[Federal Register Volume 82, Number 84 (Wednesday, May 3, 2017)]
[Notices]
[Pages 20645-20648]
[FR Doc No: 2017-08892]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80537; File No. SR-OCC-2017-802]

Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of No Objection To Advance Notice Filing Concerning the Options
Clearing Corporation's Enhancements to OCC's Stock Loan Programs

April 27, 2017.
    The Options Clearing Corporation (``OCC'') filed on February 28,
2017 with the Securities and Exchange Commission (``Commission'')
advance notice SR-OCC-2017-802 (``Advance Notice'') pursuant to Section
806(e)(1) of the Payment, Clearing, and Settlement Supervision Act of
2010 (``Payment, Clearing and Settlement Supervision Act'') \1\ and
Rule 19b-4(n)(1)(i) under the Securities Exchange Act of 1934 \2\
(``Exchange Act'') to propose a number of enhancements to its Stock
Loan/Hedge Program (``Hedge Program'') and Market Loan Program
(collectively, the ``Stock Loan Programs''). The proposed changes would
supplement OCC's risk management framework for the Stock Loan Programs
to provide greater certainty concerning each participant's stock loan
exposures and to mitigate risks that may arise in the event of a
clearing member suspension. The Advance Notice was published for
comment in the Federal Register on April 3, 2017.\3\ The Commission has
not received any comments on the Advance Notice to date. This
publication serves as notice of no objection to the Advance Notice.
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    \1\ 12 U.S.C. 5465(e)(1). The Financial Stability Oversight
Council designated OCC a systemically important financial market
utility (``SIFMU'') on July 18, 2012. See Financial Stability
Oversight Council 2012 Annual Report, Appendix A, http://www.treasury.gov/initiatives/fsoc/Documents/2012%20Annual%20Report.pdf. Therefore, OCC is required to comply
with the Payment, Clearing and Settlement Supervision Act and file
advance notices with the Commission.
    \2\ 17 CFR 240.19b-4(n)(1)(i).
    \3\ See Securities Exchange Act Release No. 34-80323 (March 28,
2017), 82 FR 16260 (April 3, 2017) (File No. SR-OCC-2017-802)
(``Notice of Filing of Advance Notice''). OCC also filed a proposed
rule change with the Commission pursuant to Section 19(b)(1) of the
Securities Exchange Act (``Exchange Act'') and Rule 19b-4
thereunder, seeking approval of changes to its rules necessary to
implement the Advance Notice. 15 U.S.C. 78s(b)(1) and 17 CFR
240.19b-4, respectively. The Commission published notice of the
proposed rule change in the Federal Register and has not received
any comments on the proposal to date. See Securities Exchange Act
Release No. 34-80323 (March 8, 2017), 82 FR 13690 (March 14, 2017)
(File No. SR-OCC-2017-002).
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I. Background

    OCC operates two Stock Loan Programs--the Hedge Program and Market
Loan Program--in which a participating clearing member can lend an
agreed-upon number of shares of eligible stock \4\ to another clearing
member in exchange for an agreed-upon value of U.S. dollar cash
collateral and then novate the loan to OCC for clearing.\5\ The Hedge
Program permits clearing members to bilaterally execute stock loans and
negotiate collateralization and other terms before submitting such
stock loans to OCC for novation and clearing.\6\ The Market Loan
Program is operationally similar to the Hedge Program, but it permits
clearing members to execute stock loans through a multilateral loan
market.\7\ In each case, upon completion of the novation process, OCC,
in its capacity as a central counterparty, guarantees return of (i)
loaned stock, or that stock's value, to the lending clearing member,
and (ii) the value of cash collateral to the borrowing clearing
member.\8\ In addition, OCC makes mark-to-market margin payments on a
daily basis to ensure stock loans remain fully collateralized.
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    \4\ See OCC Rules 2202 and 2202A (providing that stock loans
under the Hedge Program and the Market Loan Program, respectively,
must effect transfer only of ``Eligible Stock,'' as defined in
Article I of OCC's By-laws). OCC permits clearing members to execute
stock loans involving 6,191 eligible securities as March 29, 2017,
available at https://www.theocc.com/webapps/stock loan-eligible-
securities.
    \5\ The Hedge Program is governed by Article XXI of OCC's By-
Laws and Chapter XXII of OCC's Rules. The Market Loan Program is
governed by Article XXIA of OCC's By-Laws and Chapter XXIIA of OCC's
Rules. The Commission understands that OCC cleared approximately 10-
15% of the overall U.S.-equities stock loan market through the two
programs, as of November 2015.
    \6\ The Commission understands that the Hedge Program accounts
for approximately 95% of cleared stock loan volume at OCC, as of
November 2015.
    \7\ Automated Equity Finance Markets, Inc. is the sole loan
market through which clearing members can execute stock loans in the
Market Loan Program.
    \8\ See OCC Rules 2202(b) and 2202A(b).
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II. Description of the Advance Notice

    OCC's Advance Notice proposes a number of changes to the Stock Loan
Programs and its Rules governing those Programs.\9\ First, to improve
trade certainty and transparency concerning clearing member exposures,
OCC proposes amendments to its rules governing the Stock Loan Programs
to do the following: (1) Require clearing members to have policies and
procedures to reconcile stock loan positions each business day; (2)
state explicitly that the controlling record for stock loan positions
for margin and other purposes is OCC's ``golden'' record; and (3)
provide that stock loan positions remain in effect until OCC's records
reflect stock loan terminations. Second, to mitigate risks that may
arise in the event of a clearing member suspension, OCC proposes
amendments to its rules governing the Stock Loan Programs to do the
following: (1) Provide a two-day trading window in which clearing
members must execute close-out transactions, also known as ``buy-in''
or ``sell-out'' transactions; (2) provide broad authority for OCC to
use reasonable prices to settle close-out transactions; and (3) permit
OCC to close out and re-establish the matched-book stock loan positions
of a suspended Hedge Program clearing member through termination by
offset and ``re-matching'' with other clearing members. Each of these
proposals is discussed in more detail below.
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    \9\ For a more detailed description of the specific rule changes
OCC is proposing, see Notice of Filing of Advance Notice, supra note
3.
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A. Proposed Measures To Improve Trade Certainty and Transparency

    OCC's Advance Notice proposes three amendments to the rules
governing its Stock Loan Programs that are intended to improve trade
certainty and transparency for clearing members and OCC.
1. Daily Reconciliation of Stock Loan Positions
    Clearing members that participate in the Hedge Program and the
Market Loan Program execute and terminate stock loans on a bilateral
basis. Following execution or termination of stock loans, OCC requires
clearing members to promptly report stock loans directly to OCC, or to
facilitate such reporting to OCC through the Depository Trust
Corporation (``DTC''), ensuring OCC accepts stock loans for clearing
and records the novation or termination for margin and other purposes.
Under the current trade-reporting process, clearing members may fail to
report (or to have DTC report) stock loans to OCC in a timely manner,
increasing uncertainty in the novation process and decreasing
transparency with respect to OCC's stock loan positions and obligations
as a central counterparty and guarantor. The current process thereby
presents risk management risks both to OCC and clearing members.

    To address these risk management risks, OCC proposes to require
each clearing member to have adequate policies and procedures to
perform daily reconciliations of stock loan positions against OCC's
records and to resolve stock loan discrepancies, if any, by 9:30 a.m.
Central Time the following business day.\10\ These proposed rule
changes, according to OCC, would improve trade certainty and
transparency for clearing members participating in the Hedge Program
and the Market Loan Program and thereby reduce operational and other
risks for OCC and clearing members.
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    \10\ See Proposed Rule 2205 of the Hedge Program and Proposed
Rule 2205A of the Market Loan Program.
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2. Controlling Records for Open and Terminated Stock Loan Positions
    To support and supplement the proposed daily reconciliation
requirements for clearing member participation in the Stock Loan
Programs, OCC proposes to explicitly state in its rules that OCC's
stock loan records constitute the controlling records for margin and
other purposes. Specifically, the proposed rules would specify that
OCC's records, which OCC refers to as the ``golden copy'' records,
prevail in the event of a conflict with clearing member records and
that clearing members must continue to perform on obligations relating
to open stock loan positions identified in the golden copy records.\11\
The proposed rules, according to OCC, support trade certainty and
transparency in the Hedge and Market Loan Programs.
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    \11\ See Proposed Articles XXI and XXIA of OCC's By-Laws.
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3. Termination Records for Stock Loan Positions
    Finally, to conform OCC's stock loan termination provisions to the
proposed changes relating to controlling records described above, OCC
proposes rule changes to clarify that stock loans would be considered
terminated for margin and other purposes only when OCC's records
reflect termination of the stock loan.\12\ OCC states that these
conforming changes also would support trade certainty and transparency
in the Stock Loan Programs by ensuring consistency among and within the
different rules applicable to the Stock Loan Programs.
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    \12\ See Proposed Rule 2209 in the Hedge Program and Proposed
Rule 2209A in the Market Loan Program.
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B. Proposed Measures To Mitigate Stock Loan Risks in the Event of a
Clearing Member Suspension

    In addition to the proposals intended to improve trade certainty
and transparency, the Advance Notice also proposes three amendments to
address certain risks that may arise in the event that OCC suspends a
clearing member participant in the Stock Loan Programs.
1. Stock Loan Close-Out Timeframe in the Event of a Clearing Member
Suspension
    Under current Stock Loan Program rules, OCC may seek to close out a
suspended clearing member's stock loan positions by instructing non-
suspended clearing member counterparties to execute close-out
transactions within a reasonable period of time.\13\ Although non-
suspended clearing members must be prepared to defend the timeliness of
close-out transactions under current rules, clearing members are not
required to execute close-out transactions based on OCC's instructions
within a specific period of time. Accordingly, if non-suspended
clearing members execute buy-in or sell-out transactions over an
extended period of time following OCC's close-out instruction, OCC
incurs a risk that close-out prices may vary significantly from the
prices used to mark the stock loan positions to market for margin
purposes. OCC's credit exposure, in part, depends on the significance
of these price differences relative to the suspended clearing member's
available margin resources.
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    \13\ More specifically, Rules 2209(b) and (f) and 2211 of the
Hedge Program, and Rules 2209A(b) and (c) and 2211A of the Market
Loan Program require clearing members to execute close-out
transactions in a ``commercially reasonable manner'' and to be
prepared to defend the timing, prices, and costs of such
transactions.
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    To mitigate these risks, OCC proposes to require clearing members
to execute close-out transactions within a fixed two-day trading window
in the event of a clearing member suspension. More specifically, OCC
proposes to require non-suspended clearing members to execute close-out
transactions by the end of the business day following OCC's instruction
to close out stock loans with the suspended clearing member. If a non-
suspended clearing member is unable to execute the close-out
transactions within that two-day timeframe, OCC itself would terminate
the clearing member's relevant stock loans and effect settlement based
on the market price of the underlying securities, as determined by OCC.
According to OCC, the proposed changes are intended to ensure that non-
suspended clearing members execute close-out transactions in a
timeframe consistent with OCC' s two-day liquidation assumption for
stock loan margin purposes, which should reduce OCC's credit exposure
from significant differences between clearing member-effectuated close-
out prices and the prices used to collect mark-to-market payments from
the suspended clearing member.
2. Reasonable Prices for Stock Loan Close-Out Transactions in the Event
of a Clearing Member Suspension
    Under current rules, OCC may seek to close out a suspended clearing
member's stock loan positions by instructing non-suspended clearing
member counterparties to execute buy-in or sell-out transactions. These
close-out transactions must be executed in a ``commercially reasonable
manner.'' \14\ If a borrowing clearing member is suspended and unable
to return securities under a stock loan, OCC may instruct the lending
clearing member to execute a ``buy-in'' transaction for the number of
shares in the stock loan's underlying security that would be necessary
to return the lending clearing member to its position prior to entering
into the stock loan with the suspended clearing member. If the lending
clearing member is suspended and unable to return the value of
collateral, OCC similarly may instruct the borrowing clearing member to
execute a ``sell-out'' transaction for the number of shares in the
underlying security that would be necessary to return the borrowing
clearing member to its position prior to entering into the stock loan.
In each case, the non-suspended clearing member's stock loan position
is terminated and settled based on the price reported for the close-out
transaction.
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    \14\ Id.
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    To incentivize ``reasonable'' pricing of close-out transactions in
the event of a clearing member suspension, OCC proposes to provide
itself authority to withdraw from a clearing member's account the value
of any difference between clearing member-reported prices and
``reasonable'' close-out transaction prices, as determined by OCC based
on an assessment of market conditions at the time of execution.\15\

This proposed price-substitution authority, according to OCC, would
incentivize non-suspended clearing members to execute and report close-
out transactions in a commercially reasonable manner.\16\
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    \15\ See Proposed Rule 2211. The proposal provides that a
clearing member may demonstrate that a close-out transaction was
executed at a ``reasonable'' price by providing evidence that the
transaction fell within the underlying stock's trading range on the
date of execution. Id. To the extent a clearing member impacts the
market price of an underlying security through close-out
transactions, OCC, in its discretion, may consider such impact in
its assessment of market conditions at the time of execution.
    \16\ If the close-out transaction is not executed within the
two-day period provided in Proposed Rule 2212, however, the stock
loan would be terminated and settled based on OCC's marking price at
the end of the period.
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3. Re-Matching in the Event of a Hedge Clearing Member Suspension
    Under OCC's current rules, in the event of a clearing member
suspension, OCC can fully unwind a suspended Hedge Clearing Member's
matched-book positions \17\ only if it recalls all borrowed securities
from specific borrowing clearing members and returns those securities
to specific lending clearing members. Under current rules, this recall-
and-return process is operationally complex because the nature of these
unwinds would require OCC to (i) effect transfer of significant numbers
of securities to significant numbers of non-suspended clearing members;
and (ii) settle an equal number of payments against final settlement
prices. Moreover, during this recall-and-return process, the non-
suspended clearing members may experience unexpected imbalances in
their overall stock loan positions, resulting in increased margin
requirements or price risks relating to re-execution of the stock loans
in a potentially distressed market.\18\
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    \17\ See definition of ``Matched-Book Positions'' in Article I
of OCC's By-laws. A clearing member that maintains a ``matched
book'' for stock loans generally borrows no more of a specific
security than it lends to other clearing members in the program. See
also Notice of Filing of the Advance Notice, supra note 3 at 9.
    \18\ OCC's present margin methodology nets matched-book stock
loan positions prior to calculating clearing member exposures. Thus,
a non-suspended clearing member's margin requirements may increase
on account of the temporary stock loan imbalances resulting from a
clearing member suspension.
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    To address these operational complexities and the potential
consequences for both OCC and its clearing members, OCC proposes new
rules that would permit it to terminate a suspended Hedge Clearing
Member's matched-book stock loans in the Hedge Program by offset and to
``re-match'' the positions of the non-suspended counterparties
according to priorities established by OCC's matching algorithm.\19\
According to OCC, re-matching stock loans pursuant to an algorithm
would facilitate orderly and efficient termination and re-establishment
of stock loans involving a suspended Hedge Clearing Member, thereby
mitigating operational and pricing risks that may arise for non-
suspended clearing members during the recall-and-return process.
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    \19\ OCC's matching algorithm would implement priorities in
OCC's Proposed Rule 2212(d), which establishes an order of
operations based on the size of stock loan positions and the
existence of master securities lending agreements between the non-
suspended clearing members.
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III. Discussion and Commission Findings

    Although the Payment, Clearing and Settlement Supervision Act does
not specify a standard of review for an advance notice, the stated
purpose of the Payment, Clearing and Settlement Supervision Act is
instructive.\20\ The stated purpose of the Payment, Clearing and
Settlement Supervision Act is to mitigate systemic risk in the
financial system and promote financial stability by, among other
things, promoting uniform risk management standards for SIFMUs and
strengthening the liquidity of SIFMUs.\21\
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    \20\ See 12 U.S.C. 5461(b).
    \21\ Id.
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    Section 805(a)(2) of the Payment, Clearing and Settlement
Supervision Act \22\ authorizes the Commission to prescribe regulations
containing risk management standards for the payment, clearing, and
settlement activities of designated clearing entities engaged in
designated activities for which the Commission is the supervisory
agency. Section 805(b) of the Payment, Clearing and Settlement
Supervision Act \23\ provides the following objectives and principles
for the Commission's risk management standards prescribed under Section
805(a):
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    \22\ 12 U.S.C. 5464(a)(2).
    \23\ 12 U.S.C. 5464(b).
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     To promote robust risk management;
     To promote safety and soundness;
     To reduce systemic risks; and
     To support the stability of the broader financial system.
    Section 805(c) provides, in addition, that the Commission's risk
management standards may address such areas as risk management and
default policies and procedures, among others areas.\24\
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    \24\ 12 U.S.C. 5464(c)
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    The Commission has adopted risk management standards under Section
805(a)(2) of the Payment, Clearing and Settlement Supervision Act and
the Exchange Act (the ``Clearing Agency Rules'').\25\ The Clearing
Agency Rules require each covered clearing agency, among other things,
to establish, implement, maintain, and enforce written policies and
procedures that are reasonably designed to meet certain minimum
requirements for operations and risk management practices on an ongoing
basis. As such, it is appropriate for the Commission to review advance
notices for consistency with the objectives and principles for risk
management standards described in Section 805(b) of the Payment,
Clearing and Settlement Supervision Act and the Clearing Agency Rules.
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    \25\ 17 CFR 240.17Ad-22. See Securities Exchange Act Release No.
68080 (October 22, 2012), 77 FR 66220 (November 2, 2012) (S7-08-11).
See also Securities Exchange Act Release No. 78961 (September 28,
2016), 81 FR 70786 (October 13, 2016) (S7-03-14) (``Covered Clearing
Agency Standards''). The Commission established an effective date of
December 12, 2016, and a compliance date of April 11, 2017, for the
Covered Clearing Agency Standards. On March 4, 2017, the Commission
granted covered clearing agencies a temporary exemption from
compliance with Rule 17Ad-22(e)(3)(ii) and certain requirements in
Rules 17Ad-22(e)(15)(i) and (ii) until December 31, 2017, subject to
certain conditions. OCC is a ``covered clearing agency'' as defined
in Rule 17Ad-22(a)(5).
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A. Consistency With Section 805(b) of the Payment, Clearing and
Settlement Supervision Act

    The Commission believes each proposal in OCC's Advance Notice is
consistent with promoting robust risk management, promoting safety and
soundness, reducing systemic risks, and supporting the stability of the
broader financial system, the stated objectives and principles of
Section 805(b) of the Payment, Clearing and Settlement Supervision
Act.\26\
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    \26\ 12 U.S.C. 5464(b).
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    First, the Commission believes that OCC's three proposals to
improve trade certainty and transparency in the Stock Loan Programs are
consistent with promoting robust risk management. The Commission agrees
with OCC's analysis that its proposal to require clearing members to
implement adequate policies and procedures to reconcile stock loan
positions with OCC's records on a daily basis could promote robust risk
management by reducing financial and other risks to OCC and clearing
members. The Commission also believes that OCC's proposal to provide
explicitly in its rulebook that its stock loan records would prevail in
the event of a conflict with clearing member records, and that clearing
members must continue to perform on all stock loan positions reflected
in OCC's records also promotes robust risk management by encouraging
clearing members to understand, manage, and promptly report stock loan
transactions. Finally, the Commission believes that OCC's proposal to
provide that stock loan positions remain in effect until OCC's records
reflect stock loan terminations promotes robust risk management by

emphasizing that OCC's records supersede the records of clearing
members and further encouraging clearing members to understand, manage,
and promptly report stock loan transactions. The Commission therefore
believes these specific proposals are consistent with promoting robust
risk management.
    Second, the Commission believes that OCC's three proposals to
mitigate certain risks in the event of a clearing member suspension are
consistent with promoting robust risk management. The proposal to
provide a two-day trading window in which clearing members must execute
close-out transactions, or opt for mandatory settlement, promotes
robust risk management by requiring non-suspended clearing members to
complete close-out transactions in a timeframe that is consistent with
OCC's liquidation assumptions. The proposed alignment of the close-out
period with OCC's liquidation assumptions reduces the risk that close-
out prices vary too significantly from the prices used to mark the
suspended clearing member's stock loans to market. OCC's proposed
price-substitution authority also promotes robust risk management by
further encouraging non-suspended clearing members to execute close-out
transactions in a commercially reasonable manner, thereby reducing
financial risk to OCC. Finally, the proposed rule changes in the Hedge
Program to permit OCC to terminate and re-establish a suspended
clearing member's positions through offset and ``re-match'' promotes
robust risk management by facilitating orderly and efficient
termination and re-establishment of stock loans involving a suspended
clearing member, which mitigates operational and pricing risks that may
arise for OCC and clearing members during the recall-and-return
process. The Commission therefore believes that these aspects of the
proposal are consistent with the promotion of robust risk management.
    Based on the conclusions discussed above, the Commission also
believes that OCC's proposal is consistent with promoting the safety
and soundness of both OCC and clearing members who participate in the
Stock Loan Programs. Accordingly, because promoting the safety and
soundness of both OCC and clearing members who participate in the Stock
Loan Programs, in turn, both reduces systemic risks that may arise from
clearing member participation in these programs and supports the
stability of the broader financial system, the Commission also believes
that the proposals contained in the Advance Notice are consistent with
the stated objectives and principles of Section 805(b) of the Payment,
Clearing and Settlement Supervision Act.

B. Consistency With Rules 17Ad-22(e)(13) and (e)(23) Under the Exchange
Act

    The Commission believes OCC's proposals in the Advance Notice are
consistent with Covered Clearing Agency Standards, specifically Rules
(e)(13) and (e)(23) under the Exchange Act.\27\ Rule 17Ad-22(e)(13)
under the Exchange Act requires each covered clearing agency to
establish, implement, maintain, and enforce policies and procedures
reasonably designed to, among other things, ensure it has the authority
and operational capacity to take timely action to contain losses and
continue to meet its obligations in the event of a clearing member
default.\28\ More generally, Rule 17Ad-22(e)(23) under the Exchange Act
requires covered clearing agencies to establish, implement, maintain,
and enforce policies and procedures reasonably designed to, among other
things, provide for the public disclosure of all relevant rules and
material procedures, including key aspects of default rules and
procedures.\29\
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    \27\ 17 CFR 240.17Ad-22(e)(13), and 17 CFR 240.17Ad22(e)(23).
    \28\ 17 CFR 240.17Ad-22(e)(13).
    \29\ 17 CFR 240.17Ad-22(e)(23).
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    The Commission believes the proposed changes relating to clearing
member suspension in OCC's Advance Notice are consistent with Rule
17Ad-22(e)(13) under the Exchange Act. By proposing a fixed trading
window in which clearing members must either execute close-out
transactions relating to a clearing member suspension or opt for OCC-
mandated settlements, OCC is seeking new authority that the Commission
believes will better ensure that OCC can take timely actions to contain
suspension-related losses and continue to meet stock loan-related
obligations in the Stock Loan Programs. The Commission further believes
that the proposed authority permitting OCC to withdraw the value of any
difference between the clearing member-reported prices and OCC-
determined close-out prices likewise better ensures that OCC can
contain suspension-related losses, as clearing members would be further
incentivized to execute timely close-out transactions at market prices.
Finally, the Commission believes that the proposal relating to re-
matching-in-suspension better ensures that OCC has authority and
operational capacity to contain losses and meet obligations to clearing
members in the Hedge Program, in particular through new rules and
mechanisms that reduce the operational, credit, and re-execution risks
attendant to the recall-and-return process. The Commission therefore
believes OCC's proposal is consistent with Rule 17Ad-22(e)(13) under
the Exchange Act.
    The Commission also believes that OCC's proposals are consistent
with Rule 17Ad-22(e)(23) under the Exchange Act. Each aspect of OCC's
Advance Notice is proposed to be disclosed publicly in OCC's rules
governing the Stock Loan Programs, including the key suspension-related
aspects of its rules providing for close-out transaction timeframes,
new price-substitution authority, and termination and re-matching-in-
suspension. The Commission therefore believes that OCC's proposal is
consistent with Rules 17Ad-22(e)(23) under the Exchange Act.

IV. Conclusion

    It is therefore noticed, pursuant to Section 806(e)(1)(G) of the
Payment, Clearing and Settlement Supervision Act,\30\ that the
Commission does not object to Advance Notice (SR-OCC-2017-802) and that
OCC is authorized to implement the proposed change.
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    \30\ 12 U.S.C. 5465(e)(1)(G).

    By the Commission.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-08892 Filed 5-2-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 84, Number 243 (Wednesday, December 18, 2019)]
[Notices]
[Pages 69368-69369]
[FR Doc No: 2019-27226]

=======================================================================
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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #1

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER20-251-001.
    Applicants: Public Service Company of Colorado.
    Description: Tariff Amendment: OATT-Att O-PSCo, TBL 25-Depr &
Amort-0.4.1-Amend to be effective 1/1/2020.
    Filed Date: 12/12/19.
    Accession Number: 20191212-5083.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-254-001.
    Applicants: Wabash Valley Power Association, Inc., PJM
Interconnection, L.L.C.
    Description: Tariff Amendment: Amendment to ER20-254-000 to change
req'd effective date re Wabash (OATT) to be effective 12/31/9998.
    Filed Date: 12/11/19.
    Accession Number: 20191211-5160.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-256-001.
    Applicants: Wabash Valley Power Association, Inc., PJM
Interconnection, L.L.C.
    Description: Tariff Amendment: Amendment to ER20-256-000 to change
req'd effective date re Wabash (CTOA) to be effective 12/31/9998.
    Filed Date: 12/11/19.
    Accession Number: 20191211-5164.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-568-000.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: Sec.  205(d) Rate Filing: 2019-12-11_SA 3268 Astoria
Substat BSSB In Out MPFCA (J493 J510) OTP NSP 1st Rev to be effective
11/26/2019.
    Filed Date: 12/11/19.
    Accession Number: 20191211-5132.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-569-000.
    Applicants: Sabine Cogen, LP.
    Description: Tariff Cancellation: Notice of Cancellation of
Reactive Tariff to be effective 3/8/2020.
    Filed Date: 12/11/19.
    Accession Number: 20191211-5149.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-570-000.
    Applicants: Southern California Edison Company.
    Description: Tariff Cancellation: Cancel LGIA Desert Quartzite, LLC
SA No. 209 to be effective 6/4/2019.
    Filed Date: 12/12/19.
    Accession Number: 20191212-5000.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-571-000.
    Applicants: Southwest Power Pool, Inc.
    Description: Sec.  205(d) Rate Filing: 2891R6 AECC, Entergy
Arkansas and MISO Attachment AO to be effective 12/10/2019.
    Filed Date: 12/12/19.
    Accession Number: 20191212-5003.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-572-000.
    Applicants: Southwest Power Pool, Inc.
    Description: Compliance filing: Resource Adequacy Compliance Filing
in Response to Order Issued in EL19-101 to be effective 10/28/2019.
    Filed Date: 12/12/19.
    Accession Number: 20191212-5044.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-573-000.
    Applicants: GridLiance Heartland LLC.
    Description: Sec.  205(d) Rate Filing: GLH Certificate of
Concurrence Filing to be effective 12/12/2019.
    Filed Date: 12/12/19.
    Accession Number: 20191212-5045.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-574-000.
    Applicants: Midcontinent Independent System Operator, Inc.,
GridLiance Heartland LLC.

    Description: Sec.  205(d) Rate Filing: 2019-12-12_SA 3389
GridLiance Heartland-TVA TIA to be effective 12/31/9998.
    Filed Date: 12/12/19.
    Accession Number: 20191212-5059.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-575-000.
    Applicants: Alabama Power Company.
    Description: Sec.  205(d) Rate Filing: Cool Springs Solar (Cool
Springs Solar & Battery) LGIA Filing to be effective 11/27/2019.
    Filed Date: 12/12/19.
    Accession Number: 20191212-5071.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-576-000.
    Applicants: ReEnergy Fort Fairfield LLC.
    Description: Tariff Cancellation: Notice of Cancellation to be
effective 12/13/2019.
    Filed Date: 12/12/19.
    Accession Number: 20191212-5085.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-577-000.
    Applicants: ReEnergy Ashland LLC.
    Description: Tariff Cancellation: Notice of Cancellation to be
effective 12/13/2019.
    Filed Date: 12/12/19.
    Accession Number: 20191212-5086.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-579-000.
    Applicants: Lyonsdale Biomass, LLC.
    Description: Tariff Cancellation: Notice of Cancellation to be
effective 12/13/2019.
    Filed Date: 12/12/19.
    Accession Number: 20191212-5091.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-580-000.
    Applicants: Cambria CoGen Company.
    Description: Tariff Cancellation: Notice of Termination of Cambria
CoGen FERC Electric Tariff No. 1 to be effective 12/12/2019.
    Filed Date: 12/12/19.
    Accession Number: 20191212-5102.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-581-000.
    Applicants: California Independent System Operator Corporation.
    Description: Sec.  205(d) Rate Filing: 2019-12-12 EIM
Implementation Agreement with Tacoma Power to be effective 4/1/2020.
    Filed Date: 12/12/19.
    Accession Number: 20191212-5104.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-582-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Sec.  205(d) Rate Filing: Third Revised Service
Agreement No. 1127; Queue No. AD2-113/AD2-114 to be effective 11/12/
2019.
    Filed Date: 12/12/19.
    Accession Number: 20191212-5106.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-583-000.
    Applicants: American Transmission Company LLC.
    Description: Baseline eTariff Filing: Construction Management
Agreement to be effective 12/13/2019.
    Filed Date: 12/12/19.
    Accession Number: 20191212-5114.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-584-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Compliance filing: Compliance Filing Pursuant to
October 17, 2019 Order re Minimum Run-Time Req to be effective 12/3/
2019.
    Filed Date: 12/12/19.
    Accession Number: 20191212-5125.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-585-000.
    Applicants: ISO New England Inc., NSTAR Electric Company.
    Description: Sec.  205(d) Rate Filing: ISO-NE and NSTAR; TSA-
EVERSOURCE-15 to be effective 10/1/2019.
    Filed Date: 12/12/19.
    Accession Number: 20191212-5154.
    Comments Due: 5 p.m. ET 1/2/20.

    Docket Numbers: ER20-586-000.
    Applicants: ISO New England Inc., New England Power Company.
    Description: Tariff Cancellation: ISO-NE and NEP; Notice of
Cancellation of 1st Rev. LGIA-ISONE/NEP-17-01 to be effective 11/25/
2019.
    Filed Date: 12/12/19.
    Accession Number: 20191212-5162.
    Comments Due: 5 p.m. ET 1/2/20.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: December 12, 2019.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2019-27226 Filed 12-17-19; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 196 (Thursday, October 12, 2017)]
[Proposed Rules]
[Page 47421]
[FR Doc No: 2017-22131]

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

40 CFR Part 62

[EPA-R03-OAR-2017-0453; FRL-9969-44-Region 3]

Approval and Promulgation of State Air Quality Plans for
Designated Facilities and Pollutants; City of Philadelphia; Control of
Emissions From Existing Hospital/Medical/Infectious Waste Incinerator
Units

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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

SUMMARY: EPA is proposing to notify the public that it has received a
negative declaration for the City of Philadelphia Air Management
Services (Philadelphia AMS) for hospital/medical/infectious waste
incinerator (HMIWI) units. This negative declaration certifies that
HMIWI units subject to the requirements of sections 111(d) and 129 of
the Clean Air Act (CAA) do not exist within the City of Philadelphia in
the Commonwealth of Pennsylvania. EPA is accepting the negative
declaration in accordance with the requirements of the CAA. In the
Final Rules section of this Federal Register, EPA is accepting the
negative declaration as a direct final rule without prior proposal
because the Agency views this as a noncontroversial submittal and
anticipates no adverse comments. If no adverse comments are received in
response to this action, no further activity is contemplated. If EPA
receives adverse comments, the direct final rule will be withdrawn and
all public comments received will be addressed in a subsequent final
rule based on this proposed rule. EPA will not institute a second
comment period. Any parties interested in commenting on this action
should do so at this time.

DATES: Comments must be received in writing by November 13, 2017.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R03-
OAR-2017-0453 at http://www.regulations.gov, or via email to
<EMAIL_ADDRESS>For comments submitted at Regulations.gov,
follow the online instructions for submitting comments. Once submitted,
comments cannot be edited or removed from Regulations.gov. For either
manner of submission, the EPA may publish any comment received to its
public docket. Do not submit electronically any information you
consider to be confidential business information (CBI) or other
information whose disclosure is restricted by statute. Multimedia
submissions (audio, video, etc.) must be accompanied by a written
comment. The written comment is considered the official comment and
should include discussion of all points you wish to make. EPA will
generally not consider comments or comment contents located outside of
the primary submission (i.e. on the web, cloud, or other file sharing
system). For additional submission methods, please contact the person
identified in the FOR FURTHER INFORMATION CONTACT section. For the full
EPA public comment policy, information about CBI or multimedia
submissions, and general guidance on making effective comments, please
visit http://www2.epa.gov/dockets/commenting-epa-dockets.

FOR FURTHER INFORMATION CONTACT: Michael Gordon,<PHONE_NUMBER>, or by
email at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: For further information regarding the
negative declaration submitted by Philadelphia AMS for HMIWI units,
please see the information provided in the technical support document
in the rulemaking docket and in the direct final action, with the same
title, that is located in the ``Rules and Regulations'' section of this
Federal Register publication. The negative declaration letter submitted
by Philadelphia AMS and technical support document in support of this
action are also available online at www.regulations.gov.

    Dated: September 19, 2017.
Cecil Rodrigues,
Acting Regional Administrator, Region III.
[FR Doc. 2017-22131 Filed 10-11-17; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 84, Number 137 (Wednesday, July 17, 2019)]
[Notices]
[Page 34173]
[FR Doc No: 2019-15176]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

Filings Instituting Proceedings

    Docket Numbers: RP18-1115-001.
    Applicants: Saltville Gas Storage Company L.L.C.
    Description: Report Filing: Saltville RP18-1115 Refund Report.
    Filed Date: 7/10/19.
    Accession Number: 20190710-5057.
    Comments Due: 5 p.m. ET 7/22/19.

    Docket Numbers: RP19-1379-000.
    Applicants: Rockies Express Pipeline LLC.
    Description: Sec.  4(d) Rate Filing: Neg Rate 2019-07-11 Freepoint
to be effective 7/11/2019.
    Filed Date: 7/10/19.
    Accession Number: 20190710-5126.
    Comments Due: 5 p.m. ET 7/22/19.

    Docket Numbers: RP19-1380-000.
    Applicants: Eastern Shore Natural Gas Company.
    Description: Compliance filing Negotiated Rate and Non-Conforming--
Garrison to be effective 7/12/2019.
    Filed Date: 7/11/19.
    Accession Number: 20190711-5000.
    Comments Due: 5 p.m. ET 7/23/19.

    Docket Numbers: RP19-1381-000.
    Applicants: Northern Natural Gas Company.
    Description: Petition for Limited Waiver of Tariff Provisions of
Northern Natural Gas Company under RP19-1381.
    Filed Date: 7/10/19.
    Accession Number: 20190710-5155.
    Comments Due: 5 p.m. ET 7/22/19.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: July 10, 2019..
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2019-15176 Filed 7-16-19; 8:45 am]
 BILLING CODE 6717-01-P


   U.S. Department of Labor  -  Occupational Safety and Health Administration
    NATIONAL ADVISORY COMMITTEE FOR OCCUPATIONAL SAFETY AND HEALTH (NACOSH)
              U.S. Department of Labor, Francis Perkins Building
                          200 Constitution, Ave., NW
                            Washington, D.C. 20210
                               Room N-4437 A - D
                     Type of Meeting:  Full NACOSH Meeting
                       NACOSH Agenda: December 12, 2023
           NACOSH Agendas are subject to change without prior notice
10:00  -  10:15 AM
Opening Remarks, Roll-Call, Introductions
Andrew Levinson, DFO and Cynthia Lewis, NACOSH Chair
10:15  -  10:30 AM
Agenda
Cynthia Lewis, NACOSH Chair

Discussion of May 31, 2023, Meeting Minutes
Cynthis Lewis, NACOSH Chair
10:30  -  11:00 AM
Office of the Assistant Secretary of OSHA Update
Douglas Parker, Assistant Secretary, OSHA
11:00  -  11:30 AM
Directorate of Standards and Guidance Update
 Andrew Levinson, Director, Directorate of Standards and Guidance
11:30 AM  -  12:00 PM
National Institution for Occupational Safety and Health (NIOSH) Update
Dr. John Piacentino, Deputy Director of Programs, NIOSH
12:00 PM  -  1:00 PM
Lunch Break
1:00  -  1:30 PM
Presentation on OSHA's Diversity, Equity, Inclusion, and Accessibility
Natalicia Tracy, Senior Policy Advisor, Office of the Assistant Secretary
1:30  -  2:00 PM
NIOSH Mental Health for Healthcare Worker Campaign
Christie Spring, NIOSH Associate Director, Communication and Research to Practice
2:00  -  2:30 PM
Safety as a Core Value
Pam Barclay, Director, Office of Technological Feasibility
2:30  -  2:45 PM
Break

2:45  -  3:15 PM
Presentation by the Office of Communications
Frank Meilinger, Director, Office of Communications
3:15  -  3:45
Follow-Up Whistleblower Discussion
Lee Martin, Director, Directorate of Whistleblower Protection Programs
3:45  -  4:00 PM
Open Discussion, Closing Remarks, Adjourn
Full Committee & Public
Committee Contacts:
Andrew Levinson  -  Designated Federal Official
<EMAIL_ADDRESS>
Cynthia Lewis  -  NACOSH Chair
<EMAIL_ADDRESS>Jennifer Levin  -  Committee Counsel
<EMAIL_ADDRESS>
Christie Garner  -  Committee Support
<EMAIL_ADDRESS>


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

General Comment:If you have any questions regarding this document, Please contact Dr. Janet Vessotskie at Merck & Co, Inc.


[Federal Register Volume 80, Number 192 (Monday, October 5, 2015)]
[Notices]
[Pages 60163-60164]
[FR Doc No: 2015-25220]

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

DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4240-DR; Docket ID FEMA-2015-0002]

California; Amendment No. 2 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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

SUMMARY: This notice amends the notice of a major disaster for the
State of California (FEMA-4240-DR), dated September 22, 2015, and
related determinations.

DATES:  Effective Date: September 23, 2015.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW.,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice is hereby given that the incident
period for this declared disaster is now September 9, 2015, and
continuing.

    The following Catalog of Federal Domestic Assistance Numbers
(CFDA) are to be used for reporting and drawing funds: 97.030,
Community Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis
Counseling; 97.033, Disaster Legal Services; 97.034, Disaster
Unemployment Assistance (DUA); 97.046, Fire Management Assistance
Grant; 97.048, Disaster Housing Assistance to Individuals and
Households In Presidentially Declared Disaster Areas; 97.049,
Presidentially Declared Disaster Assistance--Disaster Housing
Operations for Individuals and Households; 97.050, Presidentially
Declared Disaster Assistance to Individuals and Households--Other
Needs; 97.036, Disaster Grants--Public Assistance

(Presidentially Declared Disasters); 97.039, Hazard Mitigation
Grant.

W. Craig Fugate,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2015-25220 Filed 10-2-15; 8:45 am]
 BILLING CODE 9111-23-P