[Federal Register Volume 82, Number 137 (Wednesday, July 19, 2017)]
[Notices]
[Pages 33191-33192]
[FR Doc No: 2017-15169]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 32733; 812-14787]

Northern Lights Fund Trust and Toews Corporation

July 14, 2017.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice.

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    Notice of an application for an order under section 6(c) of the
Investment Company Act of 1940 (the ``Act'') for an exemption from
sections 2(a)(32), 5(a)(1), 22(d), and 22(e) of the Act and rule 22c-1
under the Act, under sections 6(c) and 17(b) of the Act for an
exemption from sections 17(a)(1) and 17(a)(2) of the Act, and under
section 12(d)(1)(J) for an exemption from sections 12(d)(1)(A) and
12(d)(1)(B) of the Act. The requested order would permit (a) actively-
managed series of certain open-end management investment companies
(``Funds'') to issue shares redeemable in large aggregations only
(``Creation Units''); (b) secondary market transactions in Fund shares
to occur at negotiated market prices rather than at net asset value
(``NAV''); (c) certain Funds to pay redemption proceeds, under certain
circumstances, more than seven days after the tender of shares for
redemption; (d) certain affiliated persons of a Fund to deposit
securities into, and receive securities from, the Fund in connection
with the purchase and redemption of Creation Units; (e) certain
registered management investment companies and unit investment trusts
outside of the same group of investment companies as the Funds
(``Acquiring Funds'') to acquire shares of the Funds; and (f) certain
Funds (``Feeder Funds'') to create and redeem Creation Units in-kind in
a master-feeder structure.

Applicants: Northern Lights Fund Trust (the ``Trust''), a Delaware
statutory trust registered under the Act as an open-end management
investment company with multiple series, and Toews Corporation (the
``Initial Adviser''), a Delaware corporation registered as an
investment adviser under the Investment Advisers Act of 1940.

Filing Date:  The application was filed on June 26, 2017.

Hearing or Notification of Hearing:  An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on August 7, 2017, and should be accompanied by proof of
service on applicants, in the form of an affidavit, or for lawyers, a
certificate of service. Pursuant to rule 0-5 under the Act, hearing
requests should state the nature of the writer's interest, any facts
bearing upon the desirability of a hearing on the matter, the reason
for the request, and the issues contested. Persons who wish to be
notified of a hearing may request notification by writing to the
Commission's Secretary.

ADDRESSES: Brent J. Fields, Secretary, Securities and Exchange
Commission, 100 F Street NE., Washington, DC 20549-1090; Applicants:
The Trust, 17605 Wright Street Omaha, NE 68130; the Initial Adviser,
1750 Zion Road, Suite 201, Northfield, NJ 08225.

FOR FURTHER INFORMATION CONTACT: Courtney S. Thornton, Senior Counsel,
at<PHONE_NUMBER>, or Robert H. Shapiro, Branch Chief, at (202) 551-
6821 (Division of Investment Management, Chief Counsel's Office).

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

Summary of the Application

    1. Applicants request an order that would allow Funds to operate as
actively-managed exchange traded funds (``ETFs'').\1\ Fund shares will
be purchased and redeemed at their NAV in Creation Units only. All
orders to purchase Creation Units and all redemption requests will be
placed by or through an ``Authorized Participant,'' which will have
signed a participant agreement with a broker-dealer registered under
the Securities Exchange Act of 1934 (``Exchange Act'') (together with
any future distributor, the ``Distributor''). Shares will be listed and
traded individually on a national securities exchange, where share
prices will be based on the current bid/offer market. Certain Funds may
operate as Feeder Funds in a master-feeder structure. Any order
granting the requested relief would be subject to the terms and
conditions stated in the application.
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    \1\ Applicants request that the order apply to future series of
the Trust or of other open-end management investment companies that
currently exist or that may be created in the future (each, included
in the term ``Fund''), each of which will operate as an actively-
managed ETF. Any Fund will (a) be advised by the Initial Adviser or
an entity controlling, controlled by, or under common control with
the Initial Adviser (each such entity or any successor thereto is
included in the term ``Adviser'') and (b) comply with the terms and
conditions of the application. For purposes of the requested order,
the term ``successor'' is limited to an entity that results from a
reorganization into another jurisdiction or a change in the type of
business organization.
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    2. Each Fund will consist of a portfolio of securities and other
assets and investment positions (``Portfolio Positions''). Each Fund
will disclose on its Web site the identities and quantities of the
Portfolio Positions that will form the basis for the Fund's calculation
of NAV at the end of the day.
    3. Shares will be purchased and redeemed in Creation Units and
generally on an in-kind basis. Except where the purchase or redemption
will include cash under the limited circumstances specified in the
application, purchasers will be required to purchase Creation Units by
depositing specified instruments (``Deposit Instruments''), and
shareholders redeeming their shares will receive specified instruments
(``Redemption Instruments''). The Deposit Instruments and the
Redemption Instruments will each correspond pro rata to the positions
in the Fund's portfolio (including cash positions) except as specified
in the application.
    4. Because shares will not be individually redeemable, applicants
request an exemption from section 5(a)(1) and section 2(a)(32) of the
Act that would permit the Funds to register as open-end management
investment companies and issue shares that are redeemable in Creation
Units only.
    5. Applicants also request an exemption from section 22(d) of the
Act and rule 22c-1 under the Act as secondary market trading in shares
will take place at negotiated prices, not at a current offering price
described in a Fund's prospectus, and not at a price based on NAV.
Applicants state that (a) secondary market trading in shares does not
involve a Fund as a party and will not result in dilution of an
investment in shares, and (b) to the extent different prices exist
during a given trading day, or from day to day, such variances occur

as a result of third-party market forces, such as supply and demand.
Therefore, applicants assert that secondary market transactions in
shares will not lead to discrimination or preferential treatment among
purchasers. Finally, applicants represent that share market prices will
be disciplined by arbitrage opportunities, which should prevent shares
from trading at a material discount or premium from NAV.
    6. With respect to Funds that hold non-U.S. Portfolio Positions and
that effect creations and redemptions of Creation Units in kind,
applicants request relief from the requirement imposed by section 22(e)
in order to allow such Funds to pay redemption proceeds within fifteen
calendar days following the tender of Creation Units for redemption.
Applicants assert that the requested relief would not be inconsistent
with the spirit and intent of section 22(e) to prevent unreasonable,
undisclosed or unforeseen delays in the actual payment of redemption
proceeds.
    7. Applicants request an exemption to permit Acquiring Funds to
acquire Fund shares beyond the limits of section 12(d)(1)(A) of the
Act; and the Funds, and any principal underwriter for the Funds, and/or
any broker or dealer registered under the Exchange Act, to sell shares
to Acquiring Funds beyond the limits of section 12(d)(1)(B) of the Act.
The application's terms and conditions are designed to, among other
things, help prevent any potential (i) undue influence over a Fund
through control or voting power, or in connection with certain
services, transactions, and underwritings, (ii) excessive layering of
fees, and (iii) overly complex fund structures, which are the concerns
underlying the limits in sections 12(d)(1)(A) and (B) of the Act.
    8. Applicants request an exemption from sections 17(a)(1) and
17(a)(2) of the Act to permit persons that are affiliated persons, or
second tier affiliates, of the Funds, solely by virtue of certain
ownership interests, to effectuate purchases and redemptions in-kind.
The deposit procedures for in-kind purchases of Creation Units and the
redemption procedures for in-kind redemptions of Creation Units will be
the same for all purchases and redemptions and Deposit Instruments and
Redemption Instruments will be valued in the same manner as those
Portfolio Positions currently held by the Funds. Applicants also seek
relief from the prohibitions on affiliated transactions in section
17(a) to permit a Fund to sell its shares to and redeem its shares from
an Acquiring Fund, and to engage in the accompanying in-kind
transactions with the Acquiring Fund.\2\ The purchase of Creation Units
by an Acquiring Fund directly from a Fund will be accomplished in
accordance with the policies of the Acquiring Fund and will be based on
the NAVs of the Funds.
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    \2\ The requested relief would apply to direct sales of shares
in Creation Units by a Fund to an Acquiring Fund and redemptions of
those shares. Applicants, moreover, are not seeking relief from
section 17(a) for, and the requested relief will not apply to,
transactions where a Fund could be deemed an affiliated person, or a
second-tier affiliate, of an Acquiring Fund because an Adviser or an
entity controlling, controlled by or under common control with an
Adviser provides investment advisory services to that Acquiring
Fund.
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    9. Applicants also request relief to permit a Feeder Fund to
acquire shares of another registered investment company managed by the
Adviser having substantially the same investment objectives as the
Feeder Fund (``Master Fund'') beyond the limitations in section
12(d)(1)(A) and permit the Master Fund, and any principal underwriter
for the Master Fund, to sell shares of the Master Fund to the Feeder
Fund beyond the limitations in section 12(d)(1)(B).
    10. Section 6(c) of the Act permits the Commission to exempt any
persons or transactions from any provision of the Act if such exemption
is necessary or appropriate in the public interest and consistent with
the protection of investors and the purposes fairly intended by the
policy and provisions of the Act. Section 12(d)(1)(J) of the Act
provides that the Commission may exempt any person, security, or
transaction, or any class or classes of persons, securities, or
transactions, from any provision of section 12(d)(1) if the exemption
is consistent with the public interest and the protection of investors.
Section 17(b) of the Act authorizes the Commission to grant an order
permitting a transaction otherwise prohibited by section 17(a) if it
finds that (a) the terms of the proposed transaction are fair and
reasonable and do not involve overreaching on the part of any person
concerned; (b) the proposed transaction is consistent with the policies
of each registered investment company involved; and (c) the proposed
transaction is consistent with the general purposes of the Act.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2017-15169 Filed 7-18-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 72 (Monday, April 17, 2017)]
[Notices]
[Pages 18154-18155]
[FR Doc No: 2017-07613]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID: FEMA-2017-0006; OMB No. 1660-0126]

Agency Information Collection Activities: Submission for OMB
Review; Comment Request; FEMA Preparedness Grants: Emergency Management
Performance Grant (EMPG)

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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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
will describe the nature of the information collection, the categories
of respondents, the estimated burden (i.e., the time, effort and
resources used by respondents to respond) and cost, and the actual data
collection instruments FEMA will use.

DATES: Comments must be submitted on or before May 17, 2017.

ADDRESSES: Submit written comments on the proposed information
collection to the Office of Information and Regulatory Affairs, Office
of Management and Budget. Comments should be addressed to the Desk
Officer for the Department of Homeland Security, Federal Emergency
Management Agency, and sent via electronic mail to
<EMAIL_ADDRESS>
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the information collection should be made to Director,
Records Management Division, 500 C Street, SW., Washington, DC 20472-
3100, or email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: This proposed information collection
previously published in the Federal Register on February 2, 2017 at 82
FR 9071 with a 60 day public comment period. FEMA received one request
for a copy of the proposed information collection by the public. The
Agency responded to this comment and provided the most up-to-date copy
of the proposed information collection to the requester. 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 Preparedness Grants: Emergency Management Performance
Grant (EMPG).
    Type of Information Collection: Extension, without change, of a
currently approved information collection.
    OMB Number: 1660-0126.
    Form Titles and Numbers: None.
    Abstract: The Emergency Management Performance Grants (EMPG)
Program assists State and local governments in enhancing and sustaining
all-hazards emergency management capabilities. The EMPG Work Plan
narrative must demonstrate how proposed projects address gaps,
deficiencies, and capabilities in current programs and the ability to
provide enhancements consistent with the purpose of the program and
guidance provided by FEMA. FEMA uses the information to provide
details, timelines, and milestones on proposed projects.
    Affected Public: State, Local, Territorial, or Tribal Government.
    Estimated Number of Respondents: 58.
    Estimated Total Annual Burden Hours: 174 hours.
    Estimated Cost: The estimated annual cost to respondents for the
hour burden is $9,008.26. There are no annual costs to respondents
operations and maintenance costs for technical services. There is no
annual start-up or capital costs. The cost to the Federal Government is
$415,206.

    Dated: April 5, 2017.
Tammi Hines,
Records Management Program Chief (Acting), Mission Support, Federal
Emergency Management Agency, Department of Homeland Security.
[FR Doc. 2017-07613 Filed 4-14-17; 8:45 am]
 BILLING CODE 9111-46-P


[Federal Register Volume 83, Number 122 (Monday, June 25, 2018)]
[Rules and Regulations]
[Pages 29444-29445]
[FR Doc No: 2018-13568]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket No. USCG-2018-0585]
RIN 1625-AA00

Safety Zone; Detroit Symphony Orchestra, Lake St. Clair, Grosse
Pointe Shores, MI

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is establishing a temporary safety zone for
navigable waters within a 420-foot radius of a portion of Lake St.
Clair, Grosse Pointe Shores, MI. This zone is necessary to protect
spectators and vessels from potential hazards associated with the
Detroit Symphony Orchestra Fireworks.

DATES: This temporary final rule is effective from 10 p.m. on July 13,
2018 through 11 p.m. on July 14, 2018.

ADDRESSES: To view documents mentioned in this preamble as being
available in the docket, go to http://www.regulations.gov, type USCG-
2018-0585 in the ``SEARCH'' box and click ``SEARCH.'' Click on Open
Docket Folder on the line associated with this rule.

FOR FURTHER INFORMATION CONTACT: If you have questions on this
temporary rule, call or email Tracy Girard, Prevention Department,
Sector Detroit, Coast Guard; telephone<PHONE_NUMBER>, or email
[email protected].

SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

CFR Code of Federal Regulations
COTP Captain of the Port Detroit
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of Proposed Rulemaking
Sec.  Section
U.S.C. United States Code

II. Background Information and Regulatory History

    The Coast Guard is issuing this temporary rule without prior notice
and opportunity to comment pursuant to authority under section 4(a) of
the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This
provision authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency for good cause finds that those
procedures are ``impracticable, unnecessary, or contrary to the public
interest.'' Under 5 U.S.C. 553(b) (B), the Coast Guard finds that good
cause exists for not publishing a notice of proposed rulemaking (NPRM)
with respect to this rule because doing so would be impracticable. The
Coast Guard did not receive the final details of this fireworks display
in time to publish an NPRM. As such, it is impracticable to publish an
NPRM because we lack sufficient time to provide a reasonable comment
period and then consider those comments before issuing the rule.
    Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause
exists for making this rule effective less than 30 days after
publication in the Federal Register. Delaying the effective date of
this rule would inhibit the Coast Guard's ability to protect
participants, mariners and vessels from the hazards associated with
this event.

III. Legal Authority and Need for Rule

    The Coast Guard is issuing this rule under authority in 33 U.S.C.
1231. The Captain of the Port Detroit (COTP) has determined that
potential hazard associated with fireworks from 10 p.m. on July 13,
2018 through 11 p.m. on July 14, 2018 will be a safety concern to
anyone within a 420-foot radius of the launch site. This rule is needed
to protect personnel, vessels, and the marine environment in the
navigable waters within the safety zone while the fireworks are being
displayed.

IV. Discussion of the Rule

    This rule establishes a safety zone from 10 p.m. on July 13, 2018
through 11 p.m. on July 14, 2018. The safety zone will encompass all
U.S. navigable waters of Lake St. Clair, Grosse Pointe Shores, MI,
within a 420-foot radius of position 42[deg]27.25' N, 082[deg]51.95' W
(NAD 83). The safety zone will be enforced from 10 p.m. to 11 p.m. on
July 13, 2018 and July 14, 2018. No vessel or person will be permitted
to enter the safety zone without obtaining permission from the COTP or
a designated representative.

V. Regulatory Analyses

    We developed this rule after considering numerous statutes and
Executive orders related to rulemaking. Below we summarize our analyses
based on a number of these statutes and Executive orders, and we
discuss First Amendment rights of protestors.

A. Regulatory Planning and Review

    Executive Orders 12866 and 13563 direct agencies to assess the
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits. Executive Order 13771 directs agencies to control
regulatory costs through a budgeting process. This rule has not been
designated a ``significant regulatory action,'' under Executive Order
12866. Accordingly, this rule has not been reviewed by the Office of
Management and Budget (OMB), and pursuant to OMB guidance it is exempt
from the requirements of Executive Order 13771.
    This regulatory action determination is based on the size,
location, duration, and time-of-year of the safety zone. Vessel traffic
will be able to safely transit around this safety zone which will
impact a small designated area of Lake St. Clair from 10 p.m. on July
13, 2018 through 11 p.m. on July 14, 2018. Moreover, the Coast Guard
will issue Broadcast Notice to Mariners (BNM) via VHF-FM marine channel
16 about the zone and the rule allows vessels to seek permission to
enter the zone.

B. Impact on Small Entities

    The Regulatory Flexibility Act of 1980, 5 U.S.C. 601-612, as
amended, requires Federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and

operated and are not dominant in their fields, and governmental
jurisdictions with populations of less than 50,000. The Coast Guard
certifies under 5 U.S.C. 605(b) that this rule will not have a
significant economic impact on a substantial number of small entities.
    While some owners or operators of vessels intending to transit the
safety zone may be small entities, for the reasons stated in section
V.A above, this rule will not have a significant economic impact on any
vessel owner or operator.
    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this rule. If the rule would affect your
small business, organization, or governmental jurisdiction and you have
questions concerning its provisions or options for compliance, please
contact the person listed in the FOR FURTHER INFORMATION CONTACT
section.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

C. Collection of Information

    This rule will not call for a new collection of information under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

D. Federalism and Indian Tribal Governments

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect 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. We have analyzed this rule under that Order and have
determined that it is consistent with the fundamental federalism
principles and preemption requirements described in Executive Order
13132.
    Also, this rule does not have tribal implications under Executive
Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it does 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. If
you believe this rule has implications for federalism or Indian tribes,
please contact the person listed in the FOR FURTHER INFORMATION CONTACT
section above.

E. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this rule will not result in
such an expenditure, we do discuss the effects of this rule elsewhere
in this preamble.

F. Environment

    We have analyzed this rule under Department of Homeland Security
Directive 023-01 and Commandant Instruction M16475.1D, which guide the
Coast Guard in complying with the National Environmental Policy Act of
1969 (42 U.S.C. 4321-4370f), and have determined that this action is
one of a category of actions that do not individually or cumulatively
have a significant effect on the human environment. This rule involves
a safety zone lasting one hour that will prohibit entry into a
designated area. It is categorically excluded from further review under
paragraph L60(a) of Appendix A, Table 1 of DHS Instruction Manual 023-
01-001-01, Rev. 01. A Record of Environmental Consideration supporting
this determination is available in the docket where indicated under
ADDRESSES.

G. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to contact the person listed in the FOR FURTHER
INFORMATION CONTACT section to coordinate protest activities so that
your message can be received without jeopardizing the safety or
security of people, places or vessels.

List of Subjects in 33 CFR Part 165

    Harbors, Marine safety, Navigation (water), Reporting and
recordkeeping requirements, Security measures, Waterways.

    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority: 33 U.S.C. 1231; 50 U.S.C. 191; 33 CFR 1.05-1, 6.04-1,
6.04-6, and 160.5; Department of Homeland Security Delegation No.
0170.1.

0
2. Add Sec.  165.T09-0585 to read as follows:

Sec.  165.T09-0585  Safety Zone; Detroit Symphony Orchestra, Lake St.
Clair, Grosse Pointe Shores, MI.

    (a) Location. A safety zone is established to include all U.S.
navigable waters of Lake St. Clair, Grosse Pointe Shores, MI, within a
420-foot radius of position 42[deg]27.25' N, 082[deg]51.95' W (NAD 83).
    (b) Enforcement period. The regulated area described in paragraph
(a) of this section will be in effect from 10 p.m. on July 13, 2018
through 11 p.m. on July 14, 2018. The safety zone will be enforced from
10 p.m. to 11 p.m. on July 13, 2018 and July 14, 2018.
    (c) Regulations. (1) No vessel or person may enter, transit
through, or anchor within the safety zone unless authorized by the
Captain of the Port Detroit (COTP), or his on-scene representative.
    (2) The safety zone is closed to all vessel traffic, except as may
be permitted by the COTP or his on-scene representative.
    (3) The ``on-scene representative'' of COTP is any Coast Guard
commissioned, warrant or petty officer or a Federal, State, or local
law enforcement officer designated by or assisting the Captain of the
Port Detroit to act on his behalf.
    (4) Vessel operators shall contact the COTP or his on-scene
representative to obtain permission to enter or operate within the
safety zone. The COTP or his on-scene representative may be contacted
via VHF Channel 16 or at<PHONE_NUMBER>. Vessel operators given
permission to enter or operate in the regulated area must comply with
all directions given to them by the COTP or his on-scene
representative.

    Dated: June 18, 2018.
Jeffrey W. Novak,
Captain, U.S. Coast Guard, Captain of the Port Detroit.
[FR Doc. 2018-13568 Filed 6-22-18; 8:45 am]
 BILLING CODE 9110-04-P


[Federal Register Volume 82, Number 10 (Tuesday, January 17, 2017)]
[Notices]
[Pages 4864-4866]
[FR Doc No: 2017-00941]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OAR-2013-0602; FRL-9958-45-OAR]

Denial of Reconsideration and Administrative Stay of the Emission
Guidelines for Greenhouse Gas Emissions and Compliance Times for
Electric Utility Generating Units

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of final action denying petitions for reconsideration
and petitions for administrative stay.

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SUMMARY: The U.S. Environmental Protection Agency (EPA) received 38
petitions for reconsideration of the final Carbon Pollution Emission
Guidelines for Existing Stationary Sources: Electric Utility Generating
Units, published in the Federal Register on October 23, 2015. The
agency is providing notice that it denied the petitions for
reconsideration except to the extent they raise topics concerning
biomass and waste-to-energy, and it is deferring action on the
petitions to the extent they raised those topics. The EPA also received
22 petitions for an administrative stay of this rule. The agency is
providing notice that it denied these petitions. The basis for the
EPA's actions is set out fully in letters sent to the petitioners and a
separate memorandum available in the rulemaking docket.

DATES: The EPA took final action to deny the petitions for
reconsideration except to the extent they raised certain topics, and to
deny petitions for an administrative stay, on January 11, 2017.

FOR FURTHER INFORMATION CONTACT: Joseph Goffman, Office of Air and
Radiation (6101A), U.S. EPA, 1200 Pennsylvania Avenue NW., Washington,
DC 20460; telephone number<PHONE_NUMBER>, facsimile number (202) 564-
1408; email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Where can I get a copy of this document and other related
information?

    A copy of this Federal Register notice, the petitions for
reconsideration,

the petitions for an administrative stay, the letters taking action on
those petitions, and the separate memorandum describing the full basis
for those actions will be available in the rulemaking docket (Docket ID
EPA-HQ-OAR-2013-0602). In addition, following signature, an electronic
copy of these documents will be available on the World Wide Web (WWW)
at the following address: https://www.epa.gov/cleanpowerplan.

II. Judicial Review

    Section 307(b)(1) of the Clean Air Act (CAA) specifies which
Federal Courts of Appeal have venue over petitions for review of final
EPA actions. This section provides, in part, that ``a petition for
review of action of the Administrator in promulgating . . . any
standard of performance or requirement under section [111] of [the
CAA],'' or any other ``nationally applicable'' final action, ``may be
filed only in the United States Court of Appeals for the District of
Columbia.''
    The EPA has determined that its actions denying the petitions for
reconsideration or for an administrative stay are nationally applicable
for purposes of CAA section 307(b)(1) because the action directly
affects the Emission Guidelines for Greenhouse Gas Emissions and
Compliance Times for Electric Utility Generating Units, which are
nationally applicable CAA section 111 standards. Thus, any petitions
for review of the EPA's decision to deny petitioners' requests for
reconsideration or for an administrative stay must be filed in the
United States Court of Appeals for the District of Columbia by March
20, 2017.

III. Background and Summary of the Action

    On October 23, 2015, pursuant to section 111 of the CAA, the EPA
published the final rule titled ``Carbon Pollution Emission Guidelines
for Existing Stationary Sources: Electric Utility Generating Units.''
80 FR 64661. Following promulgation of the final emission guidelines,
the Administrator received petitions for reconsideration of certain
provisions of the final rule pursuant to CAA section 307(d)(7)(B) and
petitions for an administrative stay under the Administrative Procedure
Act (APA), 5 U.S.C. 705 and CAA section 307(d)(7)(B).
    CAA section 307(d)(7)(B) requires the EPA to convene a proceeding
for reconsideration of a rule if a party raising an objection to the
rule ``can demonstrate to the Administrator that it was impracticable
to raise such objection within [the public comment period] or if the
grounds for such objection arose after the period for public comment
(but within the time specified for judicial review) and if such
objection is of central relevance to the outcome of the rule.'' The
requirement to convene a proceeding to reconsider a rule is thus based
on the petitioner demonstrating to the EPA both: (1) That it was
impracticable to raise the objection during the comment period, or that
the grounds for such objection arose after the comment period, but
within the time specified for judicial review (i.e., within 60 days
after publication of the final rulemaking notice in the Federal
Register, see CAA section 307(b)(1)); and (2) that the objection is of
central relevance to the outcome of the rule.
    The EPA received 38 petitions for reconsideration of the CAA
section 111(d) greenhouse gas emission guidelines from the following
entities: Alabama Department of Environmental Management (DEM); Ameren
Corporation (Ameren); American Electric Power System (AEP); Arkansas
Office of the Attorney General (Arkansas); Basin Electric Power
Cooperative (Basin); Biogenic CO2 Coalition; Biomass Power
Association (BPA), the Energy Recovery Council (ERC) and the Local
Government Coalition for Renewable Energy (LGCRE); Commonwealth of
Kentucky (Kentucky); Dairyland Power Cooperative, Madison Gas and
Electric Company, We Energies, Wisconsin Power and Light Company,
Wisconsin Public Service Corporation, and WPPI Energy (Wisconsin
utilities); Denbury Onshore, LLC (Denbury); Energy and Environment
Legal Institute; ERC; Entergy; Hoosier Energy Rural Electric
Cooperative, Eastern Kentucky Power Cooperative, and Minnkota Power
Cooperative; Intermountain Power Agency; Kansas Department of Health
and Environment (DHE); LGCRE; Louisville Gas & Electric Company (LG&E)
and Kentucky Utilities Company (KU); Mississippi Department of
Environmental Quality (DEQ); Mississippi Public Service Commission
(PSC); National Alliance of Forest Owners (NAFO); National Association
of Home Builders; National Rural Electric Cooperative Association
(NRECA); Newmont Nevada Energy Investment LLC and Newmont USA Limited
(Newmont); NorthWestern Energy; Oglethorpe Power Corporation
(Oglethorpe); Prairie State Generating Company, LLC (Prairie State);
Southern Company; State of Montana Office of the Attorney General
(Montana); State of Nebraska Office of the Attorney General and
Nebraska Department of Environmental Quality (Nebraska); State of New
Jersey Department of Environmental Protection (DEP); State of North
Dakota Office of the Attorney General (North Dakota); State of Texas
Office of the Attorney General, Texas Commission on Environmental
Quality, Public Utility Commission of Texas, and the Railroad
Commission of Texas (Texas); State of West Virginia Office of the
Attorney General (West Virginia); State of Wisconsin, Wisconsin
Department of Natural Resources, and Public Service Commission of
Wisconsin (Wisconsin); State of Wyoming (Wyoming); Utility Air
Regulatory Group (UARG); and Westar Energy Incorporated (Westar
Energy).
    In letters to petitioners, the EPA denied 31 of the petitions for
reconsideration in full, and denied Kentucky's and Oglethorpe's
petition for reconsideration except to the extent they raised the topic
of biomass, as not satisfying one or both of the statutory conditions
for compelled reconsideration. The EPA is deferring action on the
petitions to the extent they cover the topics of biomass and waste-to-
energy.\1\ The EPA is deferring with respect to biomass pending our
further on-going consideration of the underlying issue of whether and
how to account for biomass when co-firing with fossil fuels.
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    \1\ These topics were included in the petitions of the Biogenic
CO2 Coalition, Biomass Power Association, Kentucky, ERC,
LGCRE, Oglethorpe, and NAFO.
---------------------------------------------------------------------------

    We discuss each of the topics in the petitions we denied and the
basis for those denials in a separate, docketed memorandum titled
``Basis for Denial of Petitions to Reconsider and Petitions to Stay the
CAA Section 111(d) Emission Guidelines for Greenhouse Gas Emissions and
Compliance Times for Electric Utility Generating Units.'' For reasons
set out in the memorandum, the EPA denied the petitions for
reconsideration for the following petitioners: Alabama DEM; Ameren;
AEP; Arkansas; Basin; Kentucky \2\; Wisconsin utilities; Denbury;
Energy and Environment Legal Institute; Entergy; Hoosier Energy Rural
Electric Cooperative, Eastern Kentucky Power Cooperative, and Minnkota
Power Cooperative; Intermountain Power Agency; Kansas DHE; LG&E and KU;
Mississippi DEQ; Mississippi PSC; National Association of Home
Builders; NRECA; Newmont; NorthWestern Energy; Oglethorpe; Prairie
State; Southern Company; Montana; Nebraska;

New Jersey DEP; North Dakota; Texas; West Virginia; Wisconsin; Wyoming;
UARG; and Westar Energy.
---------------------------------------------------------------------------

    \2\ As noted, the EPA is deferring action on Kentucky's and
Oglethorpe's petitions to the extent they raise the topic of
biomass.
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    APA section 705 provides, ``When an agency finds that justice so
requires, it may postpone the effective date of action taken by it,
pending judicial review.'' 5 U.S.C. 705. Under CAA section
307(d)(7)(B), the EPA may stay the effectiveness of a rule while it is
being reconsidered ``for a period not to exceed three months.''
    The EPA received 22 petitions for an administrative stay under APA
section 705 and CAA section 307(d)(7)(B).
    The EPA received petitions from West Virginia and a group of 15
other states; Ameren; Basin; Business Associations; Denbury; Kansas
DHE; Mississippi DEQ; Mississippi PSC; Montana; NAFO; National Mining
Association; Nebraska; New Jersey DEP; North Dakota; NorthWestern
Energy; Peabody Energy Corporation; Prairie State; Texas; UARG; and
Westar Energy.
    The EPA responded to several of these petitions by letters stating
that we were not taking action on them in light of the stay imposed on
the rule by the U.S. Supreme Court on February 7, 2016. Subsequently,
the EPA sent letters to all the petitioners denying each of these
petitions for the reasons explained in the memorandum referred to
above, ``Basis for Denial of Petitions to Reconsider and Petitions to
Stay the CAA Section 111(d) Emission Guidelines for Greenhouse Gas
Emissions and Compliance Times for Electric Utility Generating Units.''

    Dated: January 11, 2017.
Gina McCarthy,
Administrator.
[FR Doc. 2017-00941 Filed 1-13-17; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register: April 24, 2007 (Volume 72, Number 78)]
[Notices]
[Page 20391-20392]
[DOCID:fr24ap07-111]

=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

Submission of OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549.

Extension:
    Rule 31a-2, SEC File No. 270-174, OMB Control No. 3235-0179.

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501-3520), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget (``OMB'') a request for extension of the previously approved
collection of information discussed below.
    Section 31(a)(1) of the Investment Company Act of 1940 (the
``Act'') requires registered investment companies (``funds'') and
certain principal underwriters, broker-dealers, investment advisers and
depositors of funds to maintain and preserve records as prescribed by
Commission rules.\1\ Rule 31a-1 specifies the books and records that
each of these entities must maintain.\2\ Rule 31a-2, which was adopted
on April 17, 1944, specifies the time periods that entities must retain
books and records required to be maintained under rule 31a-1.\3\
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    \1\ 15 U.S.C. 80a-30(a)(1).
    \2\ 17 CFR 270.31a-1.
    \3\ 17 CFR 270.31a-2.
---------------------------------------------------------------------------

    Rule 31a-2 requires the following:
    1. Every fund must preserve permanently, and in an easily
accessible place for the first two years, all books and records
required under rule 31a-1(b)(1)-(4).\4\
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    \4\ 17 CFR 270.31a-1(b)(1)-(4). These include, among other
records, journals detailing daily purchases and sales of securities
or contracts to purchase and sell securities, general and auxiliary
ledgers reflecting all asset, liability, reserve, capital, income
and expense accounts, separate ledgers reflecting, separately for
each portfolio security as of the trade date all ``long'' and
``short'' positions carried by the fund for its own account, and
corporate charters, certificates of incorporation and by-laws.
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    2. Every fund must preserve for at least six years, and in an
easily accessible place for the first two years:
    a. All books and records required under rule 31a-1(b)(5)-(12); \5\
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    \5\ 17 CFR 270.31a-1(b)(5)-(12). These include, among other
records, records of each brokerage order given in connection with
purchases and sales of securities by the fund, all other portfolio
purchases, records of all puts, calls, spreads, straddles or other
options in which the fund has an interest, has granted, or has
guaranteed, records of proof of money balances in all ledger
accounts, files of all advisory material received from the
investment adviser, and memoranda identifying persons, committees or
groups authorizing the purchase or sale of securities for the fund.
---------------------------------------------------------------------------

    b. All vouchers, memoranda, correspondence, checkbooks, bank
statements, canceled checks, cash reconciliations, canceled stock
certificates and all schedules that support each computation of net
asset value of fund shares;
    c. Any advertisement, pamphlet, circular, form letter or other
sales literature addressed or intended for distribution to prospective
investors;
    d. Any record of the initial determination that a director is not
an interested person of the fund, and each subsequent determination
that the director is not an interested person of the fund, including
any questionnaire and any other document used to determine that a
director is not an interested person of the company;
    e. Any materials used by the disinterested directors of an fund to
determine that a person who is acting as legal counsel to those
directors is an independent legal counsel; and
    f. Any documents or other written information considered by the
directors of the fund pursuant to section 15(c) of the Act in approving
the terms or renewal of a contract or agreement between the company and
an investment advisor.
    3. Every underwriter, broker or dealer that is a majority-owned
subsidiary of a fund must preserve records required to be preserved by
brokers and dealers under rules adopted under section 17 of the
Securities Exchange Act of 1934 \6\ (``section 17'') for the periods
established in those rules.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78q.
---------------------------------------------------------------------------

    4. Every depositor of any fund, and every principal underwriter of
any fund other than a closed-end fund, must preserve for at least six
years records required to be preserved by brokers and dealers under
rules adopted under section 17 to the extent the records are necessary
or appropriate to record the entity's transactions with the fund.
    5. Every investment adviser that is a majority-owned subsidiary of
a fund must preserve the records required to be maintained by
investment advisers under rules adopted under section 204 of the
Investment Advisers Act of 1940 \7\ (``section 204'') for the periods
specified in those rules.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 80b-4.
---------------------------------------------------------------------------

    6. Every investment adviser that is not a majority-owned subsidiary
of a fund must preserve for at least six years records required to be
maintained by registered investment advisers under rules adopted under
section 204 to the extent the records are necessary or appropriate to
reflect the adviser's transactions with the fund.
    The records required to be maintained and preserved under this part
may be maintained and preserved for the required time by, or on behalf
of, a fund on (i) Micrographic media, including microfilm, microfiche,
or any similar medium, or (ii) electronic storage media, including any
digital storage medium or system that meets the terms of this section.
The fund, or person that maintains and preserves records on its behalf,
must arrange and index the records in a way that permits easy location,
access, and retrieval of any particular record.\8\
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    \8\ In addition, the fund, or whoever maintains the documents
for the fund must provide promptly any of the following that the
Commission (by its examiners or other representatives) or the
directors of the fund may request: (A) A legible, true, and complete
copy of the record in the medium and format in which it is stored;
(B) a legible, true, and complete printout of the record; and (C)
means to access, view, and print the records; and separately store,
for the time required for preservation of the original record, a
duplicate copy of the record on any medium allowed by this section.
In the case of records retained on electronic storage media, the
fund, or person that maintains and preserves records on its behalf,
must establish and maintain procedures: (i) To maintain and preserve
the records, so as to reasonably safeguard them from loss,
alteration, or destruction; (ii) to limit access to the records to
properly authorized personnel, the directors of the fund, and the
Commission (including its examiners and other representatives); and
(iii) to reasonably ensure that any reproduction of a non-electronic
original record on electronic storage media is complete, true, and
legible when retrieved.

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    The Commission periodically inspects the operations of all funds to
ensure their compliance with the provisions of the Act and the rules
under the Act. The Commission staff spends a significant portion of
their time in these inspections reviewing the information contained in
the books and records required to be kept by rule 31a-1 and to be
preserved by rule 31a-2.
    There are approximately 4,920 funds as of December 31, 2006, all of
which are required to comply with rule 31a-2. Based on recent
conversations with representatives of the fund industry and past
estimates, our staff estimates that each fund currently spends 220
hours per year complying with the records preservation required by rule
31a-2. The hour burden is incurred by a variety of fund staff, and the
type of staff position used for compliance with the rule varies widely
from fund to fund. Based on these estimates, our staff estimates that
the total annual burden of a fund to comply with rule 31a-2, is 220
hours, with a total annual burden for all funds of 1,082,400 hours.\9\
---------------------------------------------------------------------------

    \9\ This estimate is based on the following calculation: 4,920
registered investment company's x 220 hours = 1,082,400 total hours.
---------------------------------------------------------------------------

    The hour burden estimates for retaining records under rule 31a-2
are based on our experience with registrants and our experience with
similar requirements under the Act and the rules under the Act. The
number of burden hours may vary depending on, among other things, the
complexity of the fund, the issues faced by the fund, and the number of
series and classes of the fund. The estimated average burden hours are
made solely for purposes of the Paperwork Reduction Act and are not
derived from quantitative, comprehensive, or even representative survey
or study of the burdens associated with our rules and forms.
    The Commission staff estimates the average cost of preserving books
and records required by rule 31a-2, to be approximately $.000035 per
$1.00 of net assets per year.\10\ As of December 31, 2006, our staff
estimates total net assets of all funds at about $10 trillion, and that
compliance with rule 31a-2 costs the fund industry approximately $350
million per year.\11\ Our staff estimates, however, based on
conversations with representatives of the fund industry, that funds
would already spend half of this amount ($175 million) to preserve
these same books and records, as they are also necessary to prepare
financial statements, meet various state reporting requirements, and
prepare their annual federal and state income tax returns. Therefore,
we estimate that the total annual cost burden for registered fund due
to compliance with rule 31a-2 is $175 million per year.
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    \10\ The staff estimated the annual cost of preserving the
required books and records by identifying the annual costs for
several funds and then relating this total cost to the average net
assets of these funds during the year. The staff estimates that the
annual cost of preserving records is $70,000 per fund; the funds
queried in support of this analysis had an average asset base of
approximately $2 billion (70,000/2 billion = .000035).
    \11\ This estimate is based on the annual cost per dollar of net
assets of the average fund as applied to the net assets of all funds
($10 trillion x .000035 = $350 million).
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    These estimates of average costs are made solely for the purposes
of the Paperwork Reduction Act. The estimate is not derived from a
comprehensive or even a representative survey or study of the costs of
Commission rules. 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.
    General comments regarding the above information should be directed
to the following persons: (i) Desk officer for the Securities and
Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 10102, New Executive Office
Building, Washington, DC 20503, or e-mail to:
<EMAIL_ADDRESS>and (ii) R. Corey Booth, Director/Chief

Information Officer, Securities and Exchange Commission, c/o Shirley
Martinson, 6432 General Green Way, Alexandria, Virginia 22312, or send
an e-mail to<EMAIL_ADDRESS>Comments must be submitted to OMB
within 30 days of this notice.

    Dated: April 16, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-7710 Filed 4-23-07; 8:45 am]

BILLING CODE 8010-01-P