[Federal Register: November 28, 2006 (Volume 71, Number 228)]
[Notices]
[Page 68864-68870]
[DOCID:fr28no06-98]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54800; File No. SR-NYSE-2006-69]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing of a Proposed Rule Change and Amendment No. 1 Thereto
To List and Trade Exchange-Traded Notes of Barclays Bank PLC Linked to
the Performance of the MSCI India Equities Index

 November 21, 2006.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on August 24, 2006 the New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule changes as described in Items I, II
and III below, which Items have been prepared by the Exchange. On
November 8, 2006, the Exchange submitted Amendment No. 1.\3\ The
Commission is publishing this notice to solicit comments on the
proposed rule change, as amended, from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 replaced and superseded the Exchange's
original submission in its entirety.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list and trade exchange-traded notes
(``Notes'') of Barclays Bank PLC (``Barclays'') linked to the
performance of the MSCI India Total Return IndexSM
(``Index'').

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 Exchange 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. The NYSE has prepared summaries, set forth in Sections
A, B and C below, of the most significant aspects of such statements.

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

1. Purpose

The Notes

    Under Section 703.19 of the Listed Company Manual (``Manual''), the
Exchange may approve for listing and trading securities not otherwise
covered by the criteria of Sections 1 and 7 of the Manual, provided the
issue is suited for auction market trading. The Exchange proposes to
list and trade, under Section 703.19 of the Manual, the Notes, which
are linked to the performance of the Index. Barclays intends to issue
the Notes under the name ``iPathSM Exchange-Traded Notes.''
    The Exchange believes that the Notes will conform to the initial
listing standards for equity securities under Section 703.19, as
Barclays is an affiliate of Barclays PLC,\4\ which is an Exchange-
listed company in good standing, the Notes will have a minimum life of
one year, the minimum public market value of the Notes at the time of
issuance will exceed $4 million, there will be at least one million
Notes outstanding, and there will be at least 400 holders at the time
of issuance. The Notes are a series of debt securities of Barclays that
provide for a cash payment at maturity or upon earlier redemption at
the holder's option, based on the performance of the Index subject to
the adjustments described below. The original issue price of each Note
will be $50. The Notes will trade on the Exchange's equity trading
floor, and the Exchange's existing equity trading rules will apply to
trading in the Notes. The Notes will not have a minimum principal
amount that will be repaid and, accordingly, payment on the Notes prior
to or at maturity may be less than the original issue price of the
Notes. In fact, the value of the Index must increase for the investor
to receive at least the $50 principal amount per Note at maturity or
upon redemption. If the value of the Index decreases or does not
increase sufficiently to offset the investor fee (described below), the
investor will receive less, and possibly significantly less, than the
$50 principal amount per Note. In addition, holders of the Notes will
not receive any interest payments from the Notes. The Notes will have a
term of 30 years. The Notes are not callable.
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    \4\ The issuer of the Notes, Barclays, is an affiliate of an
Exchange-listed company (Barclays PLC) and not an Exchange-listed
company itself. However, Barclays, though an affiliate of Barclays
PLC, would exceed the Exchange's earnings and minimum tangible net
worth requirements in Section 102 of the Manual. Additionally,
Barclays has informed the Exchange that the original issue price of
the Notes, when combined with the original issue price of all other
iPath securities offerings of the issuer that are listed on a
national securities exchange (or association), does not exceed 25%
of the issuer's net worth.
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    Holders who have not previously redeemed their Notes will receive a
cash payment at maturity equal to the initial issue price of their
Notes times the index factor on the Final Valuation Date (as defined
below) minus the investor fee on the Final Valuation Date. The ``index
factor'' on any given day will be equal to the closing value of the
Index on that day divided by the initial index level. The ``initial
index level'' is the closing value of the Index on the date of issuance
of the Notes, and the ``final index level'' is the closing value of the
Index on the Final Valuation Date. The investor fee will be equal to
0.89% per year times the principal amount of Holders' Notes times the
index factor, calculated on a daily basis in the following manner: The
investor fee on the date of issuance will equal zero. On each
subsequent calendar day until maturity or early redemption, the
investor fee will increase by an amount equal to 0.89% times the
principal amount of holders' Notes times the index factor on that day
(or, if such day is not a trading day, the index factor on the
immediately preceding trading day) divided by 365.
    Prior to maturity, holders may, subject to certain restrictions,
redeem their Notes on any Redemption Date (defined

below) during the term of the Notes, provided that they present at
least 50,000 Notes for redemption. The Exchange states that holders may
also act through a broker-dealer or other financial intermediary exempt
from being (or otherwise not required to be) registered as a broker-
dealer \5\ that is willing to bundle their Notes for redemption with
other investors' securities. Barclays may from time to time in its sole
discretion reduce, in part or in whole, the minimum redemption amount
of 50,000 Notes. The Exchange states that any such reduction will be
applied on a consistent basis for all holders of Notes at the time the
reduction becomes effective. If a holder chooses to redeem such
holder's Notes, the holder will receive a cash payment on the
applicable Redemption Date equal to the Weekly Redemption Value, which
is the initial issue price of such holder's Notes times the index
factor on the applicable Valuation Date minus the investor fee on the
applicable Valuation Date, less the redemption charge. The ``redemption
charge'' is a one-time charge imposed upon early redemption and is
equal to 0.00125 times the Weekly Redemption Value. The investor fee
and the redemption charge are the only fees holders will be charged in
connection with their ownership of the Notes. A ``Redemption Date'' is
the third business day following a Valuation Date (other than the Final
Valuation Date (defined below)). A ``Valuation Date'' is each Thursday
from the first Thursday after issuance of the Notes until the last
Thursday before maturity of the Notes (the ``Final Valuation Date'')
inclusive (or, if such date is not a trading day,\6\ the next
succeeding trading day), unless the calculation agent determines that a
market disruption event, as described below, occurs or is continuing on
that day.\7\ In that event, the Valuation Date for the maturity date or
corresponding Redemption Date, as the case may be, will be the first
following trading day on which the calculation agent determines that a
market disruption event does not occur and is not continuing. In no
event, however, will a Valuation Date be postponed by more than five
trading days.
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    \5\ Telephone conference between John Carey, Assistant General
Counsel, NYSE, and Florence Harmon, Senior Special Counsel,
Commission, Division of Market Regulation (``Division''), on
November 20, 2006 (``Telephone Conference'').
    \6\ A trading day is a day on which (i) the value of the Index
is published by MSCI, (ii) trading is generally conducted on the
NYSE, and (iii) trading is generally conducted on the National Stock
Exchange of India (the ``NSE''), as determined by the calculation
agent in its sole discretion.
    \7\ Barclays will serve as the initial calculation agent.
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    The Exchange states that any of the following will be a market
disruption event: (i) A suspension, absence, or material limitation of
trading in a material number of Index Components, as determined by the
calculation agent in its sole discretion, (ii) a suspension, absence,
or material limitation of trading in option or futures contracts
relating to the Index or a material number of Index Components in the
primary market for those contracts for more than two hours of trading
or during the one-half hour before the close of trading in the relevant
market, as determined by the calculation agent in its sole discretion,
(iii) the Index is not published, or (iv) any other event, if the
calculation agent determines in its sole discretion that such event
materially interferes with the ability of Barclays or any of its
affiliates to unwind all or a material portion of certain hedges with
respect to the Notes that Barclays or any of its affiliates have
effected or may effect.
    If a Valuation Date is postponed by five trading days, that fifth
day will nevertheless be the date on which the value of the Index will
be determined by the calculation agent. In such an event, the
calculation agent will make a good faith estimate in its sole
discretion of the value of the Index.
    To redeem their Notes, a holder must instruct his broker or other
person through whom he holds his Notes to take the following steps: (i)
Deliver a notice of redemption to Barclays via e-mail by no later than
11 a.m. Eastern Time (``ET'') on the business day prior to the
applicable Valuation Date; if Barclays receives such notice by the time
specified, it will respond by sending the holder a form of confirmation
of redemption, (ii) deliver the signed confirmation of redemption to
Barclays via facsimile in the specified form by 4 p.m. ET on the same
day; Barclays or its affiliate must acknowledge receipt in order for
the confirmation to be effective, (iii) instruct the holder's
Depository Trust Company (``DTC'') custodian to book a delivery vs.
payment trade with respect to the holder's Notes on the Valuation Date
at a price equal to the applicable Weekly Redemption Value, facing
Barclays Capital DTC 5101, and (iv) cause the holder's DTC custodian to
deliver the trade as booked for settlement via DTC at or prior to 10
a.m. ET on the applicable Redemption Date (the third business day
following the Valuation Date).
    If holders elect to redeem their Notes, Barclays may request that
Barclays Capital Inc. (a broker-dealer) purchase the Notes for the cash
amount that would otherwise have been payable by Barclays upon
redemption. In this case, Barclays will remain obligated to redeem the
Notes if Barclays Capital Inc. fails to purchase the Notes. Any Notes
purchased by Barclays Capital Inc. may remain outstanding.
    If an event of default occurs and the maturity of the Notes is
accelerated, Barclays will pay the default amount in respect of the
principal of the Notes at maturity. The default amount for the Notes on
any day will be an amount, determined by the calculation agent in its
sole discretion, equal to the cost of having a qualified financial
institution, of the kind and selected as described below, expressly
assume all Barclays' payment and other obligations with respect to the
Notes as of that day and as if no default or acceleration had occurred,
or to undertake other obligations providing substantially equivalent
economic value to the holders of the Notes with respect to the Notes.
That cost would equal: (i) The lowest amount that a qualified financial
institution would charge to effect this assumption or undertaking, plus
(ii) the reasonable expenses, including reasonable attorney's fees,
incurred by the holders of the Notes in preparing any documentation
necessary for this assumption or undertaking.\8\
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    \8\ The Exchange states that additional information about the
default provisions of the Notes is provided in Barclays'
Registration Statement on Form F-3 (333-126811), as amended by
Amendment No. 1 on September 14, 2005.
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    During the default quotation period for the Notes (described
below), the holders of the Notes and/or Barclays may request a
qualified financial institution to provide a quotation of the amount it
would charge to effect this assumption or undertaking. If either party
obtains a quotation, it must notify the other party in writing of the
quotation. The amount referred to in item (i) above will equal the
lowest, or, if there is only one, the only, quotation obtained, and as
to which notice is so given, during the default quotation period. With
respect to any quotation, however, the party not obtaining the
quotation may object on reasonable and significant grounds, to the
assumption or undertaking by the qualified financial institution
providing the quotation and notify the other party in writing of those
grounds within two business days after the last day of the default
quotation period, in which case that quotation will be disregarded in
determining the default amount. The default quotation period is the
period beginning on the day the default amount first becomes

due and ending on the third business day after that day, unless: (i) No
quotation of the kind referred to above is obtained, or (ii) every
quotation of that kind obtained is objected to within five business
days after the due date as described above. If either of these two
events occurs, the default quotation period will continue until the
third business day after the first business day on which prompt notice
of a quotation is given as described above. If that quotation is
objected to as described above within five business days after that
first business day, however, the default quotation period will continue
as described in the prior sentence and this sentence. In any event, if
the default quotation period and the subsequent two business day
objection period have not ended before the Final Valuation Date, then
the default amount will equal the principal amount of the Notes.

Indicative Value

    An intraday ``indicative value'' meant to approximate the intrinsic
economic value of the Notes, updated to reflect changes in currency
exchange rates, will be calculated and published by a third-party
service provider via the facilities of the Consolidated Tape
Association at least every fifteen seconds throughout the NYSE trading
day on each day on which the Notes are traded on the Exchange.\9\
Additionally, Barclays or an affiliate will calculate \10\ and publish
the closing indicative value of the Notes on each trading day at http://www.ipathetn.com.
 The last sale price of the Notes will also be

disseminated over the Consolidated Tape, subject to a 20-minute delay.
In connection with the Notes, Barclays uses the term ``indicative
value'' to refer to the value at a given time determined based on the
following equation:

    \9\ The Exchange states that the indicative value calculation
will be provided for reference purposes only. It is not intended as
a price for quotation, or as an offer or solicitation for the
purchase, sale or redemption or termination of Notes, nor will it
reflect hedging or transaction costs, credit considerations, market
liquidity or bid-offer spreads. Published Index levels from MSCI may
occasionally be subject to delay or postponement. Any such delays or
postponements will affect the current Index level and therefore the
indicative value of the Notes. Index levels provided by MSCI will
not necessarily reflect the depth and liquidity of the Indian
equities market. For this reason and others, the Exchange states
that the actual trading price of the Notes may be different from
their indicative value.
    \10\ Telephone Conference (noting that Barclays will calculate
and publish closing indicative value of the Notes).
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    Indicative Value = Principal Amount per Security x (Current Index
Level/Initial Index Level)-Current Investor Fee

Where:

Principal Amount per Security = $50,
Current Index Level = The most recent level of the Index published
by MSCI,
Initial Index Level = The level of the Index on the Date of Issuance
and
Current Investor Fee = The most recent daily calculation of the
holder's investor fee with respect to the holder's securities,
determined as described above (which, during any trading day, will
be the investor fee determined on the preceding calendar day).

    The Indicative Value will not reflect changes in the prices of
securities included in the Index resulting from trading on other
markets after the close of trading on the NSE, but will be updated to
reflect changes in the exchange rate between the U.S. dollar and the
Indian rupee.

Description of the Index

    The Index is a free float-adjusted market capitalization index that
is designed to measure the market performance, including price
performance and income from dividend payments, of Indian equity
securities. The Index is currently comprised of the top 68 companies by
market capitalization (the ``Index Components'') listed on the NSE. The
number of securities included in the Index will vary over time as, in
all of its country indexes, MSCI targets an 85% free float-adjusted
market representation level within each industry group. The Index is
calculated by Morgan Stanley Capital International Inc. (``MSCI'') and
is denominated in U.S. dollars.\11\
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    \11\ As the Commission has previously stated, when a broker-
dealer, or a broker-dealer's affiliate such as MSCI, is involved in
the development and maintenance of a stock index upon which a
product such as iShares is based, the broker-dealer or its affiliate
should have procedures designed specifically to address the improper
sharing of information. See Securities Exchange Act Release No.
52178 (July 29, 2005), 70 FR 46244 (August 8, 2005) (SR--NYSE-2005-
41). The Exchange notes that MSCI has implemented procedures to
prevent the misuse of material, non-public information regarding
changes to component stocks in the MSCI Indexes. Telephone
Conference.
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    Securities eligible for inclusion in the Index include equity
securities issued by companies incorporated in India. The shares of
those companies are mainly traded on the NSE. However, in cases where
such prices are not available due to the delisting from the NSE,
official closing prices from the Bombay Stock Exchange (the ``BSE'')
may be used. The NSE was established at the behest of the Government of
India in November 1992, and the capital markets segment commenced
operations in November 1994. As of the end of October 2006, there were
approximately 1016 companies listed on the NSE. Trades executed on the
NSE are cleared and settled by a clearing corporation, the National
Securities Clearing Corporation Limited, which acts as a counterparty
and guarantees settlement.
    The Exchange states that the weighting of a company in the Index is
intended to be a reflection of the current importance of that company
in the market as a whole. Stocks are selected and weighted according to
the same consistent methodology that is applied to all MSCI Indexes, as
described below. The reason for a company being heavily weighted
reflects the fact that it has a relatively larger market capitalization
than other, smaller Index Components. The Exchange states that the
Index Components are frequently reviewed to ensure that the Index
continues to reflect the state and structure of the underlying market
it measures. The composition of the Index is reviewed quarterly every
January, April, July, and October.
    The NSE opens at 9:55 a.m. Mumbai time (12:25 a.m. ET, 5:25 a.m.
London time) and closes at 3:30 p.m. Mumbai time (6 a.m. ET, 11 a.m.
London time). All of the securities included in the Index generally
trade during these hours. The Index is calculated and is updated
continuously until the market closes and is published as end of day
values in U.S. dollars using the exchange rate published by WM Reuters
at 4 p.m. on the previous day. The Index is reported by Bloomberg, L.P.
under the ticker symbol ``NDEUSIA.'' The Index is static during the
Exchange trading day.

The MSCI Indexes

    The Exchange states that the MSCI Indexes, of which the Index is
one, were founded in 1969 by Capital International S.A. as the first
international performance benchmarks constructed to facilitate accurate
comparison of world markets. Morgan Stanley acquired rights to the
Indexes in 1986. In November 1998, Morgan Stanley transferred all
rights to the MSCI Indexes to MSCI, a Delaware corporation of which
Morgan Stanley is the majority owner, and The Capital Group of
Companies, Inc. is the minority shareholder. The Exchange states that
the MSCI single country standard equity indexes have covered the
world's developed markets since 1969, and in 1988, MSCI commenced
coverage of the emerging markets. The Index was launched on December
31, 1992.
    Local stock exchanges traditionally calculated their own indexes
that were generally not comparable with one another due to differences
in the representation of the local market,

mathematical formulas, base dates and methods of adjusting for capital
changes. MSCI, however, applies the same criteria and calculation
methodology across all markets for all single country standard equity
indexes, developed and emerging.
    MSCI's single country standard equity indexes generally seek to
have 85% of the free float-adjusted market capitalization of each
industry group in each country. The MSCI single country standard equity
indexes seek to balance the inclusiveness of an ``all share'' index
against the replicability of a ``blue chip'' index.

MSCI Single Country Standard Equity Indexes

Weighting

    Effective May 31, 2002 all single-country MSCI equity indexes are
free-float-weighted, i.e., companies are included in the indexes at the
value of their free public float (free float, multiplied by price).
MSCI defines ``free float'' as total shares excluding shares held by
strategic investors such as governments, corporations, controlling
shareholders and management, and shares subject to foreign ownership
restrictions.

Regional Weights

    The Exchange states that market capitalization weighting, combined
with a consistent target of 85% of free float-adjusted market
capitalization, helps ensure that each country's weight in regional and
international indexes approximates its weight in the total universe of
developing and emerging markets. The Exchange states that maintaining
consistent policies among MSCI developed and emerging market indexes is
critical to the calculation of certain combined developed and emerging
market indexes published by MSCI.

Selection Criteria

    The Exchange states that, to construct relevant and accurate equity
indexes for the global institutional investor, MSCI undertakes an index
construction process that involves: (i) Defining the equity universe,
(ii) adjusting the total market capitalization of all securities in the
universe for free float available to foreign investors, (iii)
classifying the universe of securities under the Global Industry
Classification Standard (the ``GICS''), and (iv) selecting securities
for inclusion according to MSCI's index construction rules and
guidelines.
(i) Defining the Universe
    The index construction process starts at the country level, with
the identification of all listed securities for that country.
Currently, MSCI creates equity indexes for 50 global country markets.
MSCI classifies each company and its securities in only one country.
This allows securities to be sorted distinctly by their respective
countries. In general, companies and their respective securities are
classified as belonging to the country in which they are incorporated.
All listed equity securities, or listed securities that exhibit
characteristics of equity securities, except investment trusts, mutual
funds and equity derivatives, are eligible for inclusion in the
universe. Shares of non-domiciled companies generally are not eligible
for inclusion in the universe.
(ii) Adjusting the Total Market Capitalization of Securities in the
Universe for Free Float
    After identifying the universe of securities, MSCI calculates the
free float-adjusted market capitalization of each security in that
universe using publicly available information. The process of free
float adjusting market capitalization involves: (i) Defining and
estimating the free float available to foreign investors of each
security, using MSCI's definition of free float, (ii) assigning a free
float-adjustment factor to each security, and (iii) calculating the
free float-adjusted market capitalization of each security.
(iii) Classifying Securities Under the GICS
    In addition to the free float-adjustment of market capitalization,
all securities in the universe are assigned to an industry-based
hierarchy that describes their business activities. To this end, MSCI
has designed, in conjunction with Standard & Poor's, the GICS. This
comprehensive classification scheme provides a universal approach to
industries worldwide and forms the basis for achieving MSCI's objective
of reflecting broad and fair industry representation in its indexes.
(iv) Selecting Securities for Index Inclusion
    In order to ensure a broad and fair representation in the indexes
of the diversity of business activities in the universe, the Exchange
states that MSCI follows a ``bottom-up'' approach to index
construction, building indexes up to the industry group level. The
bottom-up approach to index construction requires a thorough analysis
and understanding of the characteristics of the universe. This analysis
drives the individual security selection decisions, which aim to
reflect the overall features of the universe in the country index. MSCI
targets an 85% free float-adjusted market representation level within
each industry group, within each country. The security selection
process within each industry group is based on the careful analysis of:
(i) Each company's business activities and the diversification that its
securities would bring to the index, (ii) the size (based on free
float-adjusted market capitalization) and liquidity of the securities
of the company, and (iii) the estimated free float for the company and
its individual share classes. MSCI targets for inclusion the most
sizable and liquid securities in an industry group. MSCI generally does
not consider securities with inadequate liquidity and/or securities
that do not have an estimated free float greater than 15%. Exceptions
to this general rule are made only in significant cases, where
exclusion of a security of a large company would compromise the index's
ability to fully and fairly represent the characteristics of the
underlying market.

Free Float

    MSCI defines the free float of a security as the proportion of
shares outstanding that are deemed to be available for purchase in the
public equity markets by international investors. In practice,
limitations on free float available to international investors include:
(i) Strategic and other shareholdings not considered part of available
free float, and (ii) limits on share ownership for foreigners.
    Under MSCI's free-float adjustment methodology, a constituent's
inclusion factor is equal to its estimated free float rounded up to the
closest 5% for constituents with free float equal to or exceeding 15%.
For example, a constituent security with a free float of 23.2% will be
included in the index at 25% of its market capitalization. For
securities with a free float of less than 15% that are included on an
exceptional basis, the estimated free float is adjusted to the nearest
1%.

Prices and Exchange Rates

Prices

    The prices used to calculate the MSCI Indexes are the official
exchange closing prices or those figures accepted as such. MSCI
reserves the right to use an alternative pricing source on any given
day.\12\
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    \12\ The Exchange has been informed that MSCI's language
regarding alternative pricing sources is meant to address
contingencies that may be used to address major exchange outages or
other cases of extended data disruption. As a matter of practice,
MSCI does not regularly alternate among stated sources and would
make every effort to inform clients in advance of any such changes.
The price sources implicit in the exchange code for each security's
identifier (Ticker or RIC) should be considered as a consistent
source in that regard.

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Exchange Rates

    MSCI uses the foreign exchange rates published by WM Reuters at 4
p.m. London time. MSCI uses WM Reuters rates for all developed and
emerging markets. Exchange rates are taken daily at 4 p.m. London time
by the WM Company and are sourced whenever possible from multi-
contributor quotes on Reuters. Representative rates are selected for
each currency based on a number of ``snapshots'' of the latest
contributed quotations taken from the Reuters service at short
intervals around 4 p.m. WM Reuters provides closing bid and offer
rates. MSCI uses these rates to calculate the mid-point to five decimal
places.
    MSCI continues to monitor exchange rates independently and may,
under exceptional circumstances, elect to use an alternative exchange
rate if the WM Reuters rate is believed not to be representative for a
given currency on a particular day.

Changes to the Indexes

    The MSCI Indexes are maintained with the objective of reflecting,
on a timely basis, the evolution of the underlying equity markets. In
maintaining the MSCI Indexes, emphasis is also placed on continuity,
replicability, and minimizing turnover in the Indexes. Maintaining the
MSCI Indexes involves many aspects, including: (i) Additions to and
deletions from the Indexes, (ii) changes in number of shares, and (iii)
changes in Foreign Inclusion Factors (``FIFs'') as a result of updated
free float estimates.
    Potential additions are analyzed not only with respect to their
industry group, but also with respect to their industry or sub-industry
group, in order to represent a wide range of economic and business
activities. All additions are considered in the context of MSCI's
methodology, including the index constituent eligibility rules and
guidelines.
    In assessing deletions, it is important to emphasize that indexes
must represent the full investment cycle, including both bull and bear
markets. Out-of-favor industries and their securities may exhibit
declining prices, declining market capitalization and/or declining
liquidity, yet they are not deleted because they continue to be good
representatives of their industry group. As a general policy, changes
in number of shares are coordinated with changes in FIFs to accurately
reflect the investability of the underlying securities. In addition,
MSCI continuously strives to improve the quality of its free float
estimates and the related FIFs. Additional shareholder information may
come from better disclosure by companies or more stringent disclosure
requirements by a country's authorities. It may also come from MSCI's
ongoing examination of new information sources for the purpose of
further enhancing free float estimates and better understanding
shareholder structures. When MSCI identifies useful additional sources
of information, it seeks to incorporate them into its free float
analysis.
    Overall, index maintenance can be described by three broad
categories of implementation of changes: (i) Annual full country index
reviews, conducted on a fixed annual timetable, that systematically re-
assess the various dimensions of the equity universe for all countries,
(ii) quarterly index reviews, aimed at promptly reflecting other
significant market events, and (iii) ongoing changes related to events
such as mergers and acquisitions, which generally are rapidly
implemented in the indexes as they occur.
    Potential changes in the status of countries (stand-alone,
emerging, developed) follow their own separate timetables. These
changes are normally implemented in one or more phases at the regular
annual full country index review and quarterly index review dates.
    The annual full country index review for all the MSCI single
country standard equity indexes is carried out once every 12 months and
implemented as of the close of the last business day of May. The
implementation of changes resulting from a quarterly index review
occurs only on three dates throughout the year: as of the close of the
last business day of February, August, and November. Any single country
indexes may be impacted at the quarterly index review. MSCI Index
additions and deletions due to quarterly index rebalancings are
announced at least two weeks in advance.

Continued Listing Criteria

    The Exchange prohibits the initial and/or continued listing of any
securitythat is not in compliance with Rule 10A-3 under the Act.\13\
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    \13\ 17 CFR 240.10A-3.
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    The Exchange will delist the Notes:
     If, following the initial twelve month period from the
date of commencement of trading of the Notes, (a) the Notes have more
than 60 days remaining until maturity and there are fewer than 50
beneficial holders of the Notes for 30 or more consecutive trading
days, (b) if fewer than 100,000 Notes remain issued and outstanding, or
(c) if the market value of all outstanding Notes is less than
$1,000,000.
     If the Index closing value ceases to be calculated or
available during the time the Notes trade on the Exchange on at least a
15 second basis through one or more major market data vendors or the
sponsor of the Index (it being understood that the closing \14\ Index
value will be static during the Exchange trading day).
---------------------------------------------------------------------------

    \14\ Telephone Conference (clarifying that Index closing value
must be disseminated).
---------------------------------------------------------------------------

     If, during the time the Notes trade on the Exchange, the
Indicative Value ceases to be available on a 15 second delayed basis.
     If such other event shall occur or condition exists which
in the opinion of the Exchange makes further dealings on the Exchange
inadvisable.

Exchange Filing Obligations

    The Exchange will file a proposed rule change pursuant to Rule 19b-
4 under the Act, seeking approval to continue trading the Securities
and unless approved, the Exchange will commence delisting the
Securities, if
     A successor or substitute index is used in connection with
the Notes. The filing will address, among other things, the listing and
trading characteristics of the successor or substitute index and the
Exchange's surveillance procedures applicable thereto.
     At any time the most heavily weighted component stock in
the Index exceeds 25% of the weight of the Index or the five most
heavily weighted component stocks exceed 60% of the weight of the
Index.
     MSCI substantially changes the index methodology.\15\
---------------------------------------------------------------------------

    \15\ Telephone Conference.
---------------------------------------------------------------------------

Trading Halts

    If the Index Value or the Indicative Value is not being
disseminated as required, the Exchange may halt trading during the day
on which the interruption to the dissemination of the Index Value or
the Indicative Value first occurs. If the interruption to the
dissemination of the Index Value or the Indicative Value persists past
the trading day in which it occurred, the Exchange will halt trading no
later than the beginning of the trading day following the interruption.

Surveillance

    The Exchange's surveillance procedures will incorporate and rely
upon existing Exchange surveillance procedures governing equities with
respect to surveillance of the Notes. The Exchange believes that these
procedures are adequate to monitor Exchange trading of the Notes and to
detect violations of Exchange rules, thereby deterring manipulation. In
this regard, the Exchange currently has the authority under NYSE Rule
476 to request the Exchange specialist in the Notes to provide NYSE
Regulation with information that the specialist uses in connection with
pricing the Notes on the Exchange, including specialist proprietary or
other information regarding securities, options on securities or other
derivative instruments. The Exchange believes it also has authority to
request any other information from its members--including floor
brokers, specialists and ``upstairs'' firms--to fulfill its regulatory
obligations.
    The Exchange's current trading surveillances focus on detecting
securities trading outside normal patterns. When such situations are
detected, surveillance analysis follows and investigations are opened,
where appropriate, to review the behavior of all relevant parties for
all relevant trading violations.

Trading Rules

    The Exchange's existing trading rules will apply to trading of the
Notes. The Notes will trade between the hours of 9:30 a.m. and 4 p.m.
ET and will be subject to the equity margin rules of the Exchange.

Suitability

    Pursuant to Exchange Rule 405, the Exchange will impose a duty of
due diligence on its members and member firms to learn the essential
facts relating to every customer prior to trading the Notes.\16\ With
respect to suitability recommendations and risks, the Exchange will
require members, member organizations and employees thereof
recommending a transaction in the Notes: (i) To determine that such
transaction is suitable for the customer, and (ii) to have a reasonable
basis for believing that the customer can evaluate the special
characteristics of, and is able to bear the financial risks of, such
transaction.
---------------------------------------------------------------------------

    \16\ NYSE Rule 405 requires that every member, member firm or
member corporation use due diligence to learn the essential facts
relative to every customer and to every order or account accepted.
---------------------------------------------------------------------------

    The Notes will be subject to the equity margin rules of the
Exchange.\17\
---------------------------------------------------------------------------

    \17\ See NYSE Rule 431.
---------------------------------------------------------------------------

Information Memorandum

    The Exchange will, prior to trading the Notes, distribute an
information memorandum to the membership providing guidance with regard
to member firm compliance responsibilities (including suitability
recommendations) when handling transactions in the Notes. The
information memorandum will note to members language in the prospectus
used by Barclays in connection with the sale of the Notes regarding
prospectus delivery requirements for the Notes. Specifically, in the
initial distribution of the Notes,\18\ and during any subsequent
distribution of the Notes, NYSE member organizations will deliver a
prospectus to investors purchasing from such distributors.
---------------------------------------------------------------------------

    \18\ The Registration Statement reserves the right to make
subsequent distributions of these Notes.
---------------------------------------------------------------------------

    The information memorandum will discuss the special characteristics
and risks of trading this type of security. Specifically, the
information memorandum, among other things, will discuss what the Notes
are, how the Notes are redeemed, applicable Exchange rules,
dissemination of information regarding the Index value and the
Indicative Value, exchange rate, trading information, and applicable
suitability rules. The information memorandum will also notify members
and member organizations about the procedures for redemptions of Notes
and that Notes are not individually redeemable but are redeemable only
in aggregations of at least 100,000 Notes.
    The information memorandum will also discuss any exemptive or no-
action relief under the Act provided by the Commission staff.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Act,\19\ in general, and furthers the objectives of Section
6(b)(5),\20\ in particular, in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to remove impediments to, and perfect
the mechanism of a free and open market and, in general, to protect
investors and the public interest.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78f(b).
    \20\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

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

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

    The Exchange has neither solicited nor received written comments on
the proposed rule change.

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

    Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which Amex consents, the Commission will:
    (A) By order approve such proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.
    The Commission is considering granting accelerated approval of the
proposed rule change, as amended, at the end of a 15-day comment
period.\21\
---------------------------------------------------------------------------

    \21\ NYSE has requested accelerated approval of the proposed
rule change, as amended, prior to the 30th day after the date of
publication of notice of the proposal in the Federal Register.
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
); or     Send an e-mail to<EMAIL_ADDRESS>Please include

File Number SR-NYSE-2006-69.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2006-69. This file
number should be included on the

subject line if e-mail is used. To help the Commission process and
review your comments more efficiently, please use only one method. The
Commission will post all comments on the Commission's Internet Web site
(http://www.sec.gov/rules/sro.shtml). Copies of the submission, all

subsequent amendments, all written statements with respect to the
proposed rule change that are filed with the Commission, and all
written communications relating to the proposed rule change between the
Commission and any person, other than those that may be withheld from
the public in accordance with the provisions of 5 U.S.C. 552, will be
available for inspection and copying in the Commission's Public
Reference Room. 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; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSE-2006-69 and should be
submitted on or before December 13, 2006.
---------------------------------------------------------------------------

    \22\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\22\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. E6-20130 Filed 11-27-06; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 170 (Thursday, September 1, 2016)]
[Notices]
[Pages 60351-60352]
[FR Doc No: 2016-21005]

=======================================================================
-----------------------------------------------------------------------

ENVIRONMENTAL PROTECTION AGENCY

[Docket ID No. EPA-HQ-ORD-2009-0229; FRL-9951-62-ORD]

Public Comment Draft for the Integrated Risk Information System
(IRIS) Assessment of Ethyl Tertiary Butyl Ether (ETBE)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of public comment period.

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

SUMMARY: The Environmental Protection Agency (EPA) is announcing a 60-
day public comment period for the draft IRIS Toxicological Review of
ETBE. The draft document was prepared by the National Center for
Environmental Assessment (NCEA) within EPA's Office of Research and
Development (ORD).
    As outlined in the May 21, 2009, IRIS process under step 4, EPA is
releasing this draft IRIS assessment for public comment and discussion
at the October 26, 2016, IRIS Public Science Meeting. This draft
assessment is not final, as described in EPA's information quality
guidelines, and it does not represent, and should not be construed to
represent Agency policy or views. EPA will consider all public comments
submitted in response to this notice when revising this document.

DATES: The 60-day public comment period begins September 1, 2016, and
ends October 31, 2016. Comments must be received on or before October
31, 2016.

ADDRESSES: The draft IRIS Toxicological Review of ETBE will be
available via the internet on EPA's IRIS Web page under Recent
Additions at http://www.epa.gov/iris/iris-recent-additions or the
public docket at http://www.regulations.gov, Docket ID: EPA-HQ-ORD-
2009-0229.

FOR FURTHER INFORMATION CONTACT: For information on the public comment
period, contact the ORD Docket at the EPA Headquarters Docket Center;
telephone:<PHONE_NUMBER>; facsimile:<PHONE_NUMBER>; or email:
<EMAIL_ADDRESS>    For technical information on the draft IRIS assessment ETBE,
contact Dr. Keith Salazar, NCEA; telephone:<PHONE_NUMBER>; or email:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Information About IRIS

    EPA's IRIS Program is a human health assessment program that
evaluates quantitative and qualitative risk information on effects that
may result from exposure to chemicals found in the environment. Through
the IRIS Program, EPA provides the highest quality science-based human
health assessments to support the Agency's regulatory activities and
decisions to protect public health. The IRIS database contains
information on chemicals that can be used to support the first two
steps (hazard identification and dose-response evaluation) of the human
health risk assessment process. When supported by available data, IRIS
provides health effects information and toxicity values for health
effects (including cancer and effects other than cancer). Government
and others combine IRIS toxicity values with exposure information to
characterize public health risks of chemicals; this information is then
used to support risk management decisions designed to protect public
health.

II. How To Submit Technical Comments to the Docket at
www.regulations.gov

    Submit your comments, identified by Docket ID No. EPA-HQ-ORD-2009-
0229, by one of the following methods:
     www.regulations.gov: Follow the online instructions for
submitting comments.
     Email<EMAIL_ADDRESS>     Fax:<PHONE_NUMBER>.
     Mail: U.S. Environmental Protection Agency, EPA Docket
Center (ORD Docket), Mail Code: 28221T, 1200 Pennsylvania Avenue NW.,
Washington, DC 20460. The phone number is<PHONE_NUMBER>.
     Hand Delivery: The ORD 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 legal holidays. The
telephone number for the Public Reading Room is<PHONE_NUMBER>.
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-
2009-0229. 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 through
www.regulations.gov or email that you consider to be CBI or otherwise
protected. 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 ORD Docket in the EPA
Headquarters Docket Center.

    Dated: August 19, 2016.
Chris Saint,
Acting Deputy Director, National Center for Environmental Assessment.
[FR Doc. 2016-21005 Filed 8-31-16; 8:45 am]
BILLING CODE 6560-50-P


TABLE 1: AVERAGE ANNUAL EPA RESOURCE REQUIREMENT; NSPS SUBPART HHH ( A) ( B) ( C) a ( D) ( E) b EPA hr/ Occurrences EPA hr/ Plants/ EPA Activity Occurrences Plant/ yr Plant/ yr yr Hr/ y __________________________________________________________________________________________

initial performance tests New Plant 24 1 24 1 24 Repeat performance testc New Plant 24 0.2 4.8 1 4.8 Report Review New PlantNotification of construction 2 1 2 1 2 Notification of antici. startup 0.5 1 0.5 1 0.5 Notification of actual startup 0.5 1 0.5 1 0.5 Notification of initial test 0.5 1.2c 0.6 1 0.6 Review test results 8 1.2c 9.6 1 9.6 Notification of demonstration of CMS 0.5 1 0.5 1 0.5 Existing Plant Excess emission reports 2 2.5d 5 31.5e 157.5 TOTAL ANNUAL HOURS 200 Travel expenses ( 1 person x 1 plant/ yr x 3 d/ plant x $ 75 per diem) + ($ 350 round trip/ plant x 1 plant/ yr) = $ 575/ yr Salary ( 1 person x 200 h/ yr. x $ 34.67/ hf ) = $ 6,934 TOTAL ANNUAL COST = $ 7509 _________________________________________________ a. A x B = C b. C x D = E c. Assume 20 percent of initial performance tests must be repeated due to failure. d. Assume each affected facility must submit one quarterly report every other year due to excess emissions, in addition to the semiannual reports. e. Assume that the average number of affected facilities is equal to the number of affected facilities in existence as of 1993 plus the average number of new affected facilities to be constructed or reconstructed over the next three years ( 27+ 3/ 2= 28.5). f. Assume a GS 10 step 1. Which equals an hourly wage of $ 16.51 plus 110 percent overhead costs which equals $ 34.67. This amount was multiplied by the hours per year in Column E. TABLE 2: ANNUAL INDUSTRY BURDEN OF REPORTING AND RECORDKEEPING REQUIREMENTS NSPS SUBPART ( HHH) a Occurrences/ Hours/ Hours per respondent/ Respondent/ Respondents Hours Cost/ Occurrence year year per year per year yearb ( A) ( B) ( C = A x B) ( D) ( E = C x D) ( F) __________________________________________________________________________________________

1. APPLICATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. SURVEY AND STUDIES . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. REPORTING REQUIREMENTS A. Read Instructions 1 1 1 1 1 B. Required Activities Initial performance test 72 1 72 1 72 Repeat performance testc 72 .2 14.4 1 14.4 C. Create Information Included in 3B D. Gather Existing Info. Included in 3E E. Write Report Notification of construc./ reconstructionc 2 1 2 1 2 Notification of antici. startup 2 1 2 1 2 Notification of actual startup 2 1 2 1 2 Notification of init. performance test 2 1 2 1 2 Notification of demonstration of CMS 2 1 2 1 2 Report of performance test Included in 3B VOC emission reports 8 2.5d 20 31.5e 630 SUBTOTAL 727.4 $ 17,312 4. RECORDKEEPING REQUIREMENTS A. Read Instructions Included in 3A B. Plan Activities Included in 4C C. Implement Activities Included in 3B . D. Develop Record System . . . . . . . . . . . . . . . . . . . Not Applicable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E. Time to Enter Information Records of operating parameters 0.25 250f 62.5 31.5 1,968.75 $ 46,856 F. Train Personnel . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . G. Audits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

TOTAL: ANNUAL BURDEN 2696.15 $ 64,168 __________________________________________________________________________________________

a. Assume that there will be three plants ( respondents) in three years, equal to one respondent per year. b. Assume a technical labor rate of $ 23.80 from the United States Department of Commerce Bureau of Labor Statistics, Table 2: Employment Costs for Civilian Workers by Occupational and Industry Group. The rates are from column 1: Total compensation. c. Assume 20 percent of initial performance tests must be repeated due to failure. d. Assume each affected facility must submit one quarterly report every other year, in addition to the semiannual reports. e. Assume that the average number of affected facilities is equal to the number of affected facilities in existence as of 1999 plus the average number of new affected facilities to be constructed or reconstructed over the next three years ( 30+ 3/ 2= 31.5). f. Assume operation 250 days per year.


[Federal Register Volume 88, Number 237 (Tuesday, December 12, 2023)]
[Proposed Rules]
[Pages 86093-86094]
[FR Doc No: 2023-27108]

=======================================================================
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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R09-OAR-2023-0371; FRL-11173-01-R9]

Air Plan Approval; California; Ventura County Air Pollution
Control District

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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

SUMMARY: The Environmental Protection Agency (EPA) is proposing to
approve revisions to the Ventura County Air Pollution Control District
(VCAPCD) portion of the California State Implementation Plan (SIP).
These revisions concern definitions applicable to local rules that
control emissions of volatile organic compounds (VOCs) from processing,
production, gathering, and separation of crude oil and natural gas, and
the transfer and storage of reactive organic compound liquids and
petroleum material. We are proposing to approve a local rule to
regulate these emission sources under the Clean Air Act (CAA or ``the
Act''). We are taking comments on this proposal and plan to follow with
a final action.

DATES: Comments must be received on or before January 11, 2024.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R09-
OAR-2023-0371 at https://www.regulations.gov. For comments submitted at
Regulations.gov, follow the online instructions for submitting
comments. Once submitted, comments cannot be edited or removed from
Regulations.gov. The EPA may publish any comment received to its public
docket. Do not submit electronically any information you consider to be
Confidential Business Information (CBI) or other information whose
disclosure is restricted by statute. Multimedia submissions (audio,
video, etc.) must be accompanied by a written comment. The written
comment is considered the official comment and should include
discussion of all points you wish to make. The EPA will generally not
consider comments or comment contents located outside of the primary
submission (i.e., on the web, cloud, or other file sharing system). For
additional submission methods, please contact the person identified in
the FOR FURTHER INFORMATION CONTACT section. For the full EPA public
comment policy, information about CBI or multimedia submissions, and
general guidance on making effective comments, please visit https://www.epa.gov/dockets/commenting-epa-dockets. If you need assistance in a
language other than English or if you are a person with disabilities
who needs a reasonable accommodation at no cost to you, please contact
the person identified in the FOR FURTHER INFORMATION CONTACT section.

FOR FURTHER INFORMATION CONTACT: Donnique Sherman, EPA Region IX, 75
Hawthorne St., San Francisco, CA 94105. By phone:<PHONE_NUMBER> or by
email at [email protected].

SUPPLEMENTARY INFORMATION: Throughout this document, ``we,'' ``us,''
and ``our'' refer to the EPA.

Table of Contents

I. The State's Submittal
    A. What rule did the State submit?
    B. Are there other versions of this rule?
    C. What is the purpose of the submitted rule revisions?
II. The EPA's Evaluation and Action
    A. How is the EPA evaluating the rule?
    B. Does the rule meet the evaluation criteria?
    C. EPA Recommendations To Further Improve the Rule
    D. Public Comment and Proposed Action
III. Incorporation by Reference
IV. Statutory and Executive Order Reviews

I. The State's Submittal

A. What rule did the State submit?

    Table 1 lists the rule addressed by this proposal with the dates
that it was adopted by the local air agency and submitted by the
California Air Resources Board (CARB).

                                            Table 1--Submitted Rules
----------------------------------------------------------------------------------------------------------------
             Local agency                  Rule No.            Rule title             Revised        Submitted
----------------------------------------------------------------------------------------------------------------
VCAPCD...............................              71   Crude Oil and Reactive         5/11/2021      10/15/2021
                                                         Organic Compound
                                                         Liquids.
----------------------------------------------------------------------------------------------------------------

    On April 15, 2022, the submittal for VCAPCD Rule 71 was deemed by
operation of law to meet the completeness criteria in 40 CFR part 51,
Appendix V, which must be met before formal EPA review.

B. Are there other versions of this rule?

    We approved an earlier version of Rule 71 into the SIP on February
29, 1996 (61 FR 7706). The VCAPCD adopted revisions to the SIP-approved
version on May 11, 2021, that CARB submitted to us on October 15, 2021.

C. What is the purpose of the submitted rule revisions?

    Emissions of VOCs contribute to the production of ground-level
ozone, smog, and particulate matter that harm human health and the
environment. Section 110(a) of the CAA requires states to submit
regulations that control VOC emissions. Rule 71 was revised to
incorporate definitions in VCAPCD Rules 71.3, ``Transfer of Reactive
Organic Compound Liquids,'' (approved into the SIP on August 4, 1994
(59 FR 64330), and locally revised on May 11, 2021), and 74.10,
``Components at Crude Oil and Natural Gas Production and Processing
Facilities,'' (approved into the SIP on August 19, 1999, 64 FR 45175).

II. The EPA's Evaluation and Action

A. How is the EPA evaluating the rule?

    Rules in the SIP must be enforceable (see CAA section 110(a)(2)),
must not interfere with applicable requirements concerning attainment
and reasonable further progress or other CAA requirements (see CAA
section 110(l)), and must not modify certain SIP control requirements
in nonattainment areas without ensuring equivalent or greater emissions
reductions (see CAA section 193).
    Generally, SIP rules must require reasonably available control
technology (RACT) for each category of sources covered by a Control
Techniques Guidelines (CTG) document as well as each major source of
VOCs in ozone nonattainment areas classified as ``Moderate'' or above
(see CAA section 182(b)(2)). The VCAPCD regulates an ozone
nonattainment area classified as ``Serious'' for the 2008 and 2015 8-
hour ozone National Ambient Air Quality Standards (NAAQS) (see 40 CFR
81.305). Therefore, its rules must require RACT where applicable.
    Guidance and policy documents that we used to evaluate
enforceability, revision/relaxation and rule stringency requirements
for the applicable criteria pollutants include the following:

    1. ``State Implementation Plans; General Preamble for the
Implementation of Title I of the Clean Air Act Amendments of 1990,''
57 FR 13498 (April 16, 1992); 57 FR 18070 (April 28, 1992).

    2. ``Issues Relating to VOC Regulation Cutpoints, Deficiencies,
and Deviations,'' EPA, May 25, 1988 (the Bluebook, revised January
11, 1990).
    3. ``Guidance Document for Correcting Common VOC & Other Rule
Deficiencies,'' EPA Region IX, August 21, 2001 (the Little
Bluebook).
    4. ``Control Techniques Guidelines for the Oil and Natural Gas
Industry,'' EPA-453/B-16-001, October 2016.

B. Does the rule meet the evaluation criteria?

    This rule meets CAA requirements and is consistent with relevant
guidance regarding enforceability and SIP revisions. The TSD has more
information on our evaluation.

C. EPA Recommendations To Further Improve the Rule

    The TSD includes recommendations for the next time VCAPCD modifies
the rule.

D. Public Comment and Proposed Action

    As authorized in section 110(k)(3) of the Act, the EPA proposes to
fully approve the submitted rule because it fulfills all relevant
requirements. We will accept comments from the public on this proposal
until January 11, 2024. If we take final action to approve the
submitted rule, our final action will incorporate this rule into the
federally enforceable SIP.

III. Incorporation by Reference

    In this rule, the EPA is proposing to include in a final EPA rule
regulatory text that includes incorporation by reference. In accordance
with requirements of 1 CFR 51.5, the EPA is proposing to incorporate by
reference VCAPCD Rule 71, revised on May 11, 2021, which regulates
definitions of terms. The EPA has made, and will continue to make,
these materials available through https://www.regulations.gov and at
the EPA Region IX Office (please contact the person identified in the
FOR FURTHER INFORMATION CONTACT section of this preamble for more
information).

IV. Statutory and Executive Order Reviews

    Under the Clean Air Act, the Administrator is required to approve a
SIP submission that complies with the provisions of the Act and
applicable federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a).
Thus, in reviewing SIP submissions, the EPA's role is to approve state
choices, provided that they meet the criteria of the Clean Air Act.
Accordingly, this proposed action merely proposes to approve state law
as meeting Federal requirements and does not impose additional
requirements beyond those imposed by state law. For that reason, this
proposed action:
     Is not a significant regulatory action subject to review
by the Office of Management and Budget under Executive Orders 12866 (58
FR 51735, October 4, 1993) and 14094 (88 FR 21879, April 11, 2023);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not subject to Executive Order 13045 (62 FR 19885,
April 23, 1997) because it proposes to approve a state program;
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001); and
     Is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the Clean Air Act.
    In addition, the SIP is not approved to apply on any Indian
reservation land or in any other area where the EPA or an Indian tribe
has demonstrated that a tribe has jurisdiction. In those areas of
Indian country, the rule does not have tribal implications and will not
impose substantial direct costs on tribal governments or preempt tribal
law as specified by Executive Order 13175 (65 FR 67249, November 9,
2000).
    Executive Order 12898 (Federal Actions To Address Environmental
Justice in Minority Populations and Low-Income Populations, 59 FR 7629,
Feb. 16, 1994) directs Federal agencies to identify and address
``disproportionately high and adverse human health or environmental
effects'' of their actions on minority populations and low-income
populations to the greatest extent practicable and permitted by law.
The EPA defines environmental justice (EJ) as ``the fair treatment and
meaningful involvement of all people regardless of race, color,
national origin, or income with respect to the development,
implementation, and enforcement of environmental laws, regulations, and
policies.'' The EPA further defines the term fair treatment to mean
that ``no group of people should bear a disproportionate burden of
environmental harms and risks, including those resulting from the
negative environmental consequences of industrial, governmental, and
commercial operations or programs and policies.''
    The State did not evaluate environmental justice considerations as
part of its SIP submittal; the CAA and applicable implementing
regulations neither prohibit nor require such an evaluation. The EPA
did not perform an EJ analysis and did not consider EJ in this action.
Due to the nature of the action being taken here, this action is
expected to have a neutral to positive impact on the air quality of the
affected area. Consideration of EJ is not required as part of this
action, and there is no information in the record inconsistent with the
stated goal of E.O. 12898 of achieving environmental justice for people
of color, low-income populations, and Indigenous peoples.

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Incorporation by
reference, Intergovernmental relations, Ozone, Particulate matter,
Reporting and recordkeeping requirements, Volatile organic compounds.

    Dated: December 2, 2023.
Martha Guzman Aceves,
Regional Administrator, Region IX.
[FR Doc. 2023-27108 Filed 12-11-23; 8:45 am]
BILLING CODE 6560-50-P


From:	Bob Wright/RTP/USEPA/US

To<EMAIL_ADDRESS>Gary McAlister/RTP/USEPA/US@EPA, Conniesue Oldham/RTP/USEPA/US, Michael Papp/RTP/USEPA/US@EPA, John Schakenbach/DC/USEPA/US@EPA, Mark Shanis/RTP/USEPA/US@EPA

Date:	01/31/2005 09:41 AM

Subject:	Scott-Marrin's Suggestions about Revisions to EPA Traceability Protocol for Gaseous Calibration Standards

----- Forwarded by Bob Wright/RTP/USEPA/US on 01/31/2005 09:35 AM -----

	Jack Marrin<EMAIL_ADDRESS> 01/30/2005 06:39 PM

	To:	Bob Wright/RTP/USEPA/US@EPA

	cc:

	Subject:	EPAProtocolComments2004.doc

Dear Bob,

I have attached my comments to your recent request for EPA Protocol Gas suggestions.

I will call tomorrow to verify that you have received the document.

Thanks,

Jack Marrin, President


[Federal Register Volume 81, Number 96 (Wednesday, May 18, 2016)]
[Notices]
[Pages 31231-31232]
[FR Doc No: 2016-11711]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #2

    Take notice that the Commission received the following electric
corporate filings:

    Docket Numbers: EC16-119-000.
    Applicants: Beech Ridge Energy LLC, Beech Ridge Energy II LLC,
Beech Ridge Energy Storage LLC, Bethel Wind Farm LLC, Bishop Hill
Energy III LLC, Bishop Hill Interconnection LLC, Buckeye Wind Energy
LLC, Forward Energy LLC, Grand Ridge Energy LLC, Grand Ridge Energy II
LLC, Grand Ridge Energy III LLC, Grand Ridge Energy IV LLC, Grand Ridge
Energy V LLC, Grand Ridge Energy Storage LLC, Gratiot County Wind LLC,
Gratiot County Wind II LLC, Invenergy TN LLC, Judith Gap Energy LLC,
Peak View Wind Energy LLC, Prairie Breeze Wind Energy II LLC, Prairie
Breeze Wind Energy III LLC, Sheldon Energy LLC, Spring Canyon Energy
LLC, Stony Creek Energy LLC, Vantage Wind Energy LLC, Willow Creek
Energy LLC, Wolverine Creek Energy LLC, Wolverine Creek Goshen
Interconnection LLC.
    Description: Application for Authorization Under Section 203 of the
Federal Power Act and Request for Waivers and Expedited Action of Beech
Ridge Energy LLC, et al.
    Filed Date: 5/12/16.
    Accession Number: 20160512-5193.
    Comments Due: 5 p.m. ET 6/2/16.

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER16-236-002.
    Applicants: Public Service Company of Colorado.
    Description: Compliance filing: 2016-5-12 Att SPS/PSCo ADIT Filing
to be effective 1/1/2016.
    Filed Date: 5/12/16.
    Accession Number: 20160512-5197.
    Comments Due: 5 p.m. ET 6/2/16.

    Docket Numbers: ER16-239-002.
    Applicants: Public Service Company of Colorado.
    Description: Compliance filing: 20160512_ER16-239 ADIT Compliance
Filing to be effective 1/1/2016.
    Filed Date: 5/12/16.
    Accession Number: 20160512-5207.
    Comments Due: 5 p.m. ET 6/2/16.

    Docket Numbers: ER16-551-002
    Applicants: ISO New England Inc.
    Description: Compliance filing: 30-Day Compliance Filing to
Establish Materiality Threshold for Retirement Bids to be effective 3/
1/2016.
    Filed Date: 5/12/16.
    Accession Number: 20160512-5191.
    Comments Due: 5 p.m. ET 6/2/16.

    Docket Numbers: ER16-736-002.
    Applicants: PJM Interconnection, L.L.C.
    Description: Tariff Amendment: Response to Deficiency Notice issued
4/12/2016 in Docket No. ER16-736-001 to be effective 4/14/2016.
    Filed Date: 5/12/16.
    Accession Number: 20160512-5212.
    Comments Due: 5 p.m. ET 6/2/16.

    Docket Numbers: ER16-1226-000.
    Applicants: New Covert Generating Company, LLC.
    Description: Supplement to March 18, 2016 New Covert Generating
Company, LLC tariff filing.
    Filed Date: 5/12/16.
    Accession Number: 20160512-5215.
    Comments Due: 5 p.m. ET 6/2/16.

    Docket Numbers: ER16-1682-000.
    Applicants: Public Service Company of Colorado.
    Description: Compliance filing: 20160512 ER16-239 ADIT Filing to be
effective 4/16/2016.
    Filed Date: 5/12/16.
    Accession Number: 20160512-5176.
    Comments Due: 5 p.m. ET 6/2/16.

    Docket Numbers: ER16-1683-000.
    Applicants: Wolverine Power Supply Cooperative, Inc.
    Description: Section 205(d) Rate Filing: Van Tyle Station
Transmission Facilities Agreement to be effective 5/5/2016.
    Filed Date: 5/12/16.
    Accession Number: 20160512-5182.
    Comments Due: 5 p.m. ET 6/2/16.

    Docket Numbers: ER16-1684-000.
    Applicants: Idaho Power Company.
    Description: Section 205(d) Rate Filing: Concurrence--Construction
Agreement w/PAC Goshen-Jefferson 161 kV Line Rebuild to be effective 7/
11/2016.
    Filed Date: 5/12/16.
    Accession Number: 20160512-5184.
    Comments Due: 5 p.m. ET 6/2/16.

    Docket Numbers: ER16-1685-000.
    Applicants: Escalante Solar II, LLC.
    Description: Compliance filing: Compliance Filing--Amendment to MBR
Tariff Limits and Exemptions to be effective 7/11/2016.
    Filed Date: 5/12/16.
    Accession Number: 20160512-5192.
    Comments Due: 5 p.m. ET 6/2/16.

    Docket Numbers: ER16-1686-000.
    Applicants: Public Service Company of Colorado.
    Description: Compliance filing: Attachment O-PSCo_SPS ADIT
Compliance filing to be effective 4/16/2016.

    Filed Date: 5/12/16.
    Accession Number: 20160512-5202.
    Comments Due: 5 p.m. ET 6/2/16.

    Docket Numbers: ER16-1687-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Section 205(d) Rate Filing: Original WMPA SA No. 4458,
Queue No. AA1-110 to be effective 4/27/2016.
    Filed Date: 5/12/16.
    Accession Number: 20160512-5219.
    Comments Due: 5 p.m. ET 6/2/16.

    Docket Numbers: ER16-1688-000.
    Applicants: Southern California Edison Company.
    Description: Section 205(d) Rate Filing: Three Amended SGIA's &
DSA's w/Golden Springs Development Company to be effective 1/1/2016.
    Filed Date: 5/12/16.
    Accession Number: 20160512-5225.
    Comments Due: 5 p.m. ET 6/2/16.

    Take notice that the Commission received the following qualifying
facility filings:

    Docket Numbers: QF16-784-000.
    Applicants: Energy Partners II, LLC.
    Description: Form 556 of Energy Partners II, LLC.
    Filed Date: 5/2/16.
    Accession Number: 20160502-5397.
    Comments Due: None Applicable.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: May 12, 2016.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2016-11711 Filed 5-17-16; 8:45 am]
 BILLING CODE 6717-01-P