[Federal Register: September 8, 2009 (Volume 74, Number 172)]
[Notices]
[Page 46272-46275]
[DOCID:fr08se09-142]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60604; File No. SR-NYSEArca-2009-78]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Order Granting Accelerated Approval of a Proposed Rule Change
Eliminating NYSE Arca Equities Rule 7.26, Adding New NYSE Arca Equities
Rule 6.7 and Amending NYSE Arca Equities Rule 6.18

September 1, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on August 25, 2009, NYSE Arca, Inc. (``NYSE Arca'' or the ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by NYSE Arca. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons and is approving the proposed rule change on an accelerated
basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 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 (i) eliminate the requirement of NYSE Arca
Equities Rule 7.26 that Market Makers establish and maintain certain
specifically prescribed information barriers, (ii) add new NYSE Arca
Equities Rule 6.7 regarding trading ahead of research reports, and
(iii) revising NYSE Arca Equities Rule 6.18 to incorporate compliance
with NASD Rule 3010. The text of the proposed rule change is attached
as Exhibit 5 to the 19b-4 form. A copy of this filing is available on
the Exchange's Web site at http://www.nyse.com, at the Exchange's
principal office and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item III 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to eliminate the requirement set forth in
NYSE Arca Equities Rule 7.26 that Market Makers on the Corporation
maintain certain specifically prescribed information barrier
procedures. At the same time, the Exchange further proposes new NYSE
Arca Equities Rule 6.7, which (i) prohibits ETP Holders from trading
ahead of research reports and (ii) requires each ETP Holder to
establish, maintain and enforce procedures regarding the flow of
information between research department personnel and trading
department personnel. Finally, the Exchange proposes to revise NYSE
Arca Equities Rule 6.18 to incorporate compliance with NASD Rule 3010.
    All Members Must Maintain Policies Concerning the Misuse of
Material Non-Public Information
    Presently, NYSE Arca requires that each ETP Holder \3\ establish,
maintain and enforce written policies and procedures reasonably
designed to prevent the misuse of material, non-public information by
the ETP Holder or persons associated with the ETP Holder.\4\ For
purposes of this requirement, conduct constituting the misuse of
material, non-public information includes, but is not limited to, the
following:
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    \3\ See NYSE Arca Equities Rule 1.1(n).
    \4\ See NYSE Arca Equities Rule 6.3.
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    (a) trading in any securities issued by a corporation, or in any
related securities or related options or other derivative securities,
while in possession of material, non-public information concerning that
issuer; or
    (b) trading in a security or related options or other derivative
securities, while in possession of material, non-public information
concerning imminent transactions in the security or related securities;
or
    (c) disclosing to another person or entity any material, non-public
information involving a corporation whose shares are publicly traded or
an imminent transaction in an underlying security or related securities
for the purpose of facilitating the possible misuse of such material,
non-public information.
    The Exchange also has several rules prohibiting ETP Holders from
disadvantaging their customers or other market participants by
improperly capitalizing on the ETP Holders' access to or receipt of
material, non-public information. For example, NYSE Arca Equities Rule
6.16 prohibits an ETP Holder from trading ahead of its customer's limit
orders.\5\ In addition, the Exchange prohibits the practice of ``front-
running'' block transactions.\6\
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    \5\ See NYSE Arca Equities Rule 6.16: ``No ETP Holder may accept
and hold an unexecuted limit order from its customer * * * and
continue to trade on the Corporation the subject security for its
own account at prices that would satisfy the customer's limit order
without executing that limit order.''
    \6\ See NYSE Arca Equities Rule 6.6: ``An ETP Holder or
associated person obtaining information of an immediate pending
transaction or a transaction executed but not yet reported on any
national securities exchange or association involving 5,000 shares
or more of a security including an equivalent number of option
contracts admitted to dealings on the NYSE Arca, Inc., or securities
underlying the options so admitted, shall not initiate or transmit
an order in the security involved, or options relating to that
security, through the facilities of the Corporation for any account
in which he or she or his or her organization are participants until
after the transaction appears on the ticker or is otherwise
disclosed, in the case of orders pertaining to equities, or until
two minutes after such disclosure, in the case of orders pertaining
to options. Exceptions will require prior approval from the
Corporation.''
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    Members Retain Responsibility for Compliance
    In this context, by prohibiting the misuse of material, non-public
information, the Exchange has appropriately defined the behavior that
its participants must avoid. In the Exchange's view, prescribing the
form that these policies and procedures must take is unnecessarily
burdensome. By defining certain prohibited behavior (e.g., Rules 6.3,
6.16, and 6.6) the Exchange has placed its participants on notice as to
their specific compliance

burdens with respect to preventing the misuse of material, non-public
information. Further, NYSE Arca Equities Rule 6.18 requires each ETP
Holder to (i) establish and maintain a system to supervise the
activities of its associated persons and (ii) establish, maintain, and
enforce written procedures to supervise the business in which it
engages and to supervise the activities of its associated persons that
are reasonably designed to achieve compliance with applicable federal
securities laws and regulations, and with the NYSE Arca Equities Rules.
    The Exchange, therefore, proposes to eliminate, in their entirety,
the requirements set forth in NYSE Arca Equities Rule 7.26 that Market
Makers on the Corporation maintain certain specifically prescribed
information barrier procedures. This proposal is consistent with the
approach currently employed by the Nasdaq Stock Market, L.L.C.
(``Nasdaq''), which does not generally require its members to establish
or maintain information barriers.
    Comparison to Nasdaq's Framework
    By amending its rules in accordance with this proposal, the
Exchange reinforces a regulatory structure that clearly identifies
prohibited conduct (e.g., misuse of material, non-public information)
without further requiring Market Makers to establish and maintain
specific compliance mechanisms (e.g., information barriers). For
example, Nasdaq prohibits the misuse of material, non-public
information but does not generally require that its members establish
and maintain information barriers.\7\ Similar to NYSE Arca Equities
Rule 6.18, however, Nasdaq Rule 3010 requires its members to establish
and maintain a system to supervise the activities of its associated
persons that are reasonably designed to achieve compliance with
applicable federal securities laws and regulations, and with applicable
Nasdaq Rules. Nasdaq Rule 3010 further incorporates by reference NASD
Rule 3010, requiring compliance with that rule as if it were part of
Nasdaq's rules.\8\ The Exchange believes that the approach proposed
herein is consistent with Nasdaq's structure. First, NYSE Arca has
similar requirements concerning the maintenance of a supervisory system
and written supervisory procedures. The Exchange's rules governing
supervision are similar to Nasdaq's rules (which in-turn incorporate
compliance with NASD Rule 3010). The Exchange notes that FINRA and NYSE
Arca have previously acknowledged, pursuant to the provisions of Rule
17d-2 under the Securities Exchange Act of 1934 (``17d-2 Agreement''),
that, collectively, NYSE Arca Equities Rules 6.18, 9.1(c), 9.1(d), and
9.2(b) are substantially similar to NASD Rule 3010. In this context,
the Exchange proposes to amend NYSE Arca Equities Rule 6.18 in order to
clarify that the Exchange construes the Supervisory System and Written
Procedures requirements of this rule in a manner consistent with the
similar requirements of NASD Rule 3010. Accordingly, the Exchange
proposes adding the following (in addition to certain definitional
references) as Commentary .01:
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    \7\ See Nasdaq Rules 2110-2, 2110-3, and 2110-4.
    \8\ In Regulatory Notice 07-59, FINRA recognized that policies
and procedures may differ among entities depending on their business
model (e.g., size, structure, customer base and product mix). In
this context, it is important to note the need for flexibility and
fluidity--should an entity's business model change or expand, it may
also be appropriate to revise its supervisory policies and
procedures so as to better reflect its new business model. Further,
although NASD Rule 3010 does not specifically require firms to
establish specific information barriers, NTM 07-59 identifies
information barrier procedures as a relevant process by which to
manage conflicts of interest or to prevent communications of
material non-public information between certain individuals or
groups.

    ``ETP Holders shall comply with NASD Rule 3010(a)(1), (b)(1),
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and (c)(1) as if such rule were part of NYSE Arca's Rules.''

    The Exchange further proposes adding new NYSE Arca Equities Rule
6.7, prohibiting ETP Holders from establishing, increasing, decreasing
or liquidating an inventory position in a security or a derivative of
such security based on non-public advance knowledge of the content or
timing of a research report in that security. Similar to FINRA Rule
5280, NYSE Arca hereby proposes to require that ETP Holders must
establish, maintain and enforce procedures reasonably designed to
restrict or limit the information flow between research department
personnel and trading department personnel, so as to prevent trading
department personnel from utilizing non-public advance knowledge of the
issuance or content of a research report.\9\
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    \9\ The Exchange understands that Nasdaq will similarly amend
its rules regarding trading ahead of research reports to reflect
this requirement.
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    Second, like Nasdaq, market makers and Lead Market Makers on NYSE
Arca do not have any advantages regarding relevant trading information
provided by the Exchange, either at, or prior to, the point of
execution vis-[agrave]-vis other market participants. The Exchange
notes that NYSE Arca ETP Holders, Market Makers, and Lead Market Makers
have equal access to the relevant trading information coming from or
provided by the Exchange. Accordingly, it is appropriate for the
Exchange to establish the same approach with respect to information
barriers as employed by Nasdaq.\10\
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    \10\ NYSE Arca notes that its current examination procedure
regarding its review for appropriate supervisory systems and
procedures will remain in place.
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    Conclusion: Flexibility and Accountability
    Eliminating NYSE Arca Equities Rule 7.26, adding NYSE Arca Equities
Rule 6.7 and clarifying NYSE Arca Equities Rule 6.18, as proposed
herein, offers Exchange participants both certainty and flexibility.
NYSE Arca participants are on notice as to their obligations to
maintain and enforce written policies and procedures reasonably
designed to prevent the misuse of material, non-public information.
Like Nasdaq, NYSE Arca participants will now be afforded the same
flexibility to maintain compliance mechanisms of their own design. The
Exchange believes that this approach fosters a fair and orderly
marketplace without being overly burdensome upon its members.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) \11\ of
the Securities Exchange Act of 1934 (the ``Act''), in general, and
furthers the objectives of Section 6(b)(5),\12\ in particular, in that
it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, and to remove impediments to and perfect
the mechanisms of a free and open market and a national market system.
Eliminating NYSE Arca Equities Rule 7.26, while establishing new NYSE
Arca Equities Rule 6.7 and revising NYSE Arca Equities Rule 6.18,
should eliminate unnecessary regulatory burdens while at the same time
retaining an appropriate mechanism designed to ensure that material,
non-public information continues to be protected.
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    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

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

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

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

III. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml ); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2009-78 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2009-78. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of NYSE Arca. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make publicly available. All
submissions should refer to File Number SR-NYSEArca-2009-78 and should
be submitted on or before September 29, 2009.

IV. Commission's Findings and Order Granting Accelerated Approval of
the Proposed Rule Change

    After careful consideration, the Commission finds that the proposed
rule change is consistent with the requirements of the Act and the
rules and regulations thereunder applicable to a national securities
exchange.\13\ The Commission believes that the proposal is consistent
with Section 6(b)(5) \14\ in particular, in that it is designed to
prevent fraudulent and manipulative acts and practices, promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, to remove impediments to and perfect the 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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    \13\ In approving this rule change, the Commission notes that it
has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
    \14\ 15 U.S.C. 78f(b)(5).
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    The Exchange is proposing to eliminate NYSE Arca Equities Rule 7.26
and the specifically prescribed information barriers described therein,
and to adopt a more principles-based approach that would permit a
Market Maker to develop and apply its own policies and procedures to,
among other things, prohibit the misuse of material nonpublic
information. NYSE Arca Equities Rule 7.26 addresses concerns arising
from the potential for the sharing of material non-public information
between a Market Maker's market making activities and Other Business
Activities of the Market Maker or its affiliates.\15\ For instance, one
such concern is that the Market Maker or affiliate engaging in Other
Business Activities might use non-public information that was acquired
by the Market Maker through its role as a market maker, such as trading
based on information on the Market Maker's book. Another concern is
that the Market Maker might use material non-public information
received from the entity engaging in Other Business Activities, such as
trading based on a change in the firm's buy or sell recommendation.\16\
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    \15\ Other Business Activities include conducting an investment
banking or public securities business, making markets in the options
overlying the security in which the Market Maker makes markets, and,
subject to certain specified exceptions, functioning as a General
Authorized Trader. See NYSE Arca Equities Rule 7.26.
    \16\ See Securities Exchange Act Release No. 58328 (August 7,
2008), 73 FR 48260 (August 18, 2008) (SR-NYSE-2008-45) (articulating
concerns in the context of approving changes to NYSE Rule 98).
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    While the proposed rules will no longer specify policies and
procedures a Market Maker must establish, the proposal will require
that the policies and procedures be reasonably designed to ensure
compliance with applicable federal securities law and regulations, and
with Exchange rules. The Commission believes that, with adequate
oversight by the Exchange of its members, elimination of prescriptive
information barrier requirements should not reduce the effectiveness of
NYSE Arca rules requiring ETP Holders to establish and maintain systems
to supervise the activities of ETP Holders, and written procedures that
are reasonably designed to comply with applicable securities laws and
Exchange rules, including the prohibition on misuse of material
nonpublic information.
    Specifically, NYSE Arca Equities Rule 6.3, which requires ETP
Holders \17\ to establish, maintain and enforce written policies and
procedures reasonably designed to prevent the misuse of material non-
public information by the ETP Holder or persons associated with the ETP
Holder, will continue to apply. The misuse of material non-public
information includes trading in a security or related options or other
derivative securities, while in possession of material non-public
information concerning imminent transactions in the security or related
securities.\18\ The Exchange also proposes to add NYSE Arca Equities
Rule 6.7, which will prohibit an ETP Holder from establishing,
increasing, decreasing or liquidating an inventory position in a
security or derivative of that security based on advance non-public
knowledge of the content or timing of a research report concerning that
security. Further, NYSE Arca Equities Rule 6.18, which sets forth an
ETP Holder's responsibilities or obligations related to conduct or
supervision, will continue to apply and will be strengthened and
clarified by explicitly requiring ETP Holders to comply with NASD Rule
3010(a)(1), (b)(1), and (c)(1) as if such rules were part of NYSE
Arca's Rules. As incorporated by the Exchange, NASD

Rule 3010(a)(1), (b)(1), and (c)(1) provide additional clarification
that the supervisory systems and internal inspections of ETP Holders
must be reasonably designed to achieve compliance with applicable
securities laws and regulations and with applicable NYSE Arca rules,
including those relating to the misuse of material non-public
information.
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    \17\ Market Makers are a type of ETP Holder. See NYSE Arca
Equities Rule 7.20. The Commission believes that the information-
sharing concerns regarding Market Makers applies equally to ETP
Holders.
    \18\ See NYSE Arca Equities Rule 6.3, Commentary .01.
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    Pursuant to this proposal rule change, ETP Holders may utilize the
flexible, principles-based approach to modify their policies and
procedures as appropriate to reflect changes to their business model,
business activities, or to the securities market itself. An ETP Holder
should be proactive in assuring that its policies and procedures
reflect the current state of its business and continue to be reasonably
designed to achieve compliance with applicable federal securities law
and regulations, and with applicable Exchange rules. In addition, the
Commission notes that, while information barriers are not specifically
required under the proposal, an ETP Holder's business model or business
activities may dictate that an information barrier or a functional
separation be part of the appropriate set of policies and procedures
that would be reasonably designed to achieve compliance with applicable
securities law and regulations, and with applicable Exchange rules.
    The Commission believes that the regulatory approach in this
proposed rule change is substantially similar to the regulatory
approach of Nasdaq. In particular, the NYSE Arca approach, like the
Nasdaq approach, (i) enumerates the conduct that is prohibited by its
members, including the potential misuse of material non-public
information and (ii) provides for the policies and procedures that must
be reasonably designed to ensure compliance with the same. In addition,
the Commission notes that the Exchange has represented that its current
examination procedure for the review of appropriate supervisory systems
and procedures will remain in place.
    The Commission also finds good cause, pursuant to Section 19(b)(2)
of the Act,\19\ for approving the proposed rule change prior to the
30th day after the date of publication of notice in the Federal
Register. Although this proposed rule change does not require that
members maintain specifically-prescribed information barriers, it will
continue to mandate that members establish and maintain a set of
policies and procedures reasonably designed to achieve compliance with
applicable securities law and regulations, and with applicable Exchange
rules. As such, the Exchange is adopting an approach that is
substantially similar to the approach currently employed by Nasdaq.\20\
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    \19\ 15 U.S.C. 78s(b)(2).
    \20\ See Securities Exchange Act Release No. 53128 (Jan. 13,
2006), 71 FR 3550 (January 23, 2006) (adopting Nasdaq IM-2110-2; IM-
2110-3; IM-2110-4, and Rule 3010).
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V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\21\ that the proposed rule change (SR-NYSEArca-2009-78) be, and it
hereby is, approved on an accelerated basis.
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    \21\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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    \22\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-21641 Filed 9-4-09; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: August 17, 2010 (Volume 75, Number 158)]
[Rules and Regulations]
[Page 50711-50713]
[DOCID:fr17au10-8]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R05-OAR-2005-OH-0003; FRL-9187-4]

Approval and Promulgation of Air Quality Implementation Plans;
Ohio; Final Approval and Promulgation of State Implementation Plans;
Carbon Monoxide and Volatile Organic Compounds

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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SUMMARY: Under section 110(k)(3) of the Clean Air Act (CAA), EPA is
disapproving an Ohio regulation revision pertaining to volatile organic
compound (VOC) limits for high performance architectural coatings
contained in Ohio Administrative Code (OAC) 3745-21-09(U)(1)(h). Under
section 110(k)(4) of the CAA, we are also conditionally approving a
revision of paragraph (BBB)(1) of OAC 3745-21-09, based on a State
commitment to provide for enforceability of a pertinent limit no later
than one year from the date of EPA's conditional approval.

DATES: This final rule is effective on September 16, 2010.

ADDRESSES: EPA has established a docket for this action under Docket ID
No. EPA-R05-OAR-2005-OH-0003. All documents in the docket are listed on
the www.regulations.gov Web site. Although listed in the index, some
information is not publicly available, i.e., Confidential Business
Information (CBI) or other information whose disclosure is restricted
by statute. Certain other material, such as copyrighted material, is
not placed on the Internet and will be publicly available only in hard
copy form. Publicly available docket materials are available either
electronically through www.regulations.gov or in hard copy at the
Environmental Protection Agency, Region 5, Air and Radiation Division,
77 West Jackson Boulevard, Chicago, Illinois 60604. This facility is
open from 8:30 a.m. to 4:30 p.m., Monday through Friday, excluding
Federal holidays. We recommend that you telephone Anthony Maietta,
Environmental Protection Specialist, at<PHONE_NUMBER> before visiting
the Region 5 office.

FOR FURTHER INFORMATION CONTACT: Anthony Maietta, Environmental
Protection Specialist, Control Strategies Section, Air Programs Branch
(AR-18J), Environmental Protection Agency, Region 5, 77 West Jackson
Boulevard, Chicago, Illinois 60604,<PHONE_NUMBER>,
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document whenever ``we,''
``us,'' or ``our'' is used, we mean EPA. This supplementary information
section is arranged as follows:

I. What Were EPA's Proposed Actions?
II. Public Comments and EPA Responses
III. What Actions is EPA Taking?
IV. Statutory and Executive Order Reviews

I. What Were EPA's Proposed Actions?

    On January 22, 2010 (75 FR 3668), EPA proposed a variety of actions
regarding revisions to OAC 3745-21, from submittals dated October 9,
2000, February 6, 2001, August 3, 2001, and June 24, 2003. We proposed
to (1) approve into the State Implementation Plan (SIP) certain
revisions in OAC 3745-21 which have been adopted by the State; (2)
disapprove a revision pertaining to high performance architectural
coatings; (3) conditionally approve a revision of paragraph (BBB)(1) of
OAC 3745-21-09, if the State gives EPA a letter that commits to provide
for enforceability of the 1 ton per year limit no later than one year
from the expected date of EPA's conditional approval; (4) take no
action on certain regulation revisions, and, (5) provide notice that
EPA and Ohio have created a mechanism to incorporate into the Ohio SIP
permits to facilities operating under previously issued alternate VOC
limit and emission control exemptions for miscellaneous metal coating
operations under OAC 3745-21-09(U)(2)(f). For administrative
convenience, in a separate rulemaking published June 21, 2010, at 75 FR
34939, we approved certain submitted regulation revisions, took no
action on others, and recognized various emission control exemptions
that have been granted for miscellaneous metal coating operations under
OAC 3745-21-09(U)(2)(f). Today's action makes final our disapproval and
conditional approval of portions of OAC rule 3745-21-09. You can learn
more information about the rule revisions submitted and our evaluation
of them in our proposed action.

II. Public Comments and EPA Responses

    EPA's proposed action provided a 30-day public comment period. We
did not receive any comments on the proposed action. On March 1, and
July 2, 2010, Ohio EPA committed to remedy deficiencies in OAC 3745-21-
09(BBB)(1).

III. What Actions is EPA Taking?

    EPA is disapproving the coating VOC content limit for high
performance architectural aluminum coatings contained in paragraph
(U)(1)(h) of OAC 3745-21-09 because the State has not demonstrated that
the relaxation of the VOC content limit for high performance
architectural aluminum coatings would not interfere with attainment of
the ozone standard and other requirements. EPA is conditionally
approving a revision to OAC 3745-21-09(BBB)(1) provided that the State
is able to, within one year of our final rulemaking, further revise the
paragraph to include test procedures and recordkeeping requirements
compatible with the paragraph's revised emission limit. On March 1, and
July 2, 2010, Ohio EPA committed to remedy the deficiencies in this
revision. If the State fails to correct this rule and confirm this
correction within the allowed one year period, this conditional
approval will revert to disapproval.

IV. Statutory and Executive Order Reviews

Executive Order 12866: Regulatory Planning and Review

    Under Executive Order 12866 (58 FR 51735, October 4, 1993), this
action is not a ``significant regulatory action'' and, therefore, is
not subject to review by the Office of Management and Budget.

Executive Order 13211: Actions That Significantly Affect Energy Supply,
Distribution, or Use

    Because it is not a ``significant regulatory action'' under
Executive Order 12866 or a ``significant energy action,'' this action
is also not subject to Executive Order 13211, ``Actions Concerning
Regulations That Significantly Affect Energy Supply, Distribution, or
Use'' (66 FR 28355, May 22, 2001).

Regulatory Flexibility Act

    This action merely approves state law as meeting Federal
requirements and imposes no additional requirements beyond those
imposed by state law. Accordingly, the Administrator certifies that
this rule will not have a significant economic impact on a substantial
number of small entities under the Regulatory Flexibility Act (5 U.S.C.
601 et seq.).

Unfunded Mandates Reform Act

    Because this rule approves pre-existing requirements under state
law and does not impose any additional enforceable duty beyond that
required by state law, it does not contain any unfunded mandate or
significantly or uniquely affect small governments, as described in the
Unfunded Mandates Reform Act of 1995 (Pub. L. 104-4).

Executive Order 13175: Consultation and Coordination With Indian Tribal
Governments

    This rule also does not have tribal implications because it will
not have a substantial direct effect on one or more Indian tribes, on
the relationship between the Federal Government and Indian tribes, or
on the distribution of power and responsibilities between the Federal
Government and Indian tribes, as specified by Executive Order 13175 (59
FR 22951, November 9, 2000).

Executive Order 13132: Federalism

    This action also does not have Federalism implications because it
does not have substantial direct effects on the states, on the
relationship between the national government and the states, or on the
distribution of power and responsibilities among the various levels of
government, as specified in Executive Order 13132 (64 FR 43255, August
10, 1999). This action merely approves a state rule implementing a
Federal standard, and does not alter the relationship or the
distribution of power and responsibilities established in the Clean Air
Act (CAA).

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

    This rule also is not subject to Executive Order 13045 ``Protection
of Children from Environmental Health Risks and Safety Risks'' (62 FR
19885, April 23, 1997), because it approves a state rule implementing a
Federal Standard.

National Technology Transfer Advancement Act

    In reviewing state submissions, EPA's role is to approve state
choices, provided that they meet the criteria of the CAA. In this
context, in the absence of a prior existing requirement for the state
to use voluntary consensus standards (VCS), EPA has no authority to
disapprove a state submission for failure to use VCS. It would thus be
inconsistent with applicable law for EPA, when it reviews a state
submission, to use VCS in place of a state submission that otherwise
satisfies the provisions of the CAA. Thus, the requirements of section
12(d) of the National Technology Transfer and Advancement Act of 1995
(15 U.S.C. 272 note) do not apply.

Paperwork Reduction Act

    This rule does not impose an information collection burden under
the provisions of the Paperwork Reduction Act of 1995 (44 U.S.C. 3501
et seq.).

Congressional Review Act

    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this rule and other
required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
section 804(2).
    Under section 307(b)(1) of the CAA, petitions for judicial review
of this action must be filed in the United States Court of Appeals for
the appropriate circuit by October 18, 2010. Filing a petition for
reconsideration by the Administrator of this final rule does not affect
the finality of this rule for the purposes of judicial review nor does
it extend the time within which a petition for judicial review may be
filed, and shall not postpone the effectiveness of such rule or action.
This action may not be challenged later in proceedings to enforce its
requirements. (See section 307(b)(2).)

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Carbon monoxide,
Incorporation by reference, Intergovernmental relations, Volatile
organic compounds.

    Dated: August 3, 2010.
Bharat Mathur,
Acting Regional Administrator, Region 5.

0
40 CFR part 52 is amended as follows:

PART 52--[AMENDED]

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

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

Subpart KK--Ohio

0
2. Section 52.1885 is amended by adding paragraph (kk) to read as
follows:

Sec.  52.1885  Control strategy: Ozone.

* * * * *
    (kk) Disapproval. EPA is disapproving the coating VOC content limit
for high performance architectural aluminum coatings contained in
paragraph (U)(1)(h) of chapter 3745-21-09 of the Ohio Administrative
Code.

0
3. Section 52.1919 is amended by adding paragraph (b) to read as
follows:

Sec.  52.1919  Identification of plan--conditional approval.

* * * * *
    (b) On October 9, 2000, the Ohio Environmental Protection Agency
submitted a revision to Ohio Administrative Code (OAC) 3745-21-09(BBB).
The revision removed a requirement that for the agerite resin D
process, the VOC emissions from the vapor recovery system vents and
neutralization and distillation system vents (except wash kettle or
still feed condenser vents, stills vacuum jet tailpipe vents, and
process emergency safety relief devices) be vented to an emissions
control device that is designed and operated to achieve an

emissions control efficiency of at least 90 percent, by weight. In
place of this deleted emissions control efficiency requirement, the
revised paragraph now specifies a total annual VOC emissions limit of
1.0 ton from the recovery system and neutralization and distillation
system vents. The revision lacked test procedures and record keeping
requirements compatible with the revised emission limit. On March 1,
2010, Ohio submitted a commitment to revise OAC 3745-21-09(BBB) to
include the necessary test procedures and record keeping requirements
by September 16, 2011. When EPA determines the state has met its
commitment, OAC 3745-21-09(BBB) will be incorporated by reference into
the SIP.

[FR Doc. 2010-19827 Filed 8-16-10; 8:45 am]
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[Federal Register Volume 85, Number 188 (Monday, September 28, 2020)]
[Notices]
[Page 60777]
[FR Doc No: 2020-21339]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. EL20-71-000]

Duke Energy Indiana, LLC v. AEP Indiana Michigan Transmission
Company, Inc.; Notice of Complaint

    Take notice that on September 21, 2020, pursuant to sections 206,
306, and 309 of the Federal Power Act, 16 U.S.C. 824e, 825c, 825h, and
Rule 206 of the Federal Energy Regulatory Commission's (Commission)
Rules of Practice and Procedure, 18 CFR 385.206, Duke Energy Indiana,
LLC (Complainant) filed a formal complaint against AEP Indiana Michigan
Transmission Company, Inc., (Respondent) requesting that the Commission
find that Respondent's formula rate is unjust and unreasonable because
it provides an annual revenue requirement that exceeds the net book
value of certain transmission assets as contemplated in a prior
Commission order approving disposition of those assets, all as more
fully explained in the complaint.
    The Complainant certifies that copies of the complaint were served
on the contacts listed for Respondent in the Commission's list of
Corporate Officials.
    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. The Respondent's
answer and all interventions, or protests must be filed on or before
the comment date. The Respondent's answer, motions to intervene, and
protests must be served on the Complainants.
    The Commission strongly encourages electronic filings of comments,
protests and interventions in lieu of paper using the eFiling link at
http://www.ferc.gov. Persons unable to file electronically may mail
similar pleadings to the Federal Energy Regulatory Commission, 888
First Street NE, Washington, DC 20426. Hand delivered submissions in
docketed proceedings should be delivered to Health and Human Services,
12225 Wilkins Avenue, Rockville, Maryland 20852.
    In addition to publishing the full text of this document in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
internet through the Commission's Home Page (http://ferc.gov) using the
eLibrary link. Enter the docket number excluding the last three digits
in the docket number field to access the document. At this time, the
Commission has suspended access to the Commission's Public Reference
Room, due to the proclamation declaring a National Emergency concerning
the Novel Coronavirus Disease (COVID-19), issued by the President on
March 13, 2020. For assistance, contact the Federal Energy Regulatory
Commission at<EMAIL_ADDRESS>or call toll-free, (886) 208-
3676 or TYY,<PHONE_NUMBER>.
    Comment Date: 5:00 p.m. Eastern Time on October 13, 2020.

    Dated: September 22, 2020.
Kimberly D. Bose,
Secretary.
[FR Doc. 2020-21339 Filed 9-25-20; 8:45 am]
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