[Federal Register Volume 88, Number 136 (Tuesday, July 18, 2023)]
[Rules and Regulations]
[Pages 45812-45814]
[FR Doc No: 2023-15147]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2023-1533; Airspace Docket No. 23-AWA-4]
RIN 2120-AA66

Amendment of Class C Airspace; Palm Beach International Airport,
West Palm Beach, FL

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: This action makes an editorial change to the Palm Beach
International Airport, FL Class C airspace description as published in
FAA Order JO 7400.11G, dated August 19, 2022. This action removes the
words ``Palm Beach International Airport'' from the first line in the
Class C description and replaces them with the words ``West Palm
Beach''. This complies with the formatting standard for airspace
descriptions. This editorial change does not alter the currently
published geographic coordinates, boundaries, or altitudes of the Class
C airspace area.

DATES: Effective date 0901 UTC, October 5, 2023. The Director of the
Federal Register approves this incorporation by reference action under
1 CFR part 51, subject to the annual revision of FAA Order JO 7400.11
and publication of conforming amendments.

ADDRESSES: A copy of this final rule, and all background material may
be viewed online at www.regulations.gov using the FAA Docket number.
Electronic retrieval help and guidelines are available on the website.
It is available 24 hours each day, 365 days each year.
    FAA Order JO 7400.11G, Airspace Designations and Reporting Points,
and subsequent amendments can be viewed online at www.faa.gov/air_traffic/publications/. You may also contact the Rules and
Regulations Group, Office of Policy, Federal Aviation Administration,
800 Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783.

FOR FURTHER INFORMATION CONTACT: Paul Gallant, Rules and Regulations
Group, Office of Policy, 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 updates the information in the Palm Beach International
Airport, FL Class C airspace description.

History

    During a review of the Palm Beach International Airport, FL Class C
airspace description, the FAA identified the need to update the text
header format for the Palm Beach International Airport Class C airspace
description as published in FAA Order JO 7400.11G.

Incorporation by Reference

    Class C airspace areas are published in paragraph 4000 of FAA Order
JO 7400.11, Airspace Designations and Reporting Points, which is
incorporated by reference in 14 CFR 71.1 on an annual basis. This
document amends the current version of that order, FAA Order JO
7400.11G, dated August 19, 2022, and effective September 15, 2022. FAA
Order JO 7400.11G is publicly available as listed in the ADDRESSES
section of this document. These amendments will be published in the
next update to FAA Order JO 7400.11.
    FAA Order JO 7400.11G lists Class A, B, C, D, and E airspace areas,
air traffic service routes, and reporting points.

The Rule

    This action amends 14 CFR part 71 by making an editorial change to
the Palm Beach International Airport, FL Class C airspace description
as published in FAA Order JO 7400.11G. The words ``Palm Beach
International Airport'' are removed from the first line in the Class C
description and replaced by the words ``West Palm Beach''. This change
aligns with the current formatting standard which requires that the
city location of the airport be stated in the first line of the
description and the airport name be stated on the second line. The
action does not make any changes to the remainder of the Class C
description as currently published in FAA Order JO 7400.11G.
    This action consists of administrative changes only and does not
affect the geographic coordinates, boundaries, or altitudes of the
airspace. Therefore, notice and public procedure under 5 U.S.C. 553(b)
is unnecessary.

Regulatory Notices and Analyses

    The FAA has determined that this 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 only affects air traffic procedures
and air navigation, it is certified that this rule, when promulgated,
does not have a significant economic impact on a substantial number of
small entities under the criteria of the Regulatory Flexibility Act.

Environmental Review

    The FAA has determined that this action of making administrative
edits to the West Palm Beach, FL Class C airspace description qualifies
for categorical exclusion under the National Environmental Policy Act
(42 U.S.C. 4321 et seq.) and its implementing regulations at 40 CFR
part 1500, and in accordance with FAA Order 1050.1F, Environmental
Impacts: Policies and Procedures, paragraph 5-6.5a, which categorically
excludes from further environmental impact review rulemaking actions
that designate or modify classes of airspace areas, airways, routes,
and reporting points (see 14 CFR part 71, Designation of Class A, B, C,
D, and E Airspace Areas; Air Traffic Service Routes; and Reporting
Points). As such, this action is not expected to result in any
potentially significant environmental impacts. In accordance with FAA
Order 1050.1F, paragraph 5-2 regarding Extraordinary Circumstances, the
FAA has reviewed this action for factors and circumstances in which a
normally categorically excluded action may have a significant
environmental impact requiring further analysis. Accordingly, the FAA
has determined that no extraordinary circumstances exist that warrant
preparation of an environmental assessment or environmental impact
study.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

The Amendment

    In consideration of the foregoing, the Federal Aviation
Administration amends 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 14 CFR 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 JO
7400.11G, Airspace Designations and Reporting Points, dated August 19,
2022, effective September 15, 2022, is amended as follows:

Paragraph 4000 Class C Airspace.

* * * * *

ASO FL C West Palm Beach, FL

Palm Beach International Airport, FL
    (Lat. 26[deg]40'59'' N, long. 80[deg]05'44'' W)

Palm Beach County Park Airport
    (Lat. 26[deg]35'35'' N, long. 80[deg]05'06'' W)
    Boundaries.

    Area A. That airspace extending upward from the surface to and
including 4,000 feet MSL within a 5-mile radius of the Palm Beach
International Airport, excluding that airspace within a 2-mile
radius of the Palm Beach County Park Airport.
    Area B. That airspace extending upward from 1,600 feet MSL to
and including 4,000 feet MSL within an area bounded on the north by
a line direct from the intersection of the Florida Turnpike (highway
91) and Lantana Road to the intersection of a 5-mile radius of the
Palm Beach International Airport and a 2-mile radius west of the
Palm Beach County Park Airport and a 2-mile radius north of the Palm
Beach County Park Airport, on the east by a line direct from the
intersection of a 5-mile radius of the Palm Beach International
Airport and a 2-mile radius east of the Palm Beach County Park
Airport to the intersection of a 10-mile radius of the Palm Beach
International Airport and US 1, on the south by a 10-mile radius of
the Palm Beach International Airport, and on the west by the Florida
Turnpike.
* * * * *

    Issued in Washington, DC, on July 13, 2023.
Karen L. Chiodini,
Acting Manager, Airspace Rules and Regulations.
[FR Doc. 2023-15147 Filed 7-17-23; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 83, Number 183 (Thursday, September 20, 2018)]
[Rules and Regulations]
[Pages 47560-47562]
[FR Doc No: 2018-20500]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2017-0273]
RIN 1625-AA09

Drawbridge Operation Regulation; Atlantic Intracoastal Waterway,
Palm Beach, FL

AGENCY: Coast Guard, DHS.

ACTION: Final rule.

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SUMMARY: The Coast Guard is modifying the operating schedule that
governs the operation of the Flagler Memorial (SR A1A) Bridge, mile
1021.8, the Royal Park (SR 704) Bridge, mile 1022.6, and the Southern
Boulevard (SR 700/80) Bridge, mile 1024.7, across the Atlantic
Intracoastal Waterway, at West Palm Beach, Florida. This modification
allows the Flagler Memorial, Royal Park and Southern Boulevard Bridges
to operate on alternative schedules when the President of the United
States, members of the First Family, or other persons under the
protection of the Secret Service visit Mar-a-Lago. The modifications
are necessary to accommodate the increase in vehicular traffic when the
presidential motorcade is in transit.

DATES: This rule is effective on September 20, 2018.

ADDRESSES: To view documents mentioned in this preamble as being
available in the docket, go to http://www.regulations.gov. Type USCG-
2017-0273 in the ``SEARCH'' box and click ``SEARCH.'' Click on Open
Docket Folder on the line associated with this rulemaking.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email CWO4 Robert Wooten, Coast Guard Sector Miami, FL,
Waterways Management Division, telephone<PHONE_NUMBER>, email
[email protected].

SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

CFR Code of Federal Regulations
DHS Department of Homeland Security
FR Federal Register
OMB Office of Management and Budget
NPRM Notice of proposed rulemaking (Advance, Supplemental)
Sec.  Section
U.S.C. United States Code
FL Florida
FDOT Florida Department of Transportation
AICW Atlantic Intracoastal Waterway

II. Background Information and Regulatory History

    On August 17, 2017, the Coast Guard published a notice of deviation
from drawbridge regulation with request for comments in the Federal
Register (82 FR 39019) to test proposed changes. Three comments were
received. Due to delays in processing this proposed regulatory change,
on March 6, 2018, the Coast Guard published a notice of deviation from
regulations with request for comments extension in the Federal Register
(82 FR 9431) to allow for additional time for the public to comment.
One comment was received. On May 21, 2018, the Coast Guard published a
notice of proposed rulemaking (NPRM) entitled Drawbridge Operation
Regulation; Atlantic Intracoastal Waterway, Palm Beach, FL in the
Federal Register (83 FR 23398). No comments were received. Due to
delays in processing this regulatory change, on June 25, 2018, the
Coast Guard published a notice of deviation from regulations with
request for comments extension in the Federal Register (83 FR 29438) to
allow additional time for public comment and to evaluate the changes to
the operating schedules with the establishment of the Presidential
Security Zone (82 FR 17295). No comments were received.
    We are issuing rule under 5 U.S.C. 553(d)(3), the Coast Guard finds
that good cause exists for making this rule effective in less than 30
days after publication in the Federal Register. The notice of deviation
published in the Federal Register (83 FR 29438) expires on August 29,
2018 and this rule must be in effect immediately thereafter.

III. Legal Authority and Need for Rule

    The Coast Guard is issuing this rule under authority 33 U.S.C. 499.
The Flagler Memorial (SR A1A) Bridge, mile 1021.8, across the AICW
(Lake Worth Lagoon) at West Palm Beach, Florida is a double-leaf
bascule bridge that has a vertical clearance of 22 feet at mean high
water in the closed position. The Royal Park (SR 704) Bridge, mile
1022.6, across the AICW (Lake Worth Lagoon) at West Palm Beach, Florida
is a double-leaf bascule bridge that has a vertical clearance of 21
feet at mean high water in the closed position. The Southern Boulevard
(SR 700/80) Bridge, mile 1024.7, across the AICW (Lake Worth Lagoon) at
West Palm Beach, Florida is under construction, a temporary lift bridge
is in place that has a vertical clearance of 14 feet at mean high water
in the closed position and a 65 foot vertical clearance in the open
position. The existing regulations are published in 33 CFR 117.261(u),
Flagler Memorial Bridge, Sec.  117.261(v) Royal Park Bridge, and Sec.
117.261(w) Southern Boulevard Bridge.
    The bridge owner, Florida Department of Transportation, requested
changes to the drawbridge operating schedules to better facilitate
orderly vehicle traffic flow across the Flagler Memorial, Royal Park
and Southern Boulevard bridges when the President of the United States,
members of the First Family, or other persons under the protection of
the Secret Service visit Mar-a-Lago. The increase in traffic congestion
occurs when the Presidential Security Zone (82 FR 17295) is enforced
which closes the Southern Boulevard Bridge when the presidential
motorcade is in transit. This action requires through traffic to use
the Flagler Memorial and Royal Park Bridges.

IV. Discussion of Comments, Changes and the Final Rule

    As noted above, we received four comments total on the two notices
of deviation published on August 17, 2017 and March 6, 2018,
respectively. Of the four comments received, one was a political
statement with no relevance on the proposed regulation. Three of the
four comments received were in favor of the regulation. Two of the
comments in favor of the regulation suggested the changes be made
permanent regardless of presidential visits. The Coast Guard has
considered this recommendation, however, making the modified operating
schedule permanent would place an unreasonable burden on navigation and
potentially have a negative impact on safe navigation. The modified
schedule is only in effect when uninterrupted transit of dignitaries
are crossing the Southern Boulevard Bridge. While vessels may have to
wait up to an hour, it is only during the weekdays and for a short
period.

V. Regulatory Analyses

    We developed this rule after considering numerous statutes and
Executive Orders related to rulemaking. Below we summarize our analyses
based on a number of these statutes and

Executive Orders, and we discuss First Amendment rights of protesters.

A. Regulatory Planning and Review

    Executive Orders 12866 and 13563 direct agencies to assess the
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits. Executive Order 13771 directs agencies to control
regulatory costs through a budgeting process. This rule has not been
designated a ``significant regulatory action,'' under Executive Order
12866. Accordingly, it has not been reviewed by the Office of
Management and Budget (OMB) and pursuant to OMB guidance it is exempt
from the requirements of Executive Order 13771.
    This regulatory action determination is based on the ability that
vessels able to pass through the Flagler Memorial and Royal Park
Bridges in the closed position may do so at any time. The bridges will
be able to open for emergencies. The Southern Boulevard Bridge will be
under the control of the on-scene designated representative when the
Presidential Security Zone is enforced.

B. Impact on Small Entities

    The Regulatory Flexibility Act of 1980 (RFA), 5 U.S.C. 601-612, as
amended, requires federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000. The Coast Guard received zero comments from the Small Business
Administration on this rule. The Coast Guard certifies under 5 U.S.C.
605(b) that this rule will not have a significant economic impact on a
substantial number of small entities.
    While some owners or operators of vessels intending to transit the
bridge may be small entities, for the reasons stated in section V.A
above, this rule will not have a significant economic impact on any
vessel owner or operator.
    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this rule. If the rule would affect your
small business, organization, or governmental jurisdiction and you have
questions concerning its provisions or options for compliance, please
contact the person listed in the FOR FURTHER INFORMATION CONTACT,
above.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

C. Collection of Information

    This rule calls for no new collection of information under the
Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

D. Federalism and Indian Tribal Government

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on the States, on the
relationship between the national government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this rule under that Order and have
determined that it is consistent with the fundamental federalism
principles and preemption requirements described in Executive Order
13132.
    Also, this rule does not have tribal implications under Executive
Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it does not have a substantial direct effect on
one or more Indian tribes, on the relationship between the Federal
Government and Indian tribes, or on the distribution of power and
responsibilities between the Federal Government and Indian tribes.

E. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this rule will not result in
such an expenditure, we do discuss the effects of this rule elsewhere
in this preamble.

F. Environment

    We have analyzed this rule under Department of Homeland Security
Management Directive 023-01 and Commandant Instruction M16475.lD, which
guides the Coast Guard in complying with the National Environmental
Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f), and have made a
determination that this action is one of a category of actions which do
not individually or cumulatively have a significant effect on the human
environment. This rule simply promulgates the operating regulations or
procedures for drawbridges. This action is categorically excluded from
further review, under figure 2-1, paragraph (32)(e), of the
Instruction.
    A Record of Environmental Consideration and a Memorandum for the
Record are not required for this rule.

G. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to contact the person listed in the For Further
Information Contact section to coordinate protest activities so that
your message can be received without jeopardizing the safety or
security of people, places or vessels.

List of Subjects in 33 CFR Part 117

    Bridges.

    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 117 as follows:

PART 117--DRAWBRIDGE OPERATION REGULATIONS

0
1. The authority citation for part 117 continues to read as follows:

    Authority: 33 U.S.C. 499; 33 CFR 1.05-1; Department of Homeland
Security Delegation No. 0170.1.

0
2. Amend Sec.  117.261 by revising paragraphs (u), (v), and (w) to read
as follows:

Sec.  117.261  Atlantic Intracoastal Waterway From St. Marys River to
Key Largo.

* * * * *
    (u) Flagler Memorial (SR A1A) Bridge, mile 1021.8, at West Palm
Beach. (1) The draw shall open on the quarter and three-quarter hour.
    (2) When the security zone is enforced, the draw is allowed to
remain closed to navigation from 2:15 p.m. to 5:30 p.m. with the
exception of a once an hour opening at 2:15 p.m., 3:15 p.m., 4:15 p.m.
and 5:15 p.m., weekdays only, if vessels are requesting an opening. At
all other times the draw shall open on the quarter and three-quarter
hour.

    (v) Royal Park (SR 704) Bridge, mile 1022.6, at West Palm Beach.
(1) The draw shall open on the hour and half-hour.
    (2) When the security zone is enforced, the draw is allowed to
remain closed to navigation from 2:15 p.m. to 5:30 p.m. with the
exception of a once an hour opening at 2:30 p.m., 3:30 p.m., 4:30 p.m.
and 5:30 p.m., weekdays only, if vessels are requesting an opening. At
all other times the draw shall open on the hour and half-hour.
    (w) Southern Boulevard (SR 700/80) Bridge, mile 1024.7, at West
Palm Beach. (1) The draw shall open on the quarter and three-quarter
hour.
    (2) When the security zone is enforced, the draw may be closed
without advance notice to permit uninterrupted transit of dignitaries
across the bridge. At all other times the bridge shall open on the
quarter and three-quarter hour, or as directed by the on-scene
designated representative.
* * * * *

    Dated: August 31, 2018.
James A. Passarelli,
Captain, U.S. Coast Guard Commander, Seventh Coast Guard District,
Acting.
[FR Doc. 2018-20500 Filed 9-19-18; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register: July 23, 2009 (Volume 74, Number 140)]
[Notices]
[Page 36482-36483]
[DOCID:fr23jy09-32]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER09-1270-001]

Chula Vista Energy Center, LLC; Supplemental Notice That Initial
Market-Based Rate Filing Includes Request for Blanket Section 204
Authorization

July 16, 2009.
    This is a supplemental notice in the above-referenced proceeding of
Chula Vista Energy Center, LLC's application

for market-based rate authority, with an accompanying rate tariff,
noting that such application includes a request for blanket
authorization, under 18 CFR part 34, of future issuances of securities
and assumptions of liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street, NE.,
Washington, DC 20426, in accordance with Rules 211 and 214 of the
Commission's Rules of Practice and Procedure (18 CFR 385.211 and
385.214). Anyone filing a motion to intervene or protest must serve a
copy of that document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is July 27, 2009.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://
www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First St.. NE., Washington, DC 20426.
    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list.
    They are also 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 e-mail notification when a
document is added to a subscribed docket(s). For assistance with any
FERC Online service, please e-mail<EMAIL_ADDRESS>or call
(866) 208-3676 (toll free). For TTY, call<PHONE_NUMBER>.

Kimberly D. Bose,
Secretary.
[FR Doc. E9-17500 Filed 7-22-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 81, Number 180 (Friday, September 16, 2016)]
[Notices]
[Pages 63754-63755]
[FR Doc No: 2016-22267]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Notice of Commission Staff Attendance

    The Federal Energy Regulatory Commission (Commission) hereby gives
notice that members of the Commission's staff may attend the following
meetings related to the transmission planning activities of the PJM
Interconnection, L.L.C. (PJM):

PJM Planning Committee

September 15, 2016, 9:30 a.m.-12:00 p.m. (EST)

PJM Transmission Expansion Advisory Committee

September 15, 2016, 11:00 a.m.-3:00 p.m. (EST)

    The above-referenced meetings will be held at:

PJM Conference and Training Center, PJM Interconnection, 2750 Monroe
Boulevard, Audubon, PA 19403.

    The above-referenced meetings are open to stakeholders. Further
information may be found at www.pjm.com.
    The discussions at the meetings described above may address matters
at issue in the following proceedings:

Docket No. ER16-453, PJM Interconnection, L.L.C. and Northeast
Transmission Development, LLC.
Docket No. ER16-736, PJM Interconnection, L.L.C.
Docket No. ER14-972, PJM Interconnection, L.L.C.

Docket No. ER14-1485, PJM Interconnection, L.L.C.
Docket Nos. ER13-1944, et al., PJM Interconnection, L.L.C., et al.
Docket No. ER15-1344, PJM Interconnection, L.L.C.
Docket No. ER15-1387, PJM Interconnection, L.L.C. and Potomac Electric
Power Company
Docket No. ER15-2562, PJM Interconnection, L.L.C.
Docket No. ER15-2563, PJM Interconnection, L.L.C.
Docket No. EL15-18, Consolidated Edison Company of New York, Inc. v.
PJM Interconnection, L.L.C.
Docket No. EL15-41, Essential Power Rock Springs, L.L.C., et al. v. PJM
Interconnection, L.L.C.
Docket No. ER15-2114, PJM Interconnection, L.L.C. and Transource West
Virginia, L.L.C.
Docket No. EL15-79, TransSource, L.L.C. v. PJM Interconnection, L.L.C.
Docket No. EL15-95, Delaware Public Service Commission, et al., v. PJM
Interconnection, L.L.C., et al.
Docket No. EL15-67, Linden VFT, L.L.C. v. PJM Interconnection, L.L.C.
Docket No. EL05-121, PJM Interconnection, L.L.C.
Docket No. ER13-198, PJM Interconnection, L.L.C.
Docket No. ER16-1335, PJM Interconnection, L.L.C.
Docket No. ER16-1232, PJM Interconnection, L.L.C.
Docket No. ER16-1499, PJM Interconnection, L.L.C.
Docket No. ER16-1807, First Energy Solutions Corp.
Docket No. EL16-96, PJM Interconnection, L.L.C.
Docket No. EL16-71, Monongahela Power Company et al.
Docket No. ER16-2518, PJM Interconnection, L.L.C.
Docket No. ER16-2539, PJM Interconnection, L.L.C.
Docket No. ER16-2401, PJM Interconnection, L.L.C.
Docket No. EL16-109-000, Virginia Electric and Power Company v. PJM
Interconnection L.L.C.

    For more information, contact the following:

Jonathan Fernandez, Office of Energy Market Regulation, Federal Energy
Regulatory Commission,<PHONE_NUMBER><EMAIL_ADDRESS>Alina Halay, Office of Energy Market Regulation, Federal Energy
Regulatory Commission,<PHONE_NUMBER><EMAIL_ADDRESS>
    Dated: September 7, 2016.
Kimberly D. Bose,
Secretary.
[FR Doc. 2016-22267 Filed 9-15-16; 8:45 am]
 BILLING CODE 6717-01-P


September 17, 2010

MEMORANDUM

TO:  		Docket EPA-HQ-OAR-2010-0162

SUBJECT:	Economy-Wide Impacts of Heavy-Duty Truck Fuel Efficiency and
GHG Standards

EPA has undertaken an analysis of the economy-wide impacts of the
proposed heavy-duty truck fuel efficiency and GHG standards.  To
estimate the impacts of this proposal on U.S. Gross Domestic Product
(GDP) and personal consumption, EPA has used an economy-wide, computable
general equilibrium (CGE) model. The economy-wide model used in this
analysis is the Intertemporal General Equilibrium Model (IGEM).  The
detailed output from the IGEM model are included in the associated
spreadsheet.


[Federal Register Volume 81, Number 147 (Monday, August 1, 2016)]
[Notices]
[Pages 50522-50523]
[FR Doc No: 2016-18092]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2010-D-0350]

Agency Information Collection Activities; Submission for Office
of Management and Budget Review; Comment Request; Guidance for Tobacco
Retailers on Tobacco Retailer Training Programs

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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SUMMARY: The Food and Drug Administration (FDA or we) is announcing
that a proposed collection of information has been submitted to the
Office of Management and Budget (OMB) for review and clearance under
the Paperwork Reduction Act of 1995.

DATES: Fax written comments on the collection of information by August
31, 2016.

ADDRESSES: To ensure that comments on the information collection are
received, OMB recommends that written comments be faxed to the Office
of Information and Regulatory Affairs, OMB, Attn: FDA Desk Officer,
FAX:<PHONE_NUMBER>, or emailed to<EMAIL_ADDRESS>All
comments should be identified with the OMB control number 0910-0745.
Also include the FDA docket number found in brackets in the heading of
this document.

FOR FURTHER INFORMATION CONTACT: FDA PRA Staff, Office of Operations,
Food and Drug Administration, FDA PRA Staff, Office of Operations, Food
and Drug Administration, Three White Flint North, 10A63, 11601
Landsdown St., North Bethesda, MD 20851<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: In compliance with 44 U.S.C. 3507, FDA has
submitted the following proposed collection of information to OMB for
review and clearance.

Guidance for Tobacco Retailers on Tobacco Retailer Training Programs
OMB Control Number 0910-0745--Extension

    The Family Smoking Prevention and Tobacco Control Act (Tobacco
Control Act) (Pub. L. 111-31) does not require retailers to implement
retailer training programs. However, the statute does provide for
lesser civil money penalties for violations of access, advertising, and
promotion restrictions of regulations issued under section 906(d) of
the Federal Food, Drug, and Cosmetic Act (21 U.S.C. 387f(d)), as
amended by the Tobacco Control Act, for retailers who have implemented
a training program that complies with standards developed by FDA for
such programs. FDA intends to issue regulations establishing standards
for approved retailer training programs. In the interim, the guidance
is intended to assist tobacco retailers in implementing effective
training programs for employees.
    The guidance discusses the elements that should be covered in a
training program, such as: (1) Federal laws restricting the access to,
and the advertising and promotion of, cigarettes and smokeless tobacco
products; (2) the health and economic effects of tobacco use,
especially when the tobacco use begins at a young age; (3) written
company policies against sales to minors; (4) identification of the
tobacco products sold in the retail establishment that are subject to
the Federal laws prohibiting their sale to persons under the age of 18;
(5) age verification methods; (6) practical guidelines for refusing
sales; and (7) testing to ensure that employees have the required
knowledge. The guidance recommends that retailers require current and
new employees to take a written test prior to selling tobacco products
and that refresher training be provided at least annually and more
frequently as needed. The guidance recommends that retailers maintain
certain written records documenting that all individual employees have
been trained and that retailers retain these records for 4 years in
order to be able to provide evidence of a training program during the
48-month time period covered by the civil money penalty schedules in
section 103(q)(2)(A) of the Tobacco Control Act.
    The guidance also recommends that retailers implement certain
hiring and management practices as part of an effective retailer
training program. The guidance suggests that applicants and current
employees be notified both verbally and in writing of the importance of
complying with laws prohibiting the sales of tobacco products to
persons under the age of 18 and that they should be required to sign an
acknowledgement stating that they have read and understand the
information. In addition, FDA recommends that retailers implement an
internal compliance check program and document the procedures and
corrective actions for the program.
    FDA's estimate of the number of respondents in tables 1 and 2 is
based on data reported to the U.S. Department of Health and Human
Services Substance Abuse and Mental Health Services Administration
(SAMHSA). According to the fiscal year 2009 Annual Synar Report, there
are 372,677 total retail tobacco outlets in the 50 States, District of
Columbia, and 8 U.S. territories that are accessible to youth (meaning
that there is no State law restricting access to these outlets to
individuals older than age 18). Inflating this number by about 10
percent to account for outlets in States that sell tobacco but are, by
law, inaccessible to minors, results in an estimated total number of
tobacco outlets of 410,000. We assume that 75 percent of tobacco
retailers already have some sort of training program for age and
identification verification. We expect that some of those retailer
training programs already meet the elements in the guidance, some
retailers would update their training program to meet the elements in
the guidance, and other retailers would develop a training program for
the first time. Thus, we estimate that two-thirds of tobacco retailers
would develop a training program that meets the elements in the
guidance (66 percent of 410,000 = 270,600).
    The Tobacco Control Act gave FDA the authority to issue a
regulation deeming all other products that meet the statutory
definition of a tobacco product as subject to FDA regulatory authority
(``deeming'') (section 901(b) of the Federal Food, Drug, and Cosmetic
Act (FD&C Act). On May 10, 2016, FDA issued the deeming rule, extending
FDA's tobacco product authority to other tobacco products (81 FR
28973). In the Federal Register of February, 26, 2016 (81 FR 9862), FDA
published the 60-day notice requesting public comment on the proposed
collection of information. Since FDA published the 60-day notice before
the deeming rule, FDA has adjusted the burdens in this information
collection to reflect the expected increase in the number of affected
retail establishments based on the publication of the deeming rule, as
detailed below. We also estimate that there are approximately 5,000 to
10,000 vape shops; we assume that 66 percent

of them, or 3,300 (= 66% x 5,000) of the low estimate, currently engage
in retailing activities (Ref. 1) Two PRA related comments were received
in response to the 60-day notice.
    The two comments both identified additional training options that
could be used to provide further educational opportunities for tobacco
retailers. These comments primarily relate more to the content and
method of a retailer training program rather than the proposed
collection of information associated with the current guidance
document. At the same time, one comment was supportive of the
information collection activities associated with the current guidance
document. FDA is supportive of training programs that assist retailers
in complying with the tobacco control laws.
    FDA estimates the burden of this collection of information as
follows:

                                 Table 1--Estimated Annual Reporting Burden \1\
----------------------------------------------------------------------------------------------------------------
                                                     Number of
            Activity                 Number of     responses per   Total annual   Average burden    Total hours
                                    respondents     respondent       responses     per response
----------------------------------------------------------------------------------------------------------------
Develop training program........         273,900               1         273,900              16       4,382,400
Develop written policy against           273,900               1         273,900               1         273,900
 sales to minors and employee
 acknowledgement................
Develop internal compliance              273,900               1         273,900               8       2,191,200
 check program..................
                                 -------------------------------------------------------------------------------
    Total.......................  ..............  ..............  ..............  ..............       6,847,500
----------------------------------------------------------------------------------------------------------------
\1\ There are no capital costs or operating and maintenance costs associated with this collection of
  information.

                                                   Table 2--Estimated Annual Recordkeeping Burden \1\
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                   Number of
                   Activity                        Number of      records per    Total annual        Average burden per recordkeeper        Total hours
                                                 recordkeepers   recordkeeper       records
--------------------------------------------------------------------------------------------------------------------------------------------------------
Training program..............................         273,900               4       1,095,600  .25 (15 minutes)........................         279,300
Written policy against sales to minors and             273,900               4       1,095,600  .10 (6 minutes).........................         109,560
 employee acknowledgement.
Internal compliance check program.............         273,900               2         547,800  .5 (30 minutes).........................         279,300
                                               ---------------------------------------------------------------------------------------------------------
    Total.....................................  ..............  ..............  ..............  ........................................         668,160
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\1\ There are no capital costs or operating and maintenance costs associated with this collection of information.

    FDA estimates that the total burden for this collection will be
7,515,660 hours (6,847,500 reporting + 668,160 recordkeeping).

Reference

    1. Burke, Don, ``Trends & Insights in the Nicotine Delivery
Category.'' Management Science Associates, Inc. Presentation at NATO
Show, April 23, 2015. Accessed June 2015.

    Dated: July 26, 2016.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2016-18092 Filed 7-29-16; 8:45 am]
 BILLING CODE 4164-01-P


[Federal Register Volume 84, Number 170 (Tuesday, September 3, 2019)]
[Notices]
[Pages 46051-46057]
[FR Doc No: 2019-18869]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86773; File No. SR-CboeBZX-2019-077]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To List
and Trade Shares of the Innovator S&P 500 Total Buffer ETF Series Under
the Innovator ETFs Trust, Under Rule 14.11(i)

August 27, 2019.
    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 August 13, 2019, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ 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)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes a rule change to list and trade shares of the
Innovator S&P 500 Total Buffer ETF Series under the Innovator ETFs
Trust (the ``Trust''), under Rule 14.11(i) (``Managed Fund Shares'').
    The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), at

the Exchange's Office of the Secretary, and at the Commission's Public
Reference Room.

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

    In its filing with the Commission, the 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 list and trade shares (``Shares'') of up
to thirty-six Innovator S&P 500 Total Buffer ETF Series (each a
``Fund'' and, collectively, the ``Funds'') under Rule 14.11(i), which
governs the listing and trading of Managed Fund Shares on the
Exchange.\5\ Each Fund will be an actively managed exchange traded
fund.
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    \5\ The Commission originally approved BZX Rule 14.11(i) in
Securities Exchange Act Release No. 65225 (August 30, 2011), 76 FR
55148 (September 6, 2011) (SR-BATS-2011-018) and subsequently
approved generic listing standards for Managed Fund Shares under
Rule 14.11(i) in Securities Exchange Act Release No. 78396 (July 22,
2016), 81 FR 49698 (July 28, 2016) (SR-BATS-2015-100).
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    The Exchange submits this proposal in order to allow each Fund to
hold listed derivatives in a manner that does not comply with Rule
14.11(i)(4)(C)(iv)(b), as further described below. The Exchange notes
that this proposal and the statements or representations herein
regarding the description of the portfolio or reference assets,
limitations on portfolio holdings or reference assets, dissemination
and availability of index, reference asset, and intraday indicative
values, or the applicability of Exchange listing rules are
substantively identical to those statements and representations
included in a proposal previously approved by the Commission.\6\
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    \6\ See Securities Exchange Act Release No. 83679 (July 26,
2018), 83 FR 35505 (July 26, 2018) (SR-BatsBZX-2017-72) (the
``Original Approval''). The only difference between this proposal
and the Original Approval is that the defined outcome period is
three years as opposed to one year in the Original Approval and the
buffer level that the Funds intend to achieve, neither of which the
Exchange believes to be substantive. The representations related to
the Funds, each Fund's underlying portfolio, the limitations on
portfolio holdings, and the applicability of Exchange rules are
identical to the corresponding funds from the Original Approval (the
``Corresponding Funds'').
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    The Shares will be offered by Innovator ETFs Trust (formerly
Academy Funds Trust) (the ``Trust''), which was established as a
Delaware statutory trust on October 17, 2007. The Trust is registered
with the Commission as an investment company and has filed, for the
first Innovator S&P 500 Total Buffer ETF Series, a registration
statement on Form N-1A (``Registration Statement'') with the
Commission.\7\ Each Fund intends to qualify each year as a regulated
investment company (a ``RIC'') under Subchapter M of the Internal
Revenue Code of 1986, as amended.\8\ Innovator Capital Management, LLC
(the ``Adviser'') is the investment adviser to the Funds and Milliman
Financial Risk Management LLC (the ``Sub-Adviser'') is the sub-adviser.
Rule 14.11(i)(7) provides that, if the investment adviser to the
investment company issuing Managed Fund Shares is affiliated with a
broker-dealer, such investment adviser shall erect a ``fire wall''
between the investment adviser and the broker-dealer with respect to
access to information concerning the composition and/or changes to such
investment company portfolio.\9\ In addition, Rule 14.11(i)(7) further
requires that personnel who make decisions on the investment company's
portfolio composition must be subject to procedures designed to prevent
the use and dissemination of material nonpublic information regarding
the applicable investment company portfolio. Neither the Adviser nor
the Sub-Adviser is a registered broker-dealer, and neither the Adviser
nor the Sub-Adviser are affiliated with broker-dealers. In addition,
Adviser and Sub-Adviser personnel who make decisions regarding a Fund's
portfolio are subject to procedures designed to prevent the use and
dissemination of material nonpublic information regarding the Fund's
portfolio. In the event that (a) the Adviser or Sub-Adviser becomes
registered as a broker-dealer or newly affiliated with a broker-dealer,
or (b) any new adviser or sub-adviser is a registered broker-dealer or
becomes affiliated with a broker-dealer, it will implement and maintain
a fire wall with respect to its relevant personnel or such broker-
dealer affiliate, as applicable, regarding access to information
concerning the composition and/or changes to the portfolio, and will be
subject to procedures designed to prevent the use and dissemination of
material non-public information regarding such portfolio. Similarly, to
the extent that a Fund is based on a benchmark index, in the event that
the index provider of the benchmark index (the ``Index Provider'')
becomes registered as a broker-dealer or newly affiliated with a
broker-dealer, it will implement and maintain a fire wall with respect
to its relevant personnel or such broker-dealer affiliate, as
applicable, regarding access to information concerning the composition
and/or changes to the portfolio, and will be subject to procedures
designed to prevent the use and dissemination of material non-public
information regarding such portfolio.
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    \7\ See Post-Effective Amendment No. 237 to Registration
Statement on Form N-1A for the Trust, which was filed with the
Commission on July 12, 2018 (File Nos. 333-146827 and 811-22135).
The description of the Funds and the Shares contained herein are
based on information in the Registration Statement. There are no
permissible holdings for the Funds that are not described in this
proposal. The Commission has issued an order granting certain
exemptive relief to the Trust under the Investment Company Act of
1940 (15 U.S.C. 80a-1) (``1940 Act'') (the ``Exemptive Order''). See
Investment Company Act Release No. 32854 (October 6, 2017) (File No.
812-14781).
    \8\ 26 U.S.C. 851.
    \9\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the Adviser and its related personnel are
subject to the provisions of Rule 204A-1 under the Advisers Act
relating to codes of ethics. This Rule requires investment advisers
to adopt a code of ethics that reflects the fiduciary nature of the
relationship to clients as well as compliance with other applicable
securities laws. Accordingly, procedures designed to prevent the
communication and misuse of non-public information by an investment
adviser must be consistent with Rule 204A-1 under the Advisers Act.
In addition, Rule 206(4)-7 under the Advisers Act makes it unlawful
for an investment adviser to provide investment advice to clients
unless such investment adviser has (i) adopted and implemented
written policies and procedures reasonably designed to prevent
violation, by the investment adviser and its supervised persons, of
the Advisers Act and the Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review regarding the adequacy
of the policies and procedures established pursuant to subparagraph
(i) above and the effectiveness of their implementation; and (iii)
designated an individual (who is a supervised person) responsible
for administering the policies and procedures adopted under
subparagraph (i) above.
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    The investment objective of the Funds is to provide investors with
returns that match those of the S&P 500 Price Return Index (the ``S&P
500 Index'') up to an upside cap over a period of approximately three
years, while providing a buffer from S&P 500 Index losses.
    The Funds are each actively managed funds that employ a ``defined
outcome strategy'' that seeks to provide investment returns that match
the gains of the S&P 500 Index, up to a

maximized return (the ``Cap Level''), while guarding against a decline
in the S&P 500 Index, before fees and expenses (the ``Total Buffer
Strategy''). Pursuant to this strategy, each Fund will invest primarily
in exchange-traded options contracts that reference either the S&P 500
Index or ETFs that track the S&P 500 Index. Defined outcome strategies
are designed to participate in market gains and losses within pre-
determined ranges over a specified period (i.e. point to point). These
outcomes are predicated on the assumption that an investment vehicle
employing the strategy is held for the designated outcome periods. The
designated outcome period for the Funds is three years. As such, the
Exchange is proposing to list up to thirty-six monthly series of the
Funds.
    The Exchange submits this proposal in order to allow each Fund to
hold listed derivatives, in particular FLexible EXchange Options
(``FLEX Options'') on the S&P 500 Index, in a manner that does not
comply with Rule 14.11(i)(4)(C)(iv)(b).\10\ Otherwise, the Funds will
comply with all other listing requirements of the Generic Listing
Standards \11\ for Managed Fund Shares on an initial and continued
listing basis under Rule 14.11(i).
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    \10\ Rule 14.11(i)(4)(C)(iv)(b) provides that ``the aggregate
gross notional value of listed derivatives based on any five or
fewer underlying reference assets shall not exceed 65% of the weight
of the portfolio (including gross notional exposures), and the
aggregate gross notional value of listed derivatives based on any
single underlying reference asset shall not exceed 30% of the weight
of the portfolio (including gross notional exposures).'' The Funds
do not meet the generic listing standards because they fail to meet
the requirement of Rule 14.11(i)(4)(C)(iv)(b) that prevents the
aggregate gross notional value of listed derivatives based on any
single underlying reference asset from exceeding 30% of the weight
of the portfolio (including gross notional exposures) and the
requirement that the aggregate gross notional value of listed
derivatives based on any five or fewer underlying reference assets
shall not exceed 65% of the weight of the portfolio (including gross
notional exposures).
    \11\ For purposes of this proposal, the term ``Generic Listing
Standards'' shall mean the generic listing rules for Managed Fund
Shares under Rule 14.11(i)(4)(C).
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Innovator S&P 500 Total Buffer ETFs
    Under Normal Market Conditions,\12\ each Fund will attempt to
achieve its investment objective by employing a Total Buffer Strategy
that will seek to provide investment returns during the outcome period
that match the gains of the S&P 500 Index, up to the Cap Level, while
shielding investors from S&P 500 Index losses, before fees and
expenses. Pursuant to the Total Buffer Strategy, each Fund will invest
primarily in FLEX Options or standardized options contracts listed on a
U.S. exchange that reference either the S&P 500 Index or exchange
traded funds (``ETFs'') that track the S&P 500 Index.
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    \12\ As defined in Rule 14.11(i)(3)(E), the term ``Normal Market
Conditions'' includes, but is not limited to, the absence of trading
halts in the applicable financial markets generally; operational
issues causing dissemination of inaccurate market information or
system failures; or force majeure type events such as natural or
man-made disaster, act of God, armed conflict, act of terrorism,
riot or labor disruption, or any similar intervening circumstance.
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    The portfolio managers will invest in a portfolio of FLEX Options
linked to an underlying asset, the S&P 500 Index, that, when held for
the specified period, seeks to produce returns that, over the outcome
period, match the positive returns of the S&P 500 Index up to the Cap
Level. Pursuant to the Total Buffer Strategy, each Fund's portfolio
managers will seek to produce the following outcomes during the outcome
period:
     If the S&P 500 Index appreciates over the outcome period:
The Fund will seek to provide shareholders with a return that increases
by the percentage increase of the S&P 500 Index over the outcome
period, up to the Cap Level before fees and expenses; and
     If the S&P 500 Index decreases by any amount over the
outcome period: The Fund will seek to provide a total return of zero
before fees and expenses.
    The Funds will produce these outcomes by layering purchased and
written FLEX Options. The customizable nature of FLEX Options allows
for the creation of a strategy that sets desired target outcome
parameters. The FLEX Options comprising a Fund's portfolio have terms
that, when layered upon each other, are designed to buffer against
losses or match the gains of the S&P 500 Index. However, another effect
of the layering of FLEX Options with these terms is a cap on the level
of possible gains.
    Any FLEX Options that are written by a Fund that create an
obligation to sell or buy an asset will be offset with a position in
FLEX Options purchased by the Fund to create the right to buy or sell
the same asset such that the Fund will always be in a net long
position. That is, any obligations of a Fund created by its writing of
FLEX Options will be covered by offsetting positions in other purchased
FLEX Options. As the FLEX Options mature at the end of each outcome
period, they are replaced. By replacing FLEX Options at the end of an
outcome period, each Fund seeks to ensure that investments made at the
commencement of any given outcome period will buffer against negative
returns of the S&P 500 Index, before fees and expenses.
    The FLEX Options owned by each of the Funds will have the same
terms (i.e. same strike price and expiration) for all investors of a
Fund within an outcome period. The Cap Level will be determined with
respect to each Fund on the inception date of the Fund and at the
beginning of each outcome period and is determined based on the price
of the FLEX Options acquired by the Fund at that time.
Investment Methodology for the Funds
    Under Normal Market Conditions, each Fund will invest primarily in
U.S. exchange-listed FLEX Options on the S&P 500 Index. Each of the
Funds may invest its net assets (in the aggregate) in other investments
which the Adviser or Sub-Adviser believes will help each Fund to meet
its investment objective and that will be disclosed at the end of each
trading day (``Other Assets''). Other Assets include only the
following: Cash or cash equivalents, as defined in Rule
14.11(i)(4)(C)(iii) \13\ and standardized options contracts listed on a
U.S. securities exchange that reference either the S&P 500 Index or
that reference ETFs that track the S&P 500 Index (``Reference ETFs'').
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    \13\ As defined in Rule 14.11(i)(4)(C)(iii), cash equivalents
include short-term instruments with maturities of less than three
months, including: (i) U.S. Government securities, including bills,
notes, and bonds differing as to maturity and rates of interest,
which are either issued or guaranteed by the U.S. Treasury or by
U.S. Government agencies or instrumentalities; (ii) certificates of
deposit issued against funds deposited in a bank or savings and loan
association; (iii) bankers acceptances, which are short-term credit
instruments used to finance commercial transactions; (iv) repurchase
agreements and reverse repurchase agreements; (v) bank time
deposits, which are monies kept on deposit with banks or savings and
loan associations for a stated period of time at a fixed rate of
interest; (vi) commercial paper, which are short-term unsecured
promissory notes; and (vii) money market funds.
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S&P 500 Index FLEX Options
    The market for options contracts on the S&P 500 Index traded on
Cboe Exchange, Inc. (``Cboe Options'') is among the most liquid markets
in the world. In 2018, more than 1.48 million options contracts on the
S&P 500 Index were traded per day on Cboe Options, which is more than
$350 billion in notional volume traded on a daily basis. While FLEX
Options are traded differently than standardized options contracts, the
Exchange believes that this liquidity bolsters the market for FLEX
Options, as described below. Every FLEX Option order submitted to an
exchange is exposed to a competitive auction process for price
discovery. The process begins with a request for quote (``RFQ'') in
which the interested party establishes the terms of the FLEX

Options contract. The RFQ solicits interested market participants,
including on-floor market makers, remote market makers trading
electronically, and member firm traders, to respond to the RFQ with
bids or offers through a competitive process. This solicitation
contains all of the contract specifications-underlying, size, type of
option, expiration date, strike price, exercise style and settlement
basis. During a specified amount of time, responses to the RFQ are
received and at the end of that time period, the initiator can decide
whether to accept the best bid or offer. The process occurs under the
rules of the applicable listing exchange which means that customer
transactions are effected according to the principles of a fair and
orderly market following trading procedures and policies developed by
the applicable self-regulatory organization.
    The Exchange believes that sufficient protections are in place to
protect against market manipulation of the Funds' Shares and S&P 500
FLEX Options for several reasons: (i) The diversity, liquidity, and
market cap of the securities underlying the S&P 500 Index; (ii) the
competitive quoting process for FLEX Options; (iii) the significant
liquidity in the market for options on the S&P 500 Index results in a
well-established price discovery process that provides meaningful
guideposts for FLEX Option pricing; and (iv) surveillance by the
Exchange, Cboe Options, other U.S. options exchanges, and the Financial
Industry Regulatory Authority (``FINRA'') designed to detect violations
of the federal securities laws and self-regulatory organization
(``SRO'') rules. The Exchange has in place a surveillance program for
transactions in ETFs to ensure the availability of information
necessary to detect and deter potential manipulations and other trading
abuses, thereby making the Shares less readily susceptible to
manipulation. Further, the Exchange believes that because the assets in
each Fund's portfolio, which are comprised primarily of S&P 500 FLEX
Options, will be acquired in extremely liquid and highly regulated
markets,\14\ the Shares are less readily susceptible to manipulation.
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    \14\ All exchange-listed securities that the Funds may hold will
trade on a market that is a member of the Intermarket Surveillance
Group (``ISG'') and the Funds will not hold any non-exchange-listed
equities or options, however, not all of the components of the
portfolio for the Funds may trade on exchanges that are members of
the ISG or with which the Exchange has in place a comprehensive
surveillance sharing agreement. For a list of the current members of
ISG, see www.isgportal.org.
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    The Exchange believes that its surveillance procedures are adequate
to properly monitor the trading of the Shares on the Exchange during
all trading sessions and to deter and detect violations of Exchange
rules and the applicable federal securities laws. Trading of the Shares
through the Exchange will be subject to the Exchange's surveillance
procedures for derivative products, including Managed Fund Shares. All
statements and representations made in this filing regarding (a) the
description of the portfolio, reference assets, and index, (b)
limitations on portfolio holdings or reference assets, or (c) the
applicability of Exchange rules shall constitute continued listing
requirements for listing the Shares on the Exchange. The issuer has
represented to the Exchange that it will advise the Exchange of any
failure by a Fund or the related Shares to comply with the continued
listing requirements, and, pursuant to its obligations under Section
19(g)(1) of the Act, the Exchange will surveil for compliance with the
continued listing requirements. If a Fund or the related Shares are not
in compliance with the applicable listing requirements, then, with
respect to such Fund or Shares, the Exchange will commence delisting
procedures under Exchange Rule 14.12. FINRA conducts certain cross-
market surveillances on behalf of the Exchange pursuant to a regulatory
services agreement. The Exchange is responsible for FINRA's performance
under this regulatory services agreement. If a Fund is not in
compliance with the applicable listing requirements, the Exchange will
commence delisting procedures with respect to such Fund under Exchange
Rule 14.12.
    The Exchange or FINRA, on behalf of the Exchange, will communicate
as needed regarding trading in the Shares and exchange-traded options
contracts with other markets and other entities that are members of the
ISG and may obtain trading information regarding trading in the Shares
and exchange-traded options contracts from such markets and other
entities. In addition, the Exchange may obtain information regarding
trading in the Shares and exchange-traded options contracts from
markets and other entities that are members of ISG or with which the
Exchange has in place a comprehensive surveillance sharing agreement.
In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
    As noted above, options on the S&P 500 Index are among the most
liquid options in the world and derive their value from the actively
traded S&P 500 Index components. The contracts are cash-settled with no
delivery of stocks or ETFs, and trade in competitive auction markets
with price and quote transparency. The Exchange believes the highly
regulated options markets and the broad base and scope of the S&P 500
Index make securities that derive their value from that index less
susceptible to market manipulation in view of market capitalization and
liquidity of the S&P 500 Index components, price and quote
transparency, and arbitrage opportunities.
    The Exchange believes that the liquidity of the markets for S&P 500
Index securities, options on the S&P 500 Index, and other related
derivatives is sufficiently great to deter fraudulent or manipulative
acts associated with the Funds' Shares price. The Exchange also
believes that such liquidity is sufficient to support the creation and
redemption mechanism. Coupled with the extensive surveillance programs
of the SROs described above, the Exchange does not believe that trading
in the Funds' Shares would present manipulation concerns.
    The Exchange represents that, except for the limitations on listed
derivatives in BZX Rule 14.11(i)(4)(C)(iv)(b), the Funds' proposed
investments will satisfy, on an initial and continued listing basis,
all of the generic listing standards under BZX Rule 14.11(i)(4)(C) and
all other applicable requirements for Managed Fund Shares under Rule
14.11(i). The Trust is required to comply with Rule 10A-3 under the Act
for the initial and continued listing of the Shares of the Funds. A
minimum of 100,000 Shares will be outstanding at the commencement of
trading on the Exchange. In addition, the Exchange represents that the
Shares of the Funds will comply with all other requirements applicable
to Managed Fund Shares, which includes the dissemination of key
information such as the Disclosed Portfolio,\15\ Net Asset Value,\16\
and the Intraday Indicative Value,\17\ suspension of trading or
removal,\18\ trading halts,\19\ surveillance,\20\ minimum price
variation for quoting and order entry,\21\ and the information
circular,\22\ as set forth in Exchange rules applicable to Managed Fund
Shares. Further, all statements or representations regarding the
description of the portfolio or reference

assets, limitations on portfolio holdings or reference assets,
dissemination and availability of index, reference asset, and intraday
indicative values, or the applicability of Exchange listing rules shall
constitute continued listing requirements for the Funds. Moreover, all
of the options contracts held by the Funds will trade on markets that
are a member of ISG or affiliated with a member of ISG or with which
the Exchange has in place a comprehensive surveillance sharing
agreement. Quotation and last sale information for U.S. exchange-listed
options contracts cleared by The Options Clearing Corporation will be
available via the Options Price Reporting Authority. RFQ information
for FLEX Options will be available directly from the applicable options
exchange. The intra-day, closing and settlement prices of exchange-
traded options will be readily available from the options exchanges,
automated quotation systems, published or other public sources, or
online information services such as Bloomberg or Reuters. Price
information on cash equivalents is available from major broker-dealer
firms or market data vendors, as well as from automated quotation
systems, published or other public sources, or online information
services.
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    \15\ See Rule 14.11(i)(4)(A)(ii) and 14.11(i)(4)(B)(ii).
    \16\ See Rule 14.11(i)(4)(A)(ii).
    \17\ See Rule 14.11(i)(4)(B)(i).
    \18\ See Rule 14.11(i)(4)(B)(iii).
    \19\ See Rule 14.11(i)(4)(B)(iv).
    \20\ See Rule 14.11(i)(2)(C).
    \21\ See Rule 14.11(i)(2)(B).
    \22\ See Rule 14.11(i)(6).
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    Lastly, the issuer represents that it will provide and maintain a
publicly available web tool for each of the Funds on its website that
provides existing and prospective shareholders with important
information to help inform investment decisions. The information
provided includes the start and end dates of the current outcome
period, the time remaining in the outcome period, the Fund's current
net asset value, the Fund's cap for the outcome period and the maximum
investment gain available up to the cap for a shareholder purchasing
Shares at the current net asset value. For each of the Funds, the web
tool also provides information regarding each Fund's buffer. This
information includes the remaining buffer available for a shareholder
purchasing Shares at the current net asset value or the amount of
losses that a shareholder purchasing Shares at the current net asset
value would incur before benefitting from the protection of the buffer.
The cover of each Fund's prospectus, as well as the disclosure
contained in ``Principal Investment Strategies,'' provides the specific
web address for each Fund's web tool.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section
6(b) of the Act \23\ in general and Section 6(b)(5) of the Act \24\ in
particular in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, 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, because, as noted above, the Shares will meet each of
the initial and continued listing criteria in BZX Rule 14.11(i) with
the exception of Rule 14.11(i)(4)(C)(iv)(b), which requires that the
aggregate gross notional value of listed derivatives based on any five
or fewer underlying reference assets shall not exceed 65% of the weight
of the portfolio (including gross notional exposures), and the
aggregate gross notional value of listed derivatives based on any
single underlying reference asset shall not exceed 30% of the weight of
the portfolio (including gross notional exposures).\25\ Rule
14.11(i)(4)(C)(iv)(b) is intended to ensure that a fund is not subject
to manipulation by virtue of significant exposure to a manipulable
underlying reference asset by establishing concentration limits among
the underlying reference assets for listed derivatives held by a
particular fund.
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    \23\ 15 U.S.C. 78f.
    \24\ 15 U.S.C. 78f(b)(5).
    \25\ As noted above, the Exchange is submitting this proposal
because the Funds would not meet the requirements of Rule
14.11(i)(4)(C)(iv)(b) which prevents the aggregate gross notional
value of listed derivatives based on any single underlying reference
asset from exceeding 30% of the weight of the portfolio (including
gross notional exposures) and the aggregate gross notional value of
listed derivatives based on any five or fewer underlying reference
assets from exceeding 65% of the weight of the portfolio (including
gross notional exposures).
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    The Exchange believes that sufficient protections are in place to
protect against market manipulation of the Funds' Shares and S&P 500
FLEX Options for several reasons: (i) The diversity, liquidity, and
market cap of the securities underlying the S&P 500 Index; (ii) the
competitive quoting process for FLEX Options; (iii) the significant
liquidity in the market for options on the S&P 500 Index results in a
well-established price discovery process that provides meaningful
guideposts for FLEX Option pricing; and (iv) surveillance by the
Exchange, Cboe Options, other U.S. options exchanges, and FINRA
designed to detect violations of the federal securities laws and SRO
rules. The Exchange has in place a surveillance program for
transactions in ETFs to ensure the availability of information
necessary to detect and deter potential manipulations and other trading
abuses, thereby making the Shares less readily susceptible to
manipulation. Further, the Exchange believes that because the assets in
each Fund's portfolio, which are comprised primarily of S&P 500 FLEX
Options, will be acquired in extremely liquid and highly regulated
markets, the Shares are less readily susceptible to manipulation.
    The Exchange believes that its surveillance procedures are adequate
to properly monitor the trading of the Shares on the Exchange during
all trading sessions and to deter and detect violations of Exchange
rules and the applicable federal securities laws. Trading of the Shares
through the Exchange will be subject to the Exchange's surveillance
procedures for derivative products, including Managed Fund Shares. All
statements and representations made in this filing regarding (a) the
description of the portfolio, reference assets, and index, (b)
limitations on portfolio holdings or reference assets, or (c) the
applicability of Exchange rules shall constitute continued listing
requirements for listing the Shares on the Exchange. The issuer has
represented to the Exchange that it will advise the Exchange of any
failure by a Fund or the related Shares to comply with the continued
listing requirements, and, pursuant to its obligations under Section
19(g)(1) of the Act, the Exchange will surveil for compliance with the
continued listing requirements. If a Fund or the related Shares are not
in compliance with the applicable listing requirements, then, with
respect to such Fund or Shares, the Exchange will commence delisting
procedures under Exchange Rule 14.12. FINRA conducts certain cross-
market surveillances on behalf of the Exchange pursuant to a regulatory
services agreement. The Exchange is responsible for FINRA's performance
under this regulatory services agreement. If a Fund is not in
compliance with the applicable listing requirements, the Exchange will
commence delisting procedures with respect to such Fund under Exchange
Rule 14.12.
    The Exchange or FINRA, on behalf of the Exchange, will communicate
as needed regarding trading in the Shares and exchange-traded options
contracts with other markets and other entities that are members of the
ISG and may obtain trading information regarding trading in the Shares
and exchange-traded options contracts from such markets and other
entities. In addition, the Exchange may obtain information regarding
trading in the Shares and

exchange-traded options contracts from markets and other entities that
are members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement. In addition, the Exchange
also has a general policy prohibiting the distribution of material,
non-public information by its employees. As noted above, options on the
S&P 500 Index are among the most liquid options in the world and derive
their value from the actively traded S&P 500 Index components. The
contracts are cash-settled with no delivery of stocks or ETFs, and
trade in competitive auction markets with price and quote transparency.
The Exchange believes the highly regulated options markets and the
broad base and scope of the S&P 500 Index make securities that derive
their value from that index less susceptible to market manipulation in
view of market capitalization and liquidity of the S&P 500 Index
components, price and quote transparency, and arbitrage opportunities.
    The Exchange believes that the liquidity of the markets for S&P 500
Index securities, options on the S&P 500 Index, and other related
derivatives is sufficiently great to deter fraudulent or manipulative
acts associated with the Funds' Shares price. The Exchange also
believes that such liquidity is sufficient to support the creation and
redemption mechanism. Coupled with the extensive surveillance programs
of the SROs described above, the Exchange does not believe that trading
in the Funds' Shares would present manipulation concerns.
    The Exchange represents that, except as described above, the Funds
will meet and be subject to all other requirements of the Generic
Listing Standards and other applicable continued listing requirements
for Managed Fund Shares under Rule 14.11(i), including those
requirements regarding the Disclosed Portfolio,\26\ Intraday Indicative
Value,\27\ suspension of trading or removal,\28\ trading halts,\29\
disclosure,\30\ and firewalls.\31\ The Trust is required to comply with
Rule 10A-3 under the Act for the initial and continued listing of the
Shares of each Fund. Moreover, all of the options contracts held by the
Funds will trade on markets that are a member of ISG or affiliated with
a member of ISG or with which the Exchange has in place a comprehensive
surveillance sharing agreement.
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    \26\ See Rule 14.11(i)(4)(B)(ii).
    \27\ See Rule 14.11(i)(4)(B)(i).
    \28\ See Rule 14.11(i)(4)(B)(iii).
    \29\ See Rule 14.11(i)(4)(B)(iv).
    \30\ See Rule 14.11(i)(6).
    \31\ See Rule 14.11(i)(7).
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    Finally, this proposal and the statements or representations herein
regarding the limitations on portfolio holdings or reference assets,
dissemination and availability of index, reference asset, and intraday
indicative values, and the applicability of Exchange listing rules are
substantively identical to those statements and representations
included in the Original Approval and the descriptions of the portfolio
or reference assets are substantially similar to those included in the
Original Approval. The only difference between this proposal and the
Original Approval is that the defined outcome period is three years as
opposed to one year in the Original Approval and the buffer level that
the Funds intend to achieve, neither of which the Exchange believes to
be substantive because they relate only to the investment objective of
the Funds. As such, the Exchange believes the proposed rule change will
not significantly affect the protection of investors or the public
interest because the proposal contains no new issues that the
Commission has not previously contemplated.
    For the above reasons, the Exchange believes that the proposed rule
change is consistent with the requirements of Section 6(b)(5) of the
Act.

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 purpose of the Act. The Exchange notes that the
proposed rule change will facilitate the listing and trading of an
additional type of Managed Fund Shares that will enhance competition
among market participants, to the benefit of investors and the
marketplace.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \32\ and Rule 19b-
4(f)(6) thereunder.\33\
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    \32\ 15 U.S.C. 78s(b)(3)(A).
    \33\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \34\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \35\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay so
that the proposed rule change may become operative upon filing. The
Exchange represents that the statements or representations made in the
proposed rule change regarding the limitations on portfolio holdings or
reference assets, dissemination and availability of index, reference
asset, and intraday indicative values, and the applicability of
Exchange listing rules are substantively identical to the statements
and representations included in the Original Approval, and the
descriptions of the portfolio or reference assets are substantially
similar to those included in the Original Approval. Further, waiver of
the operative delay would allow the Exchange to facilitate the
Adviser's ability to list the product on the Exchange as soon as
possible, which may enhance competition among market participants, to
the benefit of investors and the marketplace. The Commission believes
that waiver of the 30-day operative delay is consistent with the
protection of investors and the public interest. Accordingly, the
Commission hereby waives the operative delay and designates the
proposed rule change operative upon filing.\36\
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    \34\ 17 CFR 240.19b-4(f)(6).
    \35\ 17 CFR 240.19b-4(f)(6)(iii).
    \36\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

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

Commission takes such action, the Commission shall institute
proceedings to determine whether the proposed rule change 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-CboeBZX-2019-077 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-CboeBZX-2019-077. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-CboeBZX-2019-077, and should be
submitted on or before September 24, 2019.
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    \37\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\37\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-18869 Filed 8-30-19; 8:45 am]
 BILLING CODE 8011-01-P