[Federal Register Volume 87, Number 76 (Wednesday, April 20, 2022)]
[Notices]
[Page 23517]
[FR Doc No: 2022-08465]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Notice of Effectiveness of Exempt Wholesale Generator Status

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                                                    Docket Nos.
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CPV Maple Hill Solar, LLC................  EG22-37-000
BT Noble Solar, LLC......................  EG22-38-000
High Lonesome Storage, LLC...............  EG22-39-000
Roadrunner Storage, LLC..................  EG22-40-000
Snyder ESS Assets, LLC...................  EG22-41-000
Westover ESS Assets, LLC.................  EG22-42-000
Sweetwater ESS Assets, LLC...............  EG22-43-000
Swoose II LLC............................  EG22-44-000
Jicarilla Solar 2 LLC....................  EG22-45-000
Brazoria West Solar Project, LLC.........  EG22-46-000
Geysers Power Company, LLC...............  EG22-47-000
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    Take notice that during the month of March 2022, the status of the
above-captioned entities as Exempt Wholesale Generators became
effective by operation of the Commission's regulations. 18 CFR 366.7(a)
(2021).

    Dated: April 14, 2022.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2022-08465 Filed 4-19-22; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 87, Number 106 (Thursday, June 2, 2022)]
[Notices]
[Pages 33568-33569]
[FR Doc No: 2022-11783]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94986; File No. SR-SCCP-2022-01]

Self-Regulatory Organizations; Stock Clearing Corporation of
Philadelphia; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Amend the Nasdaq Amended and Restated Certificate of
Incorporation

May 26, 2022.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act''),\1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on May 16, 2022, Stock Clearing Corporation of
Philadelphia (``SCCP'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I and II below, which Items have been prepared by SCCP. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    SCCP is filing this proposed rule change to amend the Amended and
Restated Certificate of Incorporation (``Certificate'') of its parent
corporation, Nasdaq, Inc. (``Nasdaq'' or the ``Company''), to increase
Nasdaq's authorized share capital.
    The text of the proposed rule change is available on the SCCP's
website at https://listingcenter.nasdaq.com/rulebook/sccp/rules, at the
principal office of SCCP, and at the Commission's Public Reference
Room.

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

    In its filing with the Commission, SCCP included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. SCCP has prepared summaries, set forth in Sections A, B,
and C below, of the most significant aspects of such statements.

A. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule change is to amend the Nasdaq
Certificate \3\ to increase the total number of authorized shares of
Nasdaq common stock, par value $0.01 per share (``Common Stock'').
Specifically, SCCP proposes to amend Article Fourth, Section A such
that the total number of shares of Stock (i.e., capital stock) that
Nasdaq is authorized to issue would be increased from 330,000,000 to
930,000,000 shares, and the portion of that total constituting Common
Stock would be changed from 300,000,000 to 900,000,000 shares. As
amended, Article Fourth, Section A of the Certificate would provide:
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    \3\ Nasdaq owns 100% of the equity interest in Nasdaq PHLX LLC,
which in turn owns 100% of the equity interest in SCCP. SCCP's
affiliates, Boston Stock Exchange Clearing Corporation, Nasdaq BX,
Inc., Nasdaq GEMX, LLC, Nasdaq ISE, LLC, Nasdaq MRX, LLC, The Nasdaq
Stock Market LLC, and Nasdaq PHLX LLC will each concurrently submit
substantially the same rule filings to propose the changes described
herein.

    The total number of shares of Stock which Nasdaq shall have the
authority to issue is Nine Hundred Thirty Million (930,000,000),
consisting of Thirty Million (30,000,000) shares of Preferred Stock,
par value $.01 per share (hereinafter referred to as ``Preferred
Stock''), and Nine Hundred Million (900,000,000) shares of Common
Stock, par value $.01 per share (hereinafter referred to as ``Common
Stock'').\4\
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    \4\ Nasdaq currently has no Preferred Stock outstanding.

    As noted above, the proposed amendments to the Certificate were
approved by the Nasdaq Board of Directors (``Nasdaq Board'') on March
23, 2022. The proposed amendments to the Certificate would be effective
when filed with the Secretary of State of Delaware, which would not
occur until approval of the amendments by the stockholders of Nasdaq is
obtained at the 2022 Annual Meeting of the Stockholders on June 22,
2022 and until this proposed rule change becomes effective and
operative.
    The trading price of Nasdaq's Common Stock has risen significantly
over the past several years. Since Nasdaq first became a publicly
traded company in 2002, the total number of authorized shares of Common
Stock has remained constant at 300,000,000 shares. However, over the
last five years, the trading price of Nasdaq's Common Stock has
increased by approximately 162%.\5\ As the trading price of Nasdaq's
Common Stock has risen, the Nasdaq Board has carefully evaluated the
effect of the trading price of the Common Stock on the liquidity and
marketability of the Common Stock. The Nasdaq Board believes that this
price appreciation may be affecting the liquidity of the Common Stock,
making it more difficult to efficiently trade and potentially less
attractive to certain investors. Accordingly, the Nasdaq Board approved
pursuing a 3-for-1 stock split by way of a stock dividend, pursuant to
which the holders of record of shares of Common Stock would receive, by
way of a dividend, two shares of Common Stock for each share of Common
Stock held by such holder (the ``Stock Dividend''). The Nasdaq Board's
approval of the Stock Dividend was contingent upon this proposed rule
change becoming effective and operative, and Nasdaq stockholder
approval of the proposed amendments to the Certificate.
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    \5\ The price of one share of Common Stock on March 31, 2017 was
$69.45 and the closing market price of one share of Common Stock on
April 1, 2022 was $181.92 as reported on the Nasdaq Stock Market.
---------------------------------------------------------------------------

    The number of shares of Common Stock proposed to be issued in the
Stock Dividend exceeds Nasdaq's authorized but unissued shares of
Common Stock. The proposed rule change would increase Nasdaq's
authorized shares of Common Stock and shares of capital stock
sufficient to allow Nasdaq to effectuate the Stock Dividend.
    The proposed changes would not otherwise alter the Certificate,
including the limitations on voting and ownership set forth in Article
Fourth, Section C of the Certificate that generally provides no person
who beneficially owns shares of common stock or preferred stock of
Nasdaq in excess of 5% of the then-outstanding securities generally
entitled to vote may vote the shares in excess of 5%. This limitation
mitigates the potential for any Nasdaq shareholder to exercise undue
control over the operations of Nasdaq's self-regulatory subsidiaries,
and facilitates the self-regulatory subsidiaries' and the Commission's
ability to carry out their regulatory obligations under the Act.
2. Statutory Basis
    SCCP believes that its proposal is consistent with Section
17A(b)(3)(A) of the Act,\6\ in that it enables SCCP to be so organized
as to have the capacity to be able to facilitate the prompt and
accurate clearance and settlement of securities transactions and
derivative agreements, contracts, and transactions for which it is
responsible, to safeguard securities and funds in its custody or

control or for which it is responsible, to comply with the provisions
of the Exchange Act and the rules and regulations thereunder, to
enforce compliance by its participants with the rules of SCCP, and to
carry out the purposes of the Exchange Act.
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    \6\ 15 U.S.C. 78q-1(b)(3)(A).
---------------------------------------------------------------------------

    The proposal to increase Nasdaq's authorized shares of Common Stock
and shares of capital stock sufficient to allow Nasdaq to effectuate
the Stock Dividend would not impact SCCP's ability to be so organized
as to have the capacity to be able to carry out the purposes of the
Exchange Act. In particular, the proposed changes would not alter the
limitations on voting and ownership set forth in Article Fourth,
Section C of the Certificate, and so the proposed changes would not
enable a person to exercise undue control over the operations of
Nasdaq's self-regulatory subsidiaries or to restrict the ability of the
Commission or SCCP to effectively carry out their regulatory oversight
responsibilities under the Act.
    SCCP also believes that the proposal is consistent with Section
17A(b)(3)(F) of the Act \7\ because it would not impact SCCP's
governance or regulatory structure, which would continue to be designed
to foster cooperation and coordination with persons engaged in the
clearance and settlement of securities transactions, remove impediments
to and perfect the mechanism of a national system for the prompt and
accurate clearance and settlement of securities transactions, and, in
general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    SCCP believes that the proposed rule change would remove
impediments to and perfect the mechanism of a national system for the
prompt and accurate clearance and settlement of securities
transactions, and, in general, to protect investors and the public
interest, because by increasing Nasdaq's authorized shares of Common
Stock and shares of capital stock sufficient to allow Nasdaq to
effectuate the Stock Dividend, the proposed rule change will facilitate
broader ownership of Nasdaq.
    SCCP also notes that the proposed rule change is substantially
similar to a prior proposal by Intercontinental Exchange, Inc.
(``ICE''), which is the holding company for three national securities
exchanges, including the New York Stock Exchange. The ICE proposal
amended ICE's Certificate of Incorporation to effectuate a similar
stock split as proposed by SCCP herein.\8\ As such, SCCP does not
believe that its proposal raises any new or novel issues not already
considered by the Commission.
---------------------------------------------------------------------------

    \8\ In particular, the ICE proposal increased ICE's total number
of authorized shares of ICE common stock in order to effectuate a 5-
for-1 stock split by way of a stock dividend. See Securities
Exchange Act Release No. 78992 (September 29, 2016), 81 FR 69092
(October 5, 2016) (SR-NYSE-2016-57, SR-NYSEArca-2016-119, and SR-
NYSEMKT-2016-80) (hereinafter, ``ICE Approval'').
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B. Clearing Agency's Statement on Burden on Competition

    Because the proposed rule change relates solely to the number of
authorized shares of Common Stock and shares of capital stock of the
Company and not to the operations of SCCP, SCCP does not believe that
the proposed rule change will impose any burden on competition not
necessary or appropriate in furtherance of the purposes of the Act.

C. Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants, or Others

    No written comments were either solicited or received.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-
4(f)(6) thereunder.\10\
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
SCCP has satisfied this requirement.
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-SCCP-2022-01 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-SCCP-2022-01. 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 website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of SCCP. All comments 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. All submissions should refer to File Number
SR-SCCP-2022-01 and should be submitted on or before June 23, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-11783 Filed 6-1-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 57 (Wednesday, March 25, 2015)]
[Notices]
[Pages 15862-15863]
[FR Doc No: 2015-06821]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2014-0325]

Agency Information Collection Activities; New Information
Collection Request: The Impact of Driver Compensation on Commercial
Motor Vehicle Safety; Correction

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice and request for comments; correction.

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SUMMARY: The FMCSA published a document in the Federal Register of
February 4, 2015, concerning a request for comments on new information
collection burdens titled, ``The Impact

of Driver Compensation on Commercial Motor Vehicle Safety,'' to assess
the current compensation practices of commercial vehicle drivers and
the potential influence this may have on safe commercial vehicle
operations. The document contained incorrect estimated times per
response and estimated total annual burdens.

DATES: Comments are due April 24, 2015.

FOR FURTHER INFORMATION CONTACT: Ms. Theresa Hallquist, Telephone: 202-
366-1064; email<EMAIL_ADDRESS>
Correction

    1. In the Federal Register of February 4, 2015, in FR Doc. 2015-
02136, on page 6159, in the second column, correct the ``Estimated Time
Per Response'' paragraph to read:
    Estimated Time per Response: Minimum response = 0.35; Maximum
response = 1.18 hours.
    2. In the Federal Register of February 4, 2015, in FR Doc. 2015-
02136, on page 6159, in the third column, correct the ``Estimated Total
Annual Burden'' paragraph to read:
    Estimated Total Annual Burden: 1,611 hours (Group 1 is defined as
very small and small carriers and Group 2 is defined as medium and
large carriers. (1164 Group 1 respondents x 0.35 hour = 407 hours) +
(1020 Group 2 respondents x 1.18 hours = 1,204 hours)).

    Issued under the authority of 49 CFR 1.87 on: March 13, 2015.
Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2015-06821 Filed 3-24-15; 8:45 am]
 BILLING CODE 4910-EX-P


[Federal Register: January 12, 2006 (Volume 71, Number 8)]
[Notices]
[Page 2039-2040]
[DOCID:fr12ja06-61]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OARM-2005-0001; FRL-8009-8]

Agency Information Collection Activities; Submission to OMB for
Review and Approval; Comment Request; General Administrative
Requirements for Assistance Programs (Renewal), EPA ICR Number 0938.11,
OMB Control Number 2030-0020

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: In compliance with the Paperwork Reduction Act (44 U.S.C.
30501 et seq.), this document announces that an Information Collection
Request (ICR) has been forwarded to the Office of Management and Budget
(OMB) for review and approval. This is a request to renew an existing
approved collection. This ICR is scheduled to expire on December 31,
2005. Under OMB regulations, the Agency may continue to conduct or
sponsor the collection of information while this submission is pending
at OMB. This ICR describes the nature of the information collection and
its estimated burden and cost.

DATES: Additional comments may be submitted on or before February 13,
2006.

ADDRESSES: Submit your comments, referencing Docket ID No. EPA-HQ-OARM-
2005-0001, to (1) EPA online using http://www.regulations.gov (our preferred method), by e-mail to<EMAIL_ADDRESS>or by mail to: EPA

Docket Center, Environmental Protection Agency, Office of Environmental
Information Docket, Mail Code 28221T, 1200 Pennsylvania Ave., NW.,
Washington, DC 20460, and (2) OMB at: Office of Information and
Regulatory Affairs, Office of Management and Budget (OMB), Attention:
Desk Officer for EPA, 725 17th Street, NW., Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: William G. Hedling, Office of Grants
and Debarment, Grants Administration Division, Mail Code 3903R,
Environmental Protection Agency, 1200 Pennsylvania Ave., NW.,
Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax number:
(202) 565-2468; e-mail address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: EPA has submitted the following ICR to OMB
for review and approval according to the

procedures prescribed in 5 CFR 1320.12. On July 19, 2005, (70 FR
41398), EPA sought comments on this ICR pursuant to 5 CFR 1320.8(d).
EPA received no comments.
    EPA had established a public docket for this ICR under Docket No.
EPA-HQ-OARM-2005-001, which is available for public viewing at the
Office of Environmental Information Docket in the EPA Docket Center
(EPA/DC), EPA West, Room B102, 1301 Constitution Ave., NW., Washington,
DC. The EPA Docket Center Public Reading Room is open from 8:30 a.m. to
4:30 p.m., Monday through Friday, excluding legal holidays. The
telephone number for the Reading Room is<PHONE_NUMBER>, and the
telephone number for the Office of Environmental Information Docket is
(202) 566-1752. An electronic version of the public docket is available
at http://www.regulations.gov Use http://www.regulations.gov. to submit
or view public comments, access the index listing of the contents of
the public docket, and to access those documents in the public docket
that are available electronically. Once in the system, select
``search,'' then key in the docket ID number identified above.
    An comments related to this ICR should be submitted to EPA and OMB
within 30 days of this notice. EPA's policy is that public comments,
whether submitted electronically or in paper, will be made available
for public viewing in http://www.regulations.gov as EPA receives them

and without change, unless the comment contains copyrighted material,
CBI, or other information whose public disclosure is restricted by
statue. 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 http://www.regulations.gov. The entire

printed comment, including the copyrighted material, will be available
in the public docket. Although identified as an item in the official
docket, information claimed as CBI, or whose disclosure is otherwise
restricted by statue, is not included in the official public docket,
and will not be available for public viewing in http://www.regulations.gov.
 For further information about the electronic

docket go to http://www.regulations.gov.

    Title: General Administrative Requirements for Assistance Programs
(Renewal).
    Abstract: The information is collected from applicants/recipients
of EPA assistance to monitor adherence to the programmatic and
administrative requirements of the Agency's financial assistance
program. It is used to make awards, pay recipients, and collect
information on how Federal funds are being spent. EPA needs this
information to meet its Federal stewardship responsibilities. This ICR
renewal requests authorization for the collection of information under
EPA's General Regulation for Assistance Programs, which establishes
minimum management requirements for all recipients of EPA grants or
cooperative agreements (assistance agreements). Recipients must respond
to these information requests to obtain and/or retain a benefit
(Federal funds). 40 CFR part 30, ``Grants and Agreements with
Institutions of Higher Education, Hospitals, and Other Non-Profit
Organizations,'' includes the management requirements for potential
grantees from non-profit organizations. 40 CFR part 31, ``Uniform
Administrative Requirements for Grants and Cooperative Agreements to
State and Local Governments,'' includes the management responsibilities
for potential State and local government grantees. These regulations
include only those provisions mandated by statute, required by OMB
Circulars, or added by EPA to ensure sound and effective financial
assistance management. The OMB 83-I Form associated with this ICR
combines all of these requirements under OMB Control Number 2030-0020.
The information required by these regulations will be used by EPA award
officials to make assistance awards and assistance payments and to
verify that the recipient is using Federal funds appropriately to
comply with OMB Circulars A-21, A-87, A-102, A-110, A-122, A-128, and
A-133, which set forth the pre-award, post-award, and after-the-grant
requirements.
    An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid OMB control number. The OMB control numbers for EPA's
regulations in 40 CFR are listed in 40 CFR part 9 and are identified on
the form and/or instrument, if applicable.
    Burden Statement: The annual public reporting and recordkeeping
burden for this collection of information is estimated to average 18
hours per respondent. Burden means the total time, effort, or financial
resources expended by persons to generate, maintain, retain, or
disclose or provide information to or for a Federal agency. This
includes the time needed to review instructions; develop, acquire,
install, and utilize technology and systems for the purposes of
collecting, validating, and verifying information, processing and
maintaining information, and disclosing and providing information;
adjust the existing ways to comply with any previously applicable
instructions and requirements; train personnel to be able to respond to
a collection of information; search data sources; complete and review
the collection of information; and transmit or otherwise disclose the
information.
    Respondents/Affected Entities: Institutions of higher education,
hospitals, and other not-for-profit institutions; State, local, and
Indian tribal governments.
    Estimated Number of Respondents: 6,105.
    Frequency of Response: On occasion, quarterly, and annually.
    Estimated Total Annual Hour Burden: 108,887.
    Estimated Total Annual Cost: $4,852,000, includes $0 annualized
capital or O&M costs and $4,852,000 annual labor costs.
    Changes in the Estimates: There is a decrease of 67,682 hours in
the total estimated burden currently identified in the OMB Inventory of
Approved ICR Burdens. This decrease has occurred for several reasons,
and includes a program change decease of 65,287 hours and an adjustment
decrease of 2,395 hours. EPA removed five forms (EPA Forms: 5700-20A,
5700-20B, 5700-30, 5700-49 and 5700-52A) and added three forms
(``Lobbying Cost Certificate for Indirect Costs,'' NCER Form 5, and
NCER Form 3212). These programs changes resulted in an overall decrease
of 65,287 hours. In addition EPA made several adjustments to its burden
and respondent assumptions, which resulted in an overall decrease of
2,395 hours.

    Dated: December 12, 2005.
Oscar Morales,
Director, Collection Strategies Division.
[FR Doc. 06-267 Filed 1-11-06; 8:45 am]

BILLING CODE 6560-50-M


[Federal Register Volume 87, Number 181 (Tuesday, September 20, 2022)]
[Notices]
[Pages 57541-57544]
[FR Doc No: 2022-20267]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95773; File No. SR-NYSE-2022-41]

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

September 14, 2022.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act''),\2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on August 31, 2022, New York Stock Exchange LLC (``NYSE'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by the self-
regulatory organization. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend its Price List to increase the NYSE
Crossing Session II monthly per member organization fee cap. The
Exchange proposes to implement the fee changes effective September 1,
2022. The proposed rule change is available on the Exchange's website
at www.nyse.com, at the principal office of the Exchange, and at the
Commission's Public Reference Room.

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

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

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

1. Purpose
    The Exchange proposes to amend its Price List to increase the NYSE
Crossing Session II (``CS II'') monthly per member organization fee
cap.
    The Exchange proposes to implement the fee changes effective
September 1, 2022.
Competitive Environment
    The Exchange operates in a highly competitive market. The
Commission has repeatedly expressed its preference for competition over
regulatory intervention in determining prices, products, and services
in the securities markets. Specifically, in Regulation NMS, the
Commission highlighted the importance of market forces in determining
prices and SRO revenues and, also, recognized that current regulation
of the market system ``has been remarkably successful in promoting
market competition in its broader forms that are most important to
investors and listed companies.'' \4\
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    \4\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (Final Rule)
(``Regulation NMS'').
---------------------------------------------------------------------------

    As the Commission itself has recognized, the market for trading
services in NMS stocks has become ``more fragmented and competitive.''
\5\ Indeed, equity trading is currently dispersed across 16
exchanges,\6\ 31 alternative trading systems,\7\ and numerous broker-
dealer internalizers and wholesalers. Based on publicly-available
information, no single exchange has more than 20% of the market.\8\
Therefore, no exchange possesses significant pricing power in the
execution of equity order flow. More specifically, the Exchange's share
of executed volume of equity trades in Tapes A, B and C securities is
less than 12%.\9\
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    \5\ See Securities Exchange Act Release No. 51808, 84FR 5202,
5253 (February 20, 2019) (File No. S7-05-18) (Transaction Fee Pilot
for NMS Stocks Final Rule) (``Transaction Fee Pilot'').
    \6\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, available at http://markets.cboe.com/us/equities/market_share/. See generally https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html.
    \7\ See FINRA ATS Transparency Data, available at https://otctransparency.finra.org/otctransparency/AtsIssueData. A list of
alternative trading systems registered with the Commission is
available at https://www.sec.gov/foia/docs/atslist.htm.
    \8\ See Cboe Global Markets U.S. Equities Market Volume Summary,
available at http://markets.cboe.com/us/equities/market_share/.
    \9\ See id.
---------------------------------------------------------------------------

    The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
move order flow, or discontinue or reduce use of certain categories of
products, in response to fee changes. With respect to non-marketable
order flow that would provide displayed liquidity on an Exchange,
member organizations can choose from any one of the 16 currently
operating registered exchanges to route such order flow. Accordingly,
competitive forces constrain exchange transaction fees that relate to
orders that would provide liquidity on an exchange.
    To respond to this competitive environment, the Exchange has
established incentives for its member organizations to utilize the
Exchange's after-hours crossing session.\10\ The proposed fee change is
designed to revise the incentives for CS II in order to facilitate
after-hours trading following the decommissioning of the Exchange's
affiliates' after-hours facility, as described below.
---------------------------------------------------------------------------

    \10\ CS II runs on the Exchange from 4 p.m. to 6:30 p.m. eastern
time and handles member organization crosses of baskets of
securities of aggregate-priced buy and sell orders. See NYSE Rule
7.39.
---------------------------------------------------------------------------

Proposed Rule Change
    Currently, the Exchange charges a fee of $0.0004 per share (both
sides) for executions in CS II.\11\ Fees for executions in CS II are
capped at $200,000 per month per member organization.
---------------------------------------------------------------------------

    \11\ See note 10, supra.
---------------------------------------------------------------------------

    The Exchange proposes to increase the monthly cap per member
organization to $300,000. The $0.0004 per share fee for executions in
CS II would remain unchanged and would be subject to the proposed
$300,000 per month per member organization cap.
    The Exchange proposed increasing the cap to reflect the
decommissioning of the off-hours facility offered by the Exchange's
affiliate NYSE American LLC (``NYSE American''), effective September 1,
2022.\12\ The Exchange recently filed to adopt a new Rule 7.39
governing its off-hours trading facility based on NYSE American Rule
7.39E that would permit Exchange member organizations to enter
aggregate-price coupled orders for securities, including UTP
securities, listed and traded on NYSE.\13\ With the decommissioning of
the NYSE American facility, the Exchange anticipates that the NYSE
American ETP Holders that utilize the NYSE American off-hours facility,
all of whom are also NYSE member organizations, would be in a position
to transition to CS II. The NYSE American off-hours facility was
subject to a $100,000 cap per month, equivalent to the proposed
increase. No member organization qualifies for the Exchange's current
fee cap. The Exchange further notes that it does not know how much
order flow member organizations choose to route to off-exchange venues
in the after-hours market.\14\
---------------------------------------------------------------------------

    \12\ See Securities Exchange Act Release No. 95499 (August 12,
2022), 87 FR 50894 (August 18, 2022) (SR-NYSEAMER-2022-35) (Notice
of Filing and Immediate Effectiveness of Proposed Rule Change to
Delete Current Rule 7.39E).
    \13\ See Securities Exchange Act Release No. 95498 (August 12,
2022), 87 FR 50906 (August 18, 2022) (SR-NYSE-2022-37) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change to Adopt
a New Rule 7.39 and Delete Current Rules 900-907).
    \14\ The Exchange also proposes the non-substantive correction
of inserting a missing parenthesis following ``member
organization.''
---------------------------------------------------------------------------

    The proposed changes are not otherwise intended to address other
issues, and the Exchange is not aware of any significant problems that
market participants would have in complying with the proposed changes.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\15\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\16\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly discriminate between
customers, issuers, brokers or dealers.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78f(b).
    \16\ 15 U.S.C. 78f(b)(4) & (5).
---------------------------------------------------------------------------

The Proposed Change Is Reasonable
    As discussed above, the Exchange operates in a highly competitive
market. The Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. In Regulation NMS,
the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \17\ While Regulation
NMS has enhanced competition, it has also fostered a ``fragmented''
market structure where trading in a single stock can occur across
multiple trading centers. When multiple trading centers compete for
order flow in the same stock, the

Commission has recognized that ``such competition can lead to the
fragmentation of order flow in that stock.'' \18\
---------------------------------------------------------------------------

    \17\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37495, 37499 (June 29, 2005) (S7-10-04) (Final Rule)
(``Regulation NMS'').
    \18\ See Securities Exchange Act Release No. 75793 (August 32,
2015), 80 FR 53600 (September 04, 2015) (SR-NYSE-2015-37) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change to Amend
its Price List to Raise the NYSE Crossing Session II Fee Cap).
---------------------------------------------------------------------------

    The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
move order flow, or discontinue or reduce use of certain categories of
products, in response to fee changes, including with respect to after-
hours crossing sessions. Accordingly, competitive forces constrain
exchange transaction fees that relate to after-hours crossing orders.
Stated otherwise, changes to exchange transaction fees can have a
direct effect on the ability of an exchange to compete for order flow.
    Given this competitive environment, the proposal represents a
reasonable attempt to maintain a cap for member organizations that are
particularly active during CS II in view of the decommissioning of the
after-hours session on the Exchange's affiliate NYSE American. The
Exchange anticipates that member organization volume that would have
participated on NYSE American's after-hours session could migrate to CS
II, and the proposal represents a reasonable attempt to encompass an
increase in volume by particularly active member organizations. As
noted above, the fee subject to the cap would remain unchanged. The
Exchange notes that the last time this cap was changed was 2015.\19\
---------------------------------------------------------------------------

    \19\ See Securities Exchange Act Release No. 61358, 75 FR 3594,
3597 (January 21, 2010) (File No. S7-02-10) (Concept Release on
Equity Market Structure).
---------------------------------------------------------------------------

The Proposal Is an Equitable Allocation of Fees
    The Exchange believes the proposal equitably allocates its fees
among its market participants. The Exchange is not proposing to adjust
the fee for executions in CS II, which will remain at the current level
for all market participants. Rather, by capping executions for all
member organizations in CS II at an adjusted level that reflects the
decommissioning of the NYSE American after-hours session and the
anticipated migration of volume from NYSE American to the NYSE, the
proposal would encourage member organizations to send additional orders
to the Exchange's after-hours trading session. The Exchange notes that
the proposed cap of $300,000 reflects the combination of the current
NYSE cap of $200,000 and the current NYSE American cap of $100,000. As
noted, the same member organizations that participate in CS II
participated in the NYSE American after-hours session, and the Exchange
anticipates that these member organizations will send additional volume
to CS II, which can accept aggregate-price coupled orders for
securities, including UTP securities, listed and traded on NYSE,
following the decommissioning of the NYSE American after-hours
facility.\20\ As proposed, all similarly situated member organizations
will be subject to the same fee structure to participate in CS II and
access to the Exchange's market will continue to be offered on fair and
non-discriminatory terms.
---------------------------------------------------------------------------

    \20\ See Rule 7.39.
---------------------------------------------------------------------------

The Proposal Is Not Unfairly Discriminatory
    The Exchange believes that the proposal is not unfairly
discriminatory. In the prevailing competitive environment, member
organizations are free to disfavor the Exchange's pricing if they
believe that alternatives offer them better value.
    The Exchange believes that the proposed increase in the monthly fee
cap for CS II transactions is not unfairly discriminatory because the
proposal would be provided on an equal basis to all member
organizations that choose to utilize the after-hours facility, who
would all be eligible for the proposed cap on an equal basis. The
proposal neither targets nor will it have a disparate impact on any
particular category of market participant. The proposal does not permit
unfair discrimination because the higher cap would be applied to all
similarly situated member organizations, who would all be eligible for
the same cap on an equal basis. Accordingly, no member organization
already operating on the Exchange would be disadvantaged by this
allocation of fees. Further, as noted, the Exchange believes the
proposal would provide an incentive for member organizations to send
additional orders to CS II following the decommissioning of the NYSE
American after-hours facility, which would benefit member organizations
that would only need to send after-hours orders to a single facility
for all tapes.
    Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
    For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.

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

    In accordance with Section 6(b)(8) of the Act,\21\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the increase in the
fee cap for member organizations that are particularly active in CS II
would not burden competition because it would apply to all member
organizations on equal, fair and non-discriminatory terms. In addition,
as noted, the Exchange believes that the proposed changes would
encourage the submission of additional liquidity to the Exchange's
after-hours facility following the decommissioning of NYSE American's
after-hours facility. The Exchange anticipates that member
organizations will send additional volume to CS II, which can accept
aggregate-price coupled orders for securities, including UTP
securities, listed and traded on NYSE. As a result, the Exchange
believes that the proposed change furthers the Commission's goal in
adopting Regulation NMS of fostering integrated competition among
orders, which promotes ``more efficient pricing of individual stocks
for all types of orders, large and small.'' \22\
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78f(b)(8).
    \22\ Regulation NMS, 70 FR at 37498-99.
---------------------------------------------------------------------------

    Intramarket Competition. The proposed change is designed to attract
additional order flow to the Exchange. The Exchange believes that the
proposed change would continue to incentivize market participants to
direct after-hours order flow to the Exchange. Greater two-sided
liquidity in the after-hours trading session benefits all market
participants. The current credit and the proposed cap would continue to
be available to all similarly-situated market participants, and, as
such, the proposed change would not impose a disparate burden on
competition among market participants on the Exchange. As noted, the
proposal would apply to all similarly situated member organizations on
the same and equal terms, who would benefit from the change on the same
basis. Accordingly, the proposed change would not impose a disparate
burden on competition among market participants on the Exchange.
    Intermarket Competition. The Exchange operates in a highly
competitive market in which market participants can readily choose to
send

their orders to other exchange and off-exchange venues if they deem fee
levels at those other venues to be more favorable. In such an
environment, the Exchange must continually adjust its fees and rebates
to remain competitive with other exchanges and with off-exchange
venues. Because competitors are free to modify their own fees and
credits in response, and because market participants may readily adjust
their order routing practices, the Exchange does not believe its
proposed fee change can impose any burden on intermarket competition.
    The Exchange believes that the proposed change could promote
competition between the Exchange and other execution venues, including
those that currently offer after-hours trading sessions and comparable
transaction pricing, by encouraging additional orders to be sent to the
Exchange.

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

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

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \23\ of the Act and subparagraph (f)(2) of Rule
19b-4 \24\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
---------------------------------------------------------------------------

    \23\ 15 U.S.C. 78s(b)(3)(A).
    \24\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \25\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \25\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NYSE-2022-41 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2022-41. 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 website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website 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 a.m. and 3
p.m. Copies of the filing also will be available for inspection and
copying at the principal office of the Exchange. All comments 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. All submissions
should refer to File Number SR-NYSE-2022-41, and should be submitted on
or before October 11, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
---------------------------------------------------------------------------

    \26\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-20267 Filed 9-19-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 91 (Friday, May 10, 2013)]
[Notices]
[Pages 27387-27388]
[FR Doc No: 2013-11197]

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ENVIRONMENTAL PROTECTION AGENCY

[FRL-9812-5; Docket ID No. EPA-HQ-ORD-2013-0357]

Notice of Workshop and Call for Information on Integrated Science
Assessment for Oxides of Sulfur

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of Workshop; Call for Information.

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

SUMMARY: The U.S. EPA Office of Research and Development's National
Center for Environmental Assessment (NCEA) is preparing an Integrated
Science Assessment (ISA) as part of the review of the primary National
Ambient Air Quality Standards (NAAQS) for oxides of sulfur
(SOX) (for which the indicator is sulfur dioxide
[SO2]). This ISA will update the scientific assessment
presented in the Integrated Science Assessment for Sulfur Oxides--
Health Criteria (EPA 600/R-08/047F), published in September 2008.
Interested parties are invited to assist the EPA in developing and
refining the scientific information base for the review of the NAAQS
for SOX by submitting recent research studies that have been
published, accepted for publication, or presented at a public
scientific meeting.
    The EPA is also announcing that a workshop entitled ``Kickoff
Workshop to Inform EPA's Review of the Primary SO2 NAAQS''
is being organized by NCEA and the EPA Office of Air and Radiation's
Office of Air Quality Planning and Standards (OAQPS). The workshop will
be held June 12-13, 2013, in Research Triangle Park, North Carolina.
The workshop will be open to attendance by interested public observers
on a first-come, first-served basis up to the limits of available
space.
    Additionally, in the near future, the EPA Scientific Advisory Board
(SAB) will be forming a Clean Air Scientific Advisory Committee (CASAC)
panel for the SO2 NAAQS health review.

DATES: The workshop will be held on June 12-13, 2013. All
communications and information submitted in response to the call for
information should be received by EPA by June 10, 2013.

ADDRESSES: The workshop will be held at U.S. EPA, 109 T.W. Alexander
Drive, Research Triangle Park, North Carolina. An EPA contractor, ICF
International, is providing logistical support for the workshop. Please
register by going to https://sites.google.com/site/soxkickoffworkshop/.
The pre-registration deadline is May 31, 2013. Please direct questions
regarding workshop registration or logistics to Whitney Kihlstrom at
<EMAIL_ADDRESS>or by phone at<PHONE_NUMBER>. For specific
questions regarding technical aspects of the workshop see the section
of this notice entitled FOR FURTHER INFORMATION CONTACT.
    Information in response to the call for information may be
submitted electronically, by mail, by facsimile, or by hand delivery/
courier. Please follow the detailed instructions as provided in the
section of this notice entitled SUPPLEMENTARY INFORMATION.

FOR FURTHER INFORMATION CONTACT: For details on the period for
submission of research information from the public, contact the Office
of Environmental Information (OEI) Docket; telephone:<PHONE_NUMBER>;
facsimile:<PHONE_NUMBER>; or email<EMAIL_ADDRESS>For technical
information, contact Tom Long, Ph.D., NCEA; telephone:<PHONE_NUMBER>;
facsimile:<PHONE_NUMBER>; or email<EMAIL_ADDRESS>or Amy Lamson,
Ph.D., OAQPS; telephone:<PHONE_NUMBER> or email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Information About the Project

    Section 108(a) of the Clean Air Act directs the Administrator to
issue ``air quality criteria'' for certain air pollutants. These air
quality criteria are to ``accurately reflect the latest scientific
knowledge useful in indicating the kind and extent of all identifiable
effects on public health or welfare, which may be expected from the
presence of such pollutant in the ambient air. . . .'' Under section
109 of the Act, EPA is then to establish National Ambient Air Quality
Standards (NAAQS) for each pollutant for which EPA has issued criteria.
Section 109(d) of the Act requires EPA to review periodically, and, if
appropriate, to revise existing air quality criteria to reflect
advances in scientific knowledge on the effects of the pollutant on
public health and welfare. EPA is also to determine whether it is
appropriate to revise the NAAQS based on the revised air quality
criteria.
    Oxides of Sulfur (SOX) are one of six ``criteria''
pollutants for which EPA has established NAAQS. Periodically, EPA
reviews the scientific basis for these standards by preparing an
Integrated Science Assessment (ISA). The ISA, along with additional
technical and policy assessments conducted by OAQPS, form the
scientific and technical bases for EPA decisions on the adequacy of the
SO2 NAAQS and the appropriateness of revising that standard.
    At the start of a NAAQS review, EPA issues an announcement of the
review and notes the initiation of the development of the ISA. At that
time, EPA also issues a request that the public submit scientific
literature that they want to bring to the attention of the Agency for
consideration in the review process. CASAC, an independent scientific
advisory committee whose role is mandated by the Clean Air Act, is
charged with independent expert scientific review of EPA's draft ISAs.
As the process proceeds, the public will have opportunities to review
and comment on draft SOX ISAs. These opportunities will also
be announced in the Federal Register.
    For the review of the primary SO2 NAAQS being initiated
by this notice, the Agency is interested in obtaining additional new
information, particularly concerning toxicological studies of effects
of controlled exposure to SOX on laboratory animals, humans,
and in vitro systems as well as epidemiologic (observational) studies
of health effects associated with ambient exposures of human
populations to SOX. EPA also seeks recent information in
other areas of SOX research such as chemistry and physics,
sources and emissions, analytical methodology, transport and
transformation in the environment, and ambient concentrations. This and
other selected literature relevant to a review

of the SO2 NAAQS will be assessed in the forthcoming
SOX ISA.
    As part of this review of the SO2 NAAQS, EPA intends to
sponsor a workshop on June 12-13, 2013, in Research Triangle Park,
North Carolina to highlight significant new and emerging SOX
research, and to make recommendations to the Agency regarding the
design and scope of the review for the primary (health-based)
SO2 standards to ensure that it addresses key policy-
relevant issues and considers the new science that is relevant to
informing our understanding of these issues. In addition, other
opportunities for submission of new peer-reviewed, published (or in-
press) papers will be possible as part of public comment on the draft
ISAs that will be reviewed by CASAC. Workshop discussions are intended
to build upon three prior publications or events (see http://www.epa.gov/ttn/naaqs/standards/so2/s_so2_index.html to obtain a copy
of these and other related documents):
     Primary National Ambient Air Quality Standard for Sulfur
Dioxide; Final Rule (40 CFR Parts 50, 53, and 58, June 22, 2010). The
preamble to the final rule included detailed discussions of policy-
relevant issues central to the last review.
     Integrated Science Assessment for Sulfur Oxides--Health
Criteria (EPA 600/R-08/047F, September 2008).
     Risk and Exposure Assessment to Support the Review of the
SO2 Primary National Ambient Air Quality Standard (EPA 452/
R-09/007, July 2009).
    Based in large part on the input received during this workshop, EPA
will develop a draft integrated review plan for the SOX
review that will outline the schedule, process, and approaches for
evaluating the relevant scientific information and addressing the key
policy-relevant issues to be considered in this review. CASAC will be
asked to conduct a consultation with the Agency on the draft integrated
review plan, and the public will have the opportunity to comment on it
as well. The final integrated review plan will be used to frame each of
the major elements of the SOX review under the NAAQS review
process: An integrated science assessment, a risk/exposure assessment,
and a policy assessment.

II. How To Submit Technical Comments to the Docket

    Submit your comments, identified by Docket ID No. EPA-HQ-ORD-2013-
0357 by one of the following methods:
     www.regulations.gov: Follow the on-line instructions for
submitting comments.
     Email<EMAIL_ADDRESS>     Fax:<PHONE_NUMBER>.
     Mail: Office of Environmental Information (OEI) Docket
(Mail Code: 28221T), U.S. Environmental Protection Agency, 1200
Pennsylvania Avenue NW., Washington, DC 20460. The phone number is 202-
566-1752.
     Hand Delivery: The OEI Docket is located in the EPA
Headquarters Docket Center, EPA West Building, Room 3334, 1301
Constitution Avenue NW., Washington, DC. The EPA Docket Center Public
Reading Room is open from 8:30 a.m. to 4:30 p.m., Monday through
Friday, excluding Federal holidays. The telephone number for the Public
Reading Room is<PHONE_NUMBER>. Such deliveries are only accepted during
the docket's normal hours of operation, and special arrangements should
be made for deliveries of boxed information. If you provide comments by
mail or hand delivery, please submit three copies of the comments. For
attachments, provide an index, number pages consecutively with the
comments, and submit an unbound original and three copies.
    Instructions: Direct your comments to Docket ID No. EPA-HQ-ORD-
2013-0357. Please ensure that your comments are submitted within the
specified comment period. Comments received after the closing date will
be marked ``late,'' and may only be considered if time permits. It is
EPA's policy to include all comments it receives in the public docket
without change and to make the comments available online at
www.regulations.gov, including any personal information provided,
unless a comment includes information claimed to be Confidential
Business Information (CBI) or other information whose disclosure is
restricted by statute. Do not submit information that you consider to
be CBI or otherwise protected through www.regulations.gov or email. The
www.regulations.gov Web site is an ``anonymous access'' system, which
means EPA will not know your identity or contact information unless you
provide it in the body of your comment. If you send an email comment
directly to EPA without going through www.regulations.gov, your email
address will be automatically captured and included as part of the
comment that is placed in the public docket and made available on the
Internet. If you submit an electronic comment, EPA recommends that you
include your name and other contact information in the body of your
comment and with any disk or CD-ROM you submit. 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. Electronic
files should avoid the use of special characters, any form of
encryption, and be free of any defects or viruses. For additional
information about EPA's public docket visit the EPA Docket Center
homepage at www.epa.gov/epahome/dockets.htm.
    Docket: Documents in the docket are listed in the
www.regulations.gov index. Although listed in the index, some
information is not publicly available, e.g., CBI or other information
whose disclosure is restricted by statute. Certain other materials,
such as copyrighted material, are publicly available only in hard copy.
Publicly available docket materials are available either electronically
in www.regulations.gov or in hard copy at the OEI Docket in the EPA
Headquarters Docket Center.

    Dated: May 2, 2013.
Debra B. Walsh,
Acting Director, National Center for Environmental Assessment.
[FR Doc. 2013-11197 Filed 5-9-13; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register: March 6, 2008 (Volume 73, Number 45)]
[Proposed Rules]
[Page 12034-12037]
[DOCID:fr06mr08-11]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2007-29248; Directorate Identifier 2007-NM-155-AD]
RIN 2120-AA64

Airworthiness Directives; Saab Model SAAB-Fairchild SF340A (SAAB/
SF340A) and SAAB 340B Airplanes

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Supplemental notice of proposed rulemaking (NPRM); reopening of
comment period.

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

SUMMARY: We are revising an earlier NPRM for the products listed above.
This action revises the earlier NPRM by expanding the scope. This
proposed AD results from mandatory continuing airworthiness information
(MCAI) originated by an aviation authority of another country to
identify and correct an unsafe condition on an aviation product. The
MCAI describes the unsafe condition as:

    Subsequent to accidents involving Fuel Tank System explosions in
flight * * * and on ground, * * * Special Federal Aviation
Regulation 88 (SFAR88) * * * required a safety review of the
aircraft Fuel Tank System * * *.
* * * * *
    Fuel Airworthiness Limitations are items arising from a systems
safety analysis that have been shown to have failure mode(s)
associated with an ``unsafe condition'' * * *. These are identified
in Failure Conditions for which an unacceptable probability of
ignition risk could exist if specific tasks and/or practices are not
performed in accordance with the manufacturers' requirements.

    The proposed AD would require actions that are intended to address
the unsafe condition described in the MCAI.

DATES: We must receive comments on this proposed AD by March 26, 2008.

ADDRESSES: You may send comments by any of the following methods:
     Federal eRulemaking Portal: Go to http://
www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue, SE., Washington, DC 20590.
     Hand Delivery: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-40, 1200 New
Jersey Avenue, SE., Washington, DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://
www.regulations.gov; or in person at the Docket Operations office
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays. The AD docket contains this proposed AD, the regulatory
evaluation, any comments received, and other information. The street
address for the Docket Operations office (telephone<PHONE_NUMBER>) is
in the ADDRESSES section. Comments will be available in the AD docket
shortly after receipt.

FOR FURTHER INFORMATION CONTACT: Mike Borfitz, Aerospace Engineer,
International Branch, ANM-116, FAA, Transport Airplane Directorate,
1601 Lind Avenue, SW., Renton, Washington 98057-3356; telephone (425)
227-2677; fax<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Comments Invited

    We invite you to send any written relevant data, views, or
arguments about this proposed AD. Send your comments to an address
listed under the ADDRESSES section. Include ``Docket No. FAA-2007-
29248; Directorate Identifier 2007-NM-155-AD'' at the beginning of your
comments. We specifically invite comments on the overall regulatory,
economic, environmental, and energy aspects of this proposed AD. We
will consider all comments received by the closing date and may amend
this proposed AD based on those comments.
    We will post all comments we receive, without change, to http://
www.regulations.gov, including any personal information you provide. We
will also post a report summarizing each substantive verbal contact we
receive about this proposed AD.

Discussion

    We proposed to amend 14 CFR part 39 with an earlier NPRM for the
specified products, which was published in the Federal Register on
September 19, 2007 (72 FR 53501). The earlier NPRM proposed to require
actions intended to address the unsafe condition for the products
listed above.
    Since that NPRM was issued, we have determined that the compliance
times specified in paragraphs (f)(1) and (f)(2) of the earlier NPRM
must be revised. In most ADs, we adopt a compliance time allowing a
specified amount of time after the AD's effective date. In this case,
however, the FAA has already issued regulations that require operators
to revise their maintenance/inspection programs to address fuel tank
safety issues. The compliance date for these regulations is December
16, 2008. To provide for coordinated implementation of these
regulations and this supplemental NPRM, we are including this same
compliance date in paragraphs (f)(1) and (f)(2) of this supplemental
NPRM.
    In addition, we have standardized our approach to a series of
similar ADs; therefore, we have revised paragraph (f)(3) of this
supplemental NPRM to specify that no alternative inspections,
inspection intervals, or CDCCLs may be used unless they are part of a
later approved revision of Saab 340 Fuel Airworthiness Limitations
Document 340 LKS 009033, dated February 14, 2006, or unless they are
approved as an alternative method of compliance (AMOC). Inclusion of
this paragraph in the AD is intended to ensure that the AD-mandated
airworthiness limitations changes are treated the same as the
airworthiness limitations issued with the original type certificate.

Comments

    We gave the public the opportunity to participate in developing
this AD. We received no comments on the original NPRM or on the
determination of the cost to the public.

FAA's Determination and Requirements of This Proposed AD

    This product has been approved by the aviation authority of another
country, and is approved for operation in the United States. Pursuant
to our bilateral agreement with the State of Design Authority, we have
been notified of the unsafe condition described in the MCAI and service
information referenced above. We are proposing this AD because we
evaluated all pertinent information and determined an unsafe condition
exists and is likely to exist or develop on other products of the same
type design.
    The change to paragraph (f)(2) of this supplemental NPRM, described
above, expands the scope of the original NPRM. As a result, we have
determined that it is necessary to reopen the comment period to provide
additional opportunity for the public to comment on this proposed AD.

Differences Between This AD and the MCAI or Service Information

    We have reviewed the MCAI and related service information and, in
general, agree with their substance. But we might have found it
necessary to use different words from those in the MCAI to ensure the
AD is clear for U.S. operators and is enforceable. In making these
changes, we do not intend to differ substantively from the information
provided in the MCAI and related service information.
    We might also have proposed different actions in this AD from those
in the MCAI in order to follow FAA policies. Any such differences are
highlighted in a Note within the proposed AD.

Costs of Compliance

    We estimate that this proposed AD will affect about 144 products of
U.S. registry. We also estimate that it will take about 1 work-hour per
product to comply with the basic requirements of this proposed AD. The
average labor rate is $80 per work-hour. Based on these figures, we
estimate the cost of this proposed AD to the U.S. operators to be
$11,520, or $80 per product.

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. ``Subtitle VII: Aviation
Programs,'' describes in more detail the scope of the Agency's
authority.
    We are issuing this rulemaking under the authority described in
``Subtitle VII, Part A, Subpart III, Section 44701: General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    We determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national Government and the States, or on the distribution
of power and responsibilities among the various levels of Government.
    For the reasons discussed above, I certify this proposed
regulation:
    1. Is not a ``significant regulatory action'' under Executive Order
12866;
    2. Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979); and
    3. Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

    We prepared a regulatory evaluation of the estimated costs to
comply with this proposed AD and placed it in the AD docket.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Safety.

The Proposed Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA proposes to amend 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

    1. The authority citation for part 39 continues to read as follows:

    Authority: 49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

    2. The FAA amends Sec.  39.13 by adding the following new AD:

SAAB Aircraft AB: Docket No. FAA-2007-29248; Directorate Identifier
2007-NM-155-AD.

Comments Due Date

    (a) We must receive comments by March 26, 2008.

Affected ADs

    (b) None.

Applicability

    (c) This AD applies to all Saab Model SAAB-Fairchild SF340A
(SAAB/SF340A) and SAAB 340B airplanes, certificated in any category,
all serial numbers.

    Note 1: This AD requires revisions to certain operator
maintenance documents to include new inspections. Compliance with
these inspections is required by 14 CFR 91.403(c). For airplanes
that have been previously modified, altered, or repaired in the
areas addressed by these inspections, the operator may not be able
to accomplish the inspections described in the revisions. In this
situation, to comply with 14 CFR 91.403(c), the operator must
request approval for an alternative method of compliance according
to paragraph (g)(1) of this AD. The request should include a
description of changes to the required inspections that will ensure
the continued operational safety of the airplane.

Subject

    (d) Air Transport Association (ATA) of America Code 28: Fuel.

Reason

    (e) The mandatory continuing airworthiness information (MCAI)
states:
    Subsequent to accidents involving Fuel Tank System explosions in
flight * * * and on ground, the FAA published Special Federal
Aviation Regulation 88 (SFAR 88) in June 2001. SFAR 88 required a
safety review of the aircraft Fuel Tank System to determine that the
design meets the requirements of FAR (Federal Aviation Regulation)
Sec.  25.901 and Sec.  25.981(a) and (b).
    A similar regulation has been recommended by the JAA (Joint
Aviation Authorities) to the European National Aviation Authorities
(National Aviation Authorities) in JAA letter 04/00/02/07/03-L024 of
3 February 2003. The review was requested to be mandated by NAA's
using JAR (Joint Aviation Regulation) Sec.  25.901(c), Sec.
25.1309.
    In August 2005 EASA published a policy statement on the process
for developing instructions for maintenance and inspection of Fuel
Tank System ignition source prevention (EASA D 2005/CPRO, http://
www.easa.eu.int/home/cert_policy_statements_en.html) that also
included the EASA expectations with regard to compliance times of
the corrective actions on the unsafe and the not unsafe part of the
harmonised design review results. On a global scale the TC (type
certificate) holders committed themselves to the EASA published
compliance dates (see EASA policy statement). The EASA policy
statement has been revised in March 2006: The date of 31-12-2005 for
the unsafe related actions has now been set at 01-07-2006.
    Fuel Airworthiness Limitations are items arising from a systems
safety analysis that have been shown to have failure mode(s)
associated with an `unsafe condition' as defined in FAA's memo 2003-
112-15 `SFAR 88--Mandatory Action Decision Criteria'. These are
identified in Failure Conditions for which an unacceptable
probability of ignition risk could exist if specific tasks and/or
practices are not performed in accordance with the manufacturers'
requirements.
    This EASA Airworthiness Directive mandates the Fuel System
Airworthiness Limitations (comprising maintenance/inspection tasks
and Critical Design Configuration Control Limitations (CDCCL)) for
the type of aircraft, that resulted from the design reviews and the
JAA recommendation and EASA policy statement mentioned above.
    The corrective action is revising the Airworthiness Limitations
Section of the Instructions for Continued Airworthiness to
incorporate new limitations for fuel tank systems.

Actions and Compliance

    (f) Unless already done, do the following actions.
    (1) Before December 16, 2008, or within 3 months after the
effective date of this AD, whichever occurs earlier, revise the
Airworthiness Limitations Section (ALS) of the Instructions for
Continued Airworthiness to incorporate the maintenance and
inspection instructions in Part 1 of Saab 340 Fuel Airworthiness
Limitations Document 340 LKS 009033, dated February 14, 2006. For
all tasks identified in Part 1 of Saab 340 Fuel Airworthiness
Limitations Document 340 LKS 009033, dated February 14, 2006, the
initial compliance times start from the effective date of this AD,
and the repetitive inspections must be accomplished thereafter at
the interval specified in Part 1 of Saab 340 Fuel Airworthiness
Limitations Document 340 LKS 009033, dated February 14, 2006; except
as provided by paragraphs (f)(3) and (g) of this AD.
    (2) Before December 16, 2008, revise the ALS of the Instructions
for Continued Airworthiness to incorporate the CDCCLs as defined in
Part 2 of Saab 340 Fuel Airworthiness Limitations Document 340 LKS
009033, dated February 14, 2006.
    (3) After accomplishing the actions specified in paragraphs
(f)(1) and (f)(2) of this AD, no alternative inspection, inspection
intervals, or CDCCLs may be used unless the inspections, intervals,
or CDCCLs are part of a later revision of Saab 340 Fuel
Airworthiness Limitations Document 340 LKS 009033, dated February
14, 2006, that is approved by the Manager, International Branch,
ANM-116, Transport Airplane Directorate, FAA, or the European
Aviation Safety Agency (EASA) (or its delegated agent); or unless
the inspections, intervals, or CDCCLs are approved as an alternative
method of compliance (AMOC) in accordance with the procedures
specified in paragraph (g)(1) of this AD.
    (4) Where Saab 340 Fuel Airworthiness Limitations Document 340
LKS 009033, dated February 14, 2006, allows for exceptional short-
term extensions, an exception is acceptable to the FAA if it is
approved by the appropriate principal inspector in the FAA Flight
Standards Certificate Holding District Office.

FAA AD Differences

    Note 2: This AD differs from the MCAI and/or service information
as follows: No differences.

Other FAA AD Provisions

    (g) The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager,
International Branch, ANM-116, Transport Airplane Directorate, FAA,
has the authority to approve AMOCs for this AD, if requested using
the procedures found in 14 CFR 39.19. Send information to ATTN: Mike
Borfitz, Aerospace Engineer, International Branch, ANM-116, FAA,
Transport Airplane Directorate, 1601 Lind Avenue, SW., Renton,
Washington 98057-3356; telephone<PHONE_NUMBER>; fax<PHONE_NUMBER>.
Before using any approved AMOC on any airplane to which the AMOC
applies, notify your appropriate principal inspector (PI) in the FAA
Flight Standards District Office (FSDO), or lacking a PI, your local
FSDO.
    (2) Airworthy Product: For any requirement in this AD to obtain
corrective actions from a manufacturer or other source, use these
actions if they are FAA-approved. Corrective actions are considered
FAA-approved if they are approved by the State of Design Authority
(or their delegated agent). You are required to assure the product
is airworthy before it is returned to service.
    (3) Reporting Requirements: For any reporting requirement in
this AD, under the provisions of the Paperwork Reduction Act, the
Office of Management and Budget (OMB) has approved the information
collection requirements and has assigned OMB Control Number 2120-
0056.

Related Information

    (h) Refer to MCAI EASA Airworthiness Directive 2006-0221, dated
July 20, 2006;

and Saab 340 Fuel Airworthiness Limitations Document 340 LKS 009033,
dated February 14, 2006; for related information.

    Issued in Renton, Washington, on February 28, 2008.
Ali Bahrami,
Manager, Transport Airplane Directorate, Aircraft Certification
Service.
 [FR Doc. E8-4326 Filed 3-5-08; 8:45 am]

BILLING CODE 4910-13-P


[Federal Register Volume 86, Number 201 (Thursday, October 21, 2021)]
[Notices]
[Pages 58367-58368]
[FR Doc No: 2021-22902]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-330, OMB Control No. 3235-0372]

For Submission Comment Request

Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, Washington, DC 20549-0213

Extension:
    Rule 15c2-12

    Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the existing
collection of information provided for in Rule 15c2-12--Municipal
Securities Disclosure (17 CFR 240.15c2-12) under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et seq.) (``Exchange Act''). The
Commission plans to submit this existing collection of information to
the Office of Management and Budget (``OMB'') for extension and
approval.
    Paragraph (b) of Rule 15c2-12 requires underwriters of municipal
securities: (1) To obtain and review an official statement ``deemed
final'' by an issuer of the securities, except for the omission of
specified information prior to making a bid, purchase, offer, or sale
of municipal securities; (2) in non-competitively bid offerings, to
send, upon request, a copy of the most recent preliminary official
statement (if one exists) to potential customers; (3) to contract with
the issuer to receive, within a specified time, sufficient copies of
the final official statement to comply with Rule 15c2-12's delivery
requirement and the rules of the Municipal Securities Rulemaking Board
(``MSRB''); (4) to send, upon request, a copy of the final official
statement to potential customers for a specified period of time; and
(5) before purchasing or selling municipal securities in connection
with an offering, to reasonably determine that the issuer or the
obligated person has undertaken, in a written agreement or contract,
for the benefit of holders of such municipal securities, to provide
certain information on a continuing basis to the MSRB in an electronic
format as prescribed by the MSRB. The information to be provided
consists of: (1) Certain annual financial and operating information and
audited financial statements (``annual filings''); (2) notices of the
occurrence of any of 16 specific events (``event notices''); and (3)
notices of the failure of an issuer or obligated person to make a
submission required by a continuing disclosure agreement (``failure to
file notices'').
    Rule 15c2-12 is intended to enhance disclosure, and thereby reduce
fraud, in the municipal securities market by establishing standards for
obtaining, reviewing and disseminating information about municipal
securities by their underwriters.
    Municipal offerings of less than $1 million are exempt from the
rule, as are offerings of municipal securities issued in large
denominations that are sold to no more than 35 sophisticated investors
or have short-term maturities.
    It is estimated that approximately 28,000 issuers, 250 broker-
dealers and the MSRB will spend a total of 797,681 hours per year
complying with Rule 15c2-12.\1\ Based on data from the MSRB through
December 2020, issuers annually submit approximately 61,964 annual
filings to the MSRB. Commission staff estimates that an issuer will
require approximately seven hours to prepare and submit annual filings
to the MSRB. Therefore, the total annual burden on issuers to prepare
and submit 61,964 annual filings to the MSRB is estimated to be 433,748
hours. Based on data from the MSRB through December 2020, issuers
annually submit approximately 54,121 event notices to the MSRB.
Commission staff estimates that an issuer will require approximately
four hours to prepare and submit event notices to the MSRB. Therefore,
the total annual burden on issuers to prepare and submit 54,121 event
notices to the MSRB is estimated to be 216,484 hours. Based on data
from the MSRB through December 2020, issuers annually submit
approximately 3,597 failure to file notices to the MSRB. Commission
staff estimates that an issuer will require approximately two hours to
prepare and submit failure to file notices to the MSRB. Therefore, the
total annual

burden on issuers to prepare and submit 3,597 failure to file notices
to the MSRB is estimated to be 7,194 hours. Commission staff estimates
that the total annual burden on broker-dealers to comply with Rule
15c2-12 is 115,255 hours. Finally, Commission staff estimates that the
MSRB will incur an annual burden of 25,000 hours to collect, index,
store, retrieve and make available the pertinent documents under Rule
15c2-12.
---------------------------------------------------------------------------

    \1\ 54,121 (annual number of event notices) x 4 (average
estimate of hours needed to prepare and submit each) + 61,964
(annual number of annual filings) x 7 (average estimate of hours
needed to prepare and submit each) + 3,597 (annual number of failure
to file notices) x 2 (average estimate of hours needed to prepare
and submit each) = 657,426 hours. 657,426 hours (estimated total
annual burden on issuers) + 25,000 (estimated total annual MSRB
burden) + 115,255 (estimated total annual burden on broker-dealers)
= 797,681 hours.
---------------------------------------------------------------------------

    The Commission estimates that up to 65% of issuers may use
designated agents to submit some or all of their continuing disclosure
documents to the MSRB. The Commission estimates that the average total
annual cost that may be incurred by issuers that use the services of a
designated agent will be $15,470,000.\2\ Further, the Commission
estimates that issuers will retain outside counsel to assist with
filing approximately 1,100 event notices. The Commission estimates the
average total annual cost incurred by issuers to retain outside counsel
to assist in the evaluation and preparation of certain event notices
will be $1,760,000.\3\ Thus, the total estimated cost to issuers to
comply with the rule is $17,230,000.\4\
---------------------------------------------------------------------------

    \2\ 28,000 (number of issuers) x .65 (percentage of issuers that
may use designated agents) x $850 (estimated average annual cost for
issuer's use of designated agent to submit filings to the Rule) =
$15,470,000.
    \3\ 1,100 (estimate of number of event notices requiring outside
counsel) x 4 (estimated number of hours for outside attorney to
assist in the preparation of such event notice) x $400 (hourly wage
for an outside attorney) = $1,760,000. The Commission recognizes
that the costs of retaining outside professionals may vary depending
on the nature of the professional services, but for purposes of this
PRA analysis we estimate that costs of outside counsel would be an
average of $400 per hour.
    \4\ $15,470,000 (estimated total cost for issuer's use of
designated agent to submit filings) + $1,760,000 (estimated total
cost for issuer to employ outside counsel in the examination,
preparation, and filing of certain event notices) = $17,230,000.
---------------------------------------------------------------------------

    The Commission initially estimated that the MSRB would incur total
annual costs of $670,000 to operate the continuing disclosure service
for the MSRB's Electronic Municipal Market Access (``EMMA'') system.
This estimate was based on prior discussions with MSRB staff. Based on
more recent discussions with MSRB staff, the Commission now estimates
the total cost to operate the continuing disclosure service for EMMA to
be $1,055,000.\5\
---------------------------------------------------------------------------

    \5\ The updated figure is comprised of an approximate cost of
$670,000 for hardware and software and an approximate cost of
$385,000 for external third-party costs. $670,000 + $385,000 =
$1,055,000.
---------------------------------------------------------------------------

    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 website: www.reginfo.gov. Find this particular information
collection by selecting ``Currently under 30-day Review--Open for
Public Comments'' or by using the search function. Written comments and
recommendations for the proposed information collection should be sent
within 30 days of publication of this notice to (i) www.reginfo.gov/public/do/PRAMain and (ii) David Bottom, Director/Chief Information
Officer, Securities and Exchange Commission, c/o Cynthia Roscoe, 100 F
Street NE, Washington, DC 20549, or by sending an email to:
[email protected].

    Dated: October 15, 2021.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-22902 Filed 10-20-21; 8:45 am]
BILLING CODE 8011-01-P