[Federal Register Volume 82, Number 60 (Thursday, March 30, 2017)]
[Notices]
[Pages 15771-15774]
[FR Doc No: 2017-06246]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 32573; File No. 812-14489]

Transamerica Advisors Life Insurance Company, et al.

March 24, 2017.
AGENCY: Securities and Exchange Commission (``SEC'' or ``Commission'').

ACTION: Notice.

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    Notice of application for an order approving the substitution of
certain securities pursuant to Section 26(c) of the Investment Company
Act of 1940, as amended (the ``1940 Act'' or ``Act'').

Applicants:  Transamerica Advisors Life Insurance Company (``TALIC'')
and Transamerica Financial Life Insurance Company (``TFLIC'') (each a
``Company'' and together, the ``Companies''), Merrill Lynch Life
Variable Annuity Separate Account A (``Merrill Lynch A'') and ML of New
York Variable Annuity Separate Account A (``ML of New York A'') (each,
an ``Account'' and together, the ``Accounts''). The Companies and the
Accounts are collectively referred to herein as the ``Applicants.''

Summary of Application:  Applicants seek an order pursuant to Section
26(c) of the 1940 Act, approving the substitution of shares issued by
certain series of Transamerica Series Trust (the ``Replacement Funds'')
for shares of certain registered investment companies currently held by
sub-accounts of the Accounts (the ``Existing Funds''), to support
certain variable annuity contracts (collectively, the ``Contracts'')
issued by the Companies.

Filing Date:  The application was filed on June 15, 2015, and was
amended and restated on December 8, 2015; July 1, 2016; and November
14, 2016.

Hearing or Notification of Hearing:  An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Secretary of
the Commission and serving the 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 April 18, 2017 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: Commission: Secretary, SEC, 100 F Street NE., Washington, DC
20549-1090. Applicants: Alison C. Ryan, Associate General Counsel,
Transamerica, 1150 South Olive Street, T-27-01, Los Angeles, CA 90015.

FOR FURTHER INFORMATION CONTACT:  Stephan N. Packs, Senior Counsel, at
(202) 551-6853, or David J. Marcinkus, 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 Web site by searching for the file number, or for an
Applicant using the Company name box, at http://www.sec.gov/search/search.htm, or by calling<PHONE_NUMBER>.

Applicants' Representations

    1. TALIC is the depositor of Merrill Lynch A. TFLIC is the
depositor of ML of New York A. Each Company is an indirect, wholly-
owned subsidiary of AEGON, N.V.
    2. Each Account is a ``separate account'' as defined by Rule 0-1(e)
under the 1940 Act and each is

registered under the 1940 Act as a unit investment trust. Each Account
is divided into sub-accounts, which reflect the investment performance
of certain registered investment companies, including series of
Transamerica Series Trust. The Accounts are administered and accounted
for as part of the general business of the Companies. The application
sets forth the registration statement file numbers for the security
interests under the Contracts and the Accounts.
    3. The Contracts are individual variable annuity contracts. Each of
the prospectuses for the Contracts discloses that the issuing Company
reserves the right, subject to compliance with applicable law, to
substitute shares of another registered open-end management investment
company for shares of a registered open-end management investment
company held by a sub-account of an Account.
    4. Transamerica Series Trust is an open-end management investment
company of the series type that is registered with the Commission under
the 1940 Act (File No. 811-04419).\1\ Shares of the series are
registered under the Securities Act of 1933 (File No. 033-00507), and
are sold to the separate accounts of life insurance companies to fund
benefits under variable life policies or variable annuity contracts and
to certain affiliated asset allocation funds.
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    \1\ Effective May 1, 2008, Transamerica Series Trust changed its
name from AEGON/Transamerica Series Trust.
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    5. Transamerica Asset Management, Inc. (``TAM''), an investment
adviser that is registered with the Commission, has overall
responsibility for the management of each Replacement Fund. TAM
delegates to a sub-adviser the responsibility for day-to-day management
of the investments of each Replacement Fund, subject to TAM's
oversight. TAM may, in the future, determine to provide the day to day
management of any Replacement Fund without the use of a sub-adviser.
    6. Applicants propose, as set forth below, to substitute shares of
the Replacement Funds for shares of the Existing Funds
(``Substitutions'') to fund the Contracts:

------------------------------------------------------------------------
             Existing fund                       Replacement fund
------------------------------------------------------------------------
American Century Investments VP          Transamerica MFS International
 International Fund (Class I).            Equity VP (Initial Class).
Dreyfus Variable Investment Fund:        Transamerica WMC US Growth VP
 Appreciation Portfolio (Service          (Service Class).
 Shares).
Oppenheimer Capital Appreciation Fund/   Transamerica Jennison Growth VP
 VA (Service Shares).                     (Initial Class).
Oppenheimer Main Street Small Cap        Transamerica T. Rowe Price
 Fund[supreg]/VA (Service Shares).        Small Cap VP (Initial Class).
Wanger USA.............................  Transamerica T. Rowe Price
                                          Small Cap VP (Initial Class).
Columbia Variable Portfolio--Select      Transamerica T. Rowe Price
 Smaller-Cap Value Fund (Class 1).        Small Cap VP (Initial Class).
Pioneer Emerging Markets VCT Portfolio   Transamerica TS&W International
 (Class II Shares).                       Equity VP (Service Class).
Pioneer Fund VCT Portfolio (Class II     Transamerica JPMorgan Enhanced
 Shares).                                 Index VP (Initial Class).
------------------------------------------------------------------------

    7. The Applicants believe that the Replacement Funds have
investment objectives, policies and risk profiles, as described in
their prospectuses, that are substantially the same as, or sufficiently
similar to, the corresponding Existing Funds to make those Replacement
Funds appropriate candidates as substitutes. Applicants also state that
the investment objectives and investment strategies of each Replacement
Fund are similar to the corresponding Existing Fund, or each
Replacement Fund's underlying portfolio construction and investment
results are similar to those of the Existing Fund, and therefore the
fundamental objectives, risk, and performance expectations of those
Contract owners with interests in sub-accounts of the Existing Funds
will continue to be met after the Substitutions.
    8. The investment objectives of each Existing Fund and its
corresponding Replacement Fund are set out below. Additional
information for each Existing Fund and Replacement Fund, including
principal investment strategies, principal risks, and comparative
performance history, can be found in the application.

------------------------------------------------------------------------
             Existing fund                       Replacement fund
------------------------------------------------------------------------
American Century Investments VP          Transamerica MFS International
 International Fund (Class I) seeks       Equity VP (Initial Class)
 capital growth.                          seeks capital growth.
Dreyfus Variable Investment Fund:        Transamerica WMC US Growth VP
 Appreciation Portfolio (Service          (Service Class) seeks to
 Shares) seeks long-term capital growth   maximize long-term growth.
 consistent with the preservation of
 capital. The fund's secondary goal is
 current income.
Oppenheimer Capital Appreciation Fund/   Transamerica Jennison Growth VP
 VA (Service Shares) seeks capital        (Initial Class) seeks long-
 appreciation.                            term growth of capital.
Oppenheimer Main Street Small Cap        Transamerica T. Rowe Price
 Fund[supreg]/VA (Service Shares) seeks   Small Cap VP (Initial Class)
 capital appreciation.                    seeks long-term growth of
                                          capital by investing primarily
                                          in common stocks of small
                                          growth companies.
Wanger USA seeks long-term capital
 appreciation.
Columbia Variable Portfolio--Select
 Smaller-Cap Value Fund (Class 1) seeks
 to provide shareholders with long-term
 capital growth.
Pioneer Emerging Markets VCT Portfolio   Transamerica TS&W International
 (Class II Shares) seeks long-term        Equity VP (Service Class)
 growth of capital.                       seeks maximum long-term total
                                          return, consistent with
                                          reasonable risk to principal,
                                          by investing in a diversified
                                          portfolio of common stocks of
                                          primarily non-U.S. issuers.
Pioneer Fund VCT Portfolio (Class II     Transamerica JPMorgan Enhanced
 Shares) seeks reasonable income and      Index VP (Initial Class) seeks
 capital growth.                          to earn a total return
                                          modestly in excess of the
                                          total return performance of
                                          the S&P 500[supreg] (including
                                          the reinvestment of dividends)
                                          while maintaining a volatility
                                          of return similar to the S&P
                                          500[supreg].
------------------------------------------------------------------------

    9. Applicants state that the Substitutions are designed to allow
Contract Owners to continue their investment in similar or better
investment options without interruption and at no additional cost to
them. Contract owners with sub-account balances invested through the
Separate Accounts in shares of the Replacement Funds will have the same
or lower total expense ratios taking into account fund expenses
(including Rule 12b-1 fees, if any). With respect to all of the
proposed Substitutions, the combined management fee and Rule 12b-1 fees
paid by the Replacement Fund are the same or lower than those of the
corresponding Existing Fund. The application sets forth the fees and
expenses of each Existing Fund and its corresponding Replacement Fund
in greater detail.
    10. Applicants represent that as of the effective date of the
Substitutions (``Effective Date'') shares of the Existing Funds will be
redeemed for cash. The Companies, on behalf of each Existing Fund sub-
account of each relevant Account, will simultaneously place a
redemption request with each Existing Fund and a purchase order with
the corresponding Replacement Fund so that the purchase of Replacement
Fund shares will be for the exact amount of the redemption proceeds.
Thus, Contract values will remain fully invested at all times.
    11. The Substitutions will take place at relative net asset value
(in accordance with Rule 22c-1 under the 1940 Act) with no change in
the amount of any affected Contract owner's contract value, cash value,
accumulation value, account value or death benefit or in dollar value
of his or her investment in the applicable Accounts.\2\ No brokerage
commissions or other fees will be paid by either the Existing Funds or
the Replacement Funds or by affected Contract owners in connection with
the Substitutions.
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    \2\ Applicants state that, because the Substitutions will occur
at relative net asset value, and the fees and charges under the
Contracts will not change as a result of the Substitutions, the
benefits offered by the guarantees under the Contracts will be the
same immediately before and after the Substitutions. Applicants also
state that what effect the Substitutions may have on the value of
the benefits offered by the Contract guarantees would depend, among
other things, on the relative future performance of the Existing
Funds and Replacement Funds, which Applicants cannot predict.
Nevertheless, Applicants note that at the time of the Substitutions,
the Contracts will offer a comparable variety of investment options
with as broad a range of risk/return characteristics.
---------------------------------------------------------------------------

    12. The affected Contract owners will not incur any fees or charges
as a result of the Substitutions nor will their rights or the
Companies' obligations under the Contracts be altered in any way. The
Companies or their affiliates will pay all expenses and transaction
costs of the Substitutions, including brokerage, legal, accounting, and
other fees and expenses. The Substitutions will not cause the Contract
fees and charges currently being paid by affected Contract owners to be
greater after the Substitutions than before the Substitutions.
Moreover, the Substitutions will not impose any tax liability on
affected Contract owners.
    13. As described in the application, after notification of the
Substitution and for 30 days after the Effective Date, affected
Contract owners may reallocate the sub-account value of an Existing
Fund to any other investment option available under their Contract
without incurring any transfer charges.
    14. All Contract owners affected by the Substitutions will be
notified of this application by means of supplements to the Contract
prospectuses at least 30 days prior to the Effective Date. The notice
will advise Contract owners that from the date of the notice until the
Effective Date, owners are permitted to make one transfer of Contract
value out of the Existing Fund sub-account to one or more other sub-
accounts without the transfer (or exchange) being treated as one of a
limited number of transfers (or exchanges) permitted without a transfer
charge. Among other information, the notice will inform affected
Contract owners that the Companies will not exercise any rights
reserved under any Contract to impose additional restrictions on
transfers until at least 30 days after the Effective Date.
    15. If affected Contract owners reallocate account value during
this 60 day period, there will be no charge for the reallocation of
accumulated value from the Existing Fund sub-accounts and the
reallocation will not count as a transfer when imposing any applicable
restriction or limit under the Contract on transfers. Additionally, all
affected Contract owners will be sent prospectuses of the applicable
Replacement Funds at least 30 days before the Effective Date.
    16. Within five (5) business days after the Effective Date,
affected Contract owners will be sent a written confirmation, which
will include: (a) A confirmation that the Substitutions were carried
out as previously notified; (b) a restatement of the information set
forth in the pre-Substitution notice; and (c) values of the Contract
owner's position in the (i) Existing Fund before the Substitution, and
(ii) Replacement Fund after the Substitution.

Legal Analysis

    1. Applicants request that the Commission issue an order pursuant
to Section 26(c) of the 1940 Act approving the Substitutions. Section
26(c) requires the depositor of a registered unit investment trust
holding the securities of a single issuer to obtain Commission approval
before substituting the securities held by the trust. Section 26(c)
requires the Commission to issue such an order if the evidence
establishes that the substitution is consistent with the protection of
investors and the purposes fairly intended by the policy and provisions
of the 1940 Act.
    2. Applicants submit that the terms and conditions of the
Substitutions meet the standards set forth in Section 26(c) and assert
that the replacement of an Existing Fund with the corresponding
Replacement Fund is consistent with the protection of investors and the
purposes fairly intended by the policy and provisions of the 1940 Act.
As described in the application, for a period of two years following
the Effective Date, the Companies or their affiliates will reimburse
any Contract owner affected by the proposed Substitutions involving
Replacement Funds and whose sub-account invests in the Replacement Fund
to the extent a Replacement Fund's net annual operating expenses
exceeds the net annual operating expenses of the corresponding Existing
Fund. Applicants further assert that each Replacement Fund has similar
investment objectives and investment strategies as the corresponding
Existing Fund, or each Replacement Fund's underlying portfolio
construction and investment results are similar to those of the
corresponding Existing Fund. Accordingly, Applicants believe that the
fundamental investment objectives, risk, and performance expectations
of the affected Contract owners will continue to be met after the
Substitutions.
    3. Applicants also maintain that it is in the best interests of the
Contract owners to substitute the Replacement Fund for its
corresponding Existing Fund. Applicants anticipate that the
substitution of an Existing Fund with the corresponding Replacement
Fund will result in a Contract that is administered and managed more
efficiently, and one that is more competitive with other variable
products. The rights of affected Contract owners and the obligations of
the Companies under the Contracts will not be altered by the
Substitutions. Affected Contract owners will not incur any additional
tax liability or any additional

fees and expenses as a result of the Substitutions.
    4. Each of the prospectuses for the Contracts discloses that the
issuing Company reserves the right, subject to compliance with
applicable law, to substitute shares of another registered open-end
management investment company for shares of an open-end management
investment company held by a sub-account of an Account.
    5. Applicants also assert that none of the proposed Substitutions
is of the type that Section 26(c) was designed to prevent. Unlike a
traditional unit investment trust where a depositor could only
substitute an investment security in a manner which permanently
affected all the investors in the trust, the Contracts provide each
Contract owner with the right to exercise his or her own judgment and
transfer account values into other sub-accounts. Moreover, the
Contracts will offer affected Contract owners the opportunity to
transfer amounts out of the affected sub-accounts into any of the
remaining sub-accounts without cost or other disadvantage. The
Substitution, therefore, will not result in the type of costly forced
redemptions that Section 26(c) was designed to prevent. Applicants also
maintain that the Substitutions are unlike the type of substitutions
which Section 26(c) was designed to prevent in that by purchasing a
Contract, Contract owners select much more than a particular registered
management open-end investment company in which to invest their account
values. They also select the specific type of insurance coverage
offered by the Companies under their Contracts as well as other rights
and privileges set forth in the Contract.

Applicants' Conditions

    Applicants agree that any order of the Commission granting the
requested relief will be subject to the following conditions:
    1. The proposed Substitutions will not be effected unless the
Companies determine that: (a) The Contracts allow the substitution of
shares of registered open-end investment companies in the manner
contemplated by the application; (b) the Substitutions can be
consummated as described in the application under applicable insurance
laws; and (c) any regulatory requirements in each jurisdiction where
the Contracts are qualified for sale have been complied with to the
extent necessary to complete the Substitutions.
    2. The Companies or their affiliates will pay all expenses and
transaction costs of the Substitutions, including legal and accounting
expenses, any applicable brokerage expenses, and other fees and
expenses. No fees or charges will be assessed to the Contract owners to
effect the Substitutions.
    3. The proposed Substitutions will be effected at the relative net
asset values of the respective shares in conformity with Section 22(c)
of the 1940 Act and Rule 22c-1 thereunder without the imposition of any
transfer or similar charges by Applicants. The Substitutions will be
effected without change in the amount or value of any Contracts held by
affected Contract owners.
    4. The proposed Substitutions will in no way alter the tax
treatment of affected Contract owners in connection with their
Contracts, and no tax liability will arise for affected Contract owners
as a result of the Substitutions.
    5. The rights or obligations of the Companies under the Contracts
of affected Contract owners will not be altered in any way.
    6. Affected Contract owners will be permitted to make at least one
transfer of Contract value from the sub-account investing in the
Existing Fund (before the Effective Date) or the Replacement Fund
(after the Effective Date) to any other available investment option
under the Contract without charge for a period beginning at least 30
days before the Effective Date through at least 30 days following the
Effective Date. Except as described in any market timing/short-term
trading provisions of the relevant prospectus, the Company will not
exercise any right it may have under the Contract to impose
restrictions on transfers between the sub-accounts under the Contracts,
including limitations on the future number of transfers, for a period
beginning at least 30 days before the Effective Date through at least
30 days following the Effective Date.
    7. All affected Contract owners will be notified, at least 30 days
before the Effective Date about: (a) The intended substitution of
Existing Funds with the Replacement Funds; (b) the intended Effective
Date; and (c) information with respect to transfers as set forth in
Condition 6 above. In addition, the Companies will deliver to all
affected Contract owners, at least 30 days before the Effective Date, a
prospectus for each applicable Replacement Fund.
    8. The Companies will deliver to each affected Contract owner
within five (5) business days of the Effective Date a written
confirmation which will include: (a) A confirmation that the
Substitutions were carried out as previously notified; (b) a
restatement of the information set forth in the pre-Substitution
notice; and (c) values of the Contract owner's position in the (i)
Existing Fund before the Substitution, and (ii) Replacement Fund after
the Substitution.
    9. After the Effective Date, the Applicants agree not to change a
Replacement Fund's sub-adviser without obtaining shareholder approval
of either (a) the sub-adviser change or (b) the parties' continued
ability to rely on their manager-of-managers exemptive order.
    10. For two years following the Effective Date the net annual
expenses of each Replacement Fund that is a Transamerica Series Trust
Fund will not exceed the net annual expenses of the corresponding
Existing Fund as of the fund's most recent fiscal year. To achieve this
limitation, the Replacement Fund's investment adviser will waive fees
or reimburse the Replacement Fund in certain amounts to maintain
expenses at or below the limit. Any adjustments will be made at least
on a quarterly basis. In addition, the Insurance Companies will not
increase the Contract fees and charges, including asset based charges
such as mortality expense risk charges deducted from the sub-accounts
that would otherwise be assessed under the terms of the Contracts for a
period of at least two years following the Effective Date.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-06246 Filed 3-29-17; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 231 (Tuesday, December 2, 2014)]
[Notices]
[Page 71437]
[FR Doc No: 2014-28261]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2014-N-1936]

Establishment of a Public Docket; Electronic Cigarettes and the
Public Health Workshop

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice; establishment of docket; request for data, information,
and comments.

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SUMMARY: The Food and Drug Administration (FDA), Center for Tobacco
Products, is establishing a public docket in conjunction with the first
public workshop to gather scientific information about electronic
cigarettes (e-cigarettes) as announced in Docket No. FDA-2014-N-0001-
0079. Regardless of attendance at the public workshop, interested
parties are invited to submit comments, supported by research and data,
regarding electronic cigarettes and the public health.

DATES: Submit written or electronic comments by April 15, 2015.

ADDRESSES: Submit electronic comments to http://www.regulations.gov.
Submit written comments to the Division of Dockets Management (HFA-
305), Food and Drug Administration, 5630 Fishers Lane, Rm. 1061,
Rockville, MD 20852. Identify comments with the docket number found in
brackets in the heading of this document.

FOR FURTHER INFORMATION CONTACT: Caryn Cohen, Office of Science, Center
for Tobacco Products, Food and Drug Administration, Document Control
Center, Bldg. 71, Rm. G335, 10903 New Hampshire Ave., Silver Spring, MD
20993-0002, 1-877-287-1373, email<EMAIL_ADDRESS>
I. Background

    On September 17, 2014, FDA announced a public workshop to gather
information about e-cigarettes and the public health (Electronic
Cigarettes and the Public Health; Public Workshop; 79 FR 55815,
September 17, 2014, Docket No. FDA-2014-N-0001). The focus of the
workshop is product science (specifically device designs and
characteristics, and e-liquid and aerosol constituents), product
packaging, constituent labeling, and environmental impact. FDA intends
to follow the first workshop with two additional e-cigarette workshops;
one on individual health effects and one on population health effects.
As stated in the Federal Register notice of the public workshop, the
workshops are not intended to inform the Agency's deeming rulemaking.
The workshops are intended to better inform FDA about these products.
Should the Agency move forward as proposed to regulate e-cigarettes,
additional information about the products would assist the Agency in
carrying out its responsibilities under the law.

II. Submission of Comments

    Regardless of attendance at the public workshop, interested parties
are invited to submit comments, supported by research and data,
regarding e-cigarettes and the public health. Information related to
workshop presentations and discussion topics, including specific
questions to be addressed at the workshop, can be found at http://www.fda.gov/TobaccoProducts/NewsEvents/ucm238308.htm.
    Interested persons may submit either electronic comments to this
docket at http://www.regulations.gov or written comments to the
Division of Dockets Management (see ADDRESSES). It is only necessary to
send one set of comments. Identify comments with the docket number
found in brackets in the heading of this document. Received comments
may be seen in the Division of Dockets Management between 9 a.m. and 4
p.m., Monday through Friday, and will be posted to the docket at http://www.regulations.gov.

    Dated: November 25, 2014.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2014-28261 Filed 12-1-14; 8:45 am]
BILLING CODE 4164-01-P


[Federal Register Volume 87, Number 111 (Thursday, June 9, 2022)]
[Notices]
[Pages 35237-35240]
[FR Doc No: 2022-12382]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2022-0002; Internal Agency Docket No. FEMA-B-2244]

Changes in Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, Department of Homeland
Security.

ACTION: Notice.

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SUMMARY: This notice lists communities where the addition or
modification of Base Flood Elevations (BFEs), base flood depths,
Special Flood Hazard Area (SFHA) boundaries or zone designations, or
the regulatory floodway (hereinafter referred to as flood hazard
determinations), as shown on the Flood Insurance Rate Maps (FIRMs), and
where applicable, in the supporting Flood Insurance Study (FIS)
reports, prepared by the Federal Emergency Management Agency (FEMA) for
each community, is appropriate because of new scientific or technical
data. The FIRM, and where applicable, portions of the FIS report, have
been revised to reflect these flood hazard determinations through
issuance of a Letter of Map Revision (LOMR), in accordance with Federal
Regulations. The currently effective community number is shown in the
table below and must be used for all new policies and renewals.

DATES: These flood hazard determinations will be finalized on the dates
listed in the table below and revise the FIRM panels and FIS report in
effect prior to this determination for the listed communities.
    From the date of the second publication of notification of these
changes in a newspaper of local circulation, any person has 90 days in
which to request through the community that the Deputy Associate
Administrator for Insurance and Mitigation reconsider the changes. The
flood hazard determination information may be changed during the 90-day
period.

ADDRESSES: The affected communities are listed in the table below.
Revised flood hazard information for each community is available for
inspection at both the online location and the respective community map
repository address listed in the table below. Additionally, the current
effective FIRM and FIS report for each community are accessible online
through the FEMA Map Service Center at https://msc.fema.gov for
comparison.
    Submit comments and/or appeals to the Chief Executive Officer of
the community as listed in the table below.

FOR FURTHER INFORMATION CONTACT: Rick Sacbibit, Chief, Engineering
Services Branch, Federal Insurance and Mitigation Administration, FEMA,
400 C Street SW, Washington, DC 20472,<PHONE_NUMBER>, or (email)
[email protected]; or visit the FEMA Mapping and Insurance
eXchange (FMIX) online at https://www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: The specific flood hazard determinations are
not described for each community in this notice. However, the online
location and local community map repository address where the flood
hazard determination information is available for inspection is
provided.
    Any request for reconsideration of flood hazard determinations must
be submitted to the Chief Executive Officer of the community as listed
in the table below.
    The modifications are made pursuant to section 201 of the Flood
Disaster Protection Act of 1973, 42 U.S.C. 4105, and are in accordance
with the National Flood Insurance Act of 1968, 42 U.S.C. 4001 et seq.,
and with 44 CFR part 65.
    The FIRM and FIS report are the basis of the floodplain management
measures that the community is required either to adopt or to show
evidence of having in effect in order to qualify or remain

qualified for participation in the National Flood Insurance Program
(NFIP).
    These flood hazard determinations, together with the floodplain
management criteria required by 44 CFR 60.3, are the minimum that are
required. They should not be construed to mean that the community must
change any existing ordinances that are more stringent in their
floodplain management requirements. The community may at any time enact
stricter requirements of its own or pursuant to policies established by
other Federal, State, or regional entities. The flood hazard
determinations are in accordance with 44 CFR 65.4.
    The affected communities are listed in the following table. Flood
hazard determination information for each community is available for
inspection at both the online location and the respective community map
repository address listed in the table below. Additionally, the current
effective FIRM and FIS report for each community are accessible online
through the FEMA Map Service Center at https://msc.fema.gov for
comparison.

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

Michael M. Grimm,
Assistant Administrator for Risk Management, Department of Homeland
Security, Federal Emergency Management Agency.

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                                                            Chief executive officer of                                    Online location of letter of map                            Community
         State and county          Location and case No.             community               Community map repository                 revision                Date of modification       No.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Colorado:
    Arapahoe.....................  City of Aurora (21-08- The Honorable Mike Coffman,     Public Works Department,       https://msc.fema.gov/portal/        Sep. 2, 2022..........       080002
                                    1079P).                Mayor, City of Aurora,15151     15151 East Alameda Parkway,    advanceSearch.
                                                           East Alameda Parkway, Aurora,   Aurora, CO 80012.
                                                           CO 80012.
     Arapahoe....................  City of Centennial     The Honorable Stephanie Piko,   Southeast Metro Stormwater     https://msc.fema.gov/portal/        Sep. 9, 2022..........       080315
                                    (21-08-1000P).         Mayor, City of Centennial,      Authority, 7437 South          advanceSearch.
                                                           13133 East Arapahoe Road,       Fairplay Street, Centennial,
                                                           Centennial, CO 80112.           CO 80112.
    Larimer......................  Unincorporated areas   The Honorable John Kefalas,     Larimer County Engineering     https://msc.fema.gov/portal/        Aug. 18, 2022.........       080101
                                    of Larimer County      Chairman, Larimer County        Department, 200 West Oak       advanceSearch.
                                    (21-08-0460P).         Board of Commissioners, 200     Street, Suite 3000, Fort
                                                           West Oak Street, Suite 2200,    Collins, CO 80521.
                                                           Fort Collins, CO 80521.
Florida:
    Broward......................  City of Lauderdale     The Honorable Hazelle P.        Development Services Planning  https://msc.fema.gov/portal/        Sep. 14, 2022.........       120043
                                    Lakes (21-04-5598P).   Rogers, Mayor, City of          and Zoning Section, 3521       advanceSearch.
                                                           Lauderdale Lakes, 4300          Northwest 43rd Avenue,
                                                           Northwest 36th Street,          Lauderdale Lakes, FL 33319.
                                                           Lauderdale Lakes, FL 33319.
    Monroe.......................  Village of Islamorada  The Honorable Pete Bacheler,    Building Department, 86800     https://msc.fema.gov/portal/        Sep. 1, 2022..........       120424
                                    (22-04-1253P).         Mayor, Village of Islamorada,   Overseas Highway,              advanceSearch.
                                                           86800 Overseas Highway,         Islamorada, FL 33036.
                                                           Islamorada, FL 33036.
     Monroe......................  Village of Islamorada  The Honorable Pete Bacheler,    Building Department, 86800     https://msc.fema.gov/portal/        Aug. 29, 2022.........       120424
                                    (22-04-2190P).         Mayor, Village of Islamorada,   Overseas Highway,              advanceSearch.
                                                           86800 Overseas Highway,         Islamorada, FL 33036.
                                                           Islamorada, FL 33036.
    Osceola......................  Unincorporated areas   Mr. Don Fisher, Osceola County  Osceola County Building        https://msc.fema.gov/portal/        Sep. 2, 2022..........       120189
                                    of Osceola County      Manager, 1 Courthouse Square,   Department, 1 Courthouse       advanceSearch.
                                    (21-04-4047P).         Suite 4700, Kissimmee, FL       Square, Suite 1400,
                                                           34741.                          Kissimmee, FL 34741.
Georgia: Gwinnett................  Unincorporated areas   The Honorable Nicole Love       Gwinnett County Department of  https://msc.fema.gov/portal/        Aug. 18, 2022.........       130322
                                    of Gwinnett County     Hendrickson, Chair, Gwinnett    Water Resources, 684 Winder    advanceSearch.
                                    (21-04-5535P).         County Board of                 Highway, Lawrenceville, GA
                                                           Commissioners, 75 Langley       30045.
                                                           Drive, Lawrenceville, GA
                                                           30046.
Maryland:
    Anne Arundel.................  Unincorporated areas   The Honorable Steuart Pittman,  Anne Arundel County Heritage   https://msc.fema.gov/portal/        Sep. 9, 2022..........       240008
                                    of Anne Arundel        Anne Arundel County             Office Complex, 2664 Riva      advanceSearch.
                                    County, (22-03-        Executive, 44 Calvert Street,   Road, Annapolis, MD 21401.
                                    0012P).                Annapolis, MD 21401.
    Prince George's..............  City of Laurel (22-03- The Honorable Craig A. Moe,     City Hall, 8103 Sandy Spring   https://msc.fema.gov/portal/        Sep. 9, 2022..........       240053
                                    0012P).                Mayor, City of Laurel, 8103     Road, Laurel, MD 20707.        advanceSearch.
                                                           Sandy Spring Road, Laurel, MD
                                                           20707.

Pennsylvania:
    Chester......................  Township of West       The Honorable Carin Mifsud,     Township Hall, 1645 Art        https://msc.fema.gov/portal/        Aug. 25, 2022.........       421151
                                    Pikeland (21-03-       Chair, Township of West         School Road, Chester           advanceSearch.
                                    1172P).                Pikeland Board of               Springs, PA 19425.
                                                           Supervisors, 1645 Art School
                                                           Road, Chester Springs, PA
                                                           019425.
    Montgomery...................  Township of Lower      The Honorable Marla Hexter,     Township Hall, 53 Spring       https://msc.fema.gov/portal/        Sep. 8, 2022..........       420952
                                    Frederick (22-03-      Chair, Township of Lower        Mount Road, Schwenksville,     advanceSearch.
                                    0084P).                Frederick Board of              PA 19473.
                                                           Supervisors, 53 Spring Mount
                                                           Road, Schwenksville, PA
                                                           19473.
Texas:
    Bexar........................  Unincorporated areas   The Honorable Nelson W. Wolff,  Bexar County Public Works      https://msc.fema.gov/portal/        Aug. 29, 2022.........       480035
                                    of Bexar County (22-   Bexar County Judge, 101 West    Department, 1948 Probandt      advanceSearch.
                                    06-0280P).             Nueva Street, 10th Floor, San   Street, San Antonio, TX
                                                           Antonio, TX 78205.              78214.
    Dallas.......................  City of Dallas (21-06- The Honorable Eric Johnson,     Oak Cliff Municipal Center,    https://msc.fema.gov/portal/        Aug. 22, 2022.........       480171
                                    2894P).                Mayor, City of Dallas, 1500     320 East Jefferson             advanceSearch.
                                                           Marilla Street, Suite 5EN,      Boulevard, Room 312, Dallas,
                                                           Dallas, TX 75201.               TX 75203.
    Denton.......................  City of Fort Worth     The Honorable Mattie Parker,    Transportation and Public      https://msc.fema.gov/portal/        Sep. 15, 2022.........       480596
                                    (22-06-0542P).         Mayor, City of Fort Worth,      Works Department,              advanceSearch.
                                                           200 Texas Street, Fort Worth,   Engineering Vault, 200 Texas
                                                           TX 76102.                       Street, Fort Worth, TX
                                                                                76102.
    Johnson......................  City of Burleson (21-  The Honorable Chris Fletcher,   City Hall, 141 West Renfro     https://msc.fema.gov/portal/        Sep. 8, 2022..........       485459
                                    06-2082P).             Mayor, City of Burleson, 141    Street, Burleson, TX 76028.    advanceSearch.
                                                           West Renfro Street, Burleson,
                                                           TX 76028.
    Tarrant......................  City of Fort Worth     The Honorable Mattie Parker,    Transportation and Public      https://msc.fema.gov/portal/        Sep. 15, 2022.........       480596
                                    (22-06-0310P).         Mayor, City of Fort Worth,      Works Department,              advanceSearch.
                                                           200 Texas Street, Fort Worth,   Engineering Vault, 200 Texas
                                                           TX 76102.                       Street, Fort Worth, TX
                                                                                76102.
    Tarrant......................  City of Haslet (21-06- The Honorable Gary Hulsey,      City Hall, 101 Main Street,    https://msc.fema.gov/portal/        Sep. 6, 2022..........       480600
                                    2045P).                Mayor, City of Haslet, 101      Haslet, TX 76052.              advanceSearch.
                                                           Main Street, Haslet, TX
                                                           76052.
    Tarrant......................  Unincorporated areas   The Honorable B. Glen Whitley,  Tarrant County Administration  https://msc.fema.gov/portal/        Sep. 6, 2022..........       480582
                                    of Tarrant County      Tarrant County Judge, 100       Building, 100 East             advanceSearch.
                                    (21-06-2045P).         East Weatherford Street, Fort   Weatherford Street, Fort
                                                           Worth, TX 76196.                Worth, TX 76196.
    Williamson...................  City of Georgetown     Mr. David Morgan, City of       Mapping and GIS Department,    https://msc.fema.gov/portal/        Sep. 8, 2022..........       480668
                                    (21-06-2319P).         Georgetown Manager, P.O. Box    300-1 Industrial Avenue,       advanceSearch.
                                                           409, Georgetown, TX 78626.      Georgetown, TX 78626.
    Williamson...................  City of Round Rock     The Honorable Craig Morgan,     City Hall, 221 East Main       https://msc.fema.gov/portal/        Sep. 8, 2022..........       481048
                                    (22-06-0132P).         Mayor, City of Round Rock,      Street, Round Rock, TX         advanceSearch.
                                                           221 East Main Street, Round     78664.
                                                           Rock, TX 78664.
    Williamson...................  Unincorporated areas   The Honorable Bill Gravell,     Williamson County Engineering  https://msc.fema.gov/portal/        Sep. 8, 2022..........       481079
                                    of Williamson County   Jr., Williamson County Judge,   Department, 3151 Southeast     advanceSearch.
                                    (21-06-2319P).         710 South Main Street, Suite    Inner Loop, Georgetown, TX
                                                           101, Georgetown, TX 78626.      78626.
    Williamson...................  Unincorporated areas   The Honorable Bill Gravell,     Williamson County Engineering  https://msc.fema.gov/portal/        Sep. 1, 2022..........       481079
                                    of Williamson County   Jr., Williamson County Judge,   Department, 3151 Southeast     advanceSearch.
                                    (21-06-3275P).         710 South Main Street, Suite    Inner Loop, Georgetown, TX
                                                           101, Georgetown, TX 78626.      78626.
    Williamson...................  Unincorporated areas   The Honorable Bill Gravell,     Williamson County Engineering  https://msc.fema.gov/portal/        Sep. 8, 2022..........       481079
                                    of Williamson County   Jr., Williamson County Judge,   Department, 3151 Southeast     advanceSearch.
                                    (22-06-0132P).         710 South Main Street, Suite    Inner Loop, Georgetown, TX
                                                           101, Georgetown, TX 78626.      78626.

West Virginia: Wood..............  Unincorporated areas   The Honorable David Blair       Wood County Commission         https://msc.fema.gov/portal/        Sep. 9, 2022..........       540213
                                    of Wood County,        Couch, President, Wood County   Office, 1 Court Square,        advanceSearch.
                                    (22[dash]03[dash]044   Commission, 1 Court Square,     Suite 205, Parkersburg, WV
                                    0P).                   Suite 205, Parkersburg, WV      26101.
                                                           26101.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

[FR Doc. 2022-12382 Filed 6-8-22; 8:45 am]
BILLING CODE 9110-12-P


[Federal Register Volume 86, Number 193 (Friday, October 8, 2021)]
[Notices]
[Pages 56321-56325]
[FR Doc No: 2021-21996]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93252; File No. SR-PEARL-2021-47]

Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Permit Monday
and Wednesday Expirations for Options Listed Pursuant to the Short Term
Option Series Program on the iShares Russell 2000 ETF (``IWM'')

October 4, 2021.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on October 1, 2021, MIAX PEARL, LLC (``MIAX Pearl'' or the
``Exchange'') filed with the

Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Items I and II below, which Items have been
prepared by the Exchange. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

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

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend Policy .02 (Short Term Option Series
Program) of Exchange Rule 404, Series of Option Contracts Open for
Trading, to permit Monday and Wednesday expirations for options listed
pursuant to the Short Term Option Series Program (``Program'') on the
iShares Russell 2000 ETF (``IWM'').
    The text of the proposed rule change is available on the Exchange's
website at http://www.miaxoptions.com/rule-filings/pearl at MIAX
Pearl's principal office, 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 amend Policy .02 (Short Term Option Series
Program) of Exchange Rule 404, Series of Option Contracts Open for
Trading, to permit Monday and Wednesday expirations for options listed
pursuant to the Short Term Option Series Program (``Program'') on the
iShares Russell 2000 ETF (``IWM''). This is a competitive filing that
is based on a proposal recently submitted by Nasdaq Phlx LLC (``Phlx'')
and approved by the Securities and Exchange Commission
(``Commission'').\3\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 93157 (September 28,
2021) (Approving SR-PHLX-2021-43).
---------------------------------------------------------------------------

    A Short Term Option Series is a series in an option class that is
approved for listing and trading on the Exchange in which the series is
opened for trading on any Monday, Tuesday, Wednesday, Thursday or
Friday that is a business day and that expires on the Monday, Wednesday
or Friday of the next business week, or, in the case of a series that
is listed on a Friday and expires on a Monday, is listed one business
week and one business day prior to that expiration.\4\ The Exchange is
proposing to amend Policy .02 of Exchange Rule 404 to permit the
listing of options series that expire on Mondays and Wednesdays in IWM.
---------------------------------------------------------------------------

    \4\ The term ``Short Term Option Series'' is a series in an
option class that is approved for listing and trading on the
Exchange in which the series is opened for trading on any Monday,
Tuesday, Wednesday, Thursday or Friday that is a business day and
that expires on the Monday, Wednesday or Friday of the next business
week, or, in the case of a series that is listed on a Friday and
expires on a Monday, is listed one business week and one business
day prior to that expiration. If a Tuesday, Wednesday, Thursday or
Friday is not a business day, the series may be opened (or shall
expire) on the first business day immediately prior to that Tuesday,
Wednesday, Thursday or Friday, respectively. For a series listed
pursuant to this section for Monday expiration, if a Monday is not a
business day, the series shall expire on the first business day
immediately following that Monday. See Exchange Rule 100.
---------------------------------------------------------------------------

Monday Expirations
    As proposed, with respect to Monday IWM Expirations within Policy
.02 of Rule 404, the Exchange may open for trading on any Friday or
Monday that is a business day series of options on IWM to expire on any
Monday of the month that is a business day and is not a Monday in which
Quarterly Options Series on the same class expire (``Monday IWM
Expirations''), provided that Monday IWM Expirations that are listed on
a Friday must be listed at least one business week and one business day
prior to the expiration. The Exchange may list up to five consecutive
Monday IWM Expirations at one time; the Exchange may have no more than
a total of five Monday IWM Expirations.
Wednesday Expirations
    As proposed, with respect to Wednesday IWM Expirations within
Policy .02, the Exchange may open for trading on any Tuesday or
Wednesday that is a business day series of options on IWM to expire on
any Wednesday of the month that is a business day and is not a
Wednesday in which Quarterly Options Series on the same class expire
(``Wednesday IWM Expirations''). The Exchange may list up to five
consecutive Wednesday IWM Expirations at one time; the Exchange may
have no more than a total of five Wednesday IWM Expirations.
Monday and Wednesday Expirations
    The interval between strike prices for the proposed Monday and
Wednesday IWM Expirations will be the same as those for the current
Short Term Option Series for Wednesday and Friday expirations
applicable to the Program.\5\ Specifically, the Monday and Wednesday
IWM Expirations will have a $0.50 strike interval minimum.\6\ As is the
case with other equity options series listed pursuant to the Program,
the Monday and Wednesday IWM Expirations series will be P.M.-settled.
---------------------------------------------------------------------------

    \5\ See Policy .02(e) of Exchange Rule 404.
    \6\ Id.
---------------------------------------------------------------------------

    Pursuant to Policy .02 of Rule 404, with respect to the Program, if
Monday is not a business day the series shall expire on the first
business day immediately following that Monday. This procedure differs
from the expiration date of Wednesday expiration series that are
scheduled to expire on a holiday. Pursuant to Policy .02 of Rule 404, a
Wednesday expiration series shall expire on the first business day
immediately prior to that Wednesday, e.g., Tuesday of that week, if the
Wednesday is not a business day. For purposes of IWM, however, the
Exchange believes that it is preferable to require Monday expiration
series in this scenario to expire on the Tuesday of that week rather
than the previous business day, e.g., the previous Friday, since the
Tuesday is closer in time to the scheduled expiration date of the
series than the previous Friday, and therefore may be more
representative of anticipated market conditions. Monday SPY and QQQ
expirations \7\ are treated in this manner today. Cboe Exchange, Inc.
(``Cboe'') uses the same procedure for options on the S&P 500 index
(``SPX''), Mini-SPX Index Options (``XSP''), Russell 2000 Index
(``RUT'') and Mini-Russell 2000 Index Options (``MRUT'') and with
Monday expirations that are listed pursuant to its Nonstandard
Expirations Pilot Program and that are scheduled to expire on a
holiday.\8\ Also Nasdaq Phlx \9\ and Nasdaq ISE, LLC (``ISE'') \10\
also use the same procedure for options on the Nasdaq-100[supreg]
(``NDX'') with Monday expirations that are listed pursuant to its
Nonstandard Expirations Pilot Programs, respectively.
---------------------------------------------------------------------------

    \7\ See Policy .02 of Exchange Rule 404.
    \8\ See Cboe Rule 4.13(e)(1).
    \9\ See Phlx Options 4A, Section 12(b)(5).
    \10\ See ISE Supplementary Material .07 to Options 4A, Section
12.
---------------------------------------------------------------------------

    Currently, for each option class eligible for participation in the
Program,

the Exchange is limited to opening thirty (30) series for each
expiration date for the specific class.\11\ The thirty (30) series
restriction does not include series that are open by other securities
exchanges under their respective short term options rules; the Exchange
may list these additional series that are listed by other
exchanges.\12\ This thirty (30) series restriction would apply to
Monday and Wednesday IWM Expiration series as well. In addition, the
Exchange will be able to list series that are listed by other
exchanges, assuming they file similar rules with the Commission to list
IWM options expiring on Mondays and Wednesdays.
---------------------------------------------------------------------------

    \11\ See Policy .02 of Exchange Rule 404.
    \12\ See Exchange Rule 404A(b)(6).
---------------------------------------------------------------------------

    Finally, the Exchange is amending Policy .02(b) to Rule 404, which
addresses the listing of Short Term Option Series that expire in the
same week as monthly or quarterly options series. Currently, that rule
states that no Short Term Option Series may expire in the same week in
which monthly option series on the same class expire (with the
exception of Monday and Wednesday SPY and QQQ Expirations) or, in the
case of Quarterly Options Series, on an expiration that coincides with
an expiration of Quarterly Options Series on the same class.\13\ As
with Monday and Wednesday SPY and QQQ Expirations, the Exchange is
proposing to permit Monday and Wednesday IWM Expirations to expire in
the same week as monthly options series on the same class. The Exchange
believes that it is reasonable to extend this exemption to Monday and
Wednesday IWM Expirations because Monday and Wednesday IWM Expirations
and standard monthly options will not expire on the same trading day,
as standard monthly options expire on Fridays. Additionally, the
Exchange believes that not listing Monday and Wednesday IWM Expirations
for one week every month because there was a monthly IWM expiration on
the Friday of that week would create investor confusion.
---------------------------------------------------------------------------

    \13\ See Policy .02(b) of Exchange Rule 404.
---------------------------------------------------------------------------

    The Exchange does not believe that any market disruptions will be
encountered with the introduction of P.M.-settled Monday and Wednesday
IWM Expirations. The Exchange has the necessary capacity and
surveillance programs in place to support and properly monitor trading
in the proposed Monday and Wednesday IWM Expirations. The Exchange
currently trades P.M.-settled Short Term Option Series that expire
Monday and Wednesday for SPY and QQQ and has not experienced any market
disruptions nor issues with capacity. The Exchange currently has
surveillance programs in place to support and properly monitor trading
in Short Term Option Series that expire Monday and Wednesday for SPY
and QQQ.
    Similar to SPY and QQQ, the introduction of Monday and Wednesday
IWM Expirations will, among other things, expand hedging tools
available to market participants and continue the reduction of the
premium cost of buying protection. The Exchange believes that Monday
and Wednesday IWM Expirations will allow market participants to
purchase IWM based on their timing as needed and allow them to tailor
their investment and hedging needs more effectively.
2. Statutory Basis
    The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act \14\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \15\ 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 regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanisms of a free and open market and a national market
system and, in general, to protect investors and the public interest by
providing the investing public and other market participants more
flexibility to closely tailor their investment and hedging decisions in
IWM options, thus allowing them to better manage their risk exposure.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In particular, the Exchange believes the Program has been
successful to date and that Monday and Wednesday IWM Expirations should
simply expand the ability of investors to hedge risk against market
movements stemming from economic releases or market events that occur
throughout the month in the same way that the Program has expanded the
landscape of hedging. Similarly, the Exchange believes Monday and
Wednesday IWM Expirations should create greater trading and hedging
opportunities, as well as flexibility that will provide Members with
the ability to tailor their investment objectives more effectively.
    The Exchange currently lists Monday and Wednesday SPY and QQQ
Expirations.\16\ Also, Cboe currently permits Monday and Wednesday
expirations for other options with a weekly expiration, such as options
on SPX, XSP, RUT, and MRUT pursuant to its Nonstandard Expirations
Pilot Program.\17\ Phlx \18\ and ISE \19\ currently permit Monday and
Wednesday expirations for other options with a weekly expiration on NDX
pursuant to their Nonstandard Expirations Pilot Programs.
---------------------------------------------------------------------------

    \16\ See Policy .02 of Exchange Rule 404.
    \17\ Supra note 8.
    \18\ Supra note 9.
    \19\ Supra note 10.
---------------------------------------------------------------------------

    With the exception of Monday expiration series that are scheduled
to expire on a holiday, there are no material differences in the
treatment of Monday and Wednesday IWM Expirations for Short Term Option
Series. The Exchange believes that it is consistent with the Act to
treat Monday expiration series that expire on a holiday differently
than Wednesday or Friday expiration series, since the proposed
treatment for Monday expiration series will result in an expiration
date that is closer in time to the scheduled expiration date of the
series, and therefore may be more representative of anticipated market
conditions. Monday SPY and QQQ expirations are treated in this manner
today.\20\ Cboe \21\ uses the same procedure for SPX, XSP, RUT, and
MRUT options with Monday expirations that are scheduled to expire on a
holiday, as do Phlx \22\ and ISE \23\ for NDX options with Monday
expirations that are listed pursuant to their Nonstandard Expirations
Pilot Programs, respectively.
---------------------------------------------------------------------------

    \20\ See Policy .02(b) of Exchange Rule 404.
    \21\ Supra note 8.
    \22\ Supra note 9.
    \23\ Supra note 10.
---------------------------------------------------------------------------

    Given the similarities between Monday and Wednesday SPY and QQQ
Expirations and the proposed Monday and Wednesday IWM Expirations, the
Exchange believes that applying the provisions in Policy .02(b) of Rule
404, which currently apply to Monday and Wednesday SPY and QQQ
Expirations, to Monday and Wednesday IWM Expirations is justified. For
example, the Exchange believes that allowing Monday and Wednesday IWM
Expirations and monthly IWM expirations in the same week will benefit
investors and minimize investor confusion by providing Monday and
Wednesday IWM Expirations in a continuous and uniform manner. The
Exchange also believes that it is appropriate to amend Policy .02(b) of

Rule 404 to clarify that no Short Term Option Series may expire on the
same day as an expiration of Quarterly Options Series on the same
class, same as SPY and QQQ.
    The Exchange represents that it has an adequate surveillance
program in place to detect manipulative trading in Monday and Wednesday
expirations, including Monday and Wednesday IWM Expirations, in the
same way that it monitors trading in the current Short Term Option
Series and trading in Monday and Wednesday SPY and QQQ Expirations. The
Exchange also represents that it has the necessary systems capacity to
support the new options series. Finally, the Exchange does not believe
that any market disruptions will be encountered with the introduction
of Monday and Wednesday IWM Expirations.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. In this regard and as
indicated above, the Exchange notes that the rule change is being
proposed as a competitive response to a filing submitted by Phlx.\24\
The Exchange also notes that having Monday and Wednesday IWM
Expirations is not a novel proposal, as Monday and Wednesday SPY and
QQQ Expirations are currently listed on the Exchange.\25\ Cboe uses the
same procedure for SPX, XSP, RUT, and MRUT options with Monday
expirations that are listed pursuant to its Nonstandard Expirations
Pilot Program and that are scheduled to expire on a holiday,\26\ as do
Phlx \27\ and ISE \28\ for NDX options with Monday expirations that are
listed pursuant to their Nonstandard Expirations Pilot Programs,
respectively.
---------------------------------------------------------------------------

    \24\ Supra note 3.
    \25\ Supra note 12.
    \26\ Supra note 9.
    \27\ Supra note 10.
    \28\ Supra note 11.
---------------------------------------------------------------------------

    The Exchange does not believe the proposal will impose any burden
on intra-market competition, as all market participants will be treated
in the same manner under this proposal. Additionally, the Exchange does
not believe the proposal will impose any burden on inter-market
competition, as nothing prevents the other options exchanges from
proposing similar rules to list and trade Short-Term Option Series with
Monday and Wednesday expirations.

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

    Written comments were neither solicited nor received.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \29\ and Rule 19b-
4(f)(6) thereunder.\30\
---------------------------------------------------------------------------

    \29\ 15 U.S.C. 78s(b)(3)(A).
    \30\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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 normally does not become operative for 30 days after the date of
its filing. However, Rule 19b-4(f)(6)(iii) \31\ 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 proposal may become operative immediately upon filing. The
Commission notes that it recently approved Phlx's substantially similar
proposal to list and trade Monday IWM Expirations and Wednesday IWM
Expirations.\32\ The Exchange stated that waiver of the operative delay
is consistent with the protection of investors and the public interest
as it would encourage fair competition among exchanges by allowing MIAX
Pearl to compete effectively with Phlx by having the ability to list
and trade the same Monday and Wednesday IWM Expirations that Phlx is
able to list and trade. For these reasons, the Commission believes that
the proposed rule change presents no novel issues and that waiver of
the 30-day operative delay is consistent with the protection of
investors and the public interest, and will allow the Exchange to
remain competitive with other exchanges. Accordingly, the Commission
hereby waives the operative delay and designates the proposed rule
change operative upon filing.\33\
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    \31\ 17 CFR 240.19b-4(f)(6)(iii).
    \32\ See supra note 3.
    \33\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    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-PEARL-2021-47 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-PEARL-2021-47. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet 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-
PEARL-2021-47 and should be submitted on or before October 29, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
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    \34\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-21996 Filed 10-7-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 103 (Friday, May 27, 2022)]
[Rules and Regulations]
[Pages 32088-32090]
[FR Doc No: 2022-11349]

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

40 CFR Part 52

[EPA-R07-OAR-2022-0236; FRL-9605-02-R7]

Air Plan Approval; Missouri; Control of Volatile Organic Compound
Emissions From Reactor Processes and Distillation Operations Processes
in the Synthetic Organic Chemical Manufacturing Industry

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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SUMMARY: The Environmental Protection Agency (EPA) is taking final
action to approve a revision to the State Implementation Plan (SIP) for
the State of Missouri. This final action will amend a Missouri
regulation that controls emissions from facilities in St. Louis City
and Jefferson, St. Charles, Franklin, and St. Louis Counties. The
revisions to this rule include amending the rule applicability section
for sources subject to the rule, removing unnecessary words, updating
incorporations by reference, amending definitions specific to the rule,
updating test and reference methods and other minor edits. These
revisions meet the requirements of the Clean Air Act (CAA) and do not
impact the stringency of the SIP or air quality. Approval of these
revisions will ensure consistency between State and federally approved
rules.

DATES: This final rule is effective on June 27, 2022.

ADDRESSES: The EPA has established a docket for this action under
Docket ID No. EPA-R07-OAR-2022-0236. All documents in the docket are
listed on the https://www.regulations.gov website. Although listed in
the index, some information is not publicly available, i.e.,
confidential business information (CBI) or other information whose
disclosure is restricted by statute. Certain other material, such as
copyrighted material, is not placed on the internet and will be
publicly available only in hard copy form. Publicly available docket
materials are available through https://www.regulations.gov or please
contact the person identified in the FOR FURTHER INFORMATION CONTACT
section for additional information.

FOR FURTHER INFORMATION CONTACT: Jason Heitman, Environmental
Protection Agency, Region 7 Office, Air Quality Planning Branch, 11201
Renner Boulevard, Lenexa, Kansas 66219; telephone number: (913) 551-
7664; email address: [email protected].

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

Table of Contents

I. What is being addressed in this document?
II. Have the requirements for approval of a SIP revision been met?
III. What action is the EPA taking?
IV. Incorporation by Reference
V. Statutory and Executive Order Reviews

I. What is being addressed in this document?

    The EPA is taking final action to approve revisions to 10 Code of
State Regulations (CSR) 10-5.550, Control of Volatile Organic Compound
Emissions From Reactor Processes and Distillation Operations Processes
in the Synthetic Organic Chemical Manufacturing Industry, in the
Missouri SIP. On March 25, 2022, the EPA published a notice of proposed
rulemaking (NPRM) which proposed to approve the SIP revision as
submitted by Missouri on February 11, 2020 (87 FR 17058). The revisions
amend the rule applicability section for sources subject to this rule,
remove unnecessary words, update incorporations by reference, amend
definitions specific to the rule, update test and reference methods,
and make other minor edits. More detail on the EPA's analysis of the
revisions can be found in the NPRM and technical support document (TSD)
included in this docket.

II. Have the requirements for approval of a SIP revision been met?

    The State's submission has met the public notice requirements for
SIP submissions in accordance with 40 CFR 51.102. The submission also
satisfied the completeness criteria of 40 CFR part 51, appendix V. The
State provided public notice on this SIP revision from May 1, 2019, to
August 1, 2019, and received nine comments. The State revised the rule
based on the comments submitted. In addition, as explained in more
detail in the NPRM and technical support document (TSD) which is part
of this document, the revision meets the substantive SIP requirements
of the CAA, including section 110 and implementing regulations.

III. What action is the EPA taking?

    On March 25, 2022, the EPA published a NPRM proposing to approve
Missouri's February 11, 2020, SIP revision submittal (87 FR 17058). The
EPA sought public comment on the NPRM and received no comments.
Therefore, the EPA is taking final action to amend the Missouri SIP to
include revisions to 10 CSR 10-5.550, Control of Volatile Organic
Compound Emissions From Reactor Processes and Distillation Operations
Processes in the Synthetic Organic Chemical Manufacturing Industry.
Approval of these revisions will ensure consistency between State and
federally approved rules. As described in the NPRM and the TSD, the EPA
has determined that these changes meet the requirements of the Clean
Air Act and will not adversely impact air quality or the stringency of
the SIP.

IV. Incorporation by Reference

    In this document, the EPA is finalizing regulatory text that
includes incorporation by reference. In accordance with requirements of
1 CFR 51.5, the EPA is finalizing the incorporation by reference of the
Missouri Regulations described in Section I of this preamble and set
forth below in the amendments to 40 CFR part 52. The EPA has made, and
will continue to make, these materials generally available through
www.regulations.gov and at the EPA Region 7 Office (please contact the
person identified in the FOR FURTHER INFORMATION CONTACT section of
this preamble for more information).

    Therefore, these materials have been approved by the EPA for
inclusion in the State Implementation Plan, have been incorporated by
reference by EPA into that plan, are fully federally enforceable under
sections 110 and 113 of the CAA as of the effective date of the final
rulemaking of the EPA's approval, and will be incorporated by reference
in the next update to the SIP compilation.\1\
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    \1\ 62 FR 27968, May 22, 1997.
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V. Statutory and Executive Order Reviews

    Under the Clean Air Act (CAA), the Administrator is required to
approve a SIP submission that complies with the provisions of the Act
and applicable Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a).
Thus, in reviewing SIP submissions, EPA's role is to approve state
choices, provided that they meet the criteria of the CAA. Accordingly,
this action merely approves state law as meeting Federal requirements
and does not impose additional requirements beyond those imposed by
state law. For that reason, this action:
     Is not a significant regulatory action subject to review
by the Office of Management and Budget under Executive Orders 12866 (58
FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21, 2011);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of the National Technology
Transfer and Advancement Act (NTTA) because this rulemaking does not
involve technical standards; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).
     In addition, the SIP is not approved to apply on any
Indian reservation land or in any other area where the EPA or an Indian
tribe has demonstrated that a tribe has jurisdiction. In those areas of
Indian country, the rule does not have tribal implications and will not
impose substantial direct costs on tribal governments or preempt tribal
law as specified by Executive Order 13175 (65 FR 67249, November 9,
2000).
     This action is subject to the Congressional Review Act,
and the EPA will submit a rule report to each House of the Congress and
to the Comptroller General of the United States. This action is not a
``major rule'' as defined by 5 U.S.C. 804(2).
     Under section 307(b)(1) of the CAA, petitions for judicial
review of this action must be filed in the United States Court of
Appeals for the appropriate circuit by July 26, 2022. Filing a petition
for reconsideration by the Administrator of this final rule does not
affect the finality of this action for the purposes of judicial review
nor does it extend the time within which a petition for judicial review
may be filed, and shall not postpone the effectiveness of such rule or
action. This action may not be challenged later in proceedings to
enforce its requirements (see section 307(b)(2)).

List of Subjects in 40 CFR Part 52

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

    Dated: May 20, 2022.
Meghan A. McCollister,
Regional Administrator, Region 7.

    For the reasons stated in the preamble, the EPA amends 40 CFR part
52 as set forth below:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

0
1. The authority citation for part 52 continues to read as follows:

    Authority:  42 U.S.C. 7401 et seq.

Subpart AA--Missouri

0
2. In Sec.  52.1320, the table in paragraph (c) is amended by revising
the entry ``10-5.550'' to read as follows:

Sec.  52.1320   Identification of plan.

* * * * *
    (c) * * *

                                        EPA-Approved Missouri Regulations
----------------------------------------------------------------------------------------------------------------
                                                         State
     Missouri citation                Title            effective      EPA approval date         Explanation
                                                         date
----------------------------------------------------------------------------------------------------------------
                                    Missouri Department of Natural Resources
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                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------
                           Chapter 5--Air Quality Standards and Air Pollution Control
----------------------------------------------------------------------------------------------------------------
                                 Regulations for the St. Louis Metropolitan Area
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
10-5.550...................  Control of Volatile       1/30/2020   5/27/2022, [insert      .....................
                              Organic Compound                      Federal Register
                              Emissions From                        citation].
                              Reactor Processes and
                              Distillation
                              Operations Processes
                              in the Synthetic
                              Organic Chemical
                              Manufacturing
                              Industry.

                                                  * * * * * * *
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* * * * *
[FR Doc. 2022-11349 Filed 5-26-22; 8:45 am]
BILLING CODE 6560-50-P