[Federal Register Volume 83, Number 248 (Friday, December 28, 2018)]
[Notices]
[Pages 67395-67396]
[FR Doc No: 2018-28196]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84899; File No. SR-NYSE-2018-65]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Its Price List Regarding Certain Bond Trading License Fee Waivers

December 20, 2018.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on December 19, 2018, New York Stock Exchange LLC (``NYSE''
or the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by the self-
regulatory organization. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend its Price List to (i) extend a fee
waiver for new firm application fees for applicants seeking only to
obtain a bond trading license (``BTL'') for 2019; and (ii) waive the
BTL fee for 2019. The Exchange proposes to implement the fee changes
effective January 2, 2019. The proposed rule change is available on the
Exchange's website at www.nyse.com, at the principal office of the
Exchange, 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 self-regulatory organization
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 those 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 parts 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 its Price List to (i) extend a fee
waiver for new firm application fees for applicants seeking only to
obtain a BTL for 2019; \4\ and (iii) waive the BTL fee for 2019. The
Exchange proposes to implement the fee changes effective January 2,
2019.
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    \4\ The Exchange initially filed to adopt the fee waiver and
waive the BTL fee in 2015. See Securities Exchange Act Release No.
74031 (January 12, 2015), 80 FR 2462 (January 16, 2015) (SR-NYSE-
2014-78). The Exchange subsequently filed to extend the fee waiver
and waive the BTL fee in 2017 and 2018. See Securities Exchange Act
Release Nos. 79710 (December 29, 2016), 82 FR 1395 (January 5, 2017)
(SR-NYSE-2016-89); and 82418 (December 28, 2017), 83 FR 568 (January
4, 2018) (SR-NYSE-2017-70).
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    The Exchange currently charges a New Firm Fee ranging from $2,500
to $20,000, depending on the type of firm, which is charged per
application for any broker-dealer that applies to be approved as an
Exchange member organization. The Exchange proposes to waive the New
Firm Fee for 2019 for new member organization applicants that are
seeking only to obtain a BTL and not trade equities at the Exchange.
The proposed waiver of the New Firm Fee would be available only to
applicants seeking approval as a new member organization, including
carrying firms, introducing firms, or non-public organizations, which
would be seeking to obtain a BTL at the Exchange and not trade
equities. Further, if a new firm that is approved as a member
organization and has had the New Firm Fee waived converts a BTL to a
full trading license within one year of approval, the New Firm Fee
would be charged in full retroactively. The Exchange believes that
charging the New Firm Fee retroactively within a year of approval is
appropriate because it would discourage applicants to claim that they
are applying for a BTL solely to avoid New Firm Fees.
    Additionally, the Exchange currently charges a BTL fee of $1,000
per year. The Exchange proposes to amend the Price List to waive the
BTL fee for 2019 for all member organizations.
    The Exchange believes that the proposed fee changes would provide
increased incentives for bond trading firms that are not currently
Exchange member organizations to apply for Exchange membership and a
BTL. The Exchange believes that having more member organizations
trading on the Exchange's bond platform would benefit investors through
the additional display of liquidity and increased execution
opportunities in Exchange-traded bonds at the Exchange.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\5\ in general, and furthers the
objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\6\ in
particular, because it provides for the equitable allocation of
reasonable dues, fees, and other charges among its members, issuers and
other persons using its facilities and does not unfairly discriminate
between customers, issuers, brokers or dealers.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4), (5).
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    The Exchange believes that it is reasonable to waive the New Firm
Fee and the annual BTL fee for 2019 to provide an incentive for bond
trading firms to apply for Exchange membership and a BTL. The Exchange
believes that providing an incentive for bond trading firms that are
not currently Exchange member organizations to apply for membership and
a BTL would encourage market participants to become members of the
Exchange and bring additional liquidity to a transparent bond market.
To the extent the existing New Firm Fees or the BTL fee serves as a
disincentive for bond trading firms to become Exchange member
organizations, the Exchange believes that the proposed fee change could
expand the number of firms eligible to trade bonds on the Exchange. The
Exchange believes creating incentives for bond trading firms to trade
bonds on the Exchange protects investors and the public interest by
increasing the competition and liquidity

on a transparent market for bond trading. The proposed waiver of the
New Firm Fee and BTL fee is equitable and not unfairly discriminatory
because it would be offered to all market participants that wish to
trade at the Exchange the narrower class of debt securities only.

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

    In accordance with Section 6(b)(8) of the Act,\7\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Debt securities typically trade in a decentralized
over-the-counter (``OTC'') dealer market that is less liquid and
transparent than the equities markets. The Exchange believes that the
proposed change would increase competition with these OTC venues by
reducing the cost of being approved as and operating as an Exchange
member organization that solely trades bonds at the Exchange, which the
Exchange believes will enhance market quality through the additional
display of liquidity and increased execution opportunities in Exchange-
traded bonds at the Exchange.
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    \7\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

    The Exchange notes that it operates in a highly competitive market
in which market participants can readily favor competing venues that
are not transparent. In such an environment, the Exchange must
continually review, and consider adjusting its fees and rebates to
remain competitive with other exchanges as well as with alternative
trading systems and other venues that are not required to comply with
the statutory standards applicable to exchanges. Because competitors
are free to modify their own fees and credits in response, and because
market participants may readily adjust their order routing practices,
the Exchange believes that the degree to which fee changes in this
market may impose any burden on competition is extremely limited. As a
result of all of these considerations, the Exchange does not believe
that the proposed change will impair the ability of member
organizations or competing order execution venues to maintain their
competitive standing in the financial markets.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \8\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \9\ thereunder, because it establishes a due, fee, or other charge
imposed by the Exchange.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such 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 under
Section 19(b)(2)(B) \10\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(2)(B).
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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-NYSE-2018-65 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2018-65. 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 such filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. 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-NYSE-2018-65, and should be submitted on
or before January 18, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2018-28196 Filed 12-27-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 195 (Wednesday, October 13, 2021)]
[Notices]
[Pages 56923-56924]
[FR Doc No: 2021-22173]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER22-20-000]

PGR 2021 Lessee 1, LLC; Supplemental Notice That Initial Market-
Based Rate Filing Includes Request for Blanket Section 204
Authorization

    This is a supplemental notice in the above-referenced proceeding of
PGR 2021 Lessee 1, 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 October 25, 2021.

    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 may mail similar pleadings to
the Federal Energy Regulatory Commission, 888 First Street NE,
Washington, DC 20426. Hand delivered submissions in docketed
proceedings should be delivered to Health and Human Services, 12225
Wilkins Avenue, Rockville, Maryland 20852.
    In addition to publishing the full text of this document in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
internet through the Commission's Home Page (http://www.ferc.gov) using
the ``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. At this time,
the Commission has suspended access to the Commission's Public
Reference Room, due to the proclamation declaring a National Emergency
concerning the Novel Coronavirus Disease (COVID-19), issued by the
President on March 13, 2020. For assistance, contact the Federal Energy
Regulatory Commission at [email protected] or call toll-free,
(886) 208-3676 or TYY,<PHONE_NUMBER>.

    Dated: October 5, 2021.
Kimberly D. Bose,
Secretary.
[FR Doc. 2021-22173 Filed 10-12-21; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 80, Number 181 (Friday, September 18, 2015)]
[Rules and Regulations]
[Pages 56386-56388]
[FR Doc No: 2015-23536]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket Number USCG-2015-0833]
RIN 1625-AA00

Safety Zone; Saint-Gobain Performance Plastics Celebration
Fireworks; Lake Erie, Cleveland, OH

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is establishing a temporary safety zone in
Lake Erie, Cleveland, OH. This safety zone is intended to restrict
vessels from a portion of Lake Erie during the Saint-Gobain Performance
Plastics Celebration fireworks display. This temporary safety zone is
necessary to protect mariners and vessels from the navigational hazards
associated with a fireworks display.

DATES: This rule will be effective from 9:15 p.m. until 10:05 p.m. on
September 19, 2015.

ADDRESSES: Documents mentioned in this preamble are part of docket
[USCG-2015-0833]. To view documents mentioned in this preamble as being
available in the docket, go to http://www.regulations.gov, type the
docket number in the ``SEARCH'' box and click ``SEARCH.'' Click on Open
Docket Folder on the line associated with this rulemaking. You may also
visit the Docket Management Facility in Room W12-140 on the ground
floor of the Department of Transportation West Building, 1200 New
Jersey Avenue SE., Washington, DC 20590, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call LT Stephanie Pitts, Chief of Waterways Management, U.S. Coast
Guard Marine Safety Unit Cleveland; telephone<PHONE_NUMBER>. If you have
questions on viewing the docket, call Ms. Cheryl Collins, Program
Manager, Docket Operations, telephone<PHONE_NUMBER> or 1-800-647-5527.

SUPPLEMENTARY INFORMATION:

Table of Acronyms

DHS Department of Homeland Security
FR Federal Register
NPRM Notice of Proposed Rulemaking
TFR Temporary Final Rule

A. Regulatory History and Information

    The Coast Guard is issuing this temporary final rule without prior
notice and opportunity to comment pursuant to authority under section
4(a) of the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This
provision authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency for good cause finds that those
procedures are ``impracticable, unnecessary, or contrary to the public
interest.'' Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good
cause exists for not publishing a notice of proposed rulemaking (NPRM)
with respect to this rule because doing so would be impracticable and
contrary to the public interest. The final details for this event were
not known to the Coast Guard until there was insufficient time
remaining before the event to publish an NPRM. Thus, delaying the
effective date of this rule to wait for a comment period to run would
be both impracticable and contrary to the public interest because it
would inhibit the Coast Guard's ability to protect spectators and
vessels from the hazards associated with a maritime fireworks display.
    Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause
exists for making this temporary rule effective less than 30 days after
publication in the Federal Register. For the same reasons discussed in
the preceding paragraph, waiting for a 30 day notice period to run
would be impracticable and contrary to the public interest.

B. Basis and Purpose

    The legal basis and authorities for this rule are found in 33
U.S.C. 1231; 50 U.S.C. 191; 33 CFR 1.05-1, 6.04-1, 6.04-6, and 160.5;
and Department of Homeland Security Delegation No. 0170.1, which
collectively authorize the

Coast Guard to establish and define regulatory safety zones.
    Between 9:15 p.m. and 10:05 p.m. on September 19, 2015, a fireworks
display will be held on the shoreline of Lake Erie in Cleveland, OH. It
is anticipated that numerous vessels will be in the immediate vicinity
of the launch point. The Captain of the Port Buffalo has determined
that such a launch proximate to a gathering of watercraft poses a
significant risk to public safety and property. Such hazards include
premature and accidental detonations, dangerous projectiles, and
falling or burning debris.

C. Discussion of the Final Rule

    With the aforementioned hazards in mind, the Captain of the Port
Buffalo has determined that this temporary safety zone is necessary to
ensure the safety of spectators and vessels during the Saint-Gobain
Performance Plastics Celebration fireworks display. This zone will be
effective and enforced from 9:15 p.m. until 10:05 p.m. on September 19,
2015. This zone will encompass all waters of Lake Erie; Cleveland, OH
within a 280-foot radius of position 41[deg] 30'34.23'' N. and
81[deg]41'56.3'' W. (NAD 83).
    Entry into, transiting, or anchoring within the safety zone is
prohibited unless authorized by the Captain of the Port Buffalo or his
designated on-scene representative. The Captain of the Port or his
designated on-scene representative may be contacted via VHF Channel 16.

D. Regulatory Analyses

    We developed this rule after considering numerous statutes and
executive orders related to rulemaking. Below we summarize our analyses
based on these statutes and executive orders.

1. Regulatory Planning and Review

    This rule is not a significant regulatory action under section 3(f)
of Executive Order 12866, Regulatory Planning and Review, as
supplemented by Executive Order 13563, Improving Regulation and
Regulatory Review, and does not require an assessment of potential
costs and benefits under section 6(a)(3) of Executive Order 12866 or
under section 1 of Executive Order 13563. The Office of Management and
Budget has not reviewed it under those Orders.
    We conclude that this rule is not a significant regulatory action
because we anticipate that it will have minimal impact on the economy,
will not interfere with other agencies, will not adversely alter the
budget of any grant or loan recipients, and will not raise any novel
legal or policy issues. The safety zone created by this rule will be
relatively small and enforced for a relatively short time. Also, the
safety zone is designed to minimize its impact on navigable waters.
Under certain conditions, moreover, vessels may still transit through
the safety zone when permitted by the Captain of the Port.

2. Impact on Small Entities

    Under the Regulatory Flexibility Act (5 U.S.C. 601-612), we have
considered the impact of this rule on small entities. 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.
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. This rule will affect the following entities, some of which
might be small entities: The owners or operators of vessels intending
to transit or anchor in a portion of Lake Erie; Cleveland, OH on the
evening of September 19, 2015.
    This safety zone will not have a significant economic impact on a
substantial number of small entities for the following reasons: This
safety zone would be effective, and thus subject to enforcement, for
only 50 minutes late in the day. Traffic may be allowed to pass through
the zone with the permission of the Captain of the Port. The Captain of
the Port can be reached via VHF channel 16. Before the enforcement of
the zone, we would issue local Broadcast Notice to Mariners.

3. Assistance for Small Entities

    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
section 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.

4. Collection of Information

    This rule will not call for a new collection of information under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

5. Federalism

    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 determined
that this rule does not have implications for federalism.

6. 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.

7. 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.

8. Taking of Private Property

    This rule will not cause a taking of private property or otherwise
have taking implications under Executive Order 12630, Governmental
Actions and Interference with Constitutionally Protected Property
Rights.

9. Civil Justice Reform

    This rule meets applicable standards in sections 3(a) and 3(b)(2)
of Executive Order 12988, Civil Justice Reform, to minimize litigation,
eliminate ambiguity, and reduce burden.

10. Protection of Children

    We have analyzed this rule under Executive Order 13045, Protection
of

Children from Environmental Health Risks and Safety Risks. This rule is
not an economically significant rule and does not create an
environmental risk to health or risk to safety that may
disproportionately affect children.

11. Indian Tribal Governments

    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.

12. Energy Effects

    This action is not a ``significant energy action'' under Executive
Order 13211, Actions Concerning Regulations That Significantly Affect
Energy Supply, Distribution, or Use.

13. Technical Standards

    This rule does not use technical standards. Therefore, we did not
consider the use of voluntary consensus standards.

14. Environment

    We have analyzed this rule under Department of Homeland Security
Management Directive 023-01 and Commandant Instruction M16475.lD, which
guide the Coast Guard in complying with the National Environmental
Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f), and have determined
that this action is one of a category of actions that do not
individually or cumulatively have a significant effect on the human
environment. This rule involves the establishment of a safety zone and,
therefore it is categorically excluded from further review under
paragraph 34(g) of Figure 2-1 of the Commandant Instruction. An
environmental analysis checklist supporting this determination and a
Categorical Exclusion Determination are available in the docket where
indicated under ADDRESSES. We seek any comments or information that may
lead to the discovery of a significant environmental impact from this
rule.

List of Subjects in 33 CFR Part 165

    Harbors, Marine safety, Navigation (water), Reporting and
recordkeeping requirements, Security measures, Waterways.

    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority: 33 U.S.C. 1231; 50 U.S.C. 191; 33 CFR 1.05-1, 6.04-1,
6.04-6, and 160.5; Department of Homeland Security Delegation No.
0170.1.

0
2. Section 165.T09-0833 is added to read as follows:

Sec.  165.T09-0833  Safety Zone; Saint-Gobain Performance Plastics
Celebration Fireworks, Lake Erie; Cleveland, OH.

    (a) Location. This zone will encompass all waters of Lake Erie;
Cleveland, OH within a 280-foot radius of position 41[deg]30'34.23'' N.
and 81[deg]41'56.3'' W. (NAD 83).
    (b) Effective and Enforcement Period. This regulation is effective
and will be enforced on September 19, 2015 from 9:15 p.m. until 10:05
p.m.
    (c) Regulations. (1) In accordance with the general regulations in
Sec.  165.23 of this part, entry into, transiting, or anchoring within
this safety zone is prohibited unless authorized by the Captain of the
Port Buffalo or his designated on-scene representative.
    (2) This safety zone is closed to all vessel traffic, except as may
be permitted by the Captain of the Port Buffalo or his designated on-
scene representative.
    (3) The ``on-scene representative'' of the Captain of the Port
Buffalo is any Coast Guard commissioned, warrant or petty officer who
has been designated by the Captain of the Port Buffalo to act on his
behalf.
    (4) Vessel operators desiring to enter or operate within the safety
zone shall contact the Captain of the Port Buffalo or his on-scene
representative to obtain permission to do so. The Captain of the Port
Buffalo or his on-scene representative may be contacted via VHF Channel
16. Vessel operators given permission to enter or operate in the safety
zone must comply with all directions given to them by the Captain of
the Port Buffalo, or his on-scene representative.

    Dated: August 27, 2015.
B. W. Roche,
Captain, U.S. Coast Guard, Captain of the Port Buffalo.
[FR Doc. 2015-23536 Filed 9-17-15; 8:45 am]
BILLING CODE 9110-04-P


SAFE PESTICIDES/SAFE PRODUCTS (SP2) SUBCOMMITTEE

MEETING AGENDA

March 22, 2007

12:00 pm – 2:00 pm Eastern Time

CONFERENCE CALL

Participation by Teleconference Only

866-299-3188

code:<PHONE_NUMBER>#

12:00-12:05pm	Welcome	Dr. Anna Harding,

	- Roll call	Subcommittee Chair

12:05-12:10 pm	Administrative Procedures	Lorelei Kowalski

BOSC Executive Committee DFO

12:10-12:45 pm 	Overview of Summary Assessment 	 Jim Clark, BOSC Executive BOSC Perspective	 Committee Chair

12:45-1:00 pm	Public Comment

1:00-2:00 pm	Subcommittee Discussion	Dr. Anna Harding

	- Summary of Draft Report Progress	Subcommittee Chair

	- Draft Report Discussion

2:00 pm	Adjourn

            A Federal Advisory Committee for the U.S. Environmental Protection Agency’s Office of Research and Development


        \s \* MERGEFORMATUNITED STATES ENVIRONMENTAL PROTECTION AGENCY
                            WASHINGTON, D.C.  20460

                                                  OFFICE OF CHEMICAL SAFETY AND
                                                                                POLLUTION PREVENTION
MEMORANDUM

Date:			25-October-2011

            Subject:		Quizalofop-P-ethyl.  Revised Chronic Dietary Exposure Assessment to Support Section 3 Registration for use on Corn, Rapeseed and Sorghum.

PC Codes:  128709,128711
DP Barcode: D395387
Decision No.: 441518
Registration No.:352-341
Petition No.:
Regulatory Action: Amended Section 3
Risk Assessment Type: Dietary Exposure
Case No.:
TXR No.: NA
CAS Nos.: 76578-14-8, 100646-51-3
MRID No.:NA
40 CFR:180.441

REVIEWER:	Seyed Tadayon, Chemist
      Risk Assessment Branch V
      Health Effects Division (7509P)

THROUGH:	Donna Davis, Chemist
      Meheret Negussie, Chemist
      Dietary Exposure Science Advisory Council (DESAC)
      Health Effects Division (7509P)

TO:		Ideliz Negrón-Encarnación, PhD, Risk Assessor
      Risk Assessment Branch V
      Health Effects Division (7509P)

Executive Summary

            This is a revision of the original Chronic Dietary Exposure Assessment to Support Section 3
            Registration for use on Corn, Rapeseed and Sorghum (S. Tadayon, August 24, 2011, Dp 393220).
            This assessment has been revised to address the change in tolerance value (rapeseed subgroup 20 A,
            Except  flaxseed) from 1.00 ppm to 1.5 ppm.

Chronic dietary exposure and risk assessment was conducted using the Dietary Exposure Evaluation Model (DEEM-FCID(TM), Version 2.03) which uses food consumption data from the U.S. Department of Agriculture's Continuing Surveys of Food Intakes by Individuals (CSFII) from 1994-1996 and 1998.  Acute dietary assessment was not conducted since there were no appropriate endpoints/doses selected for acute dietary risk assessment. The analyses were performed as part of a registration action; to support a Section 3 Registration on corn, rapeseed and sorghum. Quizalofop-p-ethyl was classified as "not likely" to be a human carcinogen, therefore no cancer assessment was performed.

The chronic analysis incorporated tolerance level residues for all commodities, and 100 percent crop treated (%CT) was assumed.  DEEM(TM) (ver 7.78) default processing factors were assumed when applicable.  The analyses also included the PRZM-EXAMs modeled chronic surface water point estimate generated based on the sorghum application scenario. The chronic exposure estimates are  29 % cPAD and are therefore below HED's level of concern (children 1-2 years old were the most highly exposed population).

I.	Introduction

Dietary risk assessment incorporates both exposure and toxicity of a given pesticide.  For chronic assessments, the risk is expressed as a percentage of a maximum acceptable dose.  This is the PAD, which HED has concluded will result in no unreasonable adverse health effects.  The PAD is the RfD divided by the Food Quality Protection Act (FQPA) Safety Factor.  Dietary risk is expressed as a percentage of the PAD.  HED is concerned when estimated dietary risk exceeds 100% of the PAD.  References which discuss the chronic risk assessment in more detail are available on the EPA/pesticides web site:  "Available Information on Assessing Exposure from Pesticides, A User's Guide," 6/21/2000, web link:  http://www.epa.gov/fedrgstr/EPA-PEST/2000 /July/Day-12/6061.pdf; or see SOP 99.6 (8/20/99).

The most recent dietary exposure assessment for quizalofop-ethyl was performed to support section 3 registration for use on barley, wheat, sunflower and flax. [Christina Swartz, D31475, 31/7/2006].

II.	Residue Information

Established and Proposed Tolerances:

Presently, quizalofop ethyl is registered for uses on canola, crambe, cotton, dry beans, dry and
succulent peas, lentils, mint, snap beans, soybean, sugar beets, barley, flax, sunflower and wheat.

Tolerances are established under 40 CFR §180.441(a)(1) for the combined residues of quizalofop ethyl and quizalofop, all expressed as quizalofop ethyl in/on agricultural commodities except as listed in Section (a)(3), under §180.441(a)(2) for the combined residues of quizalofop ethyl, quizalofop, and quizalofop methyl, all expressed as quizalofop ethyl, for egg, fat, meat, meat byproducts, milk and milk fat, and under §180.441(a)(3) for the combined residues of quizalofop-P ethyl ester, quizalofop-P, and the S-enantiomers of the ester and the acid, expressed as quizalofop-P ethyl ester, for sugar beet, barley, wheat sunflower seed, canola, cotton, lentil, vegetable  subgroups 6 and 7A, peppermint and spearmint.  Other tolerances include a time-limited tolerance under §180.441(a)(4) which expired 6/14/1999 and a tolerance with regional registration under §180.441(a)(4)(c) on pineapple.

The following proposed tolerances have been included in the dietary exposure analyses, in addition to those already established under 40 CFR §180.441.

            Rapeseed, subgroup 20A, except flax, seed	1.5	 ppm
            Sorghum, grain	0.20 ppm
				Corn, grain						     0.02 ppm

The inputs used were (i) tolerance level residues for all commodities, (ii) 100 percent crop treated (%CT) and (iii) DEEM(TM) ver. 7.78) default processing factors.,

III .Drinking Water Residues used in the Chronic Risk Assessment:

A drinking water exposure memo was generated for existing and proposed uses of quizalofop [S. Wente, 07/19/2011, D384661].  A Tier II drinking water assessment of surface water was performed based on Index Reservoir settings, using the linked PRZM-EXAMs models.  The sorghum application scenario was used to predict an estimated drinking water concentration (EDWC) of 2.006 ppb for chronic exposure.  For ground water sources, the SCIGROW model was used to predict an EDWC of 1.29 ppb for chronic exposure. Since the surface water concentration was the highest, the chronic dietary risk assessment was conducted assuming a residue of 0.002 ppm for all water sources (direct and indirect).

IV. Program and Consumption Information

Chronic dietary exposure assessments were conducted using DEEM-FCID(TM) (ver. 2.03), which incorporates consumption data from USDA's CSFII 1994-1996 and 1998.  The 1994-96, 98 data are based on the reported consumption of more than 20,000 individuals over two non-consecutive survey days.  Foods "as consumed" (e.g., apple pie) are linked to EPA-defined food commodities (e.g. apples, peeled fruit - cooked; fresh or N/S; baked; or wheat flour - cooked; fresh or N/S, baked) using publicly available recipe translation files developed jointly by USDA/ARS and EPA.  For chronic exposure assessment, consumption data are averaged for the entire U.S. population and within population subgroups.  Based on analysis of the 1994-96, 98 CSFII consumption data, which took into account dietary patterns and survey respondents, HED concluded that it is most appropriate to report risk for the following population subgroups: the general U.S. population, all infants (<1 year old), children 1-2, children 3-5, children 6-12, youth 13-19, adults 20-49, females 13-49, and adults 50+ years old.

For chronic dietary exposure assessment, an estimate of the residue level in each food or food-form (e.g., orange or orange juice) on the food commodity residue list is multiplied by the average daily consumption estimate for that food/food form to produce a residue intake estimate. The resulting residue intake estimate for each food/food form is summed with the residue intake estimates for all other food/food forms on the commodity residue list to arrive at the total average estimated exposure.  Exposure is expressed in mg/kg body weight/day and as a percent of the cPAD.  This procedure is performed for each population subgroup.

V. Toxicological Information

There are no appropriate endpoints/doses selected for acute dietary risk assessment since there were no effects observed in oral toxicity studies that could be attributed to a single dose exposure.  The chronic reference dose (cRfD) is established based on a combined chronic toxicity/carcinogenicity study in rats, in which liver effects and anemia were observed at the LOAEL.  The FQPA factor was reduced to 1X, and there are no toxicity data gaps; therefore, the combined uncertainty factor (UF) of 100X for quizalofop-P-ethyl is based solely on inter- and intra-species differences.  A summary of the toxicological doses and endpoints selected for dietary exposure assessment is provided in Table 1.

Table1.  Quizalofop-P-ethyl Toxicological Endpoints for Dietary Analysis
                                   Exposure
                                   Scenario
                         Dose Used in Risk Assessment,
                                      UF
               FQPA SF and Level of Concern for Risk Assessment
                        Study and Toxicological Effects
Acute Dietary
[all populations]
An acute dietary endpoint was not selected based on the absence of an appropriate endpoint attributed to a single dose.
Chronic Dietary
[all populations]
NOAEL= 0.9 mg/kg/day

UF=100
Chronic RfD= 0.009 mg/kg/day
FQPA SF = 1X
cPAD = cRfD
              FQPA SF

          = 0.009 mg/kg/day
Chronic Toxicity/ Carcinogenicity Study in Rats
LOAEL = 3.7 mg/kg/day based on increased incidence of centrilobular enlargement of the liver in both sexes and mild anemia in males.
Cancer
Quizalofop-p-ethyl is classified as "not likely" to be a human carcinogen
[1]	UF = uncertainty factor, FQPA SF = FQPA safety factor, NOAEL = no observed adverse effect level, LOAEL = lowest observed adverse effect level, cPAD = chronic population adjusted dose, RfD = reference dose.

VI. Results/Discussion

The chronic dietary risk estimates are 29 % cPAD (See Table 2) and are therefore below HED's level of concern (children 1-2 years old were the most highly exposed population).

Table 2:	Summary of Chronic Dietary Exposure and Risk for Quizalofop-P-ethyl (drinking water included)
                              Population Subgroup
                               cPAD (mg/kg/day)
                                    Chronic

                             Exposure (mg/kg/day)

                                     %cPAD
General U.S. Population
                                     0.009
                                   0.001025
                                      11
All Infants (< 1 year old)

                                   0.002477
                                      28
Children 1-2 years old

                                   0.002636
                                       29*
Children 3-5 years old

                                   0.002315
                                      26
Children 6-12 years old

                                   0.001590
                                      18
Youth 13-19 years old

                                   0.000978
                                      11
Adults 20-49 years old

                                   0.000803
                                       9
Adults 50+ years old

                                   0.000685
                                       8
Females 13-49 years old

                                   0.000767
                                       9
* Children 1-2 years old were the most highly exposed population

VII. Characterization of Inputs/Outputs

The chronic analysis was based on conservative assumptions (tolerance level residues and 100 %CT) for food commodities, A modeled drinking water estimate was used is the assessment. The drinking water assessment of surface water was performed to assess drinking water exposure for quizalofop-p-ethyl in support of field corn and sorghum.   Since the drinking water estimate was generated using the site/scenario which produced the highest estimated surface water concentration, and since conservative assumptions were used for food, HED concludes that the exposure estimates provided in this document are highly conservative and is not likely to underestimate risk.

VIII. Conclusions

The chronic dietary risk estimates are 29 % cPAD and are therefore below HED's level of concern (children 1-2 years old were the most highly exposed population).

VIX. List of Attachments

Attachment 1:	DEEM-FCID chronic residue file
Attachment 2:	DEEM-FCID chronic exposure estimates

Attachment 1:	DEEM-FCID chronic residue file
U.S. Environmental Protection Agency                                 Ver. 2.00
DEEM-FCID Chronic analysis for QUIZALOFOP-ETHYL                   1994-98 data
Residue file: C:\Documents and Settings\stadayon\My Documents\Work in Progress\quizalofop\Revised quizo_newuse 11c.R98
                                                           Adjust. #2 NOT used
Analysis Date 10-25-2011             Residue file dated: 10-25-2011/07:15:38/8
Reference dose (RfD) = 0.009 mg/kg bw/day
Comment:Standard UFs apply (100X)
--------------------------------------------------------------------------------
Food Crop                                       Residue       Adj.Factors      Comment
EPA Code  Grp  Food Name                          (ppm)
                                                             #1         #2
-------- ---- -------------------------------   ---------- ------     ------   -------
15000250 15   Barley, pearled barley             0.050000   1.000      1.000
15000251 15   Barley, pearled barley-babyfood    0.050000   1.000      1.000
15000260 15   Barley, flour                      0.050000   1.000      1.000
15000261 15   Barley, flour-babyfood             0.050000   1.000      1.000
15000270 15   Barley, bran                       0.050000   1.000      1.000
06030300 6C   Bean, black, seed                  0.400000   1.000      1.000
06020310 6B   Bean, broad, succulent             0.250000   1.000      1.000
06030320 6C   Bean, broad, seed                  0.400000   1.000      1.000
06020330 6B   Bean, cowpea, succulent            0.250000   1.000      1.000
06030340 6C   Bean, cowpea, seed                 0.400000   1.000      1.000
06030350 6C   Bean,  great northern, seed        0.400000   1.000      1.000
06030360 6C   Bean, kidney, seed                 0.400000   1.000      1.000
06020370 6B   Bean, lima, succulent              0.250000   1.000      1.000
06030380 6C   Bean, lima, seed                   0.400000   1.000      1.000
06030390 6C   Bean, mung, seed                   0.400000   1.000      1.000
06030400 6C   Bean, navy, seed                   0.400000   1.000      1.000
06030410 6C   Bean, pink, seed                   0.400000   1.000      1.000
06030420 6C   Bean, pinto, seed                  0.400000   1.000      1.000
06010430 6A   Bean, snap, succulent              0.250000   1.000      1.000
06010431 6A   Bean, snap, succulent-babyfood     0.250000   1.000      1.000
21000440 M    Beef, meat                         0.020000   1.000      1.000
21000441 M    Beef, meat-babyfood                0.020000   1.000      1.000
21000450 M    Beef, meat, dried                  0.020000   1.920      1.000
21000460 M    Beef, meat byproducts              0.050000   1.000      1.000
21000461 M    Beef, meat byproducts-babyfood     0.050000   1.000      1.000
21000470 M    Beef, fat                          0.050000   1.000      1.000
21000471 M    Beef,fat-babyfood                  0.050000   1.000      1.000
21000480 M    Beef, kidney                       0.050000   1.000      1.000
21000490 M    Beef, liver                        0.050000   1.000      1.000
21000491 M    Beef, liver-babyfood               0.050000   1.000      1.000
01010520 1A   Beet, sugar                        0.100000   1.000      1.000
01010521 1A   Beet, sugar-babyfood               0.100000   1.000      1.000
01010530 1A   Beet, sugar, molasses              0.200000   1.000      1.000
01010531 1A   Beet, sugar, molasses-babyfood     0.200000   1.000      1.000
40000930 P    Chicken, meat                      0.020000   1.000      1.000
40000931 P    Chicken, meat-babyfood             0.020000   1.000      1.000
40000940 P    Chicken, liver                     0.050000   1.000      1.000
40000950 P    Chicken, meat byproducts           0.050000   1.000      1.000
40000951 P    Chicken, meat byproducts-babyfoo   0.050000   1.000      1.000
40000960 P    Chicken, fat                       0.050000   1.000      1.000
40000961 P    Chicken, fat-babyfood              0.050000   1.000      1.000
40000970 P    Chicken, skin                      0.050000   1.000      1.000
40000971 P    Chicken, skin-babyfood             0.050000   1.000      1.000
06030980 6C   Chickpea, seed                     0.400000   1.000      1.000
06030981 6C   Chickpea, seed-babyfood            0.400000   1.000      1.000
06030990 6C   Chickpea, flour                    0.400000   1.000      1.000
15001200 15   Corn, field, flour                 0.020000   1.000      1.000
15001201 15   Corn, field, flour-babyfood        0.020000   1.000      1.000
15001210 15   Corn, field, meal                  0.020000   1.000      1.000
15001211 15   Corn, field, meal-babyfood         0.020000   1.000      1.000
15001220 15   Corn, field, bran                  0.020000   1.000      1.000
15001230 15   Corn, field, starch                0.020000   1.000      1.000
15001231 15   Corn, field, starch-babyfood       0.020000   1.000      1.000
15001240 15   Corn, field, syrup                 0.020000   1.000      1.000
15001241 15   Corn, field, syrup-babyfood        0.020000   1.000      1.000
15001250 15   Corn, field, oil                   0.020000   1.000      1.000
15001251 15   Corn, field, oil-babyfood          0.020000   1.000      1.000
95001280 O    Cottonseed, oil                    0.100000   0.100      1.000
95001281 O    Cottonseed, oil-babyfood           0.100000   1.000      1.000
70001450 P    Egg, whole                         0.020000   1.000      1.000
70001451 P    Egg, whole-babyfood                0.020000   1.000      1.000
70001460 P    Egg, white                         0.020000   1.000      1.000
70001461 P    Egg, white (solids)-babyfood       0.020000   1.000      1.000
70001470 P    Egg, yolk                          0.020000   1.000      1.000
70001471 P    Egg, yolk-babyfood                 0.020000   1.000      1.000
20001630 20   Flaxseed, oil                      0.050000   1.000      1.000
23001690 M    Goat, meat                         0.020000   1.000      1.000
23001700 M    Goat, meat byproducts              0.050000   1.000      1.000
23001710 M    Goat, fat                          0.050000   1.000      1.000
23001720 M    Goat, kidney                       0.050000   1.000      1.000
23001730 M    Goat, liver                        0.050000   1.000      1.000
06031820 6C   Guar, seed                         0.400000   1.000      1.000
06031821 6C   Guar, seed-babyfood                0.400000   1.000      1.000
24001890 M    Horse, meat                        0.020000   1.000      1.000
06032030 6C   Lentil, seed                       0.050000   1.000      1.000
27002220 D    Milk, fat                          0.250000   1.000      1.000
27002221 D    Milk, fat - baby food/infant for   0.250000   1.000      1.000
27012230 D    Milk, nonfat solids                0.010000   1.000      1.000
27012231 D    Milk, nonfat solids-baby food/in   0.010000   1.000      1.000
27022240 D    Milk, water                        0.010000   1.000      1.000
27022241 D    Milk, water-babyfood/infant form   0.010000   1.000      1.000
27032251 D    Milk, sugar (lactose)-baby food/   0.010000   1.000      1.000
06022550 6B   Pea, succulent                     0.300000   1.000      1.000
06022551 6B   Pea, succulent-babyfood            0.300000   1.000      1.000
06032560 6C   Pea, dry                           0.250000   1.000      1.000
06032561 6C   Pea, dry-babyfood                  0.250000   1.000      1.000
06012570 6A   Pea, edible podded, succulent      0.300000   1.000      1.000
06032580 6C   Pea, pigeon, seed                  0.250000   1.000      1.000
06022590 6B   Pea, pigeon, succulent             0.300000   1.000      1.000
95002750 O    Peppermint                         2.000000   1.000      1.000
95002760 O    Peppermint, oil                    2.000000   1.000      1.000
95002790 O    Pineapple                          0.100000   1.000      1.000
95002791 O    Pineapple-babyfood                 0.100000   1.000      1.000
95002800 O    Pineapple, dried                   0.100000   5.000      1.000
95002810 O    Pineapple, juice                   0.100000   1.700      1.000
95002811 O    Pineapple, juice-babyfood          0.100000   1.700      1.000
25002900 M    Pork, meat                         0.020000   1.000      1.000
25002901 M    Pork, meat-babyfood                0.020000   1.000      1.000
25002910 M    Pork, skin                         0.050000   1.000      1.000
25002920 M    Pork, meat byproducts              0.050000   1.000      1.000
25002921 M    Pork, meat byproducts-babyfood     0.050000   1.000      1.000
25002930 M    Pork, fat                          0.050000   1.000      1.000
25002931 M    Pork, fat-babyfood                 0.050000   1.000      1.000
25002940 M    Pork, kidney                       0.050000   1.000      1.000
25002950 M    Pork, liver                        0.050000   1.000      1.000
60003010 P    Poultry, other, meat               0.020000   1.000      1.000
60003020 P    Poultry, other, liver              0.050000   1.000      1.000
60003030 P    Poultry, other, meat byproducts    0.050000   1.000      1.000
60003040 P    Poultry, other, fat                0.050000   1.000      1.000
60003050 P    Poultry, other, skin               0.050000   1.000      1.000
20003190 20   Rapeseed, oil                      1.500000   1.000      1.000
20003191 20   Rapeseed, oil-babyfood             1.500000   1.000      1.000
26003390 M    Sheep, meat                        0.020000   1.000      1.000
26003391 M    Sheep, meat-babyfood               0.020000   1.000      1.000
26003400 M    Sheep, meat byproducts             0.050000   1.000      1.000
26003410 M    Sheep, fat                         0.050000   1.000      1.000
26003411 M    Sheep, fat-babyfood                0.050000   1.000      1.000
26003420 M    Sheep, kidney                      0.050000   1.000      1.000
26003430 M    Sheep, liver                       0.050000   1.000      1.000
15003440 15   Sorghum, grain                     0.200000   1.000      1.000
15003450 15   Sorghum, syrup                     0.200000   1.000      1.000
06003470 6    Soybean, seed                      0.050000   1.000      1.000
06003480 6    Soybean, flour                     0.500000   1.000      1.000
06003481 6    Soybean, flour-babyfood            0.500000   1.000      1.000
06003490 6    Soybean, soy milk                  0.050000   1.000      1.000
06003491 6    Soybean, soy milk-babyfood or in   0.050000   1.000      1.000
06003500 6    Soybean, oil                       1.000000   1.000      1.000
06003501 6    Soybean, oil-babyfood              1.000000   1.000      1.000
95003520 O    Spearmint                          2.000000   1.000      1.000
95003530 O    Spearmint, oil                     2.000000   1.000      1.000
20003640 20   Sunflower, seed                    1.900000   1.000      1.000
20003650 20   Sunflower, oil                     1.900000   1.000      1.000
20003651 20   Sunflower, oil-babyfood            1.900000   1.000      1.000
50003820 P    Turkey, meat                       0.020000   1.000      1.000
50003821 P    Turkey, meat-babyfood              0.020000   1.000      1.000
50003830 P    Turkey, liver                      0.050000   1.000      1.000
50003831 P    Turkey, liver-babyfood             0.050000   1.000      1.000
50003840 P    Turkey, meat byproducts            0.050000   1.000      1.000
50003841 P    Turkey, meat byproducts-babyfood   0.050000   1.000      1.000
50003850 P    Turkey, fat                        0.050000   1.000      1.000
50003851 P    Turkey, fat-babyfood               0.050000   1.000      1.000
50003860 P    Turkey, skin                       0.050000   1.000      1.000
50003861 P    Turkey, skin-babyfood              0.050000   1.000      1.000
86010000 O    Water, direct, all sources         0.002000   1.000      1.000
86020000 O    Water, indirect, all sources       0.002000   1.000      1.000
15004010 15   Wheat, grain                       0.050000   1.000      1.000
15004011 15   Wheat, grain-babyfood              0.050000   1.000      1.000
15004020 15   Wheat, flour                       0.050000   1.000      1.000
15004021 15   Wheat, flour-babyfood              0.050000   1.000      1.000
15004030 15   Wheat, germ                        0.050000   1.000      1.000
15004040 15   Wheat, bran                        0.050000   1.000      1.000

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Attachment 2:	DEEM-FCID chronic exposure estimates
U.S. Environmental Protection Agency                                 Ver. 2.00
DEEM-FCID Chronic analysis for QUIZALOFOP-ETHYL                 (1994-98 data)
Residue file name: C:\Documents and Settings\stadayon\My Documents\Work in Progress\quizalofop\Revised quizo_newuse 11c.R98
                                                 Adjustment factor #2 NOT used.
Analysis Date 10-25-2011/07:21:12     Residue file dated: 10-25-2011/07:15:38/8
Reference dose (RfD, Chronic) = .009 mg/kg bw/day
COMMENT 1: Standard UFs apply (100X)
===============================================================================
                    Total exposure by population subgroup
-------------------------------------------------------------------------------

                                                    Total Exposure
                                         -----------------------------------
          Population                         mg/kg             Percent of
           Subgroup                       body wt/day             Rfd
--------------------------------------   -------------       ---------------
U.S. Population (total)                     0.001025                11.4%

U.S. Population (spring season)             0.001030                11.4%
U.S. Population (summer season)             0.001003                11.1%
U.S. Population (autumn season)             0.001029                11.4%
U.S. Population (winter season)             0.001039                11.5%

Northeast region                            0.000986                11.0%
Midwest region                              0.001056                11.7%
Southern region                             0.001011                11.2%
Western region                              0.001049                11.7%

Hispanics                                   0.001136                12.6%
Non-hispanic whites                         0.000998                11.1%
Non-hispanic blacks                         0.001079                12.0%
Non-hisp/non-white/non-black                0.001053                11.7%

All infants (< 1 year)                      0.002477                27.5%
Nursing infants                             0.000873                 9.7%
Non-nursing infants                         0.003086                34.3%
Children 1-6  yrs                           0.002374                26.4%
Children 7-12 yrs                           0.001511                16.8%

Females 13-19 (not preg or nursing)         0.000859                 9.5%
Females 20+ (not preg or nursing)           0.000704                 7.8%
Females 13-50 yrs                           0.000834                 9.3%
Females 13+ (preg/not nursing)              0.000894                 9.9%
Females 13+ (nursing)                       0.001026                11.4%

Males 13-19 yrs                             0.001089                12.1%
Males 20+ yrs                               0.000815                 9.1%
Seniors 55+                                 0.000676                 7.5%

Children 1-2 yrs                            0.002636                29.3%
Children 3-5 yrs                            0.002315                25.7%
Children 6-12 yrs                           0.001590                17.7%
Youth 13-19 yrs                             0.000978                10.9%
Adults 20-49 yrs                            0.000803                 8.9%
Adults 50+ yrs                              0.000685                 7.6%
Females 13-49 yrs                           0.000767                 8.5%


[Federal Register Volume 74, Number 127 (Monday, July 6, 2009)]
[Rules and Regulations]
[Pages 31843-31844]
[FR Doc No: E9-15696]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2009-0089; Airspace Docket No. 09-ASW-4]

Amendment of Class E Airspace; Devine, TX

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: This action amends Class E airspace at Devine, TX. Additional
controlled airspace is necessary to accommodate Area Navigation (RNAV)
Standard Instrument Approach Procedures (SIAP) at Devine Municipal
Airport, Devine, TX. This action also corrects a typographical error in
the legal description of the airport. The FAA is taking this action to
enhance the safety and management of Instrument Flight Rule (IFR)
operations at Devine Municipal Airport.

DATES: 0901 UTC, October 22, 2009. 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 7400.9 and publication of
conforming amendments.

FOR FURTHER INFORMATION CONTACT: Scott Enander, Central Service Center,
Operations Support Group, Federal Aviation Administration, Southwest
Region, 2601 Meacham Blvd., Fort Worth, TX 76137; telephone (817) 321-
7716.

SUPPLEMENTARY INFORMATION:

History

    On April 20, 2009, the FAA published in the Federal Register a NPRM
to amend Class E airspace at Devine, TX, adding additional controlled
airspace at Devine Municipal Airport, Devine, TX. (74 FR 17912, Docket
No. FAA-2009-0089). Interested parties were invited to participate in
this rulemaking effort by submitting written comments on the proposal
to the FAA. No comments were received. This action also corrects a
typographical error in the legal description, changing the 6.5-mile
radius to a 6.3-mile radius. Class E airspace designations are
published in paragraph 6005 of FAA Order 7400.9S signed October 3,
2008, and effective October 31, 2008, which is incorporated by
reference in 14 CFR 71.1. The Class E airspace designations listed in
this document will be published subsequently in the Order. With the
exception of editorial changes, and the changes described above, this
rule is the same as that proposed in the NPRM.

The Rule

    This action amends Title 14 Code of Federal Regulations (14 CFR)
Part 71 by amending Class E airspace at Devine, TX, adding additional
controlled airspace extending upward from 700 feet above the surface at
Devine Municipal Airport, Devine, TX, for the safety and management of
IFR operations. This action also changes the 6.5-mile radius to a 6.3-
mile radius in the legal description for Devine Municipal Airport.
    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.
Therefore, this regulation: (1) Is not a ``significant regulatory
action'' under Executive Order 12866; (2) is not a ``significant rule''
under DOT Regulatory Policies and Procedures (44 FR 11034; February 26,
1979); and (3) does not warrant preparation of a regulatory evaluation
as the anticipated impact is so minimal. Since this is a routine matter
that will only affect air traffic procedures and air navigation, it is
certified that this rule, when promulgated, will not have a significant
economic impact on a substantial number of small entities under the
criteria of the Regulatory Flexibility Act.
    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the U.S. Code. Subtitle 1, 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
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 adds additional controlled airspace at Devine Municipal Airport,
Devine, TX.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

Adoption of the Amendment

0
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(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 the Federal
Aviation Administration Order 7400.9S, Airspace Designations and
Reporting Points, signed October 3, 2008, and effective

October 31, 2008, is amended as follows:

Paragraph 6005 Class E airspace areas extending upward from 700
feet or more above the surface.

* * * * *

ASW TX E5 Devine, TX [Amended]

Devine Municipal Airport, TX
    (Lat. 29[deg]08'18'' N., long. 98[deg]56'31'' W.)
Devine RBN
    (Lat. 29[deg]08'18'' N., long. 98[deg]56'21'' W.)

    That airspace extending upward from 700 feet above the surface
within a 6.3-mile radius of Devine Municipal Airport and within 4
miles each side of the 173[deg] bearing from the airport extending
from the 6.3-mile radius to 10.5 miles south of the airport, and
within 2.6 miles each side of the 183[deg] bearing from the Devine
RBN extending from the 6.3-mile radius to 16 miles south of the RBN.
* * * * *

    Issued in Fort Worth, Texas, on June 24, 2009.
Roger M. Trevino,
Acting Manager, Operations Support Group, ATO Central Service Center.
[FR Doc. E9-15696 Filed 7-2-09; 8:45 am]
BILLING CODE 4910-13-P


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    \326\ Consider, for example, how reducing a position from 7
percent to 5 percent might affect fund yields. The effect could be
as small as 0 percent if the 2 percent of assets are reinvested in
securities that offer the same yield as the original 7 percent of
assets. On the other hand, the portfolio change could decrease fund
yields by as much as approximately 29 percent if all of the
portfolio yield came from the 7 percent security. We believe that
funds will choose alternative securities that have similar yields as
the securities replaced.
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    A couple commenters expressed concern regarding the amendment's
impact on the supply of available securities for all money market
funds.\327\ One of these commenters suggested that imposing further
diversification limits could artificially lower the supply of available
issuers.\328\ The second commenter suggested that the amendment would
unnecessarily restrict the amount of asset-backed securities, and
particularly asset-backed commercial paper, available for purchase by
money market funds.\329\ In addition, a couple of commenters argued
that the proposed amendment would cause certain issuers to experience
decreased demand and increased financing costs.\330\ Another commenter
argued that removing the issuer diversification exclusion may increase
the number of guarantors held in a fund's portfolio, some of which may
present marginally greater credit risks.\331\ This commenter further
argued that repealing the exclusion to increase diversification may
actually diminish the percentage of the portfolio subject to credit
enhancement as well as the overall credit quality of the
guarantors.\332\
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    \327\ As discussed above, some commenters also voiced supply
concerns specifically with respect to tax-exempt money market funds.
    \328\ See BlackRock Comment Letter. This commenter suggested
that many changes to the money market fund market may occur as a
result of both the 2014 money market fund amendments and the 2014
proposed amendments relating to NRSRO ratings removal and suggested
that the Commission wait to see the effects of those amendments
before adopting additional diversification amendments.
    \329\ See SFIG Comment Letter. SFIG stated that, as of June 30,
2014, money market funds held over $89 billion of asset-backed
commercial paper, representing approximately 36 percent of the
overall asset-backed commercial paper market. SFIG also argued that
the creditworthiness of any single obligor of an asset-backed
security would be less significant if that security was guaranteed
and suggested that an obligor of an asset-backed security only be
treated as an issuer of that security if its obligations constitute
20 percent of the obligations of that security rather than apply the
10 percent obligor provision under rule 2a-7(d)(3)(B).
    \330\ See Fidelity Comment Letter; SIFMA Comment Letter.
    \331\ See ICI Comment Letter.
    \332\ See id.
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    We recognize that the removal of the issuer diversification
exclusion and tightening of issuer diversification requirements for
securities subject to a guarantee by a non-controlled person may impact
issuers of these securities and the fund's risk profile. We also
recognize that the amendment may occasionally prevent some issuers from
selling securities to a money market fund that would otherwise invest
in the issuer's securities above the 5 percent diversification
requirement, but we believe, as discussed below, that the effect on
such issuers would be negligible. In addition, while we recognize that
removing the exclusion may cause some money market funds to invest in
securities with higher credit risk, we note that a money market fund's
portfolio securities must meet certain credit quality requirements,
such as posing minimal credit risks, as discussed above.\333\ We
therefore continue to believe that the substantial risk limiting
provisions of rule 2a-7 would mitigate the potential that these money
market funds would significantly increase their investments in
securities with higher credit risk. We also continue to believe that
eliminating this exclusion would more appropriately limit money market
fund risk exposures by limiting the concentration of exposure that a
money market fund could have otherwise had to a particular issuer. We
assume that all funds will incur costs associated with updating their
systems to reflect the amendment, as well as the associated compliance
costs, if their systems already incorporate this issuer diversification
exclusion. We requested comment on operational costs that funds would
incur in connection with the amendment. No commenters specifically
addressed operational costs associated with the amendment. Accordingly,
we continue to believe that these costs will be small for all funds
because we believe that all funds currently have the ability to monitor
issuer diversification to comply with rule 2a-7's limits on issuer
concentration.
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    \333\ See rule 2a-7(d)(2) (portfolio quality); see supra section
II.A.
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    Our diversification amendment offers two primary benefits. First,
by requiring greater issuer diversification for those funds that rely
on the exclusion, the amendment will reduce concentration risk in those
funds and may make it easier for funds to maintain or generate
liquidity during periods when they impose fees and/or gates. Second,
the amendment simplifies rule 2a-7's diversification requirements by
eliminating the exclusion for securities with a guarantee issued by a
non-controlled person, which should lower certain compliance and
operational costs to the extent that funds no longer have to keep track
of the securities that have such guarantees and would be eligible for
the exclusion.
    Because we believe that the universe of affected funds and issuers
is small, we continue to believe that our amendment will have only
negligible effects on efficiency, competition, and capital formation.
Although we recognize that this amendment may constrain more funds (and
issuers) in the future that otherwise would have less issuer
diversification, we estimate, based on our staff's analysis of data
from April 2015, that it will affect 63 funds, or approximately 11.6
percent of all money market funds today. Based on our staff's analysis
we also estimate that, as of April 2015, our amendment will affect the
0.0624 percent of total money market fund assets that were above the 5
percent issuer diversification threshold. Based on staff analysis of
Form N-MFP data and the amount of high quality securities available to
tax-exempt money market funds, we continue to believe that the affected
funds will find comparable alternative securities for the amount that
exceeds 5 percent, and we believe that the affected issuers, to the
extent applicable, will find other investors willing to buy the amount
that exceeds the 5 percent for a comparable price.
3. Alternatives
    As an alternative to eliminating the exclusion from issuer
diversification for securities with a guarantee issued by a non-
controlled person, at the proposal stage we considered requiring money
market funds to be more diversified by lowering a fund's permitted
exposure to any guarantor or provider of a demand feature from 10
percent to 5 percent of total assets. We discussed potential benefits
and costs of this alternative approach, and we requested comment on it
in the 2013 Money Market Fund Proposing Release.\334\ As discussed in

more detail above, we decided that the current requirements for
diversification of guarantors and providers of demand features together
with the issuer diversification requirement if applied generally to all
securities, as under the adopted amendment, appropriately address our
concerns relating to money market fund risk exposures.\335\ We also
believe that the potential costs of this alternative approach would
likely be more significant than the costs of our adopted amendment. As
of the end of April 2015, we estimate that approximately 110 (of 214)
prime money market funds had total exposure to a single entity
(including directly issued, asset-backed commercial paper sponsorship,
and provision of guarantees and demand features) in excess of 5
percent. Under the alternative, any fund that had exposure to an entity
greater than 5 percent when those assets matured would have to reinvest
the proceeds of the securities creating that exposure in different
securities or securities with a different guarantor. Those changes may
or may not require those funds to invest in alternative securities, and
those securities might present greater risk if they offered lower
yields, lower liquidity, or lower credit quality. The alternative
approach would appear to affect many more funds than would the
amendment we are adopting today. As a result, we continue to believe
that a better approach to achieving our reform goal would be to
restrict risk exposures to all non-government issuers of securities
subject to a guarantee in the same way, and to require money market
funds (other than tax-exempt and single state funds as described above)
that invest in non-government securities subject to a guarantee to
comply with the 5 percent issuer diversification requirement and the 10
percent diversification requirement on guarantors.
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    \334\ See 2013 Money Market Fund Proposing Release, supra note
16, at section III.J.4. We received no comments on this alternative
approach. We also requested comment in 2009 on whether to reduce
rule 2a-7's current diversification limits. See 2009 Money Market
Fund Proposing Release, supra note 160, at section II.D. Most
commenters opposed these reforms because, among other reasons, the
reductions could increase risks to funds by requiring the funds to
invest in relatively lower quality securities. See id. at n.909.
    \335\ See supra text preceding and accompanying note 182.
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4. Technical Amendments
    As discussed above, we are making technical amendments to certain
diversification provisions in rule 2a-7. Due to the nature of these
amendments, we believe that the amendments will have no effect on
efficiency, competition, or capital formation.

VI. Regulatory Flexibility Act Certification

    The Commission certified, pursuant to section 605(b) of the
Regulatory Flexibility Act of 1980 \336\ that the proposed amendments
to rule 2a-7 and form N-MFP under the Investment Company Act, if
adopted, would not have a significant economic impact on a substantial
number of small entities.\337\ We included this certification in
Section VI of the Proposing Release. Although we encouraged written
comments regarding this certification, no commenters responded to this
request.
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    \336\ 5 U.S.C. 603(b).
    \337\ Under the Investment Company Act, an investment company is
considered a small business or small organization if, together with
other investment companies in the same group of related investment
companies, it has net assets of $50 million or less as of the end of
its most recent fiscal year. See 17 CFR 270.0-10.
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Statutory Authority

    The Commission is adopting amendments to rule 2a-7 under the
authority set forth in sections 6(c) and 38(a) of the Investment
Company Act [15 U.S.C. 80a-6(c), 80a-37(a)] and Section 939A of the
Dodd-Frank Act. The Commission is adopting amendments to Form N-MFP
under the authority set forth in sections 8(b), 30(b), 31(a) and 38(a)
of the Investment Company Act [15 U.S.C. 80a-8(b), 80a-29(b), 80a-30(a)
and 80a-37(a)] and Section 939A of the Dodd-Frank Act.

List of Subjects in 17 CFR Parts 270 and 274

    Investment companies, Reporting and recordkeeping requirements,
Securities.

Text of Rule and Form Amendments

    In accordance with the foregoing, title 17, chapter II of the Code
of Federal Regulations is amended as follows:

PART 270--RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940

0
1. The authority citation for part 270 continues to read in part as
follows:

    Authority: 15 U.S.C. 80a-1 et seq., 80a-34(d), 80a-37, 80a-39,
and Pub. L. 111-203, sec. 939A, 124 Stat. 1376 (2010), unless
otherwise noted.
* * * * *

0
2. Section 270.2a-7 is amended by:
0
a. In paragraph (a)(5), removing the words ``and (D)'';
0
b. Removing paragraph (a)(11);
0
c. Redesignating paragraphs (a)(12) and (13) as paragraphs (a)(11) and
(12);
0
d. Revising newly designated paragraph (a)(11);
0
e. Removing paragraph (a)(14);
0
f. Redesignating paragraphs (a)(15) through (21) as paragraphs (a)(13)
through (19);
0
g. In newly designated paragraph (a)(16)(ii), removing the references
``(a)(12)(iii)'' and ``(d)(2)(iii)'' and adding in their places
``(a)(11)'' and ``(d)(2)(ii)'', respectively.
0
h. Removing paragraph (a)(22);
0
i. Redesignating paragraph (a)(23) as paragraph (a)(20);
0
j. Removing paragraph (a)(24);
0
k. Redesignating paragraph (a)(25) as paragraph (a)(21);
0
l. Removing paragraph (a)(26);
0
m. Redesignating paragraphs (a)(27) through (31) as paragraphs (a)(22)
through (26);
0
n. Removing paragraph (a)(32);
0
o. Redesignating paragraphs (a)(33) and (34) as paragraphs (a)(27) and
(28);
0
p. In paragraph (c)(2)(i), removing the reference to ``(c)(i)(A)'' and
adding in its place ``(c)(2)(i)(A)''.
0
q. Revising paragraph (d)(2);
0
r. Revising paragraph (d)(3)(i);
0
s. In paragraph (d)(3)(iii) introductory text, removing the words
``paragraphs (d)(3)(iii) and (d)(3)(iv)'' and adding in their place
``paragraphs (d)(3)(i), (iii), and (iv)'';
0
t. In paragraph (d)(3)(iii)(A), removing the words ``paragraphs
(d)(3)(iii)(B) and (d)(3)(iii)(C)'' and adding in their place
``paragraphs (d)(3)(i) and (d)(3)(iii)(B)'';
0
u. Removing paragraph (d)(3)(iii)(C);
0
v. Revising paragraph (f);
0
w. Revising paragraph (g)(3);
0
x. In paragraph (g)(8)(i)(B), at the beginning of the paragraph
removing the word ``A'' and adding in its place ``An event indicating
or evidencing credit deterioration, such as a'';
0
y. Revising paragraph (h)(3); and
0
z. Revising paragraph (j).
    The revisions read as follows:

Sec.  270.2a-7  Money market funds.

    (a) * * *
    (11) Eligible security means a security:
    (i) With a remaining maturity of 397 calendar days or less that the
fund's board of directors determines presents minimal credit risks to
the fund, which determination must include an analysis of the capacity
of the security's issuer or guarantor (including for this paragraph
(a)(11)(i) the provider of a conditional demand feature, when
applicable) to meet its financial obligations, and such analysis must
include, to the extent appropriate, consideration of the following
factors with respect to the security's issuer or guarantor:
    (A) Financial condition;
    (B) Sources of liquidity;
    (C) Ability to react to future market-wide and issuer- or
guarantor-specific events, including ability to repay debt in a highly
adverse situation; and
    (D) Strength of the issuer or guarantor's industry within the

economy and relative to economic trends, and issuer or guarantor's
competitive position within its industry.
    (ii) That is issued by a registered investment company that is a
money market fund; or
    (iii) That is a government security.

    Note to paragraph (a)(11): For a discussion of additional
factors that may be relevant in evaluating certain specific asset
types see Investment Company Act Release No. IC-31828 (9/16/15).

* * * * *
    (d) * * *
    (2) Portfolio quality--(i) General. The money market fund must
limit its portfolio investments to those United States dollar-
denominated securities that at the time of acquisition are eligible
securities.
    (ii) Securities subject to guarantees. A security that is subject
to a guarantee may be determined to be an eligible security based
solely on whether the guarantee is an eligible security, provided
however, that the issuer of the guarantee, or another institution, has
undertaken to promptly notify the holder of the security in the event
the guarantee is substituted with another guarantee (if such
substitution is permissible under the terms of the guarantee).
    (iii) Securities subject to conditional demand features. A security
that is subject to a conditional demand feature (``underlying
security'') may be determined to be an eligible security only if:
    (A) The conditional demand feature is an eligible security;
    (B) The underlying security or any guarantee of such security is an
eligible security, except that the underlying security or guarantee may
have a remaining maturity of more than 397 calendar days.
    (C) At the time of the acquisition of the underlying security, the
money market fund's board of directors has determined that there is
minimal risk that the circumstances that would result in the
conditional demand feature not being exercisable will occur; and
    (1) The conditions limiting exercise either can be monitored
readily by the fund or relate to the taxability, under federal, state
or local law, of the interest payments on the security; or
    (2) The terms of the conditional demand feature require that the
fund will receive notice of the occurrence of the condition and the
opportunity to exercise the demand feature in accordance with its
terms; and
    (D) The issuer of the conditional demand feature, or another
institution, has undertaken to promptly notify the holder of the
security in the event the conditional demand feature is substituted
with another conditional demand feature (if such substitution is
permissible under the terms of the conditional demand feature).
    (3) * * *
    (i) Issuer diversification. The money market fund must be
diversified with respect to issuers of securities acquired by the fund
as provided in paragraphs (d)(3)(i) and (ii) of this section, other
than with respect to government securities.
    (A) Taxable and national funds. Immediately after the acquisition
of any security, a money market fund other than a single state fund
must not have invested more than:
    (1) Five percent of its total assets in securities issued by the
issuer of the security, provided, however, that with respect to
paragraph (d)(3)(i)(A) of this section, such a fund may invest up to
twenty-five percent of its total assets in the securities of a single
issuer for a period of up to three business days after the acquisition
thereof; provided, further, that the fund may not invest in the
securities of more than one issuer in accordance with the foregoing
proviso in this paragraph (d)(3)(i)(A)(1) at any time; and
    (2) Ten percent of its total assets in securities issued by or
subject to demand features or guarantees from the institution that
issued the demand feature or guarantee, provided, however, that a tax
exempt fund need only comply with this paragraph (d)(3)(i)(A)(2) with
respect to eighty-five percent of its total assets, subject to
paragraph (d)(3)(iii) of this section.
    (B) Single state funds. Immediately after the acquisition of any
security, a single state fund must not have invested:
    (1) With respect to seventy-five percent of its total assets, more
than five percent of its total assets in securities issued by the
issuer of the security; and
    (2) With respect to seventy-five percent of its total assets, more
than ten percent of its total assets in securities issued by or subject
to demand features or guarantees from the institution that issued the
demand feature or guarantee, subject to paragraph (d)(3)(iii) of this
section.
* * * * *
    (f) Defaults and other events--(1) Adverse events. Upon the
occurrence of any of the events specified in paragraphs (f)(1)(i)
through (iii) of this section with respect to a portfolio security, the
money market fund shall dispose of such security as soon as practicable
consistent with achieving an orderly disposition of the security, by
sale, exercise of any demand feature or otherwise, absent a finding by
the board of directors that disposal of the portfolio security would
not be in the best interests of the money market fund (which
determination may take into account, among other factors, market
conditions that could affect the orderly disposition of the portfolio
security):
    (i) The default with respect to a portfolio security (other than an
immaterial default unrelated to the financial condition of the issuer);
    (ii) A portfolio security ceases to be an eligible security (e.g.,
no longer presents minimal credit risks); or
    (iii) An event of insolvency occurs with respect to the issuer of a
portfolio security or the provider of any demand feature or guarantee.
    (2) Notice to the Commission. The money market fund must notify the
Commission of the occurrence of certain material events, as specified
in Form N-CR (Sec.  274.222 of this chapter).
    (3) Defaults for purposes of paragraphs (f)(1) and (2) of this
section. For purposes of paragraphs (f)(1) and (2) of this section, an
instrument subject to a demand feature or guarantee shall not be deemed
to be in default (and an event of insolvency with respect to the
security shall not be deemed to have occurred) if:
    (i) In the case of an instrument subject to a demand feature, the
demand feature has been exercised and the fund has recovered either the
principal amount or the amortized cost of the instrument, plus accrued
interest;
    (ii) The provider of the guarantee is continuing, without protest,
to make payments as due on the instrument; or
    (iii) The provider of a guarantee with respect to an asset-backed
security pursuant to paragraph (a)(16)(ii) of this section is
continuing, without protest, to provide credit, liquidity or other
support as necessary to permit the asset-backed security to make
payments as due.
    (g) * * *
    (3) Ongoing Review of Credit Risks. The written procedures must
require the adviser to provide ongoing review of whether each security
(other than a government security) continues to present minimal credit
risks. The review must:
    (i) Include an assessment of each security's credit quality,
including the capacity of the issuer or guarantor (including
conditional demand feature provider, when applicable) to meet its
financial obligations; and
    (ii) Be based on, among other things, financial data of the issuer
of the portfolio security or provider of the

guarantee or demand feature, as the case may be, and in the case of a
security subject to a conditional demand feature, the issuer of the
security whose financial condition must be monitored under paragraph
(d)(2)(iii) of this section, whether such data is publicly available or
provided under the terms of the security's governing documents.
* * * * *
    (h) * * *
    (3) Credit risk analysis. For a period of not less than three years
from the date that the credit risks of a portfolio security were most
recently reviewed, a written record must be maintained and preserved in
an easily accessible place of the determination that a portfolio
security is an eligible security, including the determination that it
presents minimal credit risks at the time the fund acquires the
security, or at such later times (or upon such events) that the board
of directors determines that the investment adviser must reassess
whether the security presents minimal credit risks.
* * * * *
    (j) Delegation. The money market fund's board of directors may
delegate to the fund's investment adviser or officers the
responsibility to make any determination required to be made by the
board of directors under this section other than the determinations
required by paragraphs (c)(1) (board findings), (c)(2)(i) and (ii)
(determinations related to liquidity fees and temporary suspensions of
redemptions), (f)(1) (adverse events), (g)(1) and (2) (amortized cost
and penny rounding procedures), and (g)(8) (stress testing procedures)
of this section.
    (1) Written guidelines. The board of directors must establish and
periodically review written guidelines (including guidelines for
determining whether securities present minimal credit risks as required
in paragraphs (d)(2) and (g)(3) of this section) and procedures under
which the delegate makes such determinations.
    (2) Oversight. The board of directors must take any measures
reasonably necessary (through periodic reviews of fund investments and
the delegate's procedures in connection with investment decisions and
prompt review of the adviser's actions in the event of the default of a
security or event of insolvency with respect to the issuer of the
security or any guarantee or demand feature to which it is subject that
requires notification of the Commission under paragraph (f)(2) of this
section by reference to Form N-CR (Sec.  274.222 of this chapter)) to
assure that the guidelines and procedures are being followed.

Sec.  270.12d3-1  [Amended]

0
3. Section 270.12d3-1(d)(7)(v) is amended by removing the reference to
``270.2a-7(a)(18)'' and adding in its place the phrase ``270.2a-
7(a)(16)''.

Sec.  270.31a-1  [Amended]

0
4. Section 270.31a-1(b)(1) is amended by removing the phrase ``(as
defined in Sec.  270.2a-7(a)(9) or Sec.  270.2a-7(a)(18)
respectively)'' and adding in its place the phrase ``(as defined in
Sec.  270.2a-7(a)(9) or Sec.  270.2a-7(a)(16) respectively)''.

0
5.

PART 274--FORMS PRESCRIBED UNDER THE INVESTMENT COMPANY ACT OF 1940

0
5. The authority citation for part 274 continues to read in part as
follows:

    Authority: 15 U.S.C. 77f, 77g, 77h, 77j, 77s, 78c(b), 78l, 78m,
78n, 78o(d), 80a-8, 80a-24, 80a-26, 80a-29, and Pub. L. 111-203,
sec. 939A, 124 Stat. 1376 (2010), unless otherwise noted.
* * * * *

0
6. Form N-1A (referenced in Sec.  274.11A) is amended by revising the
definition of ``Money Market Fund'' in General Instructions--A.
Definitions to read as follows:

    Note: The text of Form N-1A does not, and this amendment will
not, appear in the Code of Federal Regulations.

Form N-1A

* * * * *
    ``Money Market Fund'' means a registered open-end management
investment company, or series thereof, that is regulated as a money
market fund pursuant to rule 2a-7 (17 CFR 270.2a-7) under the
Investment Company Act of 1940.

0
7. Form N-MFP (referenced in Sec.  274.201) is amended by:
0
a. Revising Item C.9;
0
b. Revising Item C.10;
0
c. Removing Items C.14.b and C.14.c;
0
d. Redesignating Items C.14.d through C.14.f as Items C.14.b through
C.14 d;
0
e. Adding new Item C.14.e;
0
f. Removing Items C.15.b and C.15.c;
0
g. Redesignating Item C.15.d as Item C.15.b;
0
h. Adding new Item C.15.c;
0
i. Removing Items C.16.c and C.16.d;
0
j. Redesignating Item C.16.e as Item C.16.c; and
0
k. Adding new Item C.16.d.
0
l. Revising the definition of ``Money Market Fund'' in General
Instructions--E. Definitions.
    The additions and revisions read as follows:

    Note: The text of Form N-MFP does not, and this amendment will
not, appear in the Code of Federal Regulations.

Form N-MFP

* * * * *
    Item C.9 Is the security an Eligible Security? [Y/N]
    Item C.10 Security rating(s) considered. Provide each rating
assigned by any NRSRO that the fund's board of directors (or its
delegate) considered in determining that the security presents minimal
credit risks (together with the name of the assigning NRSRO). If none,
leave blank.
* * * * *
    Item C.14 * * *
    e. Rating(s) considered. Provide each rating assigned to the demand
feature(s) or demand feature provider(s) by any NRSRO that the board of
directors (or its delegate) considered in evaluating the quality,
maturity or liquidity of the security (together with the name of the
assigning NRSRO). If none, leave blank.
* * * * *
    Item C.15 * * *
    c. Rating(s) considered. Provide each rating assigned to the
guarantee(s) or guarantor(s) by any NRSRO that the board of directors
(or its delegate) considered in evaluating the quality, maturity or
liquidity of the security (together with the name of the assigning
NRSRO). If none, leave blank.
    Item C.16 * * *
    d. Rating(s) considered. Provide each rating assigned to the
enhancement(s) or enhancement provider(s) by any NRSRO that the board
of directors (or its delegate) considered in evaluating the quality,
maturity or liquidity of the security (together with the name of the
assigning NRSRO). If none, leave blank.
* * * * *
    E. Definitions * * *
    ``Money Market Fund'' means a registered open-end management
investment company, or series thereof, that is regulated as a money
market fund pursuant to rule 2a-7 (17 CFR 270.2a-7) under the
Investment Company Act of 1940.
* * * * *

    By the Commission.
    Dated: September 16, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-24015 Filed 9-24-15; 8:45 am]
 BILLING CODE 8011-01-P