[Federal Register Volume 78, Number 84 (Wednesday, May 1, 2013)]
[Notices]
[Pages 25496-25500]
[FR Doc No: 2013-10239]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69451; File No. SR-NSCC-2013-802]

Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing of Advance Notice, as Modified by
Amendment No. 1, To Institute Supplemental Liquidity Deposits to Its
Clearing Fund Designed To Increase Liquidity Resources To Meet Its
Liquidity Needs

April 25, 2013.
    Pursuant to Section 806(e)(1) of the Payment, Clearing, and
Settlement Supervision Act of 2010 (``Clearing Supervision Act'') \1\
and Rule 19b-4(n)(1)(i) \2\ thereunder, notice is hereby given that on
March 21, 2013, the National Securities Clearing Corporation (``NSCC'')
filed with the Securities and Exchange Commission (``Commission'') an
advance notice described in Items I, II and III below, which Items have
been prepared primarily by NSCC. On April 19, 2013, NSCC filed with the
Commission Amendment No. 1 to the advance notice.\3\ The Commission is
publishing this notice to solicit comments on the advance notice from
interested persons.
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    \1\ 12 U.S.C. 5465(e)(1). Defined terms that are not defined in
this notice are defined in Exhibit 5 of the advance notice filing,
available at http://www.sec.gov/rules/sro/nscc.shtml under File No.
SR-NSCC-2013-802, Additional Materials.
    \2\ 17 CFR 240.19b-4(n)(i).
    \3\ Amendment No. 1 revised NSCC's original advance notice
filing to include as Exhibit 2 a written comment received by NSCC
relating to the advance notice proposal, as described in Item II(B)
below.
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I. Clearing Agency's Statement of the Terms of Substance of the Advance
Notice

    To enhance its ability to meet its liquidity requirements, NSCC is
proposing to amend its Rules & Procedures (``Rules'') to provide for a
supplemental liquidity funding obligation, as described below.

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Advance Notice

    In its filing with the Commission, NSCC included statements
concerning the purpose of and basis for the advance notice and
discussed any comments it received on the advance notice. The text of
these statements may be examined at the places specified in Item IV
below. NSCC has prepared summaries, set forth in sections (A), (B), and
(C) below, of the most significant aspects of these statements.\4\
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    \4\ The Commission has modified the text of the summaries
prepared by NSCC.
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(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Advance Notice

Proposal Overview
    According to NSCC, as a central counterparty (``CCP''), NSCC
occupies an important role in the securities settlement system by
interposing itself between counterparties to financial transactions,
thereby reducing the risk faced by its Members and contributing to
global financial stability. Further, pursuant to the Clearing
Supervision Act, NSCC has been designated a systemically important
financial market utility (``SFMU'') by the Financial Stability
Oversight Council, obliging NSCC to meet certain risk management
regulatory standards related to, among other things, maintaining
adequate financial resources to meet its obligations to its Members in
the event of the default of the Member or family of affiliated Members
(``Affiliated Family'') that would generate the largest aggregate
payment obligation to NSCC in stressed conditions. In this regard and
to enhance its ability to meet its liquidity requirements, NSCC is
proposing to amend its Rules to provide for a supplemental liquidity
funding obligation.
    A substantial proportion of the liquidity needed by NSCC is
attributable to the exposure presented by those unaffiliated Members
and Affiliated Families that regularly incur the largest gross
settlement debits over a settlement cycle during trading activity on
business days other than periods coinciding with quarterly triple
options expiration dates (``Regular Activity Periods''), as well as
during times of increased trading activity that arise around quarterly
triple options expiration dates (``Options Expiration Activity
Periods'').
    With the goal of ensuring that NSCC has sufficient liquidity to
meet its obligations during Regular Activity Periods, as well as during
Options Expiration Activity Periods, it is appropriate that those
unaffiliated Members and Affiliated Families provide additional
liquidity to NSCC. Under proposed Rule 4(A), this will take the form of
supplemental liquidity deposits to the Clearing Fund (i) in an amount
based on the largest liquidity need NSCC would have in the event of the
default of an unaffiliated Member or Affiliated Family during a Regular
Activity Period (``Regular Activity Supplemental Deposit''), and (ii)
an additional amount to cover the largest liquidity need NSCC would
have in the event of the default of an unaffiliated Member or
Affiliated Family during an Options Expiration Activity Period
(``Special Activity Supplemental Deposit'') (collectively with Regular
Activity Supplemental Deposit, ``Supplemental Deposit'').
    The obligation of an unaffiliated Member or the Members of an
Affiliated Family to make a Regular Activity Supplemental Deposit
(``Regular Activity Liquidity Obligation'') or a Special Activity
Supplemental Deposit (``Special Activity Liquidity Obligation'') would
be imposed on the thirty (30) unaffiliated Members and/or Affiliated
Families who generate the largest aggregate liquidity needs over a
settlement cycle that would apply in the event of a closeout (i.e.,
over a period from date of default through the following three (3)
settlement days), based upon a lookback period. The Regular Activity
Liquidity Obligation of an unaffiliated Member or the Members of an
Affiliated Family to make a Regular Activity Supplemental Deposit will
be reduced by any liquidity such Members or their affiliates may
provide in the form of commitments under NSCC's committed liquidity
facility (``Credit Facility'').
    The calculations for both the Regular Activity Liquidity Obligation
and the Special Activity Liquidity Obligation are designed so that NSCC
has adequate liquidity resources to enable it to settle transactions,
notwithstanding the default of an unaffiliated Member and/or Affiliated
Family during Regular Activity Periods, as well as during Options
Expiration Activity Periods. The Liquidity Obligations imposed on
Affiliated Families would be allocated among the Family Members in
proportion to the liquidity risk (or peak exposure) they present to
NSCC.
Regulatory Background
    As both a CCP and a designated SFMU, NSCC adheres to strict risk
management processes that are regularly reviewed against applicable
regulatory and industry standards. This includes

the securities laws and rulemaking promulgated by the Commission, such
as Rule 17Ad-22(b)(3), which requires registered clearing agencies that
perform CCP services to establish, implement, maintain and enforce
written policies and procedures reasonably designed to maintain
sufficient financial resources to withstand, at a minimum, a default by
the participant (defined in Rule 17Ad-22(a)(3) to include a participant
family) to which it has the largest exposure.
    NSCC is also mindful of the standards set forth in the Principles
for Financial Market Infrastructures (``PFMI'') of the Committee on
Payment and Settlement Systems and the Technical Committee of the
International Organization of Securities Commissions. Key Consideration
4 of PFMI Principle 7, addressing liquidity risk, provides that a CCP
should maintain sufficient liquidity resources to meet its payment
obligations under a wide range of stress scenarios including the
default of the participant and its affiliates that would generate the
largest aggregate payment obligation to the CCP.
    NSCC believes the proposed rule change should assist NSCC in
securing adequate liquidity resources to meet its settlement
obligations during both Regular Activity Periods and Options Expiration
Activity Periods, notwithstanding the default of one of its
unaffiliated Members and/or Affiliated Families that pose the largest
aggregate liquidity need over the four day settlement cycle.
Supplemental Liquidity Providers
    Every business day NSCC measures the liquidity obligations of its
unaffiliated Members and Affiliated Families by taking the sum of their
purchase obligations on that day in securities that are eligible for
processing in NSCC's Continuous Net Settlement (``CNS'') system and for
the following three (3) settlement days (which equates to the period
from the date of default through the remaining settlement cycle). NSCC
then takes into account certain adjustments, assumptions and offsets,
and assumes the occurrence of certain stressed conditions.
    The stressed market conditions NSCC assumes in this calculation
include, but are not limited to, (i) The simultaneous default, without
prior warning, of all Members of the Affiliated Family with the largest
aggregate four (4) day settlement obligations; (ii) that on the day of
such default, the Members of such Affiliated Family are trading at peak
historical trading levels and no market participants curtail their
activity with any Members of the Family; and (iii) leading up to or
after the default, there is no increased volatility in the market that
would result in a significant increase in Clearing Fund requirements,
mark-to-market collections, or other risk-based premiums that would
have the result of increasing NSCC's liquidity resources. NSCC believes
that these conditions simulate the impact of significant credit risk
and market risk stresses on NSCC's liquidity need across both Regular
Activity Periods and Options Expiration Activity Periods.
    NSCC then identifies the largest Member liquidity need on each day
and determines if the available liquidity resources, consisting of the
aggregate Required Deposits, any Supplemental Deposits, and any Prefund
Deposits in the Clearing Fund on the day the liquidity need was
observed, are adequate to cover that liquidity need, or if there is a
calculated liquidity shortfall under the assumed stressed market
conditions described above.
    The Regular Activity Supplemental Deposits will be calculated to
address those daily liquidity shortfalls that fall on any business day
included in a Regular Activity Period (``Regular Activity Supplemental
Liquidity Need''), and the Special Activity Supplemental Deposits will
be calculated to address those additional daily liquidity shortfalls
that fall on any business day included in an Options Expiration
Activity Period (``Special Activity Supplemental Liquidity Need'').
Regular Activity Supplemental Deposits
    Under this proposal, every six (6) months, NSCC will determine (i)
its largest Regular Activity Supplemental Liquidity Need (``Regular
Activity Peak Liquidity Need'') over the preceding twelve (12) month
period and (ii) those unaffiliated Members and Affiliated Families that
presented the largest aggregate liquidity exposures to NSCC over the
preceding six-month period. NSCC will then rank the aggregate liquidity
exposures presented by the unaffiliated Members and/or Affiliated
Families (``Regular Activity Peak Liquidity Exposures'') during the
lookback period to determine which thirty (30) such unaffiliated
Members and Affiliated Families presented the largest respective
Regular Activity Peak Liquidity Exposures within the lookback period.
NSCC's Regular Activity Peak Liquidity Need will then be allocated to
these thirty (30) unaffiliated Members and Affiliated Families
(``Regular Activity Liquidity Providers''), in proportion to the
Regular Activity Peak Liquidity Exposures they presented to NSCC during
the lookback period.
    The first of these semi-annual calculations of the Regular Activity
Liquidity Obligations will be made to coincide with NSCC's annual
renewal of the Credit Facility each year (``Regular Activity First
Tranche Liquidity Obligations'') and the second calculation each year
will be made six (6) months thereafter (``Regular Activity Second
Tranche Liquidity Obligations'').
Special Activity Supplemental Deposits
    Special Activity Supplemental Deposits are deposits made in
addition to Regular Activity Supplemental Deposits, designed to cover
the additional liquidity exposure that occurs over an Options
Expiration Activity Period. Each calendar quarter, on a day that is no
later than the fifth business day preceding any Options Expiration
Activity Period, NSCC will also determine (i) its largest Special
Activity Supplemental Liquidity Need (``Special Activity Peak Liquidity
Need'') over the preceding twenty-four (24) months (i.e., the eight
prior Options Expiration Activity Periods, or a longer lookback period
as determined by NSCC) and (ii) those unaffiliated Members and
Affiliated Families that presented the largest aggregate Special
Activity liquidity exposures to NSCC over the same period. NSCC will
then rank the aggregate Special Activity liquidity exposures presented
by such unaffiliated Members and/or Affiliated Families (referred to as
their respective ``Special Activity Peak Liquidity Exposures'') during
the lookback period to determine which thirty (30) such unaffiliated
Members and Affiliated Families presented the largest respective
Special Activity Peak Liquidity Exposures within the lookback period.
NSCC's Special Activity Supplemental Peak Need will then be allocated
to these thirty (30) Members and Affiliated Families (``Special
Activity Liquidity Providers''), in proportion to the Special Activity
Peak Liquidity Exposures they presented to NSCC during the lookback
period.
Interim Adjustments and Calls
    With the goal of ensuring that NSCC's liquidity resources remain
adequate between the specified calculation dates, if either current
liquidity needs increase significantly over those liquidity needs used
for the regular calculations (or Special Activity Calculations), or the
amount of liquidity resources is significantly reduced, the proposal
permits NSCC to make interim recalibrations and liquidity calls: If

between the semi-annual calculations of the Regular Activity Liquidity
Obligations, the aggregate amount of Regular Activity Supplemental
Deposits decreases by an amount that exceeds a threshold as determined
by NSCC (whether as a result of the retirement of Members, a cease to
act, or otherwise), then NSCC will recalculate its Regular Activity
Peak Liquidity Need and allocate it among the unaffiliated Members and
Affiliated Families that then comprise the applicable thirty (30)
largest Regular Activity Liquidity Providers, in the same manner such
calculations and allocations would be made at each semi-annual
calculation of Regular Activity Liquidity Obligations.\5\
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    \5\ NSCC plans to use an interim date calculation as the first
calculation under the proposed rule, should it become effective on a
date after the effective date of the 2013 renewal of its Credit
Facility.
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    Conversely, if on any business day between regular semi-annual
calculation dates NSCC observes an increase in its Regular Activity
Liquidity Needs that exceeds a predetermined threshold amount, or
between the dates on which it calculates Special Activity Liquidity
Obligations it observes an increase in its Special Activity Liquidity
Needs that exceeds a predetermined threshold amount, NSCC shall be
entitled to call for an additional deposit from the Member whose
increase in activity levels caused (or was the primary cause of) such
increased liquidity need (``Liquidity Call''). Liquidity Call amounts
will be treated as a part of that Member's Regular Activity
Supplemental Deposit or Special Activity Supplemental Deposit, as
applicable.
Operation of the Funding Obligation
    Each Regular Activity Liquidity Provider will be obligated to
contribute to the Clearing Fund, no later than five (5) business days
following the effective date of the renewal of the Credit Facility, the
amount of its Regular Activity Liquidity Obligation, reduced (i) dollar
for dollar by amounts committed to the Credit Facility by that Regular
Activity Liquidity Provider or its affiliates, and (ii) ratably (among
all Regular Activity Liquidity Providers) by amounts committed to the
Credit Facility by the lenders party thereto which are not Members or
their affiliates.
    If the amount of the Regular Activity Second Tranche Liquidity
Obligation of an unaffiliated Member or Affiliated Family exceeds its
Regular Activity First Tranche Liquidity Obligation (including because
the unaffiliated Member or Affiliated Family had no Regular Activity
First Tranche Liquidity Obligation), such Regular Activity Liquidity
Provider will be obligated to contribute its calculated amount within
three (3) business days following the final notice of such amount. If
the Regular Activity Second Tranche Liquidity Obligation of an
unaffiliated Member or Affiliated Family is less than its Regular
Activity First Tranche Liquidity Obligation, then it shall be entitled
to a refund of the amount of the difference, provided, that nothing
shall reduce or in any way affect any commitment or other obligation of
any Member or its affiliate under the Credit Facility.
    Promptly after calculation of the Special Activity Liquidity
Obligations, NSCC will inform Special Activity Liquidity Providers of
their Special Activity Liquidity Obligations, and those Special
Activity Liquidity Providers must make their Special Activity
Supplemental Deposits to the Clearing Fund in cash no later than the
close of business on the second business day preceding the applicable
Options Expiration Activity Period (i.e., generally the Wednesday
before the options expiration date).
    However, if a Special Activity Liquidity Provider anticipates that
its Special Activity Peak Liquidity Exposure at any time during an
Options Expiration Activity Period will be greater than the amount
calculated by NSCC, it may, no later than the first business day of
that Options Expiration Activity Period, make an additional cash
deposit to the Clearing Fund that is in excess of its Required Deposit
and is designated as a ``Special Activity Prefund Deposit.'' Members
may also, at their discretion, deposit to the Clearing Fund amounts in
excess of their Required Deposit that are designated ``Regular Activity
Prefund Deposits.'' Because Prefund Deposits are included in
calculating available liquidity resources, they thus reduce NSCC's
Supplemental Liquidity Needs, as well as the depositing Member's
Regular Activity (or Special Activity) Peak Liquidity Exposure.
    As noted above under ``Interim Adjustments and Calls,'' to the
extent that NSCC observes a peak shortfall that breaches predetermined
thresholds at any time throughout the year, the amount of the shortfall
will be allocated solely to the Member responsible for the activity
that caused the shortfall. The liquidity called as a result of that
shortfall will be held until the next applicable reset period. This is
intended to incentivize Members to make Prefund Deposits to avoid
Liquidity Calls, since Prefund Deposits are refunded after the period
of activity for which they were made, while Liquidity Calls are
retained until the next regular calculation of the applicable
supplemental deposit.
Treatment and Use of the Supplemental Deposits
    All Regular Activity Supplemental Deposits (other than Regular
Activity Prefund Deposits), as adjusted semi-annually, shall remain on
deposit in the Clearing Fund, and may not be withdrawn by the
applicable Member until five (5) business days after the next following
maturity date of the Credit Facility (generally, for a period of 364
days). Regular Activity Prefund Deposits shall remain on deposit in the
Clearing Fund and may not be withdrawn by the applicable Member until
seven (7) days after they are deposited. All Special Activity
Supplemental Deposits (including Special Activity Prefund Deposits) may
be refunded to the Special Activity Liquidity Providers seven (7)
business days after the end of the applicable Options Expiration
Activity Period.
    Any amounts deposited in response to a Liquidity Call for an
additional Regular Activity Supplemental Deposit must remain in the
Clearing Fund until the next semi-annual calculations of the Regular
Activity Liquidity Obligations, and any amounts deposited in response
to a Liquidity Call for an additional Special Activity Supplemental
Deposit must remain in the Clearing Fund until two (2) business days
preceding the next Options Expiration Activity Period.
    A Member's Supplemental Deposit will be made in addition to its
Required Deposit to the Clearing Fund, and any other deposit of any
such Member to the Clearing Fund.
    A Member's Supplemental Deposit will be considered part of that
Member's actual deposit to the Clearing Fund, and, as such, may be used
to satisfy obligations of that Member to NSCC, in the same manner as
provided in Section 3 of Rule 4. Therefore, if the Member who
contributed the Supplemental Deposit defaults, NSCC will be permitted
to use its entire actual deposit, which will include the amount of its
Supplemental Deposit, to satisfy any loss resulting from closing out
that Member's open positions.
    A Member's Supplemental Deposit will not, however, constitute part
of its Required Deposit under NSCC's Rule 4, and, as such, will not be
used, pursuant to Section 4 of Rule 4, to satisfy the obligations of
any other Member of NSCC that has defaulted in the performance of its
obligations to NSCC. A Member's Supplemental Deposit, therefore, will
not be used in calculating

any pro rata charge (i.e., loss assessment) due from that Member in the
event of the default of another Member under Rule 4. Supplemental
Deposits will also not be subject to the provisions of Section 6 of
Rule 4 when a Member ceases to be a participant.
    Pending any permitted use described in NSCC's Rules, the aggregate
of all Supplemental Deposits on deposit at NSCC may be invested by NSCC
as permitted pursuant to the investment policy adopted by NSCC and as
in effect from time to time, and in the same manner the Clearing Fund
is invested pursuant to such investment policy. Any interest earned on
investment of a Supplemental Deposit, as a part of a Member's actual
deposit, will be payable at the rate that NSCC earns on the investment
of such funds, credited monthly and paid on demand.
Implementation Timeframe
    Pending Commission approval, Members will be advised of the
implementation date of this proposal through issuance of an NSCC
Important Notice. Members will be provided not less than ten (10) days'
notice of the first date on which Supplemental Deposits will be
payable.
Proposed Rule Changes
    NSCC proposes to amend its Rules to create a new Rule 4A to reflect
the changes as described above. For both the Regular Activity
Supplemental Deposits and the Special Activity Supplemental Deposits,
the new Rule 4A will provide: (i) A general description of the relevant
Supplemental Deposit, (ii) a provision describing the calculation and
operation of the funding obligation, and (iii) a description of the
treatment and permitted uses of the Supplemental Deposit by NSCC. NSCC
believes that this proposed rule change contributes to NSCC's goal of
assuring that NSCC has adequate liquidity resources to meet its
settlement obligations during both Regular Activity Periods and Options
Expiration Activity Periods, notwithstanding the default of its
unaffiliated Members and/or Affiliated Families that pose the largest
aggregate liquidity exposure over the relevant settlement cycle. As
such, NSCC believes that the proposal is consistent with Rule 17Ad-
22(b)(3), as well as with Principle 7 of the PMFI.

(B) Clearing Agency's Statement on Comments on the Advance Notice
Received From Members, Participants, or Others

    On March 19, 2013, National Financial Services, LLC submitted
written comments relating to the proposed rule change. NSCC will
respond to this comment and all future comments received at a later
date, as appropriate.

(C) Advance Notices Filed Pursuant to Section 806(e) of the Payment,
Clearing and Settlement Supervision Act

Description of Change
    NSCC is proposing to amend its Rules in order to provide for
supplemental liquidity deposits to NSCC's Clearing Fund designed to
ensure that NSCC has adequate liquidity resources to meet its liquidity
needs. The proposed change is described in detail above.
Anticipated Effect on and Management of Risk
    As described above, NSCC believes that the proposed change to add a
Supplemental Deposit, which NSCC believes is calculated so that NSCC
has adequate liquidity resources to enable it to settle transactions
during Regular Activity Periods and Options Expiration Activity Periods
when NSCC's liquidity need may increase, notwithstanding the default of
the unaffiliated Member or Affiliated Family that would generate the
largest aggregate liquidity need for NSCC over a four day settlement
cycle in stressed market conditions, will enhance NSCC's ability to
meet certain risk management standards, such as Rule 17Ad-22(b)(3) and
Principle 7 of the PMFI, described above.
    By calculating unaffiliated Member's or Affiliated Family's
Supplemental Deposit funding obligation in proportion to the liquidity
needs that such entities present to NSCC, NSCC believes that the
proposed rule change will ensure that NSCC's Members fairly and
equitably contribute to NSCC's liquidity resources for settlement, and
also contribute to the goal of financial stability in the event of
Member default.

III. Date of Effectiveness of the Advance Notice and Timing for
Commission Action

    The clearing agency may implement the proposed change pursuant to
Section 806(e)(1)(G) of the Clearing Supervision Act \6\ if it has not
received an objection to the proposed change within 60 days of the
later of (i) the date that the Commission received the advance notice
or (ii) the date the Commission receives any further information it
requested for consideration of the notice. The clearing agency shall
not implement the proposed change if the Commission has any objection
to the proposed change.
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    \6\ 12 U.S.C. 5465(e)(1)(G).
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    The Commission may extend the period for review by an additional 60
days if the proposed change raises novel or complex issues, subject to
the Commission providing the clearing agency with prompt written notice
of the extension. A proposed change may be implemented in less than 60
days from the date of receipt of the advance notice, or the date the
Commission receives any further information it requested, if the
Commission notifies the clearing agency in writing that it does not
object to the proposed change and authorizes the clearing agency to
implement the proposed change on an earlier date, subject to any
conditions imposed by the Commission. The clearing agency shall post
notice on its Web site of proposed changes that are implemented.
    The proposal shall not take effect until all regulatory actions
required with respect to the proposal are completed.\7\
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    \7\ NSCC also filed the proposals contained in this advance
notice as a proposed rule change under Section 19(b)(1) of the
Exchange Act and Rule 19b-4 thereunder. 15 U.S.C. 78s(b)(1); 17 CFR
240.19b-4. Pursuant to Section 19(b)(2) of the Exchange Act, within
45 days of the date of publication of the proposed rule change in
the Federal Register or within such longer period up to 90 days if
the Commission designates or the self-regulatory organization
consents the Commission will either: (i) by order approve or
disapprove the proposed rule change or (ii) institute proceedings to
determine whether the proposed rule change should be disapproved. 17
U.S.C. 78s(b)(2)(A). See Release No. 34-69313 (Apr. 4, 2013), 78 FR
21487 (Apr. 10, 2013).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File No. SR-NSCC-2013-802 on the subject line.

Paper Comments

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

All submissions should refer to File No. SR-NSCC-2013-802. This file
number

should be included on the subject line if email is used. To help the
Commission process and review your comments more efficiently, please
use only one method. The Commission will post all comments on the
Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the advance notice that are filed with the
Commission, and all written communications relating to the advance
notice between the Commission and any person, other than those that may
be withheld from the public in accordance with the provisions of 5
U.S.C. 552, will be available for Web site viewing and printing in the
Commission's Public Reference Room, 100 F Street NE., Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of such filings also will be available for inspection
and copying at the principal office of NSCC and on NSCC's Web site at
http://dtcc.com/downloads/legal/rule_filings/2013/nscc/SR-NSCC-2013-802.pdf. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File No. SR-NSCC-
2013-802 and should be submitted on or before May 22, 2013.

    By the Commission.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-10239 Filed 4-30-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: December 21, 2005 (Volume 70, Number 244)]
[Notices]
[Page 75805-75807]
[DOCID:fr21de05-47]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPP-2005-0268; FRL-7745-8]

Notice of Filing of a Pesticide Petition for Establishment of a
Regulation for Residues of Poly(hexamethylenebiguaanide) Hydrochloride
(PHMB) in or on all Food Commodities

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: This notice announces the initial filing of a pesticide
petition proposing the establishment of a regulation for an exemption
from the requirement of a tolerance for residues of the antimicrobial
poly(hexamethylenebiguaanide) hydrochloride (PHMB) in or on all food
commodities when the residues are the result of the lawful application
of a food contact surface sanitizer containing PHMB at 550 parts per
million (ppm).

DATES: Comments must be received on or before January 20, 2006.

ADDRESSES: Comments, identified by docket identification (ID) number
EPA-HQ-OPP-2005-0268 and pesticide petition (PP) number PP 5F6975, may
be submitted electronically, by mail, or through hand delivery or
courier. Follow the detailed instructions as provided in Unit I. of the
SUPPLEMENTARY INFORMATION.

FOR FURTHER INFORMATION CONTACT: Adam Heyward, Antimicrobials Division
(7511C), Office of Pesticide Programs, Environmental Protection Agency,
1200 Pennsylvania Ave., NW., Washington, DC 20460-0001; telephone
number:<PHONE_NUMBER>; e-mail<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this Action Apply to Me?

    You may be potentially affected by this action if you are an
agricultural producer, food manufacturer, or pesticide manufacturer.
Potentially affected entities may include, but are not limited to:
     Crop production (NAICS code 111).
     Animal production (NAICS code 112).
     Food manufacturing (NAICS code 311).
     Pesticide manufacturing (NAICS code 32532).
    This listing is not intended to be exhaustive, but rather provides
a guide for readers regarding entities likely to be affected by this
action. Other types of entities not listed in this unit could also be
affected. The North American Industrial Classification System (NAICS)
codes have been provided to assist you and others in determining
whether this action might apply to certain entities. If you have any
questions regarding the applicability of this action to a particular
entity, consult the person listed under FOR FURTHER INFORMATION
CONTACT.

B. How Can I Get Copies of this Document and Other Related Information?

    1. Docket. EPA has established an official public docket for this
action under docket ID number EPA-HQ-OPP-2005-0268. The official public
docket consists of the documents specifically referenced in this
action, any public comments received, and other information related to
this action. Although a part of the official docket, the public docket
does not include Confidential Business Information (CBI) or other
information whose disclosure is restricted by statute. The official
public docket is the collection of materials that is available for
public viewing at the Public Information and Records Integrity Branch
(PIRIB), Rm. 119, Crystal Mall 2, 1801 S. Bell St., Arlington,
VA. This docket facility is open from 8:30 a.m. to 4 p.m., Monday
through Friday, excluding legal holidays. The docket telephone number
is<PHONE_NUMBER>.
    2.Electronic access. You may access this document electronically
through the EPA Internet under the ``Federal Register'' listings
athttp://www.epa.gov/fedrgstr/.

    EDOCKET, EPA's electronic public docket and comment system was
replaced on November 25, 2005, by an enhanced federal-wide electronic
docket management and comment system located at http://www.regulations.gov/.
 Follow the on-line instructions.

    An electronic version of the public docket is available through
EPA's electronic public docket and comment system, EPA Dockets. You may
use EPA Dockets at http://www.epa.gov/edocket/ to submit or view public

comments, to access the index listing of the contents of the official
public docket, and to access those documents in the public docket that
are available electronically. Although not all docket materials may

be available electronically, you may still access any of the publicly
available docket materials through the docket facility identified in
Unit I.B.1. Once in the system, select ``search,'' then key in the
appropriate docket ID number.
    Certain types of information will not be placed in the EPA Dockets.
Information claimed as CBI and other information whose disclosure is
restricted by statute, which is not included in the official public
docket, will not be available for public viewing in EPA's electronic
public docket. EPA's policy is that copyrighted material will not be
placed in EPA's electronic public docket but will be available only in
printed, paper form in the official public docket. To the extent
feasible, publicly available docket materials will be made available in
EPA's electronic public docket. When a document is selected from the
index list in EPA Dockets, the system will identify whether the
document is available for viewing in EPA's electronic public docket.
Although not all docket materials may be available electronically, you
may still access any of the publicly available docket materials through
the docket facility identified in Unit I.B.1. EPA intends to work
towards providing electronic access to all of the publicly available
docket materials through EPA's electronic public docket.
    For public commenters, it is important to note that EPA's policy is
that public comments, whether submitted electronically or in paper,
will be made available for public viewing in EPA's electronic public
docket as EPA receives them and without change, unless the comment
contains copyrighted material, CBI, or other information whose
disclosure is restricted by statute. When EPA identifies a comment
containing copyrighted material, EPA will provide a reference to that
material in the version of the comment that is placed in EPA's
electronic public docket. The entire printed comment, including the
copyrighted material, will be available in the public docket.
    Public comments submitted on computer disks that are mailed or
delivered to the docket will be transferred to EPA's electronic public
docket. Public comments that are mailed or delivered to the docket will
be scanned and placed in EPA's electronic public docket. Where
practical, physical objects will be photographed, and the photograph
will be placed in EPA's electronic public docket along with a brief
description written by the docket staff.

C. How and to Whom Do I Submit Comments?

    You may submit comments electronically, by mail, or through hand
delivery/courier. To ensure proper receipt by EPA, identify the
appropriate docket ID number in the subject line on the first page of
your comment. Please ensure that your comments are submitted within the
specified comment period. Comments received after the close of the
comment period will be marked ``late.'' EPA is not required to consider
these late comments. If you wish to submit CBI or information that is
otherwise protected by statute, please follow the instructions in Unit
I.D. Do not use EPA Dockets or e-mail to submit CBI or information
protected by statute.
    1. Electronically. If you submit an electronic comment as
prescribed in this unit, EPA recommends that you include your name,
mailing address, and an e-mail address or other contact information in
the body of your comment. Also include this contact information on the
outside of any disk or CD ROM you submit, and in any cover letter
accompanying the disk or CD ROM. This ensures that you can be
identified as the submitter of the comment and allows EPA to contact
you in case EPA cannot read your comment due to technical difficulties
or needs further information on the substance of your comment. EPA's
policy is that EPA will not edit your comment, and any identifying or
contact information provided in the body of a comment will be included
as part of the comment that is placed in the official public docket,
and made available in EPA's electronic public docket. If EPA cannot
read your comment due to technical difficulties and cannot contact you
for clarification, EPA may not be able to consider your comment.
    i. EPA Dockets. Your use of EPA's electronic public docket to
submit comments to EPA electronically is EPA's preferred method for
receiving comments. Go directly to EPA Dockets athttp://www.epa.gov/edocket
, and follow the online instructions for submitting comments.

Once in the system, select ``search,'' and then key in docket ID number
EPA-HQ-OPP-2005-0268. The system is an ``anonymous access'' system,
which means EPA will not know your identity, e-mail address, or other
contact information unless you provide it in the body of your comment.
    ii. E-mail. Comments may be sent by e-mail to<EMAIL_ADDRESS>
Attention: Docket ID Number EPA-HQ-OPP-2005-0268. In contrast to EPA's
electronic public docket, EPA's e-mail system is not an ``anonymous
access'' system. If you send an e-mail comment directly to the docket
without going through EPA's electronic public docket, EPA's e-mail
system automatically captures your e-mail address. E-mail addresses
that are automatically captured by EPA's e-mail system are included as
part of the comment that is placed in the official public docket, and
made available in EPA's electronic public docket.
    iii. Disk or CD ROM. You may submit comments on a disk or CD ROM
that you mail to the mailing address identified in Unit I.C.2. These
electronic submissions will be accepted in WordPerfect or ASCII file
format. Avoid the use of special characters and any form of encryption.
    2. By mail. Send your comments to: Public Information and Records
Integrity Branch (PIRIB) (7502C), Office of Pesticide Programs (OPP),
Environmental Protection Agency, 1200 Pennsylvania Ave., NW.,
Washington, DC 20460-0001, Attention: Docket ID Number EPA-HQ-OPP-2005-
0268.
    3. By hand delivery or courier. Deliver your comments to: Public
Information and Records Integrity Branch (PIRIB), Office of Pesticide
Programs (OPP), Environmental Protection Agency, Rm. 119, Crystal Mall
2, 1801 S. Bell St., Arlington, VA, Attention: Docket ID
Number EPA-HQ-OPP-2005-0268. Such deliveries are only accepted during
the docket's normal hours of operation as identified in Unit I.B.1.

D. How Should I Submit CBI to the Agency?

    Do not submit information that you consider to be CBI
electronically through EPA's electronic public docket or by e-mail. You
may claim information that you submit to EPA as CBI by marking any part
or all of that information as CBI (if you submit CBI on disk or CD ROM,
mark the outside of the disk or CD ROM as CBI and then identify
electronically within the disk or CD ROM the specific information that
is CBI). Information so marked will not be disclosed except in
accordance with procedures set forth in 40 CFR part 2.
    In addition to one complete version of the comment that includes
any information claimed as CBI, a copy of the comment that does not
contain the information claimed as CBI must be submitted for inclusion
in the public docket and EPA's electronic public docket. If you submit
the copy that does not contain CBI on disk or CD ROM, mark the outside
of the disk or CD ROM clearly that it does not contain CBI. Information
not marked as CBI will be included in the public docket and EPA's
electronic public docket without prior

notice. If you have any questions about CBI or the procedures for
claiming CBI, please consult the person listed under FOR FURTHER
INFORMATION CONTACT.

E. What Should I Consider as I Prepare My Comments for EPA?

    You may find the following suggestions helpful for preparing your
comments:
    1. Explain your views as clearly as possible.
    2. Describe any assumptions that you used.
    3. Provide copies of any technical information and/or data you used
that support your views.
    4. If you estimate potential burden or costs, explain how you
arrived at the estimate that you provide.
    5. Provide specific examples to illustrate your concerns.
    6. Make sure to submit your comments by the deadline in this
notice.
    7. To ensure proper receipt by EPA, be sure to identify the docket
ID number assigned to this action and the pesticide petition number in
the subject line on the first page of your response. You may also
provide the name, date, and Federal Register citation related to your
comments.

II. What Action is the Agency Taking?

    EPA is printing a summary of a pesticide petition received under
section 408 of the Federal Food, Drug, and Cosmetic Act (FFDCA), 21
U.S.C. 346a, proposing the establishment of a regulation in 40 CFR part
180 for residues of the antimicrobial poly(hexamethylenebiguaanide)
hydrochloride (PHMB) in or on all food commodities when the residues
are the result of the lawful application of a food contact surface
sanitizer containing PHMB at 550 ppm. EPA has determined that the
pesticide petition contains data or information regarding the elements
set forth in FFDCA section 408(d)(2); however, EPA has not fully
evaluated the sufficiency of the submitted data at this time or whether
the data support granting of the pesticide petition. Additional data
may be needed before EPA rules on the pesticide petition.
    Pursuant to 40 CFR 180.7(f), a summary of the petition prepared by
the petitioner is available on EPA's Electronic Docket at http://www.regulations.gov/.
 To locate this information on the home page of

EPA's Electronic Docket, select ``Quick Search'' and type the OPP
docket ID number ``EPA-HQ-OPP-2005-0268'' in the search field. Once the
search has located the docket, clicking on the ``Docket ID'' will bring
up a list of all documents in the docket for the pesticide including
the petition summary.

Exemption from the Requirement of a Tolerance

    PP 5F6975. Arch Chemicals, Inc., 1955 Lake Park Drive, Suite 100,
Smyrna, GA 30080, proposes to establish an exemption from the
requirement of a tolerance for residues of the antimicrobial PHMB in or
on all food commodities when the residues are the result of the lawful
application of a food contact surface sanitizer containing PHMB at 550
ppm. Because this petition is a request for an exemption from the
requirement of a tolerance, an analytical method is not required at
this time.

List of Subjects

    Environmental protection, Agricultural commodities, Feed additives,
Food additives, Pesticides and pests, Reporting and recordkeeping
requirements.

    Dated: November 29, 2005.
Frank Sanders,
Director, Antimicrobials Division, Office of Pesticide Programs.

[FR Doc. 05-24261 Filed 12-20-05; 8:45 am]

BILLING CODE 6560-50-S


[Federal Register Volume 88, Number 2 (Wednesday, January 4, 2023)]
[Rules and Regulations]
[Page 291]
[FR Doc No: 2022-28564]

=======================================================================
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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 100

[Docket No. USCG-2022-0844]

Special Local Regulations; Recurring Marine Events, Sector St.
Petersburg

AGENCY: Coast Guard, DHS.

ACTION: Notification of enforcement of regulation.

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SUMMARY: On January 28, 2023, the Coast Guard will enforce a special
local regulation for the Gasparilla Invasion and Parade to provide for
the safety of life on navigable waterways during this event. Our
regulation for recurring marine events within Sector St. Petersburg
identifies the regulated area for this event in Tampa, FL. During the
enforcement periods, the operator of any vessel in the regulated area
must comply with directions from the Patrol Commander or any designated
representative.

DATES: The regulations in 33 CFR 100.703, Table 1 to Sec.  100.703,
Line No. 1, will be enforced from 11:30 a.m. through 2:00 p.m., on
January 28, 2023.

FOR FURTHER INFORMATION CONTACT: If you have questions about this
notice of enforcement, call or email Marine Science Technician First
Class Ryan Shaak, Sector St. Petersburg Prevention Department, Coast
Guard; telephone<PHONE_NUMBER>, email: [email protected].

SUPPLEMENTARY INFORMATION: The Coast Guard will enforce the special
local regulation in 33 CFR 100.703, Table 1 to Sec.  100.703, Line No.
1, for the Gasparilla Invasion and Parade on January 28, 2023 from
11:30 a.m. until 2:00 p.m. This action is being taken to provide for
the safety of life on navigable waterways during this event. Our
regulation for recurring marine events, Sector St. Petersburg, Sec.
100.703, Table 1 to Sec.  100.703, Line No. 1, specifies the location
of the regulated area for the Gasparilla Invasion and Parade which
encompasses portions of Hillsborough Bay, Seddon Channel, Sparkman
Channel and Hillsborough River near Tampa, FL. During the enforcement
periods, as reflected in Sec.  100.703(c), if you are the operator of a
vessel in the regulated area you must comply with directions from the
Patrol Commander or any designated representative.
    In addition to this notice of enforcement in the Federal Register,
the Coast Guard plans to provide notification of this enforcement
period via the Local Notice to Mariners and/or marine information
broadcasts.

    Dated: December 27, 2022.
Michael P. Kahle,
Captain, U.S. Coast Guard, Captain of the Port St. Petersburg.
[FR Doc. 2022-28564 Filed 1-3-23; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 80, Number 172 (Friday, September 4, 2015)]
[Notices]
[Pages 53615-53621]
[FR Doc No: 2015-21960]

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DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

Railroad Safety Grants for the Safe Transportation of Energy
Products by Rail Program

AGENCY: Federal Railroad Administration (FRA), Department of
Transportation (DOT).

ACTION: Notice of funding availability.

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SUMMARY: This Notice of Funding Availability (NOFA or notice) details
the application requirements and procedures for obtaining grant funding
for eligible projects under Railroad Safety Grants for the Safe
Transportation of Energy Products by Rail (or STEP Rail) Program. The
opportunities described in this notice are available under Catalog of
Federal Domestic Assistance (CFDA) number 20.314, ``Railroad
Development.''

DATES: Applications for funding under this notice are due no later than
5:00

p.m. Eastern Daylight Time (EDT), on November 4, 2015. Applications for
funding received after 5:00 p.m. EDT on November 4, 2015, will not be
considered for funding. See Section 4 of this notice for additional
information regarding the application process.

ADDRESSES: Applications for funding must be submitted via Grants.gov.
For any required or supporting application materials that an applicant
is unable to submit via Grants.gov (such as oversized engineering
drawings), the applicant may submit an original and two copies to John
Winkle, Office of Program Delivery, Federal Railroad Administration,
1200 New Jersey Avenue SE., Mail Stop 20, Washington, DC 20590. As the
application deadline approaches, applicants are advised to use other
means of document conveyance, such as courier service, to ensure timely
delivery.

FOR FURTHER INFORMATION CONTACT: For further information regarding this
notice, please contact John Winkle, Office of Program Delivery, Federal
Railroad Administration, 1200 New Jersey Avenue SE., Mail Stop 20,
Washington, DC 20590; Email<EMAIL_ADDRESS>Phone: (202) 493-
6067; Fax:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice to applicants: FRA recommends that
applicants read this notice in its entirety prior to preparing
application materials. There are several administrative requirements
described herein that applicants must comply with to submit an
application and application requirements may differ depending on the
type of proposed project. FRA has established a Web page for grant
notices, at www.fra.dot.gov/Page/P0021, that contains required
application materials and additional guidance for topics referenced in
this notice.
    Additionally, applicants should note that the required project
narrative component of the application package may not exceed 25 pages
in length.

Table of Contents

1. Program Description
2. Federal Award Information
3. Eligibility Information
4. Application and Submission Information
5. Application Review
6. Federal Award Administration
7. Federal Awarding Agency Contact

Section 1: Program Description

1.1 Background

    Over the last 10 years, the number of railroad accidents in the
U.S. has declined by 46 percent and those accidents involving hazardous
materials have declined by almost 50 percent. Nonetheless, there is
opportunity for improvement, and safety continues to be FRA's number
one priority, particularly where hazardous materials and energy product
transport are concerned.
    In the past two years, DOT and FRA have aggressively taken more
than two dozen actions (https://www.fra.dot.gov/eLib/details/L04721) on
multiple fronts to mitigate accident risk and promote rail safety. FRA
has issued emergency orders and safety advisories; conducted special
inspections, such as ``Operation Classification''; and brought together
railroad companies on a series of immediate actions they can take to
improve safety. Additionally, DOT recently released its Final Rule to
Strengthen Safe Transportation of Flammable Liquids by Rail (https://www.fra.dot.gov/eLib/details/L16355#p2_z5_gD_lPR), which will prevent
accidents, mitigate accident consequences, and support emergency
response.
    This NOFA represents another component of FRA's multi-pronged
effort to promote the safe transport of hazardous materials, with a
special emphasis on the movement of energy products by rail, which has
increased by well over 4,000 percent in the past 7 years alone, largely
due to the increase in domestic crude oil production and its transport
to market.

1.2 Program Overview

    This notice contains the requirements and procedures applicants
must follow to compete for funding under the Railroad Safety Grants for
the Safe Transportation of Energy Products by Rail Program. This
Program makes $10,000,000 in discretionary funding available for public
and private railroad grade crossing enhancement and track improvement
projects that improve safety on rail routes that transport flammable
energy products, which are defined as crude oil, ethanol, and natural
gas for the purposes of this notice.
    Applicants are encouraged to read the remainder of this NOFA
carefully for funding parameters; applicant, project, and project-cost
eligibility requirements; application development and submission
policies; details regarding FRA's application evaluation and selection
criteria; and post-award grant administration responsibilities.

1.3 Legislative Authority

    Funding for this notice was made available by the Consolidated and
Further Continuing Appropriations Act, 2015, Public Law 113-235,
Division K, Title I, sec. 153, 128 Stat. 2130, 2718 (2014). This Act
appropriated $10,000,000 for this grant program, all of which is
available through this NOFA.

Section 2: Federal Award Information

    The total amount of funding available under this NOFA is
$10,000,000. FRA anticipates making multiple awards under this notice.
However, given the relatively limited amount of funding available for
award, FRA:
    (1) Encourages applicants to constrain their Federal funding
request to a maximum of $3,000,000 per project and application. While
this funding request limit is a recommendation and not a firm
requirement, applications exceeding the recommended amount must explain
why additional funding over the recommended amount is necessary to
implement the proposed project. If additional funding is required for a
particular project, applicants are advised to subdivide higher-cost
projects into discrete components that demonstrate operational
independence and public benefits discrete to that project component.
    (2) Strongly encourages applicants to leverage other federal,
state, local, or private funds to support the proposed project.
    (3) May not be able to award grants to all eligible applications,
or even those applications that meet or exceed the stated evaluation
criteria (see Section 5, Application Review and Selection). However,
should additional funding become available, FRA may choose to fund
applications submitted under this NOFA, but not selected in FRA's first
round of funding.

Section 3: Eligibility Information

    This section of the notice provides the requirements for submitting
an eligible grant application under this Program. Applications that do
not meet the requirements in this section may be considered ineligible
for funding. Instructions for conveying eligibility information to FRA
are detailed in Section 4 of this NOFA.

3.1 Applicant Eligibility

    The following entities are eligible applicants for all project
types permitted under this notice (see section 3.2, ``Project
Eligibility''):
     States
     Groups of States
     Interstate Compacts
FRA prefers but does not require that State Departments of
Transportation (or similar) submit applications on behalf of their
State.

3.2 Project Eligibility

    This notice solicits applications for two distinct project types.
The types of

costs/activities allowed under each project type are discussed in
Section 3.3, ``Cost Eligibility'':
    [cir] Grade Crossing Improvements; and
    [cir] Track Enhancements.
    All eligible projects types must be conducted on and directly
relate to rail lines over which crude oil, ethanol, and/or natural gas
are transported.\1\ In addition, all applications must clearly
demonstrate project need and the expected positive impact of the
proposed project on rail safety using clear, supportable data.
---------------------------------------------------------------------------

    \1\ FRA does not maintain comprehensive, publicly-available data
regarding where crude oil, ethanol, and/or natural gas are currently
transported over rail lines. Therefore, FRA encourages applicants to
work with railroads or track owners to determine if a particular
line meets this criterion. This information may also be available
from emergency responders or emergency planners. Information
regarding hazardous material commodity flows, including energy
products, may be requested via the provisions of the Association of
American Railroads' Circular OT-55-O, which may be downloaded here:
http://www.boe.aar.com/boe-download.htm.
---------------------------------------------------------------------------

    Proposed grade crossing improvement and track enhancement projects
may include pre-construction planning activities in their statement of
work (SOW) (see Section 4 for more details on SOW requirements).
    Applicants seeking grade crossing improvement funding must describe
their project in the context of the Federal Highway Administration's
Railway-Highway Crossing Program funds, 23 U.S.C. 130 funding (Section
130 funding). Specifically, applicants must document why their State
has not used Section 130 funding to conduct the proposed project, or
how FRA funds will be used to augment/complement work currently
proposed, underway, or completed using Section 130 funding.
    All applicants must establish the need for their project in the
context of energy product transport by rail.
    FRA will only accept one project per application, with two discrete
exceptions:
    (1) FRA will accept an application that proposes a single project
composed of combination track enhancements and grade crossing
improvements if those enhancements and improvements are at the same or
contiguous project sites and the applicant demonstrates that together,
they have a markedly higher improvement on rail safety if jointly
implemented; and
    (2) FRA will accept an application that proposes improvements at
sequential grade crossings that, together, will result in a sealed rail
corridor or segment.

3.3 Cost Eligibility

    3.3.1. Matching Funds. FRA's funding contribution to any proposed
project under this NOFA must not exceed an 80 percent share of the
total project cost. At least 20 percent of any total project costs must
be provided for by the applicant in the form of project match, and
applicants are encouraged to leverage funds in excess of the 20 percent
project cost where possible. Federal regulation prohibits FRA from
considering any Federal or non-Federal funds already expended (or
otherwise encumbered) toward the matching requirement. Applicants must
identify the source(s) of their matching and other leveraged funds, and
must clearly and distinctly reflect these funds as part of the total
project cost in the application budget.
    Before submitting an application, applicants should carefully
review the principles for cost sharing or matching in 2 CFR 200.306.
    3.3.2. Grade Crossing Improvement Costs. Activities proposed for
grade crossing improvement projects should fall into the following
categories, although the examples provided are not exhaustive:
    [cir] Crossing Approach Improvements--includes channelization,
medians, and illumination.
    [cir] Crossing Sign and Pavement Improvements.
    [cir] Active Grade Crossing Warning Device Installation/Upgrade--
includes flashing lights, gates, bells, track circuitry (such as
constant warning time), highway traffic signal interconnection, and
highway-traffic signal preemption.
    [cir] Visibility Improvements--includes sight distance improvements
and vegetation clearance.
    [cir] Crossing Geometry Improvements--includes horizontal and/or
vertical roadway alignment, and elimination or modification of high-
profile or ``humped'' crossings.
    [cir] Grade Crossing Elimination--includes crossing elimination
through crossing closure, roadway relocation, or construction of grade
separation structures.
    [cir] Other Innovative Crossing Improvements--includes other
justifiable safety enhancements such as photo/video enforcement
equipment, vehicle presence detection, and remote health monitoring
equipment.
    FRA strongly encourages applicants to submit proposals for grade
crossing improvement projects that go beyond basic signage or
visibility improvements (although these improvements may be part of a
larger proposed grade crossing improvement project). Application
selection preference may be given to projects where proven innovative
or cutting edge grade crossing safety techniques or technology will be
applied.
    3.3.3. Track Enhancements Costs. Activities proposed for track
enhancements should be focused on efforts to rehabilitate, restore,
maintain, or improve track conditions and classification that will
directly and positively impact railroad safety. Activities/costs for
these projects should fall into the following categories, although the
examples provided in each category are not exhaustive:
    [cir] Track Renewal--includes rail and tie replacement, continuous
welding or rail surfacing, and the removal and replacement of existing
tie plates, spikes, anchors, and other track material.
    [cir] Ballast Renewal--includes undercutting, ballast replacement,
and tamping.
    [cir] Turnout Rehabilitation--includes frog and switch point
rehabilitation and replacement or turnout upgrades.
    [cir] Drainage Rehabilitation--includes ditch cleaning, re-grading
or culvert cleaning, and replacement or drainage upgrades.

Section 4: Application and Submission Information

4.1 Submission Dates and Times

    Complete applications must be submitted to Grants.gov no later than
5:00 p.m. EDT on November 4, 2015. Applications received after 5:00
p.m. EDT on November 4, 2015, will not be considered for funding.
Accordingly, applicants are strongly encouraged to apply early to
ensure that all materials are received before the application deadline.

4.2 Application Content

    Required documents for an application package are outlined in the
checklist below.
    [cir] SF424 (Application for Federal Assistance)
    [cir] Project Narrative (see 4.2.1)
    [cir] Statement of Work (see 4.2.2)
    [cir] FRA's Additional Assurances and Certifications
    [cir] Most Recent Section 130 Program Annual State Report (only for
grade crossing projects)
    [cir] Either: SF 424A--Budget Information for Non-Construction OR
SF 424C--Budget Information for Construction
    [cir] Either: SF 424B--Assurances for Non-Construction OR SF 424D--
Assurances for Construction

    [cir] SF LLL: Disclosure of Lobbying Activities
    Applicants must complete and submit all components of the
application package to be considered for funding. FRA has established a
grant opportunity Web page at www.fra.dot.gov/Page/P0021, which
contains application forms and additional application guidance.
Additional content requirements for the project narrative and SOW can
be found in Sections 4.2.1 and 4.2.2 below.
    FRA welcomes the submission of other relevant supporting
documentation that the applicant has developed such as planning,
National Environmental Policy Act (NEPA) documentation, engineering and
design documentation, letters of support, etc. Applications accompanied
by completed feasibility studies, environmental determinations, and
cost estimates may be more favorably considered during the application
review process because they demonstrate an applicant has a greater
understanding of the scope and cost of the proposed project. These
documents will not count against the 25-page limit applied to the
project narrative.
    4.2.1 Project Narrative. The following seven numeric points
describe the minimum content required in the project narrative
component of a grant application, and FRA recommends that the project
narrative adhere to the following outline. The project narrative may
not exceed 25 pages in length (including any supporting tables, maps,
drawings, etc.) FRA will not accept applications with project
narratives exceeding the 25 page limit. However, the supplementary
documents listed in the Section 4.2 above will not count against this
limit.
    (1) Include a title page that lists the following elements in
either a table or formatted list: Project title, location (street or
address, zip code, city, county, State, district), type of project
(e.g., Grade Crossing Improvement or Track Enhancement), the applicant
organization name, and the name of any co-applicants. Provide a brief
4-6 sentence summary of the proposed project, capturing the safety
challenges the proposed project aims to address, the intended outcomes,
and anticipated benefits that will result from the proposed project. If
applicable, the project description must also cite specific National
Grade Crossing Inventory information, including the name railroad that
owns the infrastructure (or the crossing owner, if different from the
railroad), the name of the primary railroad operator, the DOT crossing
inventory number, and the name of the roadway at the crossing.
Applicants can search for data to meet this requirement at the
following link: http://safetydata.fra.dot.gov/OfficeofSafety/default.aspx.
    (2) Describe applicant eligibility per Section 3 of this notice.
Provide a single point of contact for the application including: Name,
title, phone number, mailing address, and email address. The point of
contact must be an employee of the eligible applicant.
    (3) Indicate the amount of Federal funding requested from FRA under
this NOFA and for this project, the proposed non-Federal match, any
other funding amounts, and total project cost. Identify the Federal and
matching funding percentages of the total project cost. Applicants must
identify source(s) of matching funds, the source(s) of any other
Federal funds committed to the project, and any pending Federal
requests. Please note, other federal funds may be used to support the
project, but may not be considered eligible matching funds for funds
awarded under this notice. If applicable, be sure to note if the
requested Federal funding must be obligated or expended by a certain
date due to dependencies or relationships with other Federal or non-
Federal funding sources, related projects, or other factors. Finally,
specify whether Federal funding has ever previously been sought for the
project and not secured, and name the Federal program and fiscal year
from which the funding was requested.
    (4) Include a detailed project description that expands upon the
brief summary required in item number one of the project narrative
section. This detailed description should provide, at a minimum,
additional background on: The safety risks and challenges the project
aims to address; the amount of crude oil, ethanol, or natural gas
transported through the project area; the expected beneficiaries of the
project (including any private rail companies); the specific project
activities proposed, expected outputs and outcomes of the project; and
any other information the applicant deems necessary to justify the
proposed project. In describing the project, the application should
also clearly explain how the proposed project meets the respective
project and cost/activity eligibility criteria for the type of funding
requested as outlined in Section 3 of this notice.
    (5) Include a thorough discussion of how the project meets all of
the evaluation criteria for the respective project type as outlined
below in Section 5 of this notice. Applicants should note that FRA
reviews applications based upon the evaluation criteria listed. If an
application does not sufficiently address the evaluation criteria, it
is unlikely to be considered a competitive application. In responding
to the criteria, applicants are reminded to clearly identify, quantify,
and compare expected safety benefits and costs of proposed projects.
FRA understands that the level of detail and sophistication of analysis
that should be expected for relatively small projects (i.e., those
encouraged to be limited to under $3,000,000 in this notice) is less
than for larger, multi-million dollar investments.
    (6) Describe proposed project implementation and project management
arrangements. Include descriptions of the expected arrangements for
project contracting, contract oversight, change-order management, risk
management, and conformance to Federal requirements for project
progress reporting.
    (7) Describe anticipated environmental or historic preservation
impacts associated with the proposed project, any environmental or
historic preservation analyses that have been prepared, and progress
toward completing any environmental documentation or clearance required
for the proposed project under NEPA, the National Historic Preservation
Act, section 4(f) of the U.S. DOT Act, the Clean Water Act, or other
applicable Federal or State laws. Applicants and grantees under FRA's
financial assistance programs are encouraged to contact FRA and obtain
preliminary direction regarding the appropriate NEPA class of action
and required environmental documentation. Generally, projects will be
ineligible to receive funding if they have begun construction
activities prior to the applicant/grantee receiving written approval
from FRA that all environmental and historical analyses have been
completed. Additional information regarding FRA's environmental
processes and requirements are located at www.fra.dot.gov/Page/#####.
    4.2.2 Statement of Work. Applicants are required to submit an SOW
that addresses the scope, schedule, and budget for the proposed project
if it were selected for award. The SOW should contain sufficient detail
so that both FRA and the applicant can understand the expected outcomes
of the proposed work to be performed and monitor progress toward
completing project tasks and deliverables during a prospective grant's
period of performance. The FRA has developed a standard SOW template
that applicants must use to be considered for award.

The SOW templates are located at www.fra.dot.gov/Page/P0021.

4.3 Submission Instructions

    Applicants must submit all application materials through
Grants.gov. For any required or supporting application materials an
applicant is unable to submit via Grants.gov (such as oversized
engineering drawings), an applicant may submit an original and two
copies to Renee Cooper, Office of Program Delivery, Federal Railroad
Administration, 1200 New Jersey Avenue SE., Mail Stop 20, Washington,
DC 20590. Applicants are advised to use means of rapid conveyance (such
as courier service) as the application deadline approaches.
    To apply for funding through Grants.gov, applicants must be
properly registered. Complete instructions on how to register and
submit an application are at Grants.gov. Registering with Grants.gov is
a one-time process. However, it can take several weeks for first-time
registrants to receive confirmation and a user password. FRA recommends
that applicants start the registration process as early as possible to
prevent delays that may preclude submitting an application package by
the application deadline. FRA will not accept applications after the
due date.
    To apply for funding under this announcement and to apply for
funding through Grants.gov, all applicants must:
    1. Acquire a DUNS Number. A Data Universal Numbering System (DUNS)
number is required for Grants.gov registration. The Office of
Management and Budget requires that all businesses and nonprofit
applicants for Federal funds include a DUNS number in their
applications for a new award or renewal of an existing award. A DUNS
number is a unique nine-digit sequence recognized as the universal
standard for identifying and keeping track of entities receiving
Federal funds. The identifier is used for tracking purposes and to
validate address and point of contact information for Federal
assistance applicants, recipients, and sub-recipients. The DUNS number
will be used throughout the grant life cycle. Obtaining a DUNS number
is a free, one-time activity. Applicants may obtain a DUNS number by
calling 1-866-705-5711 or by applying online at http://www.dnb.com/us.
    2. Acquire or Renew Registration with the System for Award
Management (SAM) Database. All applicants for Federal financial
assistance must maintain current registrations in the System for Award
Management (SAM) database. An applicant must be registered in SAM to
successfully register in Grants.gov. The SAM database is the repository
for standard information about Federal financial assistance applicants,
recipients, and sub recipients. Organizations that have previously
submitted applications via Grants.gov are already registered with SAM,
as it is a requirement for Grants.gov registration. Please note,
however, that applicants must update or renew their SAM registration at
least once per year to maintain an active status. Therefore, it is
critical to check registration status well in advance of the
application deadline. Information about SAM registration procedures is
available at www.sam.gov.
    3. Acquire an Authorized Organization Representative (AOR) and a
Grants.gov Username and Password. Applicants must complete an AOR
profile on Grants.gov and create a username and password. Applicants
must use the organization's DUNS number to complete this step.
Additional information about the registration process is available at
www.grants.gov/applicants/get_registered.jsp.
    4. Acquire Authorization for your AOR from the E-Business Point of
Contact (E-Biz POC). The Applicant's E-Biz POC must log in to
Grants.gov to confirm a representative as an AOR. Please note that
there can be more than one AOR at an organization.
    5. Search for the Funding Opportunity on Grants.gov. The Catalog of
Federal Domestic Assistance (CFDA) number for this opportunity is
20.314, titled ``Railroad Development.''
    6. Submit an Application Addressing All of the Requirements
Outlined in this Funding Availability Announcement. After submitting
the application through Grants.gov, a confirmation screen will appear
on the applicant's computer screen. This screen will confirm that the
applicant has submitted an application and provide a tracking number to
track the status of the submission. Within 24 to 48 hours after
submitting an electronic application, an applicant should receive an
email validation message from Grants.gov. The validation message will
explain whether the application has been received and validated or
rejected, with an explanation. Applicants are urged to submit an
application at least 72 hours prior to the due date of the application
to allow time to receive the validation message and to correct any
problems that may have caused a rejection notification.
    If an applicant experiences difficulties at any point during this
process, please call the Grants.gov Customer Center Hotline at 1-800-
518-4726, 24 hours a day, 7 days a week (closed on Federal holidays).

    Note:  Please use generally accepted formats such as .pdf, .doc,
.docx, .xls, .xlsx and .ppt, when uploading attachments. While
applicants may imbed picture files, such as .jpg, .gif, and .bmp, in
document files, applicants should not submit attachments in these
formats. Additionally, the following formats will not be accepted:
.com, .bat, .exe, .vbs, .cfg, .dat, .db, .dbf, .dll, .ini, .log,
.ora, .sys, and .zip.

Section 5: Application Review

5.1 Intake and Eligibility

    Following the application deadline, FRA will screen all
applications for timely submission and completeness. Applications that
do not meet the requirements detailed in Section 4 of this notice will
be ineligible for funding consideration.

5.2 Evaluation

    FRA intends to award funds to projects that achieve the maximum
benefits possible given the amount of funding available. FRA will
analyze each application for its technical merit using the factors and
sub-criteria below.
    (1) Technical Merit
    [cir] The application is thorough and responsive to all of the
requirements outlined in this notice.
    [cir] The tasks and subtasks outlined in the SOW are appropriate to
achieve the expected safety outputs of the proposed project.
    [cir] The proposed costs are realistic and are sufficient to
accomplish the tasks documented in the SOW.
    [cir] The appropriate partnerships and financing are in place to
complete the proposed project.
    (2) Project Benefits
    [cir] The application contains supportable data to describe the
safety risk that currently exists if the proposed project is not
completed, including clear data regarding the energy products
transported through the proposed project site.
    [cir] The applicant describes the expected safety benefit of the
project, making a reasonable link between that benefit and the proposed
activities of the project.
    [cir] The relative impact of the proposed safety improvement (i.e.,
does the safety benefit have a significant impact on a given community,
rail line, etc.).
    [cir] Information provided by the applicant that demonstrates the
merit of investing in the proposed project using a benefit cost
analysis that is systematic, data driven, and examines the trade-offs
between projects costs and their

expected safety benefit. Applicants should note if other, alternative
investments were considered for submission under this notice using a
similar benefit-cost analysis approach. Applicants are strongly
encouraged to use Executive Order 12839 (Principles for Federal
Infrastructure Investments, 59 FR 4233), OBM Circular A-94 (Guidelines
and Discount Rates for Benefit-Cost Analysis of Federal Programs), and
Office of Management and Budget (OMB) Circular A-4 (Regulatory
Analysis) to conduct this analysis.

5.3 Selection

    In addition to the evaluation criteria outlined in Section 5.2
above, the FRA Administrator may apply any or all of the following
selection criteria to further ensure the projects selected for funding
advance FRA and DOT's current mission and key priorities, as well as to
ensure the projects selected are appropriate in a national context.
    (1) Alignment with DOT Strategic Goals and Priorities:
    [cir] Improving transportation safety;
    [cir] Maintaining infrastructure in a state of good repair;
    [cir] Promoting economic competitiveness;
    [cir] Advancing environmentally sustainable transportation
policies;
    [cir] Furthering the six ``Livability Principles'' DOT developed
with the Department of Housing and Urban Development and the
Environmental Protection Agency as part of the Partnership for
Sustainable Communities;
    [cir] Enhancing quality of life; and/or
    [cir] Building ladders of opportunity to expand the middle class.
    (2) Project Delivery Performance:
    [cir] The applicant's track record in successfully delivering
previous FRA and DOT grants on time, on budget, and for the full
intended scope; and/or
    [cir] The extent to which the proposed project complements previous
FRA or DOT awards.
    (3) Region/Location
    [cir] The extent to which the proposed project increases the
economic productivity of land, capital, or labor at specific locations,
particularly in economically distressed areas;
    [cir] Ensuring appropriate level of regional balance across the
country; and/or
    [cir] Ensuring consistency with national transportation and rail
network objectives.
    (4) Innovation/Resource Development:
    [cir] Pursuing new rail technologies, including grade crossing
safety-improvement technology, that result in favorable public return
on investment and ensure delivery of project benefits;
    [cir] Promoting innovations that demonstrate the value of new
approaches to, safety management, as well as contracting, project
delivery, etc.; and/or
    [cir] Promoting domestic manufacturing, supply, and industrial
development.
    (5) Partnerships:
    [cir] For projects that span multiple jurisdictions (States or
local governments), emphasizing those that have organized multi-
jurisdictional partnerships with joint planning and prioritization of
investments;
    [cir] Strengthening human capital and workforce opportunities,
particularly for low-income workers or for people in economically
distressed areas;
    [cir] Employing creative approaches to ensure workforce diversity
and use of disadvantaged and minority business enterprises, including
opportunities for small businesses and disadvantaged business
enterprises, including veteran-owned small businesses and service-
disabled veteran-owned small businesses; and/or
    [cir] Engaging local communities and other stakeholder groups in
the project in a way that offers an opportunity for meaningful
engagement in the process.
    (6) Project Readiness:
    [cir] Applicant progress, if any, in reaching compliance with the
NEPA for the proposed project. Note that NEPA related work or a NEPA
decision (e.g., a Record of Decision, Finding of No Significant Impact,
Categorical Exclusion determination) is not required to apply for
funding under this program;
    [cir] The extent to which proposed project is consistent with an
adopted State-wide transportation or rail plan;
    [cir] The level of detail provided in the submitted Statement of
Work, including whether there is enough information to immediately
advance the proposed project to award;
    [cir] The level and degree to which the proposed project is
dependent on other non-FRA financial contributions and the extent to
which these contributions are secure; and/or
    [cir] Whether there are engineering materials developed and
submitted to FRA or materials partially developed that may be available
to FRA in the near future to assess the proposed project's design and
constructability risks.
    (7) Passenger Rail Impact:
    [cir] Proposed projects that improve rail lines over which both
passengers and energy products travel.

Section 6: Federal Award Administration

    Applications selected for funding will be announced after the
application review period. FRA will contact applicants with successful
applications after announcement with information and instructions about
the award process. Notification of a selected application is not an
authorization to begin proposed project activities. A formal Notice of
Grant Agreement signed by both the grantee and the FRA and containing
an approved scope, schedule, and budget, is required before the award
is considered complete.
    The period of performance for grants awarded under this notice is
dependent upon the project and will be determined on a grant-by-grant
basis. FRA will only consider written requests to FRA to extend the
period of performance with specific and compelling justifications for
why an extension is required. Any obligated funding not spent by the
grantee and reimbursed by the FRA upon completion of the grant will be
deobligated.
    FRA will make awards for projects selected under this notice
through cooperative agreements. Cooperative agreements allow for
substantial Federal involvement in carrying out the agreed upon
investment, including technical assistance, review of interim work
products, and increased program oversight under 2 CFR part 200,
appendix I. The funding provided under these cooperative agreements
will be made available to grantees on a reimbursable basis. Applicants
must certify that their expenditures are allowable, allocable,
reasonable, and necessary to the approved project before seeking
reimbursement from FRA. Additionally, the grantee must expend matching
funds at the required percentage alongside Federal funds throughout the
life of the project.

6.1 Administrative and National Policy Requirements

    Grantees and entities receiving funding from the grantee (sub-
recipients), must comply with all applicable laws and regulations. A
non-exclusive list of administrative and national policy requirements
that grantees must follow includes: 2 CFR part 200; procurement
standards; compliance with Federal civil rights laws and regulations;
disadvantaged business enterprises; debarment and suspension; drug-free
workplace; FRA's and OMB's Assurances and Certifications; Americans
with Disabilities Act; and labor standards, safety oversight,
environmental

protection, NEPA, environmental justice, and Buy American (41 U.S.C.
8302) provisions.

6.2 General Requirements

    The grantee must comply with all post-award reporting, auditing,
monitoring, and close-out requirements, as described at
www.fra.dot.gov/Page/P0021.

Section 7: Federal Awarding Agency Contact

    For further information regarding this notice and the grants
program, please contact John Winkle, Office of Program Delivery,
Federal Railroad Administration, 1200 New Jersey Avenue SE., Mail Stop
20, Washington, DC 20590; Email<EMAIL_ADDRESS>Phone: (202) 493-
6067; Fax:<PHONE_NUMBER>.

    Authority: Pub. L. 113-235, sec. 153, Division K, Title I, 128
Stat. 2130, 2718.

    Issued in Washington, DC on August 31, 2015.
David Valenstein,
Division Chief.
[FR Doc. 2015-21960 Filed 9-3-15; 8:45 am]
 BILLING CODE 4910-06-P


[Federal Register Volume 88, Number 115 (Thursday, June 15, 2023)]
[Notices]
[Pages 39274-39275]
[FR Doc No: 2023-12890]

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SECURITIES AND EXCHANGE COMMISSION

Sunshine Act Meetings

TIME AND DATE: Notice is hereby given, pursuant to the provisions of
the

Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission Investor Advisory Committee will hold a public
meeting on Thursday, June 22, 2023. The meeting will begin at 10:00
a.m. (ET) and will be open to the public.

PLACE: The meeting will be conducted by remote means. Members of the
public may watch the webcast of the meeting on the Commission's website
at www.sec.gov.

STATUS: This Sunshine Act notice is being issued because a majority of
the Commission may attend the meeting.

MATTERS TO BE CONSIDERED: The agenda for the meeting includes: welcome
and introductory remarks; opening remarks; approval of previous meeting
minutes; a panel discussion regarding private funds/markets and
outbound investments in countries of concern; a panel discussion
regarding ensuring digital engagement practices responsibly expand
investment opportunities; a panel discussion regarding audit committee
workload and transparency; a discussion of a recommendation regarding
single-stock exchange traded funds; a discussion of a recommendation
regarding proposed amendments to regulation 13D-G and proposed rule
10B-1 under the Securities Exchange Act of 1934; a discussion of a
recommendation regarding registered investment adviser oversight;
subcommittee and working group reports; and a non-public administrative
session.
    Public Comment: The public is invited to submit written statements
to the Committee. Written statements should be received on or before
June 21, 2023.
    Written statements may be submitted by any of the following
methods:

Electronic Statements

     Use the Commission's internet submission form (http://www.sec.gov/rules/other.shtml); or
     Send an email message to [email protected]. Please
include File No. 265-28 on the subject line; or

Paper Electronic Statements

     Send paper statements to Vanessa A. Countryman, Secretary,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-1090.

All submissions should refer to File No. 265-28. This file number
should be included on the subject line if email is used. To help us
process and review your statement more efficiently, please use only one
method.
    Statements also will be available for website viewing and printing
in the Commission's Public Reference Room, 100 F Street NE, Room 1503,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. All statements received will be posted without
change. Persons submitting comments are cautioned that we do not redact
or edit personal identifying information from comment submissions. You
should submit only information that you wish to make available
publicly.

CONTACT PERSON FOR MORE INFORMATION: For further information and to
ascertain what, if any, matters have been added, deleted or postponed;
please contact Vanessa A. Countryman from the Office of the Secretary
at<PHONE_NUMBER>.

(Authority: 5 U.S.C. 552b.)

    Dated: June 12, 2023.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2023-12890 Filed 6-13-23; 4:15 pm]
BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 115 (Friday, June 16, 2017)]
[Notices]
[Pages 27738-27739]
[FR Doc No: 2017-12536]

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SECURITIES AND EXCHANGE COMMISSION

Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC
20549-2736

Extension:
    Rule 15c2-11; SEC File No. 270-196, OMB Control No. 3235-0202

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.) (``PRA''), the Securities and
Exchange Commission (``Commission'') has submitted to the Office of
Management and Budget (``OMB'') a request for approval of extension of
the previously approved collection of information provided for in Rule
15c2-11, (17 CFR 240.15c2-11), under the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.) (``Exchange Act'').
    Rule 15c2-11 under the Exchange Act regulates the initiation or
resumption of quotations in a quotation medium by a broker-dealer for
over-the-counter (``OTC'') securities. The Rule was designed primarily
to prevent certain manipulative and fraudulent trading schemes that had
arisen in connection with the distribution and trading of unregistered
securities issued by shell

companies or other companies having outstanding but infrequently traded
securities. Subject to certain exceptions, the Rule prohibits broker-
dealers from publishing a quotation for a security, or submitting a
quotation for publication, in a quotation medium unless they have
reviewed specified information concerning the security and the issuer.
    Based on information provided by Financial Industry Regulatory
Authority, Inc. (``FINRA''), in the 2016 calendar year, FINRA received
approximately 461 applications from broker-dealers to initiate or
resume publication of quotes of covered OTC securities on the OTC
Bulletin Board and/or OTC Link or other quotation mediums. We estimate
that (i) 195 of the covered OTC securities were issued by reporting
issuers, while the other 266 were issued by non-reporting issuers, and
(ii) it will take a broker-dealer about 4 hours to review, record and
retain the information pertaining to a reporting issuer, and about 8
hours to review, record and retain the information pertaining to a non-
reporting issuer.
    We therefore estimate that broker-dealers who initiate or resume
publication of quotations for covered OTC securities of reporting
issuers will require 780 hours (195 x 4) to review, record and retain
the information required by the Rule. We estimate that broker-dealers
who initiate or resume publication of quotations for covered OTC
securities of non-reporting issuers will require 2,128 hours (266 x 8)
to review, record and retain the information required by the Rule.
Thus, we estimate the total annual burden hours for broker-dealers to
initiate or resume publication of quotations of covered OTC securities
to be 2908 hours (780 + 2,128). The Commission believes that the
compliance costs for these 2,908 hours would be borne by internal staff
working at a rate of $57 per hour.\1\
---------------------------------------------------------------------------

    \1\ $57 per hour figure for a General Clerk is from SIFMA's
Office Salaries in the Securities Industry 2013, modified by
Commission staff to account for an 1800-hourwork-year and inflation,
and multiplied by 2.93 to account for bonuses, firm size, employee
benefits and overhead.
---------------------------------------------------------------------------

    Subject to certain exceptions, the Rule prohibits broker-dealers
from publishing a quotation for a security, or submitting a quotation
for publication, in a quotation medium unless they have reviewed
specified information concerning the security and the issuer. The
broker-dealer must also make the information reasonably available upon
request to any person expressing an interest in a proposed transaction
in the security with such broker or dealer. The collection of
information that is submitted to FINRA for review and approval is
currently not available to the public from FINRA.
    An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information under the PRA unless it
displays a currently valid OMB control number.
    The public may view background documentation for this information
collection at the following Web site, www.reginfo.gov. Comments should
be directed to: (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 by sending an email to:
<EMAIL_ADDRESS>and (ii) Pamela Dyson, Director/Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, or by sending an email to<EMAIL_ADDRESS>Comments
must be submitted to OMB within 30 days of this notice.

    Dated: June 13, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-12536 Filed 6-15-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 150 (Friday, August 3, 2018)]
[Notices]
[Page 38180]
[FR Doc No: 2018-16613]

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DEPARTMENT OF LABOR

Occupational Safety and Health Administration

Susan Harwood Training Grant Program, FY 2018

AGENCY: Occupational Safety and Health Administration (OSHA), Labor.

ACTION: Notice of availability of funds and funding opportunity
announcement (FOA) for Targeted Topic Training grants, Training and
Educational Materials grants, and Capacity Building grants.

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

SUMMARY: This notice announces availability of approximately $10.5
million for Susan Harwood Training Grant Program grants. Three separate
funding opportunity announcements are available for Targeted Topic
Training grants, Training and Educational Materials grants, and
Capacity Building grants (Funding Opportunity Number SHTG-FY-17-03 will
cover two types of Capacity Building grants: (1) Capacity Building
Pilot and (2) Capacity Building Developomental grants).
    Funding Opportunity Number: SHTG-FY-17-01 (Targeted Topic Training
grants).
    Funding Opportunity Number: SHTG-FY-17-02 (Training and Educational
Materials grants).
    Funding Opportunity Number: SHTG-FY-17-03 (Capacity Building
grants).
    Catalog of Federal Domestic Assistance Number: 17.502.

DATES: Grant applications for Susan Harwood Training Program grants
must be received electronically by the Grants.gov system no later than
11:59 p.m., ET, on September 2, 2018.

ADDRESSES: The complete Susan Harwood Training Grant Program funding
opportunity announcement and all information needed to apply are
available at the Grants.gov website, https://www.grants.gov/.

FOR FURTHER INFORMATION CONTACT: Questions regarding the funding
opportunity announcement should be emailed to [email protected] or
by telephone at<PHONE_NUMBER> extension 7926. Personnel will not be
available to answer questions after 5:00 p.m., ET. To obtain further
information on the Susan Harwood Training Grant Program, visit the OSHA
website at: https://www.osha.gov/dte/sharwood/index.html. Questions
regarding Grants.gov should be emailed to [email protected] or
directed to Applicant Support toll free at 1-800-518-4726. Applicant
Support is available 24 hours a day, 7 days a week except on Federal
holidays.

Authority and Signature

    Loren Sweatt, Deputy Assistant Secretary of Labor for Occupational
Safety and Health, directed the preparation of this notice. The
authority for this notice is Section 21 of the Occupational Safety and
Health Act of 1970, (29 U.S.C. 670), Public Law 113-235, and Secretary
of Labor's Order No. 1-2012 (77 FR 3912).

    Signed at Washington, DC, on July 27, 2018.
Loren Sweatt,
Deputy Assistant Secretary of Labor for Occupational Safety and Health.
[FR Doc. 2018-16613 Filed 8-2-18; 8:45 am]
 BILLING CODE 4510-26-P