[Federal Register: June 7, 2007 (Volume 72, Number 109)]
[Proposed Rules]
[Page 31492-31493]
[DOCID:fr07jn07-27]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R06-OAR-2007-0386; FRL-8321-8]

Approval and Promulgation of Air Quality Implementation Plans;
Texas; Revision to the Texas State Implementation Plan Regarding a
Negative Declaration for the Synthetic Organic Chemical Manufacturing
Industry Batch Processing Source Category in El Paso County

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: Section 172(c)(1) of the Clean Air Act (CAA) requires areas
that are not attaining a National Ambient Air Quality Standard (NAAQS)
to reduce emissions from existing sources by adopting, at a minimum,
reasonably

available control technology (RACT). EPA has established source
categories for which RACT must be implemented. If no major sources of
volatile organic compound (VOC) emissions in a particular source
category exist in a nonattainment area, a State may submit a negative
declaration for that category. Texas submitted a State Implementation
Plan (SIP) revision which included negative declarations for certain
source categories in the El Paso 1-hour ozone standard nonattainment
area. EPA previously approved the State's declaration that no major
sources existed for 9 source categories in the El Paso area. In the
approval EPA neglected to approve the negative declaration for the
synthetic organic chemical manufacturing industry (SOCMI) batch
processing category in the El Paso area. EPA is proposing to approve
this negative declaration for the El Paso 1-hour ozone standard
nonattainment area.

DATES: Written comments must be received by July 9, 2007.

ADDRESSES: Comments may be mailed to Mr. Carl Young, Acting Chief, Air
Planning Section (6PD-L), Environmental Protection Agency, 1445 Ross
Avenue, Suite 1200, Dallas, Texas 75202-2733. Comments may also be
submitted electronically or through hand delivery/courier by following
the detailed instructions in the ADDRESSES section of the direct final
rule located in the rules section of this Federal Register.

FOR FURTHER INFORMATION CONTACT: Jeffrey Riley, Air Planning Section
(6PD-L), Environmental Protection Agency, Region 6, 1445 Ross Avenue,
Suite 700, Dallas, Texas 75202-2733, telephone<PHONE_NUMBER>; fax number
214-665-7263; e-mail address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: In the final rules section of this Federal
Register, EPA is approving the State's SIP submittal as a direct final
rule without prior proposal because the Agency views this as a
noncontroversial submittal and anticipates no relevant adverse
comments. A detailed rationale for the approval is set forth in the
direct final rule. If no relevant adverse comments are received in
response to this action, no further activity is contemplated. If EPA
receives relevant adverse comments, the direct final rule will be
withdrawn and all public comments received will be addressed in a
subsequent final rule based on this proposed rule. EPA will not
institute a second comment period. Any parties interested in commenting
on this action should do so at this time. Please note that if EPA
receives adverse comment on an amendment, paragraph, or section of the
rule, and if that provision may be severed from the remainder of the
rule, EPA may adopt as final those provisions of the rule that are not
the subject of an adverse comment.
    For additional information, see the direct final rule which is
located in the rules section of this Federal Register.

    Dated: May 21, 2007.
Richard E. Greene,
Regional Administrator, Region 6.
[FR Doc. E7-10766 Filed 6-6-07; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register Volume 83, Number 9 (Friday, January 12, 2018)]
[Proposed Rules]
[Pages 1582-1584]
[FR Doc No: 2018-00376]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2017-1144; Airspace Docket No. 16-AGL-30]

Proposed Modification of Air Traffic Service (ATS) Routes in the
Vicinity of Richmond, IN

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: This action proposes to modify five VHF Omnidirectional Range
(VOR) Federal airways (V-12, V-214, V-340, V-467, and V-517) and one
low altitude area navigation (RNAV) route (T-213) in the vicinity of
Richmond, IN. The FAA is proposing this action due to the planned
decommissioning of the Richmond, IN (RID), VHF Omnidirectional Range/
Tactical Air Navigation (VORTAC) navigation aid (NAVAID) which provides
navigation guidance for portions of the affected ATS routes. Overall,
this action would enhance the safety and management of aircraft within
the National Airspace System (NAS).

DATES: Comments must be received on or before February 26, 2018.

ADDRESSES: Send comments on this proposal to the U.S. Department of
Transportation, Docket Operations, 1200 New Jersey Avenue SE, West
Building Ground Floor, Room W12-140, Washington, DC 20590; telephone:
1(800) 647-5527, or<PHONE_NUMBER>. You must identify FAA Docket No.
FAA-2017-1144 and Airspace Docket No. 16-AGL-30 at the beginning of
your comments. You may also submit comments through the internet at
http://www.regulations.gov.
    FAA Order 7400.11B, Airspace Designations and Reporting Points, and
subsequent amendments can be viewed online at http://www.faa.gov/air_traffic/publications/. For further information, you can contact the
Airspace Policy Group, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783. The Order is also available for inspection at the National
Archives and Records Administration (NARA). For information on the
availability of FAA Order 7400.11B at NARA, call<PHONE_NUMBER>, or go
to https://www.archives.gov/federal-register/cfr/ibr-locations.html.
    FAA Order 7400.11, Airspace Designations and Reporting Points, is
published yearly and effective on September 15.

FOR FURTHER INFORMATION CONTACT: Colby Abbott, Airspace Policy Group,
Office of Airspace Services, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
the airspace necessary to ensure the safety of aircraft and the
efficient use of airspace. This regulation is within the scope of that
authority as it would support the route structure in the Richmond, IN,
area as necessary to preserve the safe and efficient flow of air
traffic within the NAS.

Comments Invited

    Interested parties are invited to participate in this proposed
rulemaking by submitting such written data, views, or arguments as they
may desire. Comments that provide the factual basis supporting the
views and suggestions presented are particularly helpful in developing
reasoned regulatory decisions on the proposal. Comments are
specifically invited on the overall regulatory, aeronautical, economic,
environmental, and energy-related aspects of the proposal.
    Communications should identify both docket numbers (FAA Docket No.
FAA-2017-1144 and Airspace Docket No. 16-AGL-30) and be submitted in
triplicate to the Docket Management Facility (see ADDRESSES section for
address and phone number). You may also submit comments through the
internet at http://www.regulations.gov.
    Commenters wishing the FAA to acknowledge receipt of their comments
on this action must submit with those comments a self-addressed,
stamped postcard on which the following statement is made: ``Comments
to FAA Docket No. FAA-2017-1144 and Airspace Docket No. 16-AGL-30.''
The postcard will be date/time stamped and returned to the commenter.
    All communications received on or before the specified comment
closing date will be considered before taking action on the proposed
rule. The proposal contained in this action may be changed in light of
comments received. All comments submitted will be available for
examination in the public docket both before and after the comment
closing date. A report summarizing each substantive public contact with
FAA personnel concerned with this rulemaking will be filed in the
docket.

Availability of NPRMs

    An electronic copy of this document may be downloaded through the
internet at http://www.regulations.gov. Recently published rulemaking
documents can also be accessed through the FAA's web page at http://www.faa.gov/air_traffic/publications/airspace_amendments/.

    You may review the public docket containing the proposal, any
comments received and any final disposition in person in the Dockets
Office (see ADDRESSES section for address and phone number) between
9:00 a.m. and 5:00 p.m., Monday through Friday, except Federal
holidays. An informal docket may also be examined during normal
business hours at the office of the Operations Support Group, Central
Service Center, Federal Aviation Administration, 10101 Hillwood Blvd.,
Fort Worth, TX 76177.

Availability and Summary of Documents for Incorporation by Reference

    This document proposes to amend FAA Order 7400.11B, Airspace
Designations and Reporting Points, dated August 3, 2017, and effective
September 15, 2017. FAA Order 7400.11B is publicly available as listed
in the ADDRESSES section of this document. FAA Order 7400.11B lists
Class A, B, C, D, and E airspace areas, air traffic service routes, and
reporting points.

Background

    The FAA was originally considering decommissioning activities for
the Richmond, IN (RID), VORTAC in 2023 as one of the candidate VORs
identified for discontinuance by the VOR Minimum Operating Network (VOR
MON) program as listed in the final policy statement notice,
``Provision of Navigation Services for the Next Generation Air
Transportation System (NextGen) Transition to Performance-Based
Navigation (PBN) (Plan for Establishing a VOR Minimum Operational
Network),'' published in the Federal Register of July 26, 2016 (81 FR
48694), Docket No. FAA-2011-1082. However, recent damage to the roof of
the structure that houses the VORTAC has been determined to be
significant enough that repair to the roof would not be cost effective
for the period of time the VORTAC was originally planned to be
retained. As a result, the FAA is now planning to decommission the
Richmond, IN, VORTAC in 2018 and to amend the ATS routes that use the
VORTAC prior to its decommissioning. The ATS routes affected by the
Richmond VORTAC are VOR Federal airways V-12, V-214, V-340, V-467, V-
517, and low altitude RNAV route T-213.
    With the planned decommissioning of the Richmond, IN, VORTAC, the
remaining ground-based NAVAID coverage in the area is insufficient to
enable the continuity of the affected airways. As such, proposed
modifications to VOR Federal airways V-12, V-214, V-340, V-467, and V-
517 would result in gaps in the route structures. To overcome the gaps
in the route structures, instrument flight rules (IFR) traffic could
use adjacent VOR Federal airways (V-5, V-47, V-50, V-55, V-97, V-214
(retained portions), V-221, and V-275) to circumnavigate the affected
area, file point to point through the affected area using fixes that
will remain in place, or receive air traffic control (ATC) radar
vectors through the area. Visual flight rules (VFR) pilots who elect to
navigate via the airways through the affected area could also take
advantage of the adjacent VOR Federal airways or ATC services
previously listed.
    Additionally, due to the planned decommissioning of the Richmond,
IN, VORTAC, the end point in the T-213 route description (the Richmond
VORTAC) would be redefined to retain the T-route as charted.

The Proposal

    The FAA is proposing an amendment to Title 14, Code of Federal
Regulations (14 CFR) part 71 to modify VOR Federal airways V-12, V-214,
V-340, V-467, and V-517, and low altitude RNAV route T-213. The planned
decommissioning of the Richmond, IN, VORTAC has made these actions
necessary.
    The proposed VOR Federal airways and RNAV T-route changes are
outlined below.
    V-12: V-12 currently extends between the Gaviota, CA, VORTAC and
the Pottstown, PA, VORTAC. The FAA proposes to remove the airway
segment between the Shelbyville, IN, VOR/Distance Measuring Equipment
(VOR/DME) and the Allegheny, PA, VOR/DME. The unaffected portions of
the existing airway would remain as charted in the two remaining
segments.
    V-214: V-214 currently extends between the Kokomo, IN, VORTAC and
the Richmond, IN, VORTAC; and between the intersection of the Appleton,
OH, VORTAC 236[deg] and Zanesville, OH, VOR/DME 274[deg] radials (GLOOM
fix) and the Teterboro, NJ, VOR/DME. The FAA proposes to remove the
airway segment between the Muncie, IN, VOR/DME and the Richmond, IN,
VORTAC. The unaffected portions of the existing airway would remain as
charted in the two remaining segments.
    V-340: V-340 currently extends between the intersection of the
Peotone, IL, VORTAC 053[deg] and Knox, IN, VOR/DME 297[deg] radials
(BEARZ fix) and the Richmond, IN, VORTAC. The FAA proposes to remove
the airway segment between the Fort Wayne, IN, VORTAC and the Richmond,
IN, VORTAC. The unaffected portions of the existing airway would remain
as charted.
    V-467: V-467 currently extends between the Richmond, IN, VORTAC and
the Detroit, MI, VOR/DME. The FAA proposes to remove the airway segment
between the Richmond, IN, VORTAC and the Waterville, OH, VOR/DME. The
unaffected portion of the existing airway would remain as charted.
    V-517: V-517 currently extends between the Snowbird, TN, VORTAC and
Dayton, OH, VOR/DME. The FAA proposes to remove the airway segment
between the Cincinnati, OH, VORTAC and the Dayton, OH, VOR/DME. The
unaffected portions of the existing airway would remain as charted.
    T-213: T-213 currently extends between the Louisville, KY, VORTAC
and Richmond, IN, VORTAC. The FAA proposes to remove the VOR portion of
the Richmond, IN, VORTAC from service and retain the DME equipment,
with the same three-letter identifier, in service at the same location.
The existing RNAV route would remain as charted.
    All radials in the route descriptions below are unchanged and
stated in True degrees.
    VOR Federal airways are published in paragraph 6010(a), and United
States Area Navigation Routes (low altitude T-routes) are published in
paragraph 6011, of FAA Order 7400.11B dated August 3, 2017, and
effective September 15, 2017, which is incorporated by reference in 14
CFR 71.1. The VOR Federal airways and RNAV T-route listed in this
document would be subsequently published in the Order.

Regulatory Notices and Analyses

    The FAA has determined that this proposed regulation only involves
an established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore: (1) Is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under
Department of Transportation (DOT) Regulatory Policies and Procedures
(44 FR 11034; February 26, 1979); and (3) does not warrant preparation
of a regulatory evaluation as the anticipated impact is so minimal.
Since this is a routine matter that will only affect air traffic
procedures and air navigation, it is certified that this proposed rule,
when promulgated, will not have a significant economic impact on a
substantial

number of small entities under the criteria of the Regulatory
Flexibility Act.

Environmental Review

    This proposal will be subject to an environmental analysis in
accordance with FAA Order 1050.1F, ``Environmental Impacts: Policies
and Procedures'' prior to any FAA final regulatory action.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

The Proposed Amendment

    In consideration of the foregoing, the Federal Aviation
Administration proposes to amend 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for part 71 continues to read as follows:

    Authority: 49 U.S.C. 106(f), 106(g); 40103, 40113, 40120; E.O.
10854, 24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order 7400.11B,
Airspace Designations and Reporting Points, dated August 3, 2017 and
effective September 15, 2017, is amended as follows:

Paragraph 6010(a) Domestic VOR Federal Airways.

* * * * *

V-12 [Amended]

    From Gaviota, CA; San Marcus, CA; Palmdale, CA; 38 miles, 6
miles wide, Hector, CA; 12 miles, 38 miles, 85 MSL, 14 miles, 75
MSL, Needles, CA; 45 miles, 34 miles, 95 MSL, Drake, AZ; Winslow,
AZ; 30 miles, 85 MSL, Zuni, NM; Albuquerque, NM; Otto, NM; Anton
Chico, NM; Tucumcari, NM; Amarillo, TX; Mitbee, OK; Anthony, KS;
Wichita, KS; Emporia, KS; INT Emporia 063[deg] and Napoleon, MO,
243[deg] radials; Napoleon; INT Napoleon 095[deg] and Columbia, MO,
292[deg] radials; Columbia; Foristell, MO; Troy, IL; Bible Grove,
IL; to Shelbyville, IN. From Allegheny, PA; Johnstown, PA;
Harrisburg, PA; INT Harrisburg 092[deg] and Pottstown, PA, 278[deg]
radials; to Pottstown.
* * * * *

V-214 [Amended]

    From Kokomo IN, Marion, IN; to Muncie, IN. From INT Appleton,
OH, 236[deg] and Zanesville, OH, 274[deg] radials; Zanesville;
Bellaire, OH; INT Bellaire 107[deg] and Grantsville, MD, 285[deg]
radials; Grantsville; Martinsburg, WV; INT Martinsburg 094[deg] and
Baltimore, MD, 300[deg] radials; Baltimore; INT Baltimore 093[deg]
and Dupont, DE, 223[deg] radials; Dupont; Yardley, PA; to Teterboro,
NJ.
* * * * *

V-340 [Amended]

    From INT Peotone, IL, 053[deg] and Knox, IN, 297[deg] radials;
Knox; to Fort Wayne, IN.
* * * * *

V-467 [Amended]

    From Waterville, OH; to Detroit, MI.
* * * * *

V-517 [Amended]

    From Snowbird, TN; INT Snowbird 329[deg] and London, KY,
141[deg] radials; London; INT London 004[deg] and Falmouth, KY,
164[deg] radials; Falmouth; to Cincinnati, OH.
* * * * *

Paragraph 6011 United States Area Navigation Routes.

* * * * *

T-213 Louisville, KY to Richmond, IN

Louisville, KY (IIU)              VORTAC            (Lat. 38[deg]06'13'' N, long. 85[deg]34'39'' W)
GAMKE, IN                         WP                (Lat. 38[deg]46'13'' N, long. 85[deg]14'35'' W)
MILAN, IN                         FIX               (Lat. 39[deg]21'22'' N, long. 85[deg]19'01'' W)
Richmond, IN (RID)                DME               (Lat. 39[deg]45'18'' N, long. 84[deg]50'20'' W)

* * * * *

    Issued in Washington, DC, on January 3, 2018.
Rodger A. Dean Jr.,
Manager, Airspace Policy Group.
[FR Doc. 2018-00376 Filed 1-11-18; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 83, Number 179 (Friday, September 14, 2018)]
[Notices]
[Page 46733]
[FR Doc No: 2018-19923]

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ENVIRONMENTAL PROTECTION AGENCY

[ER-FRL-9041-3]

Environmental Impact Statements; Notice of Availability

    Responsible Agency: Office of Federal Activities, General
Information<PHONE_NUMBER> or https://www.epa.gov/nepa/.
Weekly receipt of Environmental Impact Statements
Filed 09/03/2018 Through 09/07/2018
Pursuant to 40 CFR 1506.9.

Notice

    Section 309(a) of the Clean Air Act requires that EPA make public
its comments on EISs issued by other Federal agencies. EPA's comment
letters on EISs are available at: https://cdxnodengn.epa.gov/cdx-enepa-public/action/eis/search.

EIS No. 20180209, Final, GSA, MD, 2018 Master Plan for the
Consolidation of the U.S. FDA HQ Final Environmental Impact Statement,
Review Period Ends: 10/15/2018, Contact: Paul Gyamfi<PHONE_NUMBER>
EIS No. 20180210, Final, USN, VA, Atlantic Fleet Training and Testing,
Review Period Ends: 10/15/2018, Contact: Todd Kraft<PHONE_NUMBER>
EIS No. 20180211, Adoption, NIGC, CA, Final Environmental Impact
Statement--Wilton Rancheria, Review Period Ends: 10/15/2018, Contact:
Austin Badger<PHONE_NUMBER>

    Dated: September 10, 2018.
Robert Tomiak,
Director, Office of Federal Activities.
[FR Doc. 2018-19923 Filed 9-13-18; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register: August 27, 2007 (Volume 72, Number 165)]
[Notices]
[Page 49029-49030]
[DOCID:fr27au07-88]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56287; File No. SR-CBOE-2007-41]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Order Approving Proposed Rule Change as Modified by
Amendment No. 1 Thereto To Codify Pre-Existing Practices and To Amend
and Supplement Rule 24.9

 August 20, 2007.
    On May 1, 2007, the Chicago Board Options Exchange, Incorporated
(``CBOE'') filed with the Securities and Exchange Commission (``SEC''
or ``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposal to amend Rule 24.9, Terms of Index Options, to codify the pre-
existing methodology used for determining the day on which the exercise
settlement value of CBOE Volatility Index options and CBOE Increased-
Value Volatility Index options (collectively,''Volatility Index
options'') is calculated and to supplement the manner for determining
the day on which the exercise settlement value of Volatility Index
options is calculated in the event of an Exchange holiday.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

    The Exchange submitted Amendment No. 1 to the proposed rule change
on June 7, 2007. The proposed rule change was published for comment in
the Federal Register on July 16, 2007.\3\ The Commission received no
comments on the proposal. This order approves the proposed rule change
as modified by Amendment No. 1.
---------------------------------------------------------------------------

    \3\ Securities Exchange Act Release No. 56036 (July 10, 2007),
72 FR 38850 (July 16, 2007).
---------------------------------------------------------------------------

    In this proposal, CBOE proposed to amend Rule 24.9, Terms of Index
Options, to codify the pre-existing methodology used for determining
the day on which the exercise settlement value of Volatility Index
options is calculated.\4\ This day is also the expiration date for
Volatility Index options and the business day immediately before the
expiration date is the last trading day for Volatility Index options.
The Exchange also proposed to supplement the manner for determining the
day on which the exercise settlement value of Volatility Index options
is calculated in the event of an Exchange holiday.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 53342 (February 21,
2006), 71 FR 10086 (February 28, 2006) (SR-CBOE-2006-008); See also
CBOE Regulatory Circular 2006-23 (describing methodology for
determining date of calculation of exercise settlement value and
expiration date).
---------------------------------------------------------------------------

    In general, each Volatility Index is calculated using the quotes of
certain index option series (e.g., S&P 500 Index (``SPX'') options) to
derive a measure of volatility of the U.S. equity market. Under CBOE's
current methodology, the day on which the exercise settlement value of
a Volatility Index option is calculated and the expiration date of a
Volatility Index option is the Wednesday that is thirty days prior to
the third Friday of the calendar month immediately following the
expiring month of the Volatility Index option.\5\ Additionally, the
Tuesday immediately before that Wednesday is the last trading day for
Volatility Index options.
---------------------------------------------------------------------------

    \5\ The options used to calculate the Volatility Indexes are
traded on CBOE and generally expire on the third Friday of any given
calendar month.
---------------------------------------------------------------------------

    According to the CBOE, this methodology was chosen because it
provides consistency by ensuring that Volatility Index options expire
exactly thirty days before the expiration date of the options that are
used to calculate the Volatility Indexes and reflects CBOE's belief
that the settlement process works best if underlying option series with
a single expiration month are used to calculate a Volatility Index.
According to CBOE, if underlying options series in two expiration
months are used, the number of options series used in the settlement
process is markedly increased and the settlement process becomes more
complex and cumbersome. Consequently, in this filing the Exchange
proposed to amend the existing text of Rule 24.9, relating to the
current methodology, to codify its pre-existing practice.
    The Exchange further proposed to supplement the current methodology
by providing a framework for determining the day on which the exercise
settlement value for Volatility Index options will be calculated and
the expiration date for Volatility Index options when the Exchange is
closed on the third Friday of any given calendar month. Specifically,
the Exchange proposed to amend Rule 24.9 to provide that if the third
Friday of the month subsequent to the expiration of a Volatility Index
option is an Exchange holiday, the exercise settlement value of the
Volatility Index option will be calculated on the business day that is
thirty days prior to the Exchange

business day immediately preceding that Friday.\6\ This would also be
the expiration date for that Volatility Index option.
---------------------------------------------------------------------------

    \6\ The Exchange represented that it was also proposing a
similar change relating to the final settlement date for futures
contracts on volatility indexes.
---------------------------------------------------------------------------

    After carefully considering the proposal, the Commission finds that
the proposed rule change is consistent with the requirements of the Act
and the rules and regulations thereunder applicable to a national
securities exchange.\7\ In particular, the Commission finds that the
proposed rule change is consistent with Section 6(b)(5) of the Act,\8\
which requires that an exchange have rules designed, among other
things, to promote just and equitable principles of trade, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and in general to protect investors and the
public interest.
---------------------------------------------------------------------------

    \7\ In approving this rule change, the Commission notes that it
has considered the proposal's impact on efficiency, competition, and
capital formation. See 15 U.S.C. 78c(f).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission believes that codifying CBOE's pre-existing
methodology used for determining the day on which the exercise
settlement value of Volatility Index options is calculated in Rule 24.9
will provide certainty and predictability for CBOE members and other
market participants engaged in the trading of Volatility Index options.
The Commission further believes that the Exchange's new procedure for
determining the day on which the exercise settlement value for
Volatility Index options will be calculated and the expiration date for
Volatility Index options when the Exchange is closed due to an Exchange
holiday is an appropriate supplement to the existing methodology.
    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\9\ that the proposed rule change (File No. SR-CBOE-2007-41) be,
and hereby is, approved.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-16833 Filed 8-24-07; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 83, Number 97 (Friday, May 18, 2018)]
[Notices]
[Pages 23305-23306]
[FR Doc No: 2018-10639]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 33098; 812-14815]

PFM Multi-Manager Series Trust and PFM Asset Management LLC

May 15, 2018.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice.

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    Notice of an application under section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from section 15(a) of
the Act and rule 18f-2 under the Act, as well as from certain
disclosure requirements in rule 20a-1 under the Act, Item 19(a)(3) of
Form N-1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of
Schedule 14A under the Securities Exchange Act of 1934, and sections 6-
07(2)(a), (b), and (c) of Regulation S-X (``Disclosure Requirements'').
The requested exemption would permit an investment adviser to hire and
replace certain sub-advisers without shareholder approval and grant
relief from the Disclosure Requirements as they relate to fees paid to
the sub-advisers.

Applicants: PFM Multi-Manager Series Trust (the ``Trust''), a Delaware
statutory trust registered under the Act as an open-end management
investment company, and PFM Asset Management LLC (the ``Initial
Adviser''), a Delaware limited liability company registered as an
investment adviser under the Investment Advisers Act of 1940
(collectively with the Trust, the ``Applicants'').

Filing Dates:  The application was filed on August 22, 2017 and amended
on March 1, 2018, and May 9, 2018.

Hearing or Notification of Hearing:  An order granting the application
will be issued unless the Commission orders a hearing. Interested
persons may request a hearing by writing to the Commission's Secretary
and serving applicants with a copy of the request, personally or by
mail. Hearing requests should be received by the Commission by 5:30
p.m. on June 11, 2018, and should be accompanied by proof of service on
the applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Pursuant to rule 0-5 under the Act, hearing
requests should state the nature of the writer's interest, any facts
bearing upon the desirability of a hearing on the matter, the reason
for the request, and the issues contested. Persons who wish to be
notified of a hearing may request notification by writing to the
Commission's Secretary.

ADDRESSES:  Secretary, U.S. Securities and Exchange Commission, 100 F
Street NE, Washington, DC 20549-1090. Applicants: One Keystone Plaza,
Suite 300, North Front and Market Streets, Harrisburg, PA 17101-2044.

FOR FURTHER INFORMATION CONTACT:  Bruce R. MacNeil, Senior Counsel, at
(202) 551-6817, or Kaitlin C. Bottock, Branch Chief, at<PHONE_NUMBER>
(Division of Investment Management, Chief Counsel's Office).

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

Summary of the Application

    1. The Adviser will serve as the investment adviser to the
Subadvised Series pursuant to an investment advisory agreement with the
Trust (the ``Investment Management Agreement'').\1\ The Adviser will
provide the Subadvised Series with continuous investment management
services, subject to the supervision of, and policies established by,
the board of trustees of the Trust (``Board''). The Investment
Management Agreement permits the Adviser, subject to the approval of
the Board, to delegate to one or more sub-advisers (each, a ``Sub-
Adviser'' and collectively, the ``Sub-Advisers'') the responsibility to
provide the day-to-day portfolio investment management of each
Subadvised Series, subject to the supervision and direction of the
Adviser.\2\ The primary responsibility for managing each Subadvised
Series will remain vested in the Adviser. The Adviser will hire,
evaluate, allocate assets to and oversee the Sub-Advisers, including
determining whether a Sub-Adviser should be terminated, at all times
subject to the authority of the Board.
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    \1\ Applicants request relief with respect to the named
Applicants, as well as to any future series of the Trust and any
other registered open-end management investment company or series
thereof that: (a) Is advised by the Initial Adviser, its successors,
or any entity controlling, controlled by or under common control
with the Initial Adviser or its successors (each, an ``Adviser'');
(b) uses the multi-manager structure described in the application;
and (c) complies with the terms and conditions set forth in the
application (each, a ``Subadvised Series''). For purposes of the
requested order, ``successor'' is limited to an entity that results
from a reorganization into another jurisdiction or a change in the
type of business organization.
    \2\ A ``Sub-Adviser'' for a Subadvised Series is (1) an indirect
or direct ``wholly-owned subsidiary'' (as such term is defined in
the Act) of the Adviser for that Subadvised Series, or (2) a sister
company of the Adviser for that Subadvised Series that is an
indirect or direct ``wholly-owned subsidiary'' of the same company
that, indirectly or directly, wholly owns the Adviser (each of (1)
and (2) a ``Wholly-Owned Sub-Adviser'' and collectively, the
``Wholly-Owned Sub-Advisers''), or (3) not an ``affiliated person''
(as such term is defined in section 2(a)(3) of the Act) of the
Subadvised Series or the Adviser, except to the extent that an
affiliation arises solely because the Sub-Adviser serves as a sub-
adviser to a Subadvised Series (``Non-Affiliated Sub-Advisers'').
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    2. Applicants request an exemption to permit the Adviser, subject
to Board approval, to hire certain Sub-Advisers pursuant to Sub-
Advisory Agreements and materially amend existing Sub-Advisory
Agreements without obtaining the shareholder approval required under
section 15(a) of the Act and rule 18f-2 under the Act.\3\ Applicants
also seek an exemption from the Disclosure Requirements to permit a
Subadvised Series to disclose (as both a dollar amount and a percentage
of the Subadvised Series' net assets): (a) The aggregate fees paid to
the Adviser and any Wholly-Owned Sub-Adviser; (b) the aggregate fees
paid to Non-Affiliated Sub-Advisers; and (c) the fee paid to each
Affiliated Sub-Adviser (collectively, ``Aggregate Fee Disclosure'').
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    \3\ The requested relief will not extend to any sub-adviser,
other than a Wholly-Owned Sub-Adviser, who is an affiliated person,
as defined in Section 2(a)(3) of the Act, of the Subadvised Series,
the Trust or of the Adviser, other than by reason of serving as a
sub-adviser to one or more of the Subadvised Series (``Affiliated
Sub-Adviser'').
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    3. Applicants agree that any order granting the requested relief
will be subject to the terms and conditions

stated in the application. Such terms and conditions provide for, among
other safeguards, appropriate disclosure to Subadvised Series
shareholders and notification about sub-advisory changes and enhanced
Board oversight to protect the interests of the Subadvised Series'
shareholders.
    4. Section 6(c) of the Act provides that the Commission may exempt
any person, security, or transaction or any class or classes of
persons, securities, or transactions from any provisions of the Act, or
any rule thereunder, if such relief is necessary or appropriate in the
public interest and consistent with the protection of investors and
purposes fairly intended by the policy and provisions of the Act.
Applicants believe that the requested relief meets this standard
because, as further explained in the application, the Investment
Management Agreements will remain subject to shareholder approval while
the role of the Sub-Advisers is substantially similar to that of
individual portfolio managers, so that requiring shareholder approval
of Sub-Advisory Agreements would impose unnecessary delays and expenses
on the Subadvised Series.
    Applicants believe that the requested relief from the Disclosure
Requirements meets this standard because it will improve the Adviser's
ability to negotiate fees paid to the Sub-Advisers that are more
advantageous for the Subadvised Series.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-10639 Filed 5-17-18; 8:45 am]
 BILLING CODE 8011-01-P