[Federal Register Volume 86, Number 177 (Thursday, September 16, 2021)]
[Notices]
[Pages 51717-51719]
[FR Doc No: 2021-19945]

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DEPARTMENT OF TRANSPORTATION

[Docket No. DOT-OST-2021-0075]

Notice of Proposed Agency Information Collection Activities;
Modification of Existing Information Collection

AGENCY: Office of the Secretary, Department of Transportation.

ACTION: Notice and request for comments.

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SUMMARY: In compliance with the Paperwork Reduction Act of 1995, this
notice announces that the Information Collection Request (ICR)
abstracted below is being forwarded to the Office of Management and
Budget (OMB) for review and comments. A Federal Register Notice with a
60-day comment period soliciting comments on the following information
collection was published June 24, 2021, and the comment period ended
August 23, 2021. One comment related to the ICR was submitted into the
docket. The comment proposed striking the existing requirement that an
original Application should be provided in three-hole punch binders as
part of the application process. The Build America Bureau has accepted
this comment and removed the requirement that an original Application
should be provided in three-hole punch binders for each loan
application.

DATES: Written comments should be submitted directly to the OMB by
October 18, 2021.

ADDRESSES: Written comments should be submitted to the attention of the
DOT/OST Desk Officer, Office of Information and Regulatory Affairs,
Office of Management and Budget, Docket Library, Room 10102, 725 17th
Street NW, Washington, DC 20503 or by email at
<EMAIL_ADDRESS>with the associated OMB Control Number
2105-0569.

SUPPLEMENTARY INFORMATION:
    OMB Approval No.: 2138-0013.
    Title: Letter of Interest and Application Forms for the Railroad
Rehabilitation and Improvement Financing and Transportation
Infrastructure Financing and Innovation Act Credit Programs.
    Type of Review: Modification of existing information collection.
    Background: The RRIF credit program has its origins in Title V of
the Railroad Revitalization and Regulatory Reform Act of 1976, 45
U.S.C. 821 et seq., which authorized the Federal Railroad
Administration to provide railroads certain financial assistance. This
Title V financing program was replaced by the RRIF program under
section 7203 of the Transportation Equity Act for the 21st Century of
1998, Public Law 105-178 (1998) (TEA 21). RRIF was subsequently amended
by: The Safe, Accountable, Flexible, Efficient Transportation Equity
Act: A Legacy for Users, Public Law 109-59 (2005) (SAFETEA-LU); the
Rail Safety Improvement Act of 2008, Division A of Public Law 110-432;
and the Fixing America's Surface Transportation Act (Pub. L. 114-94)
(2015) (FAST Act). All applicants for RRIF credit program assistance
are required to submit a completed application. 45 U.S.C. 823(a). The
information collection activity request for the RRIF credit program
application was most recently approved in 2018 (OMB Control Number
2105-0569). See 83 FR 23525 and 83 FR 35534.
    The Transportation Infrastructure Finance and Innovation Act of
1998 was enacted as part of TEA 21. The TIFIA program was subsequently
amended by SAFETEA-LU, the Moving Ahead for Progress in the 21st
Century Act (Pub. L. 112-141) (2012) (MAP-21), and the FAST Act. All
applicants for TIFIA credit program assistance are required to submit a
completed Letter of Interest (LOI) and application. 23 U.S.C.
602(a)(1)(A). The existing information collection activity request for
the TIFIA credit program letter of interest and application was most
recently approved in 2018 (OMB Control Number 2105-0569). See 83 FR
23525 and 83 FR 35534.
    The National Surface Transportation and Innovative Finance Bureau
(referenced hereafter as the Build America Bureau or the Bureau),
established by the Secretary on July 20, 2016, in accordance with the
FAST Act, was created to streamline and improve access to the
Department's Federal credit programs, including RRIF and TIFIA. The
Bureau was made responsible for administering the application processes
for the TIFIA and RRIF credit programs. To streamline and conform these
application processes, the Bureau created a single LOI form and a
single application form that can be used by applicants of either credit
program. Both the LOI form and the application form have been updated
to reflect efficiencies in the application process adopted by the
Department, provide clarifying information, and make the forms easier
for applicants to use. Because some key statutory differences exist
between the two programs' application processes and eligibility
criteria, the forms have been reorganized to clearly identify where an
item of information applies only for one of the programs and need not
be answered by applicants of the other program. The Department seeks
OMB approval to modify the LOI and application. The forms have also
been reviewed to ensure that all information requested is necessary for
the Department to properly perform its functions in administering its
credit programs and updated to reflect the current statutory
requirements.
    The LOI asks the applicant to describe, among other things, the
project and its location, purpose and cost; the proposed financial
plan, the status of environmental review, and certain information
regarding satisfaction of other eligibility requirements under the
applicable credit program. The application serves as the official
request for credit and, therefore, requires the same information
required of the LOI, plus detailed information about the applicant's
legal and management structure, its financial health, the revenue
stream pledged to repay the loan, and other information regarding
satisfaction of eligibility requirements. TIFIA and RRIF credit
assistance is awarded based on a project's satisfaction of TIFIA and
RRIF (as applicable) eligibility requirements. The Department is
authorized to prescribe the form and contents of the LOI and
application. 45 U.S.C. 823 and 23 U.S.C. 601(a)(6).
    Respondents: State and local governments, transit agencies,
government-sponsored authorities, special authorities, special
districts, ports, private railroads, and certain other private
entities.
    Estimated Annual Number of Respondents: Based on the number and
type of interested stakeholders that have contacted the Department
about the RRIF and TIFIA programs in fiscal years (FY) 2018-2021, the
Department estimates that it will receive, on an annual basis, eight
(8) RRIF LOIs, twelve (12) TIFIA LOIs, eight (8) RRIF applications, and
twelve (12) TIFIA applications.
    Estimated Total Annual Burden Hours: The Department estimates that
it will generally take applicants not fewer than twenty (20) person-
hours to assemble a single LOI (for either credit program) and not
fewer than one hundred (100) person-hours to assemble a single
application (for either credit program). (Person-hour estimates
provided for a RRIF application assume that the applicant will
initially submit an LOI, reducing the number of person-hours spent on
the application.) Based on the anticipated annual total number of
respondents, the total annual hour burden of this collection for RRIF
LOIs and applications is 960 and for TIFIA LOIs and applications is
1,440 hours.
    Frequency of Collection: This information collection will occur on
a rolling basis as interested entities seek RRIF or TIFIA credit
assistance.
    Public Comments Invited: The Department invites interested
respondents to comment on a proposed information collection activity
(summarized below) with respect to: (i) Whether the information
collection activities are necessary for the Department to properly
execute its functions, including whether the

activities will have practical utility; (ii) the accuracy of the
Department's estimates of the burden of the information collection
activities, including the validity of the methodology and assumptions
used to determine the estimates; (iii) ways for the Department to
enhance the quality, utility, and clarity of the information being
collected; and (iv) ways for the Department to minimize the burden of
information collection activities on the public by automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology (e.g., permitting electronic
submission of responses). See 44 U.S.C. 3506(c)(2)(A)(i)-(iv); 5 CFR
1320.8(d)(1)(i)-(iv). The Department believes that soliciting public
comment will promote its efforts to reduce the administrative and
paperwork burdens associated with the collection of information
mandated by Federal regulations. In summary, the Department reasons
that comments received will advance three objectives: (i) Reduce
reporting burdens; (ii) ensure that it organizes information collection
requirements in a ``user friendly'' format to improve the use of such
information; and (iii) accurately assess the resources expended to
retrieve and produce information requested. See 44 U.S.C. 3501.
    Authority: The Paperwork Reduction Act of 1995; 44 U.S.C. Chapter
35, as amended; and 49 CFR 1.48.

    Issued in Washington, DC, on September 9, 2021.
Morteza Farajian,
Executive Director, the Build America Bureau.
[FR Doc. 2021-19945 Filed 9-15-21; 8:45 am]
BILLING CODE 4910-9X-P


[Federal Register Volume 81, Number 31 (Wednesday, February 17, 2016)]
[Notices]
[Page 8118]
[FR Doc No: 2016-03114]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

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

Extension:
    Rule 607, SEC File No. 270-561, OMB Control No. 3235-0634,
Request for a New OMB Control No.

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (the ``Commission'') is soliciting comments on the
collection of information summarized below. The Commission plans to
submit this existing collection of information to the Office of
Management and Budget for extension and approval.
    Regulation E (17 CFR 230.601 to 230.610a) exempts from registration
under the Securities Act of 1933 (15 U.S.C. 77a et seq.) (``Securities
Act'') securities issued by a small business investment company
(``SBIC'') which is registered under the Investment Company Act of 1940
(15 U.S.C. 80a-1 et seq.) (``Investment Company Act'') or a closed-end
investment company that has elected to be regulated as a business
development company (``BDC'') under the Investment Company Act, so long
as the aggregate offering price of all securities of the issuer that
may be sold within a 12-month period does not exceed $5,000,000 and
certain other conditions are met. Rule 607 under Regulation E (17 CFR
230.607) entitled, ``Sales material to be filed,'' requires sales
material used in connection with securities offerings under Regulation
E to be filed with the Commission at least five days (excluding
weekends and holidays) prior to its use.\1\ Commission staff reviews
sales material filed under rule 607 for materially misleading
statements and omissions. The requirements of rule 607 are designed to
protect investors from the use of false or misleading sales material in
connection with Regulation E offerings.
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    \1\ Sales material includes advertisements, articles or other
communications to be published in newspapers, magazines, or other
periodicals; radio and television scripts; and letters, circulars or
other written communications proposed to be sent given or otherwise
communicated to more than ten persons.
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    Respondents to this collection of information include SBICs and
BDCs making an offering of securities under Regulation E. Each
respondent's reporting burden under rule 607 relates to the burden
associated with filing its sales material electronically. The burden of
filing electronically, however, is negligible and there have been no
filings made under this rule, so this collection of information does
not impose any burden on the industry. However, we are requesting one
annual response and an annual burden of one hour for administrative
purposes. The estimate of average burden hours is made solely for
purposes of the Paperwork Reduction Act and is not derived from a
quantitative, comprehensive, or even representative survey or study of
the burdens associated with Commission rules and forms.
    The requirements of this collection of information are mandatory.
Responses will not be kept confidential. 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 control number.
    Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information will
have practical utility; (b) the accuracy of the agency's estimate of
the burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information collected; and (d)
ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication.
    Please direct your written comments to Pamela Dyson, Director/Chief
Information Officer, Securities and Exchange Commission, C/O Remi
Pavlik-Simon, 100 F Street NE., Washington, DC 20549; or send an email
to<EMAIL_ADDRESS>
    Dated: February 10, 2016.
Brent J. Fields,
Secretary.
[FR Doc. 2016-03114 Filed 2-16-16; 8:45 am]
BILLING CODE 8011-01-P


Comment Info: =================

General Comment:Dear Mr. Zeller:

I am writing as an individual consumer to request an extension of the comment period for the Food and Drug Administration's ("FDA") Proposed Rule Deeming Tobacco Products to be Subject to the Federal Food, Drug, and Cosmetic Act, as amended by the Family Smoking and Prevention and Tobacco Control Act (the "Proposed Rule") published at 79 Fed. Reg. 23,142 and Federal Register No. 2014-09491. On behalf of myself, I am requesting that the comment period for the Proposed Rule be extended by the FDA for an additional 105 days, from its current 75-day period, to 180 days.

The Proposed Rule raises a number of significant issues and questions that are important and relevant to me, as a consumer of products that are proposed for regulation under the Proposed Rule. The Proposed Rule asks about a hundred different questions I might want to respond to. I want to provide my thoughts and comments on many of these issues, but my time to devote to researching and providing thoughtful comments on these important questions is limited. I have already spent many hours researching and dissecting these issues, but they take time. I know that the FDA took many years to even come up with the Proposed Rule, so I do not think it is at all unreasonable to allow the public a mere six months to comment on it. This is our only opportunity, as consumers, to provide our feedback.

I feel very strongly about (poorly named) e-cigarettes as an alternative to combustible cigarettes. Quite simply, I firmly believe that they saved my life and the lives of three close family members. I wish to provide you with my personal story, as well as science- and evidence-based responses to your questions so that you can take my comment into account. I realize that the FDA has the authority under 21 CFR 10.40 to extend this time frame and that the FDA has exercised this authority on numerous occasions in the past. I would therefore ask that you do so here, so that all stakeholders have the opportunity to provide their comments on this proposed regulation.

I appreciate your consideration of my request and am happy to discuss this issue with you further.

Sincerely,  Rich Hughes


[Federal Register Volume 78, Number 146 (Tuesday, July 30, 2013)]
[Notices]
[Page 45922]
[FR Doc No: 2013-18207]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. EL13-79-000]

Owensboro Municipal Utilities v. Louisville Gas and Electric
Company and Kentucky Utilities Company; Notice of Complaint

    Take notice that on July 23, 2013, Owensboro Municipal Utilities
(Complainant) filed a formal complaint against Louisville Gas and
Electric Company and Kentucky Utilities Company (collectively,
Respondents), pursuant to sections 206 of the Federal Power Act, 16
U.S.C. 824e and Rule 206 of the Commission's Rules of Practice and
Procedure, 18 CFR 385.206, requesting that the Commission find that the
Respondents violated section 22.1 of its open access transmission
tariff by imposing additional charges when service under a Firm Point-
To-Point reservation was redirected on a non-firm basis.
    Owensboro Municipal Utilities certifies that copies of the
complaint were served on the contacts for the Respondents as listed on
the Commission's list of Corporate Officials.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. The Respondent's
answer and all interventions, or protests must be filed on or before
the comment date. The Respondent's answer, motions to intervene, and
protests must be served on the Complainants.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov. Persons unable to file electronically should submit an
original and 5 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive email
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please email
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5:00 p.m. Eastern Time on August 12, 2013.

    Dated: July 23, 2013.
Kimberly D. Bose,
Secretary.
[FR Doc. 2013-18207 Filed 7-29-13; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 248 (Thursday, December 28, 2017)]
[Notices]
[Pages 61557-61558]
[FR Doc No: 2017-28092]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 1403-063]

Notice of Application Accepted for Filing, Soliciting Comments,
Protests and Motions To Intervene; Pacific Gas and Electric Company

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection:
    a. Type of Proceeding: Extension of License Term.
    b. Project No.: P-1403-063.
    c. Date Filed: December 20, 2017.
    d. Licensee: Pacific Gas and Electric Company.
    e. Name and Location of Project: Narrows Hydroelectric Project,
located on the Yuba River in Nevada County, California.
    f. Filed Pursuant to: Federal Power Act, 16 U.S.C. 791a-825r.
    g. Licensee Contact Information: Ms. Annette Faraglia, Chief
Counsel, Hydro Generation, Pacific Gas and Electric Company, P.O. Box
7442, MC B30A-3005, San Francisco, CA 94120, Phone:<PHONE_NUMBER>,
Email: [email protected] and Mr. John A. Whittaker, IV, Winston & Strawn
LLP, 1700 K Street NW, Washington, DC 20006, Phone:<PHONE_NUMBER>,
Email: [email protected].
    h. FERC Contact: Mr. Ashish Desai,<PHONE_NUMBER>,
[email protected].
    i. Deadline for filing comments, motions to intervene and protests,
is January 18, 2018. The Commission strongly encourages electronic
filing. Please file motions to intervene, protests, comments, and
recommendations, using the Commission's eFiling system at http://www.ferc.gov/docs-filing/efiling.asp. Commenters can submit brief
comments up to 6,000 characters, without prior registration, using the
eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You
must include your name and contact information at the end of your
comments. For assistance, please contact FERC Online Support at
[email protected],<PHONE_NUMBER> (toll free), or (202) 502-
8659 (TTY). In lieu of electronic filing, please send a paper copy to:
Secretary, Federal Energy Regulatory Commission, 888 First Street NE,
Washington, DC 20426. The first page of any filing should include
docket number P-1403-063.
    j. Description of Proceeding: The licensee seeks Commission
approval to extend the current 30-year term of the license for the
Narrows Project by three

years. The current term of the license expires January 31, 2023. The
licensee wants to extend the term so it expires on January 31, 2026.
The licensee has been working on a potential transfer of the Narrows
Project to the Yuba County Water Agency (Yuba County). The Narrows
Project is located within a half mile of Yuba County's Yuba River
Hydroelectric Project No. 2246, which is currently in relicensing. The
licensee wants the extension so it has more time to complete its
negotiations with Yuba County and potentially transfer the project
before the Narrows Project enters relicensing. Should the transfer
occur, Yuba County could then potentially relicense the Narrows Project
as part of the Yuba River Project.
    k. This notice is available for review and reproduction at the
Commission in the Public Reference Room, Room 2A, 888 First Street NE,
Washington, DC 20426. The filing may also be viewed on the Commission's
website at http://www.ferc.gov/docs-filing/elibrary.asp. Enter the
Docket number (P-1403-063) excluding the last three digits in the
docket number field to access the notice. You may also register online
at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via
email of new filings and issuances related to this or other pending
projects. For assistance, call toll-free 1-866-208-3676 or email
[email protected]. For TTY, call<PHONE_NUMBER>.
    l. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    m. Comments, Protests, or Motions to Intervene: Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211,
and .214. In determining the appropriate action to take, the Commission
will consider all protests or other comments filed, but only those who
file a motion to intervene in accordance with the Commission's Rules
may become a party to the proceeding. Any comments, protests, or
motions to intervene must be received on or before the specified
comment date for the particular application.
    n. Filing and Service of Responsive Documents: Any filing must (1)
bear in all capital letters the title COMMENTS, PROTEST, or MOTION TO
INTERVENE as applicable; (2) set forth in the heading the name of the
applicant and the project number of the application to which the filing
responds; (3) furnish the name, address, and telephone number of the
person protesting or intervening; and (4) otherwise comply with the
requirements of 18 CFR 385.2001 through 385.2005. All comments, motions
to intervene, or protests must set forth their evidentiary basis and
otherwise comply with the requirements of 18 CFR 4.34(b). All comments,
motions to intervene, or protests should relate to the request to
extend the license term. Agencies may obtain copies of the application
directly from the applicant. A copy of any protest or motion to
intervene must be served upon each representative of the applicant
specified in the particular application. If an intervener files
comments or documents with the Commission relating to the merits of an
issue that may affect the responsibilities of a particular resource
agency, they must also serve a copy of the document on that resource
agency. A copy of all other filings in reference to this application
must be accompanied by proof of service on all persons listed in the
service list prepared by the Commission in this proceeding, in
accordance with 18 CFR 4.34(b) and 385.2010.

    Dated: December 21, 2017.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2017-28092 Filed 12-27-17; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 81, Number 196 (Tuesday, October 11, 2016)]
[Notices]
[Pages 70214-70216]
[FR Doc No: 2016-24423]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79038; File No. SR-BOX-2016-47]

Self-Regulatory Organizations; BOX Options Exchange LLC; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend the Fee Schedule To Adopt Participant Fees on the BOX Market LLC
(``BOX'') Options Facility

October 4, 2016.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on September 28, 2016, BOX Options Exchange LLC (the ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the Exchange. The Exchange filed the
proposed rule change pursuant to Section 19(b)(3)(A)(ii) of the Act,\3\
and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal
effective upon filing with the Commission. 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.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    The Exchange is filing with the Securities and Exchange Commission
(``Commission'') a proposed rule change to amend the Fee Schedule to
adopt Participant Fees on the BOX Market LLC (``BOX'') options
facility. While changes to the fee schedule pursuant to this proposal
will be effective upon filing, the changes will become operative on
October 1, 2016. The text of the proposed rule change is available from
the principal office of the Exchange, at the Commission's Public
Reference Room and also on the Exchange's Internet Web site at http://boxexchange.com.

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 Exchange 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 Exchange proposes to amend the Fee Schedule for trading on BOX
to establish two Participant Fees; a

monthly Participant Fee and a one-time Initiation Fee applicable to all
BOX Participants.
    First, the Exchange proposes to adopt a Participant Fee of $1,500
per month, applicable to all BOX Participants. Currently, the Exchange
does not assess BOX Participants a fee to access its options market.
The Exchange believes the Participant Fee is competitive with fees at
other option exchanges.\5\
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    \5\ See The Chicago Board Options Exchange, Incorporated's Fees
Schedule. Per month a Market Maker Trading Permit is $5,500, an SPX
Tier Appointment is $3,000, a VIX Tier Appointment is $2,000, and an
Electronic Access Permit is $1,600. See also the International
Securities Exchange LLC's Schedule of Fees. Per month an Electronic
Access Member is assessed $500.00 for membership and a market maker
is assessed from $2,000 to $4,000 per membership depending on the
type of market maker. See also C2 Options Exchange, Incorporated's
Fees Schedule. Per month, a market-maker is assessed a $5,000 permit
fee, an Electronic Access Permit is assessed a $1,000 permit fee.
See also NYSE Arca, Inc.'s Fee Schedule. Per month, a Clearing Firm
is assessed a $1,000 per month fee for the first Options Trading
Permit (``OTP'') and $250 thereafter, and a market maker is assessed
a permit based on the maximum number of OTPs held by an OTP Firm or
OTP Holder during a calendar month ranging from $1,000 to $6,000 a
month.
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    Next, the Exchange proposes to adopt a one-time Initiation Fee of
$2,500 which will be assessed to all new BOX Participants upon their
initial connection to the options market, so the Exchange can recoup
some of the costs associated with processing and preparing technology
in order for the new BOX Participant to be able to trade on BOX. The
Exchange's proposed one-time Initiation Fee is similar to and generally
lower than one time application fees in place at other options
exchanges.\6\
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    \6\ The Chicago Board Options Exchange, Incorporated (``CBOE'')
charges $3,000 for an individual applicant and $5,000 for an
applicant organization and at the International Securities Exchange,
LLC (``ISE'') charges $7,500 for a Primary Market Maker, $5,500 for
a Competitive Market Maker and $3,500 for an Electronic Access
Member.
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2. Statutory Basis
    The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act, in general, and Section
6(b)(4) and 6(b)(5) of the Act,\7\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees, and other
charges among BOX Participants and other persons using its facilities
and does not unfairly discriminate between customers, issuers, brokers
or dealers.
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    \7\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

    The Exchange's proposal to adopt a BOX Options Participant Fee of
$1,500 per month is reasonable because the Exchange is seeking to
recoup costs related to membership administration. The proposed fee is
competitive with similar fees at other options exchanges.\8\ Lastly,
the Exchange believes the Participant Fee of $1,500 is equitable and
not unfairly discriminatory because the Participant Fee will be
assessed uniformly to each BOX Participant, regardless of Participant
type.
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    \8\ See supra note 5.
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    The Exchange also believes that its one-time Initiation Fee of
$2,500 is reasonable, equitable and not unfairly discriminatory. As
described above, the one-time Initiation Fee is comparable to other
similar fees in place at other options exchanges and is designed to
cover costs associated with processing and preparing technology in
order for a Participant to begin trading on BOX. The Exchange believes
that the Initiation Fee is equitable and not unfairly discriminatory,
as it will be assessed uniformly to each new BOX Options Participant,
regardless of Participant type.

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 not necessary or appropriate in
furtherance of the purposes of the Act. In terms of inter-market
competition, the Exchange notes that it operates in a highly
competitive market in which market participants can readily favor
competing venues if they deem fee levels at a particular venue to be
excessive, or rebate opportunities available at other venues to be more
favorable. In such an environment, the Exchange must continually adjust
its fees to remain competitive with other exchanges and with
alternative trading systems that have been exempted from compliance
with the statutory standards applicable to exchanges. Because
competitors are free to modify their own fees in response and because
market participants may readily adjust their order routing practices,
the Exchange believes that the degree to which fee changes in this
market may impose any burden on competition is extremely limited.
    In terms of intra-market competition, the Exchange's proposal to
adopt a BOX Options Participant Fee of $1,500 per month and a one-time
Initiation Fee of $2,500 does not impose an undue burden on competition
because the Exchange would uniformly assess the same Participant Fees
to each BOX Options Participant. If the changes proposed herein are
unattractive to market participants, it is likely that the Exchange
will lose Participants. Accordingly, the Exchange does not believe that
the proposed changes will impair the ability of members or competing
order execution venues to maintain their competitive standing in the
financial markets.

C. Self-Regulatory Organization'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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Exchange Act \9\ and Rule 19b-4(f)(2)
thereunder,\10\ because it establishes or changes a due, or fee.
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    \9\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \10\ 17 CFR 240.19b-4(f)(2).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend the rule
change if it appears to the Commission that the action is necessary or
appropriate in the public interest, for the protection of investors, or
would otherwise further 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_ADDRESS>Please include
File Number SR-BOX-2016-47 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-BOX-2016-47. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will

post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent
amendments, all written statements with respect to the 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 Web site viewing and printing in the Commission's Public
Reference Room, 100 F Street NE., Washington, DC 20549 on official
business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of
such 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-BOX-2016-47, and should be submitted on or before
November 1, 2016.

    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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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-24423 Filed 10-7-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 233 (Tuesday, December 4, 2018)]
[Notices]
[Pages 62642-62644]
[FR Doc No: 2018-26268]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84669; File No. SR-ICEEU-2018-018]

Self-Regulatory Organizations; ICE Clear Europe Limited; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change,
Relating to Amendments to Futures and Options Risk Procedures (the
``F&O Risk Procedures'') \1\

November 28, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that
on November 16, 2018, ICE Clear Europe Limited (``ICE Clear Europe'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule changes described in Items I, II, and III below, which
Items have been prepared primarily by ICE Clear Europe. ICE Clear
Europe filed the proposed rule changes pursuant to Section 19(b)(3)(A)
of the Act \4\ and Rule 19b-4(f)(4)(ii) thereunder,\5\ so that the
proposal was immediately effective upon filing with the Commission. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ Capitalized terms used but not defined herein have the
meanings specified in the ICE Clear Europe Clearing Rules (the
``Rules'').
    \2\ 15 U.S.C. 78s(b)(1).
    \3\ 17 CFR 240.19b-4.
    \4\ 15 U.S.C. 78s(b)(3)(A).
    \5\ 17 CFR 240.19b-4(f)(4)(ii).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    ICE Clear Europe proposes to make certain amendments to the F&O
Risk Procedures to enhance monitoring and addressing potential
uncollateralized exposure to Clearing Members during overnight hours.

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

    In its filing with the Commission, ICE Clear Europe 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. ICE Clear Europe 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

(a) Purpose
    ICE Clear Europe is amending its F&O Risk Procedures to enhance
certain procedures for monitoring and addressing potential
uncollateralized exposure to Clearing Members during overnight hours.
The amendments supplement certain enhancements to intraday margining
that the Clearing House has recently implemented.\6\
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    \6\ See Exchange Act Release No. 34-84375 (SR-ICEEU-2018-012),
83 FR 51715 (Oct. 12, 2018).
---------------------------------------------------------------------------

    The proposed amendments apply to F&O Contracts that are margined
using a one-business day margin period of risk.\7\ The revised
procedures contemplate that the Clearing House can make margin calls
outside of the standard margin hours (specifically, before 7:30 and
after 20:00 London time), but recognize that Clearing Members may have
reduced operational capabilities to provide additional margin during
those times. The amended policy sets out procedures under which
uncollateralized exposures for such contracts will be monitored by the
Credit Risk Department (``CRD'') overnight. Pursuant to the proposed
amendments, the CRD monitors margin exposures in near real time and
senior CRD team members are alerted if Clearing Member exposures breach
the margin threshold. The senior CRD person will decide whether to
issue a margin call or require the Clearing Member to take other risk
reducing actions, taking into account factors such as the particular
member, its known operational capabilities and those of its APS bank,
the product, market circumstances and the type and materiality of the
exposure. If such Clearing Member cannot be contacted, does not reduce
its positions or does not meet a margin call, the senior CRD person
will further escalate to ICEU's President (or delegate) and together
decide on an appropriate response, which may include temporarily
accepting the risk, suspending the relevant account or holding the
Clearing Member in default. If ICEU's President or delegate cannot be
contacted, then the senior CRD person shall make the decision. Relevant
regulators will be contacted should ICEU decide to hold a Clearing
Member in default.
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    \7\ Such contracts are generally F&O energy contracts. The
amendments are intended to be consistent with certain additional
risk management requirements that apply to such contracts under
European Market Infrastructure Regulation (EMIR) implementing
regulations, specifically Article 26(1)(c) of Commission Delegated
Regulation (EU) No. 153/2013 of 19 December 2012 supplementing
Regulation (EU) No. 648/2012 of the European Parliament and of the
Council with regard to regulatory technical standards on
requirements for central counterparties, as amended by Commission
Delegated Regulation (EU) 2016/822 of 21 April 2016 as regards the
time horizons for the liquidation period to be considered for the
different classes of financial instruments.
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    The amendments also clarify the applicability of a specified
overnight buffer to contracts using a one-day margin period of risk,
and removes a reference to the buffer amount being locked at end of day
(in light of the overnight monitoring procedures discussed above).
Certain other typographical corrections and similar clarifications are
also made.
(b) Statutory Basis
    ICE Clear Europe believes that the proposed amendments are
consistent with the requirements of Section 17A of the Act \8\ and the
regulations thereunder applicable to it, including the standards under
Rule 17Ad-22.\9\ Section 17A(b)(3)(F) of the Act \10\ requires, among
other things, that the rules of a clearing agency be designed to
promote the prompt and accurate clearance and settlement of securities
transactions and, to the extent applicable, derivative agreements,
contracts, and transactions, to assure the safeguarding of securities
and funds in the custody or control of the clearing agency or for which
it is responsible, and the protection of investors and the public
interest. As discussed above, the proposed amendments to the F&O Risk
Procedures are intended to enhance ICE Clear Europe's ability to
monitor and limit its exposure to Clearing Members during overnight
trading hours. This will facilitate the Clearing House's ability to
manage risk generally, and therefore promote the prompt and accurate
clearance and settlement of transactions, and further the public
interest in the sound operation of clearing agencies. (The amendments
should not affect the safeguarding of securities or funds in the
custody or control of the Clearing House or for which it is
responsible.) As a result, in ICE Clear Europe's view, the amendments
are consistent with the requirements of Section 17A(b)(3)(F) of the
Act.
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    \8\ 15 U.S.C. 78q-1.
    \9\ 17 CFR 240.17Ad-22.
    \10\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    The amendments are also consistent with relevant requirements of
Rule 17Ad-22 regarding margin and credit risk management.\11\ Rule
17Ad-22(b)(1) and (2) \12\ in particular require that ICE Clear Europe
measure its credit exposure at least once per day and use margin
requirements to limit its exposures to participants under normal market
conditions. Consistent with these requirements, the proposed amendments
facilitate additional measurement of credit exposures during overnight
trading hours and to collect margin or take other action if appropriate
to reduce its credit risk to Clearing Members. The proposed amendments
are also consistent with Rule 17Ad-22(e)(4)(i),\13\ as the additional
ability to conduct overnight margining will help the Clearing House
maintain sufficient financial resources to cover its credit exposures
to Clearing Members. Rule 17Ad-22(e)(6)(ii) \14\ requires that clearing
agencies have sufficient operational capacity to make intraday margin
calls in defined circumstances and extending ICE Clear Europe's ability
to make such margin calls or to take other action, as appropriate in
the circumstances, into the overnight period facilitates compliance
with this requirement.
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    \11\ 17 CFR 240.17Ad-22.
    \12\ 17 CFR 240.17Ad-22(b)(1) and (2). The rule states that: [a]
registered clearing agency that performs central counterparty
services shall establish, implement, maintain and enforce written
policies and procedures reasonably designed to:
    (1) Measure its credit exposures to its participants at least
once a day and limit its exposures to potential losses from defaults
by its participants under normal market conditions so that the
operations of the clearing agency would not be disrupted and non-
defaulting participants would not be exposed to losses that they
cannot anticipate or control.
    (2) Use margin requirements to limit its credit exposures to
participants under normal market conditions and use risk-based
models and parameters to set margin requirements and review such
margin requirements and the related risk-based models and parameters
at least monthly.''
    \13\ 17 CFR 240.17Ad-22(e)(4)(i). The rule states that: ``[e]ach
covered clearing agency shall establish, implement, maintain and
enforce written policies and procedures reasonably designed to, as
applicable: (4) Effectively identify, measure, monitor, and manage
its credit exposures to participants and those arising from its
payment, clearing, and settlement processes, including by: (i)
Maintaining sufficient financial resources to cover its credit
exposure to each participant fully with a high degree of
confidence;''
    \14\ 17 CFR 240.17Ad-22(e)(6) which states that ``[e]ach covered
clearing agency shall establish, implement, maintain and enforce
written policies and procedures reasonably designed to, as
applicable: (6) Cover, if the covered clearing agency provides
central counterparty services, its credit exposures to its
participants by establishing a risk-based margin system that, at a
minimum:
    (ii) Marks participant positions to market and collects margin,
including variation margin or equivalent charges if relevant, at
least daily and includes the authority and operational capacity to
make intraday margin calls in defined circumstances;''

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(B) Clearing Agency's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed rule changes would
have any impact, or impose any burden, on competition not necessary or
appropriate in furtherance of the purposes of the Act. The changes are
being proposed in order to enhance ICE Clear Europe's ability to limit
its credit exposure during overnight trading hours. The amendments will
apply to all F&O Clearing Members that trade contracts in the relevant
category. ICE Clear Europe does not believe the amendments will
generally affect the overall cost of clearing for F&O Clearing Members
or other market participants or otherwise affect access to clearing
generally. The amendments may require F&O Clearing Members to post
margin, or take other action, outside of the standard margin call
window, but such changes are designed to better manage Clearing House
risk and are tailored to the risks presented by such F&O Clearing
Members and the positions they carry. As a result, any additional
burdens placed on F&O Clearing Members will be appropriate in
furtherance of enhancing risk management, and are not intended to
disadvantage any particular Clearing Member. As a result, ICE Clear
Europe believes that any impact on competition is 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

    Written comments relating to the proposed amendments have not been
solicited or received by ICE Clear Europe. ICE Clear Europe will notify
the Commission of any comments received with respect to the proposed
rule change.

III. Date of Effectiveness of the Proposed Rule Change

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act and paragraph (f) of Rule 19b-4 thereunder. 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.

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-ICEEU-2018-018 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-ICEEU-2018-018. 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 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 such filings will also be available for inspection
and copying at the principal office of ICE Clear Europe and on ICE
Clear Europe's website at https://www.theice.com/clear-europe/regulation#rule-filing.
    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-ICEEU-2018-018 and should be
submitted on or before December 26, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Eduardo Aleman,
Assistant Secretary.
[FR Doc. 2018-26268 Filed 12-3-18; 8:45 am]
 BILLING CODE 8011-01-P