Money market instruments are generally short-term
investments that may include but are not limited to: (i) Shares of
money market funds (including those advised by the Adviser); (ii)
obligations issued or guaranteed by the U.S. government, its
agencies or instrumentalities (including government-sponsored
enterprises); (iii) negotiable certificates of deposit (``CDs''),
bankers' acceptances, fixed time deposits and other obligations of
U.S. and foreign banks (including foreign branches) and similar
institutions; (iv) commercial paper rated at the date of purchase
``Prime-1'' by Moody's or ``A-1'' by S&P, or if unrated, of
comparable quality as determined by the Adviser; (v) non-convertible
corporate debt securities (e.g., bonds and debentures) with
remaining maturities at the date of purchase of not more than 397
days and that satisfy the rating requirements set forth in Rule 2a-7
under the 1940 Act; and (vi) short-term U.S. dollar-denominated
obligations of foreign banks (including U.S. branches) that, in the
opinion of the Adviser, are of comparable quality to obligations of
U.S. banks that may be purchased by the Fund. Any of these
instruments may be purchased on a current or a forward-settled
basis.
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    The Fund may lend its portfolio securities in an amount not to
exceed 33 \1/3\% of the value of its total assets via a securities
lending program through the Lending Agent, to brokers, dealers, and
other financial institutions desiring to borrow securities to complete
transactions and for other purposes. A securities lending program
allows the Fund to receive a portion of the income generated by lending
its securities and investing the respective collateral. The Fund will
receive collateral for each loaned security that is at least equal to
102% of the market value of that security, marked to market each
trading day.
    The Fund may invest in Restricted Securities. Restricted Securities
are securities that are not registered under the Securities Act, but
which can be offered and sold to ``qualified institutional buyers''
under Rule 144A under the Securities Act or securities purchased after
the lapse of the appropriate distribution compliance

period under Regulation S under the Securities Act.
    The Fund may invest in the securities of other investment
companies, including affiliated funds and money market funds, subject
to applicable limitations under Section 12(d)(1) of the 1940 Act.

III. Discussion and Commission Findings

    After careful review, the Commission finds that the Exchange's
proposal to list and trade the Shares is consistent with the Exchange
Act and the rules and regulations thereunder applicable to a national
securities exchange.\23\ In particular, the Commission finds that the
proposed rule change is consistent with Section 6(b)(5) of the Exchange
Act,\24\ which requires, among other things, that the Exchange's rules
be designed 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.
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    \23\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition and
capital formation. See 15 U.S.C. 78c(f).
    \24\ 15 U.S.C. 78f(b)(5).
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    The Commission also finds that the proposal to list and trade the
Shares on the Exchange is consistent with Section 11A(a)(1)(C)(iii) of
the Exchange Act,\25\ which sets forth Congress' finding that it is in
the public interest and appropriate for the protection of investors and
the maintenance of fair and orderly markets to assure the availability
to brokers, dealers, and investors of information with respect to
quotations for and transactions in securities. Quotation and last-sale
information for the Shares will be available on the facilities of the
Consolidated Tape Association. The Exchange represents that the
intraday, closing, and settlement prices of common stocks and other
exchange-listed instruments (including Depositary Receipts, preferred
securities, convertible securities, common stock, and ETPs) will be
readily available from the securities exchanges trading those
securities as well as from automated quotation systems, published or
other public sources, or online information services. Intraday and
closing price information for exchange-traded options and futures will
be available from the applicable exchange and from major market data
vendors. In addition, price information for U.S. exchange-traded
options will be available from the Options Price Reporting Authority.
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    \25\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
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    Quotation information from brokers and dealers or pricing services
will be available for Fixed Income Securities and U.S. Government
obligations. Price information regarding short-term instruments, spot
currency transactions, OTC-traded derivative instruments (including
options, swaps, and forward currency transactions), and non-exchange-
listed equity securities traded in the OTC market (including Restricted
Securities, repurchase and reverse repurchase agreements, OTC equity
securities, OTC-traded preferred securities, and OTC-traded convertible
securities) is available from major market data vendors.
    The Commission also believes that the proposal to list and trade
the Shares is reasonably designed to promote fair disclosure of
information that may be necessary to price the Shares appropriately and
to prevent trading when a reasonable degree of transparency cannot be
assured. On each business day, before commencement of trading in Shares
during Regular Trading Hours \26\ on the Exchange, the Fund will
disclose on its Web site the identities and quantities of the portfolio
of securities and other assets (the ``Disclosed Portfolio'') held by
the Fund that will form the basis for the Fund's calculation of NAV at
the end of the business day.\27\ The Exchange will obtain a
representation from the issuer of the Shares that the NAV per Share
will be calculated daily and that the NAV and the Disclosed Portfolio
will be made available to all market participants at the same time.
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    \26\ Regular Trading Hours are 9:30 a.m. to 4:00 p.m. Eastern
Time.
    \27\ The Fund's disclosure of derivative positions in the
Disclosed Portfolio will include information that market
participants can use to value these positions intraday. The
Disclosed Portfolio will include, as applicable: The ticker symbol;
CUSIP number or other identifier, if any; a description of the
holding (including the type of holding, such as the type of swap);
the identity of the security, commodity, index or other asset or
instrument underlying the holding, if any; for options, the option
strike price; quantity held (as measured by, for example, par value,
notional value or number of shares, contracts, or units); maturity
date, if any; coupon rate, if any; effective date, if any; market
value of the holding; and the percentage weighting of the holding in
the Fund's portfolio. The Web site and information will be publicly
available at no charge. Under accounting procedures to be followed
by the Fund, trades made on the prior business day will be booked
and reflected in NAV on the current business day. Accordingly, the
Fund will be able to disclose at the beginning of the business day
the portfolio that will form the basis for the NAV calculation at
the end of the business day.
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    In addition, the Intraday Indicative Value will be based upon the
current value for the components of the Disclosed Portfolio and will be
updated and widely disseminated by one or more major market data
vendors at least every 15 seconds during the Exchange's Regular Trading
Hours. The Custodian, through the National Securities Clearing
Corporation, will make available on each business day, prior to the
opening of business on the Exchange, the list of the names and the
required number of shares of each Deposit Security or the required
amount of Deposit Cash, as applicable, to be included in the current
Fund Deposit (based on information at the end of the previous business
day) for the Fund.
    The NAV of the Shares generally will be calculated once daily
Monday through Friday as of the close of regular trading on the
Exchange, generally 4:00 p.m. Eastern Time (the ``NAV Calculation
Time'') on each day that the Exchange is open for trading, based on
prices at the NAV Calculation Time. The Fund's Web site, which will be
publicly available prior to the public offering of Shares, will include
a form of the prospectus for the Fund that may be downloaded and
additional information relating to NAV and other applicable
information.
    The Exchange represents that trading in the Shares will be halted
under the conditions specified in BATS Rule 11.18. Trading may be
halted because of market conditions or for reasons that, in the view of
the Exchange, make trading in the Shares inadvisable.\28\ Trading in
the Shares also will be subject to Rule 14.11(i)(4)(B)(iv), which sets
forth circumstances under which trading in the Shares may be halted.
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    \28\ These may include: (1) The extent to which trading is not
occurring in the securities and/or the financial instruments
composing the Disclosed Portfolio of the Fund; or (2) whether other
unusual conditions or circumstances detrimental to the maintenance
of a fair and orderly market are present.
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    The Exchange states that it prohibits the distribution of material
non-public information by its employees. The Exchange represents that
the Adviser is not registered as a broker-dealer but is affiliated with
a broker-dealer and has implemented a ``fire wall'' with respect to
that broker-dealer regarding access to information concerning the
composition of and changes to the Fund's portfolio.
    Trading of the Shares through the Exchange will be subject to the
Exchange's surveillance procedures for derivative products, including
Managed Fund Shares. The Exchange may obtain information regarding
trading in the Shares and the underlying shares in exchange-traded
investment companies, U.S. equity securities, foreign equity
securities, futures, and options via the ISG, from other exchanges who
are

members or affiliates of the ISG, or from other exchanges with which
the Exchange has entered into a comprehensive surveillance sharing
agreement.\29\ In addition, the Exchange is able to access, as needed,
trade information for certain fixed income instruments reported to
FINRA's Trade Reporting and Compliance Engine.
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    \29\ For a list of the current members and affiliate members of
ISG, see www.isgportal.com. The Exchange also notes that all
exchange-traded instruments, including investment company
securities, futures, and options will trade on markets that are a
member of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement. See Amendment No. 1,
supra note 6, at 30, n.27.
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    The Exchange represents that it deems the Shares to be equity
securities, thus rendering trading in the Shares subject to the
Exchange's existing rules governing the trading of equity securities.
In support of this proposal, the Exchange has also made the following
representations:
    (1) The Shares will be subject to BATS Rule 14.11(i), which sets
forth the initial and continued listing criteria applicable to Managed
Fund Shares.\30\
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    \30\ See Amendment No. 1, supra note 6, at 28.
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    (2) All statements and representations made regarding (a) the
description of the portfolio, (b) limitations on portfolio holdings or
reference assets, or (c) the applicability of Exchange rules and
surveillance procedures shall constitute continued listing requirements
for listing the Shares on the Exchange.\31\
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    \31\ See Amendment No. 2, supra note 7, at 3.
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    (3) The issuer will advise the Exchange of any failure by the Fund
to comply with the continued listing requirements, and, pursuant to its
obligations under Section 19(g)(1) of the Exchange Act, the Exchange
will surveil for compliance with the continued listing requirements. If
the Fund is not in compliance with the applicable listing requirements,
the Exchange will commence delisting procedures under Exchange Rule
14.12.\32\
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    \32\ Id. at 4.
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    (4) The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions.\33\
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    \33\ See Amendment No. 1, supra note 6, at 29.
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    (5) Trading of the Shares through the Exchange will be subject to
the Exchange's surveillance procedures for derivative products,
including Managed Fund Shares, and these procedures are adequate to
properly monitor the trading of the Shares on the Exchange during all
trading sessions and to deter and detect violations of Exchange rules
and the applicable federal securities laws.\34\
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    \34\ Id. at 29-30.
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    (6) Prior to the commencement of trading, the Exchange will inform
its members in an Information Circular of the special characteristics
and risks associated with trading the Shares. Specifically, the
Information Circular will discuss the following: (a) The procedures for
purchases and redemptions of Shares in Creation Units (and that Shares
are not individually redeemable); (b) BATS Rule 3.7, which imposes
suitability obligations on Exchange members with respect to
recommending transactions in the Shares to customers; (c) how
information regarding the Intraday Indicative Value and the Disclosed
Portfolio is disseminated; (d) the risks involved in trading the Shares
during the Pre-Opening and After Hours Trading Sessions when an updated
Intraday Indicative Value will not be calculated or publicly
disseminated; (e) the requirement that members deliver a prospectus to
investors purchasing newly issued Shares prior to or concurrently with
the confirmation of a transaction; and (f) trading information.\35\
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    \35\ Id. at 30-31.
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    (7) For initial and continued listing, the Fund must be in
compliance with Rule 10A-3 under the Act.\36\
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    \36\ Id. at 28. See also 17 CFR 240.10A-3.
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    (8) A minimum of 100,000 Shares will be outstanding at the
commencement of trading on the Exchange.\37\
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    \37\ See Amendment No. 1, supra note 6, at 28.
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    (9) The Fund will enter into CDS agreements only with
counterparties that meet certain standards of creditworthiness.\38\
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    \38\ Id. at 12.
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    (10) The Fund may invest up to 20% of its portfolio in structured
securities and junior bank loans in the aggregate.\39\
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    \39\ Id. at 9.
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    (11) Under normal circumstances, the Fund will generally seek to
invest in corporate bond issuances that have at least $100,000,000 par
amount outstanding. Further, component corporate bonds that in the
aggregate account for at least 75% of the weight of corporate bonds
will have a minimum original principal outstanding of $100 million or
more.\40\
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    \40\ Id.
---------------------------------------------------------------------------

    (12) The Fund may invest in sponsored or unsponsored ADRs; however,
not more than 10% of the net assets of the Fund will be invested in
unsponsored ADRs.\41\
---------------------------------------------------------------------------

    \41\ Id. at 11.
---------------------------------------------------------------------------

    (13) All exchange-traded instruments, including investment company
securities, futures, and options will trade on markets that are a
member of ISG or with which the Exchange has in place a comprehensive
surveillance sharing agreement.\42\
---------------------------------------------------------------------------

    \42\ Id. at 30, n.27.
---------------------------------------------------------------------------

    This approval order is based on all of the Exchange's
representations, including those set forth above and in Amendments No.
1, No. 2, and No. 3.
    For the foregoing reasons, the Commission finds that the proposed
rule change, as modified by Amendment No. 1, No. 2, and No. 3, is
consistent with Section 6(b)(5) of the Act \43\ and the rules and
regulations thereunder applicable to a national securities exchange.
---------------------------------------------------------------------------

    \43\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

IV. Solicitation of Comments on Amendment No. 1

    Interested persons are invited to submit written data, views, and
arguments concerning whether Amendment No. 1 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-BATS-2015-94 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-BATS-2015-94. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing will also be available
for

inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-BATS-2015-94 and should be
submitted on or before May 5, 2016.

V. Accelerated Approval of Proposed Rule Change as Modified by
Amendment Nos. 1, 2, and 3

    The Commission finds good cause to approve the proposed rule
change, as modified by Amendment No. 1, No. 2, and No. 3, prior to the
30th day after the date of publication of notice of Amendment No. 1 in
the Federal Register. The Exchange submitted Amendment No. 1 to, among
other things, provide clarifying details about the investments the Fund
would be permitted to hold; to further limit the percentage of the
Fund's portfolio that may be composed of structured securities and
junior bank loans; to limit the potential risk associated with
derivative transactions; and to represent that the Adviser believes
there will be minimal, if any, impact to the arbitrage mechanism as a
result of the Fund's use of derivatives. This information aided the
Commission in evaluating the likelihood that market participants may
engage in effective arbitrage. Accordingly, the Commission finds good
cause, pursuant to Section 19(b)(2) of the Act,\44\ to approve the
proposed rule change, as modified by Amendment No. 1, No. 2, and No. 3,
on an accelerated basis.
---------------------------------------------------------------------------

    \44\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

VI. Conclusion

    IT IS THEREFORE ORDERED, pursuant to Section 19(b)(2) of the
Exchange Act, that the proposed rule change (SR-BATS-2015-94), as
modified by Amendment No. 1, No. 2, and No. 3, is hereby approved on an
accelerated basis.
---------------------------------------------------------------------------

    \45\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\45\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-08554 Filed 4-13-16; 8:45 am]
 BILLING CODE 8011-01-P


comment and proposes renewal of the currently approved UCMR 2 ICR (OMB Control No.
2040-0270), which covered the period 2007-2009. The public notice activities for the UCMR 2
included the following:
Following publication of the proposed rule on August 22, 2005 (70 FR 49094), EPA
received several cost-related public comments. Several public commenters felt that EPA’s
estimates of cost and burden to PWSs were too low, including laboratory and shipping fees, and
estimated labor burden.
As part of the proposed rule ICR development, EPA estimated laboratory fees based on
consultations with several national drinking water laboratories, and based on costs of similar
analytical methods. In response to comments, EPA revisited the estimates of UCMR 2 method
pricing. EPA approached three additional national drinking water laboratories (different than
those consulted previously) and requested pricing estimates for UCMR 2 methods. EPA has used
the average of the pricing estimates from these laboratories in the cost estimates. EPA also
revisited key shipping company pricing lists to ensure that shipping cost assumptions were as
accurate as possible. Details are presented in Section 6(a)(ii) Estimating Non-labor Costs.
3(c) Consultations
EPA’s Office of Ground Water and Drinking Water developed a process for stakeholder
involvement in its regulatory activities for the purpose of providing early input to regulation
development. When designing and developing the 1999 UCMR program, EPA held meetings
for: developing the CCL; establishing the information requirements of the NCOD; and
contaminant selection. During the initial development of the UCMR program, stakeholders
including PWSs, States, industry, and other organizations attended meetings to discuss UCMR.

Information Collection Request for UCMR 2
November 2009
7
Seventeen other meetings were held specifically concerning UCMR development. A description
of public involvement activities related to UCMR is provided in the September 1999, UCMR
Final Rule Federal Register at 64 FR 50556.
Specific to the development of UCMR 2, a stakeholder meeting was held on October 29,
2003 in Washington, DC. There were 25 attendees, representing State agencies, federal agencies,
laboratories, PWSs, and drinking water associations. The topics of presentations and discussions
included: the rationale for selecting a new list of contaminants; analytical methods to be used in
measuring these contaminants; sampling design, particularly for the Screening Survey
monitoring; procedure for determining the lowest concentration minimum reporting levels
(LCMRLs); validation of laboratory performance at or below the minimum reporting level
(MRL); revisions to data elements; and other proposed revisions based on lessons learned during
implementation of UCMR 1.
EPA published the proposed UCMR 2 on August 22, 2005 (70 FR 49094) and requested
public comment on the rule design and content, as well as on the ICR. EPA received comments
from 36 public commenters, addressing a variety of issues on the proposed regulation. Following
the Agency’s review of comments received, EPA removed perchlorate from UCMR 2, and
revised or clarified requirements pertaining to system applicability criteria, reporting,
monitoring, and quality control. In addition, several commenters felt that EPA’s estimates of cost
and burden to PWSs were too low, including laboratory and shipping fees, and estimated labor
burden. EPA’s responses to these cost- and burden-related comments are addressed above in
Section 3(b) Public Notice Required Prior to ICR Submission to OMB and in Section 6(a)(ii)
Estimating Non-labor Costs.
3(d)
Effects of Less Frequent Collection
The Agency has considered a wide range of alternatives for frequency of collection that
would still allow the Agency to meet its statutory requirements and overall objectives. Less
frequent data collection than that being implemented would seriously affect the integrity of the
data and result in insufficient data to fulfill the needs envisioned by the 1996 SDWA
Amendments, including the continued development of the CCL, support of the Administrator’s
regulatory determinations, and overall regulation development.
Monitoring frequencies were determined based on statutory requirements, which specify
that monitoring be varied based on the number of people served by a system, likelihood of
finding contaminants, and source of supply. The monitoring frequency design also considers that
the number of people served affects exposure to contaminants, as well as the resources available
to undertake monitoring activity. The collection frequencies in the rule are discussed further in
section 5(b), Part A of this ICR document. Monitoring frequencies have been carefully devised
based on the following factors:
•
data quality needed for a representative sample;
•
precision and accuracy needed from the representative sample;
•
number of people served by the system;
•
source of the supply (e.g., surface water or ground water);
•
likelihood of finding contaminants; and

Information Collection Request for UCMR 2
November 2009
8
•
temporal variability in occurrence.
The Assessment Monitoring component of data collection is being conducted from
January 2008 through December 2010 by all large (those systems serving 10,001 to 100,000
people) and very large systems (those systems serving more than 100,000 people), and by a
nationally representative sample of 800 small systems (those serving 10,000 people or fewer).
The Screening Survey component is being conducted from January 2008 through December
2010 by all very large systems and by a sample of 800 systems serving 100,000 or fewer people.
Samples are being collected from entry points to the distribution system (EPTDSs). Systems with
multiple ground water EPTDSs are only required to sample at representative sampling locations
for each ground water source, as long as those sites have been approved by EPA. In addition,
Screening Survey systems that are required to monitor for disinfection byproducts (DBPs) under
the Stage 1 Disinfection Byproducts Rule (DBPR) are required to sample for nitrosamines at one
distribution system sampling point per treatment plant, as well as at their EPTDS sampling
locations.
For both Assessment Monitoring and Screening Surveys, samples will be collected twice
during the monitoring year for ground water sampling locations , and four times during the
2
monitoring year for sampling locations that are supplied in whole or part by a surface water or
ground water under the direct influence of surface water (GWUDI) source. Multiple samples
during a year are necessary to capture the annual variability in contaminant occurrence to
approach an adequate characterization of potential exposure. The required sampling frequencies
will help provide the quality and quantity of data that is statistically necessary for regulatory
determinations. The Agency scheduled the year and months of system monitoring, though large
systems have the option of changing their schedules by coordinating a new schedule with EPA.
EPA is maintaining the same statistical design that was established under UCMR 1 for its
UCMR 2 national representative sample of 800 small systems and continuing with a census of
large water systems for Assessment Monitoring. EPA believes that the combination of a
nationally representative sample of small systems and a census of large systems provides a
powerful tool for assessing contaminant occurrence in PWSs, and that this is the most effective
and accurate survey approach. A sample of 800 systems from the universe of over 61,000 small
systems will provide a confidence level of 99 percent with an allowable error of ±1 percent. The
set of representative systems are distributed among different size categories, but weighted by
population served, to ensure that the sample can provide estimates of exposure.
EPA has selected these high standards to ensure the quality of the estimate. EPA
considered larger sample frames because of the many uncertainties involved, but the sample size
of 800 was deemed adequate to meet the needs for the national estimate. Smaller sample sizes
(i.e., fewer systems monitored) were also considered, but rejected. In general, many population
surveys with continuous variables use a lower level of confidence (95 percent) and/or a larger
2
Ground water systems are required to sample only two times per year because they generally show less
seasonal fluctuation than surface water or GWUDI systems. Rule language regarding sampling schedule/frequency
ensures that ground water systems collect at least one of their samples during the most vulnerable period, which the
rule specifies by default to be May – July.

Information Collection Request for UCMR 2
November 2009
9
allowable error. However, the larger possible error is not considered appropriate for this
program.
Examination and analysis of current occurrence data show that many contaminants that
are currently regulated, or being considered for regulation, occur in 1 percent or less of systems
on a national basis. For many contaminants, a 1 percent occurrence nationally translates into a
substantially larger occurrence regionally. Also, even a small percentage of systems with
detections can translate into a significant population affected. With a greater margin of error, and
the resultant smaller sample size, such occurrence might be missed entirely. Also, it is necessary
for EPA to make some judgments about the occurrence of contaminants in relation to source
waters and different size categories of systems. Many statutes and current regulations
differentiate implementation requirements based on system size or water source. While
combining sampling results from the representative sample of small systems with that from all
large systems provides increased power in the total sample, EPA must be able to evaluate
occurrence, and possible regulatory options, related to the small systems. SDWA and many
current rules focus on burden reduction for small systems when feasible. Also, there are many
other uncertainties and sources of variance in such a sample program. For example, all
contaminants have censored distributions (i.e., “less than detection level” analytical results) and
there are a myriad of factors that affect variability and vulnerability of ground water systems. It
remains unclear how normal sampling theory accommodates these. Hence, the high confidence
level, low allowable error, and larger sample size should help to ensure adequate data to meet the
objectives of the UCMR program.
The sample size for the Screening Survey under UCMR 2 was increased (over the UCMR
1 sample size) to ensure the data can be used to support regulatory determinations, and rule
development, if warranted. Thus, if a contaminant of concern is found to occur with some
significance during the Screening Survey, it may not be necessary to conduct Assessment
Monitoring during the next UCMR cycle. EPA may instead be able to make a regulatory
determination based on these data and move to protect public health more quickly. This revised
Screening Survey design also accounts for possible laboratory capacity issues related to the use
of uncommon methods.
The UCMR 2 design increases confidence in the sampling results in two ways. First, the
Screening Survey uses a larger stratified random sample of 800 systems (compared to 300 under
UCMR 1), allocated across five strata for systems serving 100,000 or fewer people. The sample
size is derived from the same rationale as that for Assessment Monitoring, but the sample frame
is expanded to include large systems serving between 10,001 and 100,000 people. Second, the
Screening Survey includes a census of the largest PWSs, those serving 100,001 or more people
(407 systems), referred to as “very large” systems. Using a census of these very large systems
minimizes the possibility of missing contaminant occurrence at the systems that serve the largest
portion of the population, while keeping the number of systems required to conduct the
Screening Survey relatively small.
There is no “Index System” component to the UCMR 2 program. Under UCMR 1,
samples were collected from 30 small Index Systems during all 5 years of the monitoring cycle
to assess any trends in temporal occurrence, other data variability, or program problems. EPA

Information Collection Request for UCMR 2
November 2009
10
has not included Index System monitoring for UCMR 2 based on the very limited information
gained from Index System monitoring in UCMR 1.
EPA further reduced the number of systems burdened by UCMR by not requiring
systems that purchase all of their water to monitor. The national sample (described above)
excludes systems that purchase the entirety of their water from other systems, to minimize
redundant sampling of sources. Exposure estimates can be extrapolated to purchased systems
from the monitoring data of the original source systems.
The UCMR program also excludes transient, non-community systems. Projecting
exposure from such systems is complex and inconclusive because of the transient nature of the
population served by them. The results from the small community water systems (CWSs) and
non-transient non-community water systems (NTNCWSs) can be extrapolated to these systems.
Since it is possible that certain contaminants are not likely to be found if their associated
chemical use does not occur in a particular State, UCMR includes a provision for waivers for
large systems on a State-wide, chemical-specific basis. However, for small systems, waivers will
not be considered, because eliminating small systems from the nationally representative sample
would compromise the data quality and consistency requirements of a representative sample. The
representative sample must provide adequate information on both the presence and absence of
contaminants for the systems sampled. Since EPA will pay for this testing, it does not place a
significant burden on these small systems.
3(e)
General Guidelines
This ICR has been completed in accordance with the October 2001 version of EPA’s
Guide to Writing Information Collection Requests Under the Paperwork Reduction Act of 1995
(hereafter, the “ICR Handbook”).  The ICR Handbook was prepared by EPA’s Office of
Environmental Information, Office of Information Collection, Collection Strategies Division.
The ICR Handbook provides the most current instructions for ICR preparation to ensure
compliance with the 1995 Paperwork Reduction Act Amendments and OMB’s implementing
guidelines.
EPA is taking an approach that minimizes burden to the respondents. In addition, this
collection does not violate any of the OMB guidelines for information collection activities.
Specifically, the respondents are not required to:
•
Report information to EPA more than quarterly.
•
Prepare a written response to a collection of information in fewer than 30 days after
receipt of a request.
•
Submit more than an original and two copies of any document.
•
Retain records, other than health, medical, government contract, grant-in-aid or tax
records, for more than three years.
•
Participate in a statistical survey that is not designed to produce data that can be
generalized to the universe of the study.

Information Collection Request for UCMR 2
November 2009
11
•
Use a statistical data classification that has not been reviewed and approved by OMB.
•
Receive a pledge of confidentiality that is not supported by authority established in
statute or regulation, that is not supported by disclosure and data security policies that are
consistent with the pledge, or which unnecessarily impedes sharing of data with other
agencies for compatible confidential use.
•
Submit proprietary, trade secret, or other confidential information unless EPA can
demonstrate that it has instituted procedures to protect the information’s confidentiality to
the extent permitted by law.
3(f) Confidentiality
This information collection does not require respondents to disclose confidential
information.
3(g) Sensitive Questions
No questions of a sensitive nature are included in any of the information collection
requirements outlined in this ICR.

Information Collection Request for UCMR 2
November 2009
12
4 RESPONDENTS AND THE INFORMATION
4(a)
Respondents and NAICS/SIC Codes
Data associated with this ICR are collected and maintained by PWSs. States, Territories,
and Tribes with primacy to administer the regulatory program for PWSs under SDWA may
participate in UCMR 2 implementation through a Partnership Agreement (PA). These primacy
agencies may sometimes conduct monitoring and maintain records. The North American
Industry Classification System (NAICS) code for PWSs is 221310. The NAICS codes for State
agencies that include drinking water programs are 924110 (Administration of Air and Water
Resources and Solid Waste Management Programs) and 923120 (Administration of Public
Health Programs).
4(b) Information Requested
This ICR summarizes the data items and respondent activities associated with UCMR 2.
4(b)(i) Data Items
A discussion of data and information that are part of the reporting and recordkeeping
requirements for systems is found below in section 4(b)(i)(a), Part A of this ICR document. The
requirements for States are discussed below in section 4(b)(i)(b), Part A of this ICR document.
4(b)(i)(a) Public Water System Reporting and Recordkeeping
The UCMR 2 monitoring list is specified in §141.40 and shown here in Exhibit 1.
Following public comment on the proposed rule, and based on further Agency consideration,
EPA removed perchlorate from the UCMR 2 monitoring list. Thus, UCMR 2 includes 25
contaminants, as compared to the 26 proposed in August 2005. UCMR 2 also includes
modifications and clarifications to the reporting requirements for large systems that were
established under UCMR 1. These include: reporting sampling location and contact information
prior to monitoring; submitting proposals for representative EPTDSs; ensuring electronic
reporting of analytical results and associated data elements by laboratories; and reviewing,
approving, and submitting monitoring data that was posted by laboratories.

Information Collection Request for UCMR 2
November 2009
13
Exhibit 1: UCMR 2 Contaminant List
List 1, Assessment Monitoring
1,3-dinitrobenzene
2,2’,4,4’,6-pentabromodiphenyl ether (BDE-100)
2,2’,4,4’-tetrabromodiphenyl ether (BDE-47)
2,4,6-trinitrotoluene (TNT)
2,2’,4,4’,5-pentabromodiphenyl ether (BDE-99)
Dimethoate
2,2’,4,4’,5,5’-hexabromobiphenyl (245-HBB)
Hexahydro-1,3,5-trinitro-1,3,5-triazine (RDX)
2,2’,4,4’,5,5’-hexabromodiphenyl ether (BDE-153)
Terbufos sulfone
List 2, Screening Survey
Acetochlor Metolachlor OA
Acetochlor ESA
N-nitroso-diethylamine (NDEA)
Acetochlor OA
N-nitroso-dimethylamine (NDMA)
Alachlor N-nitroso-di-n-butylamine (NDBA)
Alachlor ESA
N-nitroso-di-n-propylamine (NDPA)
Alachlor OA
N-nitroso-methylethylamine (NMEA)
Metolachlor N-nitroso-pyrrolidine (NPYR)
Metolachlor ESA
The rule also modifies the reporting requirements to make reported results more useful
for sound scientific analyses of the occurrence of unregulated contaminants. The 15 required data
elements are listed in Exhibit 2. Large systems must electronically report data elements 1
through 5, 7 through 15 if conducting Assessment Monitoring, and all 15 if conducting
Screening Survey monitoring. Small systems must record data elements 1 through 5, 7 if
conducting Assessment Monitoring, and 1 through 7 if conducting Screening Survey monitoring.
All systems participating in UCMR monitoring must inform EPA of any changes to data
elements 1 through 6, if applicable.
Exhibit 2: Unregulated Contaminant Monitoring Reporting Requirements
1. Public Water System Identification (PWSID) Code
9. Contaminant
2. Public Water System Facility Identification Code
10. Analytical Method Code
3. Water Source Type
11. Sample Analysis Type
4. Sampling Point Identification Code
12. Analytical Results – Sign
5. Sampling Point Type Code
13. Analytical Result – Value
6. Disinfectant Residual Type
14. Laboratory Identification Code
7. Sample Collection Date
15. Sample Event Code
8. Sample Identification Code


[Federal Register Volume 88, Number 35 (Wednesday, February 22, 2023)]
[Notices]
[Pages 10925-10926]
[FR Doc No: 2023-03609]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID: FEMA-2022-0039; OMB No. 1660-0072]

Agency Information Collection Activities: Submission for OMB
Review, Comment Request; FEMA Mitigation Grant Programs

AGENCY: Federal Emergency Management Agency, Department of Homeland
Security.

ACTION: 30 Day notice of revision and request for comments.

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

SUMMARY: The Federal Emergency Management Agency (FEMA) will submit the
information collection abstracted below to the Office of Management and
Budget for review and clearance in accordance with the requirements of
the Paperwork Reduction Act of 1995. The submission seeks comments
concerning FEMA's Hazard Mitigation Assistance (HMA) financial and
technical assistance programs; specifically, the Pre-Disaster
Mitigation Program (PDM), the Building Resilient Infrastructure and
Communities (BRIC) program, BRIC Direct Technical Assistance (DTA), and
the Flood Mitigation Assistance (FMA) program.

DATES: Comments must be submitted on or before March 24, 2023.

ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent 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: Requests for additional information or
copies of the information collection should be made to Director,
Information Management Division, 500 C Street SW, Washington, DC 20472,
email address: [email protected] or
Jennie Orenstein, Branch Chief, Policy, Tools and Training Branch,
Federal Insurance and Mitigation Administration, FEMA, at
[email protected] and<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: This collection of information is necessary
to implement grants for the FMA, PDM, and BRIC programs.
    The FMA program is authorized pursuant to the National Flood
Insurance Act of 1968, as amended (Pub. L. 90-448, 42 U.S.C. 4104c).
FMA was created as part of the National Flood Insurance Reform Act
(NFIRA) of 1994 (Pub. L. 103-325, 42 U.S.C. 4001). The Biggert-Waters
Flood Insurance Reform Act of 2012 (BW-12), (Pub. L. 112-141, 42 U.S.C.
4001) consolidated the Repetitive Flood Claims (RFC) and Severe
Repetitive Loss grant (SRL) programs into FMA. Under FMA, cost-share
requirements were changed to allow more Federal funds for properties
with repetitive flood claims. The FMA program, under 44 CFR part 77
(October 1, 2021; previously under 44 CFR part 79), provides funding
for measures taken to reduce or eliminate the long-term risk of flood
damage to buildings, manufactured homes, and other structures insured
under the National Flood Insurance Program (NFIP). PDM is authorized
under section 203 of the Robert T. Stafford Disaster Relief and
Emergency Assistance Act (Stafford Act), (Pub. L. 93-288, 42 U.S.C.
5133).
    On August 4, 2020, FEMA established the BRIC program, implementing
Section 1234 of Disaster Recovery Reform Act (DRRA) (Pub. L. 93-288, 42
U.S.C. 5121 et seq.), which amended section 203 of the Stafford Act
(Pub. L. 93-288, 42 U.S.C. 5133). The BRIC program is designed to
promote a national culture of preparedness and public safety through
encouraging investments to protect our communities and infrastructure
and through strengthening national mitigation capabilities to foster
resilience. The BRIC program seeks to fund effective and innovative
projects that will reduce risk, increase resilience, and serve as a
catalyst to encourage the whole community to invest in and adopt
policies related to mitigation.
    The guiding principles of the BRIC program include (1) support
state and local governments, tribes, and territories through
capability- and capacity-building to enable them to identify mitigation
actions and implement projects that reduce risks posed by natural
hazards; (2) encourage and enable innovation while allowing
flexibility, consistency, and effectiveness; (3) promote partnerships
and enable high-impact investments to reduce risk from natural hazards
with a focus on critical services and facilities, public
infrastructure, public safety, public health, and communities; (4)
provide a significant opportunity to reduce future losses and minimize
impacts on the Disaster Relief Fund; (5) promote equity, including by
helping members of disadvantaged groups and prioritizing 40 percent of
the benefits to disadvantaged communities as referenced in Executive
Order (E.O.) 14008, Tackling the Climate Crisis At Home and Abroad, (86
FR 7619, Feb. 1, 2021) which describes the Administration's Justice40
Initiative; and (6) support the adoption and enforcement of building
codes, standards, and policies that will protect the health, safety,
and general welfare of the public, taking into account future
conditions, prominently including the effects of climate change, and
have long-lasting impacts on community risk reduction, including for
critical services and facilities and for future disaster costs. The
BRIC program distributes funds annually and applies a Federal/Non-
Federal cost share. To increase transparency in decision-making while
building capability and partnerships, FEMA convenes a National Review
Panel to score subapplications based on qualitative evaluation
criteria.
    The BRIC program is authorized under section 203 of the Stafford
Act to provide technical assistance for implementing predisaster hazard
mitigation measures. BRIC implements this authority by providing non-
financial DTA to eligible communities. The DTA initiative is
specifically designed to assist economically disadvantaged rural
communities, tribal entities, and Justice40 underserved communities.
The Justice40 Initiative provides guidance on implementing
environmental justice and equitable implementation of program
resources. DTA delivers hazard mitigation assistance to communities who
face resource barriers that prevent access to Hazard Mitigation grants
and other Federal assistance grants.
    In accordance with 2 CFR 200.203, FEMA requires all parties
interested in receiving FEMA mitigation grants to submit an application
package for grant assistance. Applications and subapplications for BRIC
and FMA are submitted via FEMA GO. FEMA GO is the new system of record
for grants for new grant applications beginning in Fiscal Year (FY)
2020.
    The Mitigation (MT) eGrants system is used to manage FY 2022 FMA
Swift Current grants, FMA annual grants awarded prior FY 2019 and Pre-
Disaster Mitigation grant program offerings. The MT eGrants system is
an intuitive, user-friendly, web-based application owned and operated
by FIMA that allows eligible applicants and subapplicants to apply for
grants and subgrants through the internet. MT eGrants is both an
internal (FEMA-facing) system and an external facing system. The FEMA
GO and MT eGrants systems were developed to meet the intent of the e-
Government initiative, authorized by

Federal Financial Assistance Management Improvement Act of 1999 (Pub.
L. 106-107, 31 U.S.C. 6101). This initiative requires that all
Government agencies both streamline grant application processes and
provide for the means to electronically create, review, and submit a
grant application via the internet.
    Under 2 CFR part 200 (for BRIC and PDM) and 44 CFR 77.3 (FMA),
Recipients must complete and submit progress report(s) to the FEMA
Regional Administrator on a quarterly basis, certifying how the funds
are being used and reporting on the progress of activities funded under
the subrecipient awards made to the Recipient by FEMA. The Regional
Administrator and Recipient negotiate the date for submission of the
first report.
    The Benefit Cost Determination is used to collect data to evaluate
the proposed project's cost effectiveness. Mitigation projects must be
cost effective to be eligible for Hazard Mitigation Assistance funding.
Cost effectiveness is demonstrated through a FEMA-validated benefit
cost analysis. The Environmental and Historic Preservation Review is
used to collect information that is needed to ensure that a proposed
project complies with applicable environmental and historic
preservation regulations and laws. This information is collected to
assure that adverse project impact is minimized according to the
National Environmental Policy Act of 1969 (NEPA), as amended (Pub. L.
91-190, 42 U.S.C. 4321-4347); The Endangered Species Act of 1973 (ESA)
(Pub. L. 93-205,16 U.S.C. 1531); The National Historic Preservation Act
of 1966 (Pub. L. 89-665, U.S.C. 16 U.S.C. 470); Executive Order (E.O.)
11988, Floodplain Management, (80 FR 6530, Feb. 5, 2015) regarding
floodplains; and E.O. 11990 Protection of Wetlands (42 FR 26961, May
24, 1977) other applicable laws and executive orders. The Project
Narrative--Subgrant Application process is used to collect the
information necessary for FEMA to assess the financial needs of the
applicants, as well as the projected benefits to be obtained from the
use of grant funds for each of its mitigation grant programs. Quarterly
Progress Reports describe the status of those projects on which a final
payment of the Federal share has not been made to the Recipient and
identify problems or circumstances expected to result in noncompliance
with the approved award conditions.
    This proposed information collection previously published in the
Federal Register on November 23, 2022, at 87 FR 71657 with a 60 day
public comment period. No comments were received. The purpose of this
notice is to notify the public that FEMA will submit the information
collection abstracted below to the Office of Management and Budget for
review and clearance.

Collection of Information

    Title: FEMA Mitigation Grant Programs.
    Type of Information Collection: Extension, with change, of a
currently approved collection.
    OMB Number: 1660-0072.
    FEMA Forms: FEMA Form FF-206-FY-22-151, Quarterly Progress Report;
FEMA Instruction FI-206-FY-22-102, Instructions to Recipients for
Quarterly Progress Reports for FEMA's Building Resilient Infrastructure
and Communities (BRIC), the Pre-Mitigation Disaster (PDM), and Flood
Mitigation Assistance (FMA); FEMA Form FF-206-FY-22-155, BRIC DTA
Request; FEMA Form FF-206-FY-22-158; Acknowledgement of Conditions For
Properties Using FEMA Hazard Mitigation Assistance Grant Funds; FEMA
Form FF-206-FY-22-157, Model Deed Restriction; and FEMA Form FF-206-FY-
22-156, Model Statement of Assurances for Property Acquisition
Projects.
    Abstract: The Federal Emergency Management Agency's (FEMA's) Flood
Mitigation Assistance (FMA) and Building Resilient Infrastructure and
Communities (BRIC) programs use an automated grant application and
management system called FEMA GO. The Pre-Disaster Mitigation (PDM)
program and the FMA program also uses an automated grant application
and management system called Mitigation (MT) eGrants. The FEMA GO and
MT eGrants systems include application information needed to apply for
funding under these grant programs. FEMA uses the BRIC Panel Review
Form to solicit volunteers from state, local, tribal governments and
Other Federal Agencies (OFA), to review applications that are routed to
the qualitative panel reviews. The volunteers will review, and score
applications based on a pre-determined scoring criteria. The PDM, FMA,
and BRIC programs will use the same FEMA Form FF-206-FY-22-151
Quarterly Progress Report (QPR) Form.
    Affected Public: State, local or Tribal governments.
    Estimated Number of Respondents: 617.
    Estimated Number of Responses: 17,249.
    Estimated Total Annual Burden Hours: 97,858.
    Estimated Total Annual Respondent Cost: $5,914,144.
    Estimated Respondents' Operation and Maintenance Costs: $0.
    Estimated Respondents' Capital and Start-Up Costs: $0.
    Estimated Total Annual Cost to the Federal Government: $7,970,053.

Comments

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

Millicent Brown Wilson,
Records Management Branch Chief, Office of the Chief Administrative
Officer, Mission Support, Federal Emergency Management Agency,
Department of Homeland Security.
[FR Doc. 2023-03609 Filed 2-21-23; 8:45 am]
BILLING CODE 9111-BW-P


[Federal Register: December 28, 2005 (Volume 70, Number 248)]
[Notices]
[Page 76791-76792]
[DOCID:fr28de05-71]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. QF06-31-000]

Air Products, L.P.; Notice of Filing

December 19, 2005.
    Take notice that on December 7, 2005, Air Products, L.P. (Air
Products) filed with the Commission an application for certification of
a facility as a qualifying cogeneration facility pursuant to 18 CFR
292.207(b) of the Commission's regulations.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date.
Anyone filing a motion to intervene or protest must serve a copy of
that document on the Applicant and all the parties in this proceeding.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov.
 Persons unable to file electronically

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

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

TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on January 6, 2006.

Magalie R. Salas,
Secretary.
[FR Doc. E5-7917 Filed 12-27-05; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 79, Number 122 (Wednesday, June 25, 2014)]
[Notices]
[Page 36055]
[FR Doc No: 2014-14886]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OECA-2013-0326; FRL-9912-07-OEI]

Information Collection Request Submitted to OMB for Review and
Approval; Comment Request; NSPS for Asphalt Processing and Roofing
Manufacture (Renewal)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: The Environmental Protection Agency has submitted an
information collection request (ICR), NSPS for Asphalt Processing and
Roofing Manufacture (40 CFR Part 60, Subpart UU) (Renewal) (EPA ICR No.
0661.10, OMB Control No. 2060-0002), 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 June 30, 2014. Public comments were
previously requested via the Federal Register (78 FR 35023) on June 11,
2013 during a 60-day comment period. This notice allows for an
additional 30 days for public comments. A fuller description of the ICR
is given below, including its estimated burden and cost to the public.
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.

DATES: Additional comments may be submitted on or before July 25, 2014.

ADDRESSES: Submit your comments, referencing Docket ID Number EPA-HQ-
OECA-2013-0326, to: (1) EPA online, using www.regulations.gov (our
preferred method), or by email to<EMAIL_ADDRESS>or by mail to:
EPA Docket Center, Environmental Protection Agency, Mail Code 28221T,
1200 Pennsylvania Ave. NW., Washington, DC 20460; and (2) OMB via email
to<EMAIL_ADDRESS>Address comments to OMB Desk Officer
for EPA.
    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.

FOR FURTHER INFORMATION CONTACT: Patrick Yellin, Monitoring,
Assistance, and Media Programs Division, Office of Compliance, Mail
Code 2227A, Environmental Protection Agency, 1200 Pennsylvania Ave.
NW., Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax
number:<PHONE_NUMBER>; email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: 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
www.regulations.gov or in person at the EPA Docket Center, WJC West,
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: Owners and operators must notify EPA of construction
modification startups, shutdowns, malfunctions, and data and results of
performance test. Owners/operators must continually monitor and record
temperature in specified pollution control devices. EPA determines
parameters to be recorded in other control devices upon description of
that device by the source.
    Form Numbers: None.
    Respondents/affected entities: Asphalt processing and roofing
manufacturer facilities.
    Respondent's obligation to respond: Mandatory (40 CFR part 60,
subpart UU).
    Estimated number of respondents: 144 (total).
    Frequency of response: Initially, occasionally and semiannually.
    Total estimated burden: 33,912 hours (per year). Burden is defined
at 5 CFR 1320.3(b).
    Total estimated cost: $8,557,168 (per year), which includes
$5,240,000 annualized capital or operation & maintenance costs.
    Changes in the Estimates: There is no change in the labor hours in
this ICR compared to the previous ICR. 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 the respondents is very low,
negative, or non-existent. Therefore, the burden hours in the previous
ICR reflect the current burden and are reiterated in this ICR. However,
there is an adjustment decrease in the respondent cost and an
adjustment increase in the Agency cost due to an update in labor rates.

Spencer Clark,
Acting Director, Collection Strategies Division.
[FR Doc. 2014-14886 Filed 6-24-14; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 84, Number 154 (Friday, August 9, 2019)]
[Notices]
[Page 39296]
[FR Doc No: 2019-17048]

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ENVIRONMENTAL PROTECTION AGENCY

[ER-FRL-9046-2]

Environmental Impact Statements; Notice of Availability

    Responsible Agency: Office of Federal Activities, General
Information<PHONE_NUMBER> or https://www.epa.gov/nepa/.

Weekly receipt of Environmental Impact Statements
Filed 07/29/2019 Through 08/02/2019
Pursuant to 40 CFR 1506.9.

Notice

    Section 309(a) of the Clean Air Act requires that EPA make public
its comments on EISs issued by other Federal agencies. EPA's comment
letters on EISs are available at: https://cdxnodengn.epa.gov/cdx-enepa-public/action/eis/search.

EIS No. 20190179, Final, USFWS, CA, Delta Research Station Project:
Estuarine Research Station and Fish Technology Center, Review Period
Ends: 09/09/2019, Contact: Robert Clarke<PHONE_NUMBER>
EIS No. 20190180, Draft, BLM, NM, Borderlands Wind Project Draft
Environmental Impact Statement and Resource Management Plan Amendment,
Comment Period Ends: 11/07/2019, Contact: James Stobaugh<PHONE_NUMBER>
EIS No. 20190181, Draft, NRC, PA, Generic Environmental Impact
Statement for License Renewal of Nuclear Plants, Supplement 10, Second
Renewal, Regarding Subsequent License Renewal for Peach Bottom Atomic
Power Station Units 2 and 3, Comment Period Ends: 09/23/2019, Contact:
David Drucker<PHONE_NUMBER>
EIS No. 20190182, Draft, USFS, NM, Carson National Forest Revision of
Land Management Plan, Comment Period Ends: 11/07/2019, Contact: Peter
Rich<PHONE_NUMBER>
EIS No. 20190183, Draft, USAF, WI, United States Air Force F-35A
Operational Beddown Air National Guard, Comment Period Ends: 09/27/
2019, Contact: Ramon Ortiz<PHONE_NUMBER>
EIS No. 20190184, Draft, USFS, NM, Cibola National Forest Draft Land
Management Plan Draft Environmental Impact Statement, Comment Period
Ends: 11/07/2019, Contact: Sarah Browne<PHONE_NUMBER>
EIS No. 20190185, Draft, USFS, NM, Santa Fe National Forest Land
Management Plan Revision, Comment Period Ends: 11/07/2019, Contact:
Jennifer Cramer<PHONE_NUMBER>
EIS No. 20190186, Draft, BIA, NV, Eagle Shadow Mountain Solar Project,
Comment Period Ends: 09/23/2019, Contact: Chip Lewis<PHONE_NUMBER>
EIS No. 20190187, Draft, NPS, CA, Point Reyes National Seashore General
Management Plan Amendment, Comment Period Ends: 09/23/2019, Contact:
Cicely Muldoon<PHONE_NUMBER>
EIS No. 20190188, Final, USFS, CA, San Gabriel River Confluence With
Cattle Canyon Improvements Project, Review Period Ends: 09/09/2019,
Contact: Jeremy Sugden<PHONE_NUMBER> x222
EIS No. 20190189, Draft, USFS, AZ, Resolution Copper Project and Land
Exchange, Comment Period Ends: 11/07/2019, Contact: Mary C. Rasmussen
602-225-2500

Amended Notice

EIS No. 20190170, Draft, BR, CA, San Luis Low Point Improvement Project
Draft Environmental Impact Statement/Environmental Impact Report,
Comment Period Ends: 09/24/2019, Contact: Nicole S. Johnson 916-978-
5085

    Revision to FR Notice Published 07/26/2019; Extending the Comment
Period from 09/09/2019 to 09/24/2019.

    Dated: August 5, 2019.
Candi Schaedle,
Acting Director, Office of Federal Activities.
 [FR Doc. 2019-17048 Filed 8-8-19; 8:45 a.m.]
 BILLING CODE 6560-50-P


[Federal Register: April 6, 2009 (Volume 74, Number 64)]
[Notices]
[Page 15527]
[DOCID:fr06ap09-127]

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SECURITIES AND EXCHANGE COMMISSION

[File No. 500-1]

 In the Matter of Aegis Consumer Funding Group, Inc., APS Holding
Corp., Childrobics, Inc., Churchill Technology, Inc., Complete
Management, Inc., Dakota Mining Corp., Digital Communications
Technology Corp., Global Intellicom, Inc., Horn Silver Mines, Inc., TCC
Industries, Inc., and Tenney Engineering, Inc.; Order of Suspension of
Trading

 April 2, 2009.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Aegis Consumer Funding Group, Inc. because it has not filed any
periodic reports since the period ended March 31, 1998.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
APS Holding Corp. because it has not filed any periodic reports since
the period ended July 25, 1998.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Childrobics, Inc. because it has not filed any periodic reports since
the period ended March 31, 1997.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Churchill Technology, Inc. because it has not filed any periodic
reports since the period ended June 30, 1996.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Complete Management, Inc. because it has not filed any periodic reports
since the period ended September 30, 1998.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Dakota Mining Corp. because it has not filed any periodic reports since
the period ended September 30, 1997.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Digital Communications Technology Corp. because it has not filed any
periodic reports since the period ended March 31, 1998.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Global Intellicom, Inc. because it has not filed any periodic reports
since the period ended September 30, 1998.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Horn Silver Mines, Inc. because it has not filed any periodic reports
since the period ended June 30, 1998.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
TCC Industries, Inc. because it has not filed any periodic reports
since the period ended September 30, 1998.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Tenney Engineering, Inc. because it has not filed any periodic reports
since the period ended June 30, 1998.
    The Commission is of the opinion that the public interest and the
protection of investors require a suspension of trading in the
securities of the above-listed companies.
    Therefore, it is ordered, pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that trading in the securities of the
above-listed companies is suspended for the period from 9:30 a.m. EDT
on April 2, 2009, through 11:59 p.m. EDT on April 16, 2009.

    By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E9-7816 Filed 4-2-09; 4:15 pm]