[Federal Register Volume 79, Number 66 (Monday, April 7, 2014)]
[Notices]
[Pages 19125-19127]
[FR Doc No: 2014-07630]

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DEPARTMENT OF LABOR

Occupational Safety and Health Administration

[Docket No. OSHA-2011-0029]

Underground Construction Standard; Extension of the Office of
Management and Budget's (OMB) Approval of Information Collection
(Paperwork) Requirements

AGENCY: Occupational Safety and Health Administration (OSHA), Labor.

ACTION: Request for public comments.

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SUMMARY: OSHA solicits public comments concerning its proposal to
extend OMB's approval of the information collection requirements
specified in its Standard on Underground Construction (29 CFR
1926.800).

DATES: Comments must be submitted (postmarked, sent or received) by
June 6, 2014.

ADDRESSES:
    Electronically: You may submit comments and attachments
electronically at http://www.regulations.gov, which is the Federal
eRulemaking Portal. Follow the instructions online for submitting
comments.
    Facsimile: If your comments, including attachments, are not longer
than 10 pages you may fax them to the OSHA Docket Office at (202) 693-
1648.
    Mail, hand delivery, express mail, messenger, or courier service:
When using this method, you must submit a copy of your comments and
attachments to the OSHA Docket Office, Docket No. OSHA-2011-0029, U.S.
Department of Labor, Occupational Safety and Health Administration,
Room N-2625, 200 Constitution Avenue NW., Washington, DC 20210.
Deliveries (hand, express mail, messenger, and courier service) are
accepted during the Department of Labor's and Docket Office's normal
business hours, 8:15 a.m. to 4:45 p.m., e.t.
    Instructions: All submissions must include the Agency name and the
OSHA docket number (OSHA-2011-0029) for the Information Collection
Request (ICR). All comments, including any personal information you
provide, are placed in the public docket without change, and may be
made available online at http://www.regulations.gov. For further
information on submitting comments see the ``Public Participation''
heading in the section of this notice titled SUPPLEMENTARY INFORMATION.
    Docket: To read or download comments or other materials in the
docket, go to http://regulations.gov or the OSHA Docket Office at the
address above. All documents in the docket (including this Federal
Register notice) are listed in the http://www.regulations.gov index;
however, some information (e.g., copyrighted material) is not
publically available to read or download from the Web site. All
submissions, including copyrighted material, are available for
inspection and copying at the OSHA Docket Office. You may contact Theda
Kenney at the address below to obtain a copy of the ICR.

FOR FURTHER INFORMATION CONTACT: Todd Owen or Theda Kenney, Directorate
of Standards and Guidance, OSHA, U.S. Department of Labor, Room N-3609,
200 Constitution Avenue NW., Washington, DC 20210; telephone (202) 693-
2222.

SUPPLEMENTARY INFORMATION:

I. Background

    The Department of Labor, as part of its continuing effort to reduce
paperwork and respondent (i.e., employer) burden, conducts a
preclearance consultation program to provide the public with an
opportunity to comment on proposed and continuing information
collection requirements in accord with the Paperwork Reduction Act of
1995 (PRA-95) (44 U.S.C. 3506(c)(2)(A)). This program ensures that
information is in the desired format, reporting burden (time and costs)
is minimal, collection instruments are clearly understood, and OSHA's
estimate of the information collection burden is accurate. The
Occupational Safety and Health Act of 1970 (the OSH Act) (29 U.S.C. 651
et seq.) authorizes information collection by employers as necessary or
appropriate for enforcement of the OSH Act or for developing
information regarding the causes and prevention of occupational
injuries, illnesses, and accidents (29 U.S.C. 657). The OSH Act also
requires that OSHA obtain such information with minimum burden upon
employers, especially those operating small businesses, and to reduce
to the maximum extent feasible unnecessary duplication of efforts in
obtaining information (29 U.S.C. 657).
    Seven paragraphs in the Underground Construction Standard (``the
Standard''), 29 CFR 1926.800, require employers to post warning signs
or notices during underground construction; these paragraphs are
(b)(3), (i)(3), (j)(1)(vi)(A), (m)(2)(ii), (o)(2), (q)(11), and
(t)(1)(iv)(B). The warning signs and notices required by these
paragraphs enable employers to effectively alert workers to the
presence of hazards or potential hazards at the job

site, thereby preventing worker exposure to hazards or potential
hazards associated with underground construction that could cause death
or serious harm.
    Paragraph (t)(3)(xxi) of the Standard requires employers to inspect
and load test hoists when they install them, and at least annually
thereafter; they must also inspect and load test a hoist after making
any repairs or alterations to it that affect its structural integrity,
and after tripping a safety device on the hoist. Employers must also
prepare a certification record of each inspection and load test that
includes specified information, and maintain the most recent
certification record until they complete the construction project.
    Establishing and maintaining a written record of the most recent
inspection and load test alerts equipment mechanics to problems
identified during the inspection. Prior to returning the equipment to
service, employers can review the records to ensure that the mechanics
performed the necessary repairs and maintenance. Accordingly, by using
only equipment that is in safe working order, employers will prevent
severe injury and death to the equipment operators and other workers
who work near the equipment. In addition, these records provide the
most efficient means for OSHA compliance officers to determine that an
employer performed the required inspections and load tests, thereby
assuring that the equipment is safe to operate.
    Paragraph (j)(3) of the Standard mandates that employers develop
records for air quality tests performed under paragraph (j), including
air quality tests required by paragraphs (j)(1)(ii)(A) through
(j)(1)(iii)(A), (j)(1)(iii)(B), (j)(1)(iii)(C), (j)(1)(iii)(D),
(j)(1)(iv), (j)(1)(v)(A), (j)(1)(v)(B), and (j)(2)(i) through
(j)(2)(v). Paragraph (j) also requires that air quality records include
specified information, and that employers maintain the records until
the underground construction project is complete; they must also make
the records available to OSHA compliance officers on request.
    Maintaining records of air quality tests allows employers to
document atmospheric hazards, and to ascertain the effectiveness of
controls (especially ventilation) and implement additional controls if
necessary. Accordingly, these requirements prevent serious injury and
death to workers who work on underground construction projects. In
addition, these records provide an efficient means for workers to
evaluate the accuracy and effectiveness of an employer's exposure
reduction program, and for OSHA compliance officers to determine that
employers performed the required tests and implemented appropriate
controls.

II. Special Issues for Comment

    OSHA has a particular interest in comments on the following issues:
     Whether the proposed information collection requirements
are necessary for proper performance of the Agency's functions,
including whether the information is useful;
     The accuracy of OSHA's estimate of the burden (time and
costs) of the information collection requirements, including the
validity of the methodology and assumptions used;
     The quality, utility, and clarity of the information
collected; and
     Ways to minimize the burden on employers who must comply;
for example, by using automated or other technological information
collection and transmission techniques.

III. Proposed Actions

    OSHA is requesting an adjustment increase of 8,982 burden hours
(from 57,949 to 66,931 burden hours). The adjustment increase is a
result of an increase in the number of construction projects from 323
to 361. In addition, there is an increase in the cost from $117,000 to
$129,600 (an increase of $12,600). This cost increase is the result of
additional construction projects. The Agency will summarize the
comments submitted in response to this notice and will include this
summary in the request to OMB to extend the approval of the information
collection requirements.
    Type of Review: Extension of a currently approved collection.
    Title: Underground Construction Standard (29 CFR 1926.800).
    OMB Control Number: 1218-0067.
    Affected Public: Business or other for-profits; not-for-profit
institutions; Federal government; State, local or Tribal governments.
    Number of Responses: 1,078,029.
    Frequency of Responses: On occasion.
    Average Time per Response: Varies from 30 seconds to read and
record air quality test results to one hour to inspect, load test, and
complete and maintain a certification record for a hoist.
    Estimated Total Burden Hours: 66,931.
    Estimated Cost (Operation and Maintenance): $129,600.

IV. Public Participation--Submission of Comments on This Notice and
Internet Access to Comments and Submissions

    You may submit comments in response to this document as follows:
(1) Electronically at http://regulations.gov, which is the Federal
eRulemaking Portal; (2) by facsimile (fax); or (3) by hard copy. All
comments, attachments, and other materials must identify the Agency
name and the OSHA docket number for the ICR (Docket No. OSHA-2011-
0029). You may supplement electronic submissions by uploading document
files electronically. If you wish to mail additional materials in
reference to an electronic or facsimile submission, you must submit
them to the OSHA Docket Office (see the section of this notice titled
ADDRESSES). The additional materials must clearly identify your
electronic comments by your name, date, and the docket number so the
Agency can attach them to your comments.
    Because of security procedures, the use of regular mail may cause a
significant delay in the receipt of comments. For information about
security procedures concerning the delivery of materials by hand,
express delivery, messenger, or courier service, please contact the
OSHA Docket Office at<PHONE_NUMBER>, (TTY<PHONE_NUMBER>).
    Comments and submissions are posted without change at http://www.regulations.gov. Therefore, OSHA cautions commenters about
submitting personal information such as social security numbers and
date of birth. Although all submissions are listed in the http://www.regulations.gov index, some information (e.g., copyrighted
material) is not publically available to read or download from this Web
site. All submissions, including copyrighted material, are available
for inspection and copying at the OSHA Docket Office. Information on
using the http://www.regulations.gov Web site to submit comments and
access the docket is available at the Web site's ``User Tips'' link.
Contact the OSHA Docket Office for information about materials not
available from the Web site, and for assistance in using the Internet
to locate docket submissions.

V. Authority and Signature

    David Michaels, Ph.D., MPH, Assistant Secretary of Labor for
Occupational Safety and Health, directed the preparation of this
notice. The authority for this notice is the Paperwork Reduction Act of
1995 (44 U.S.C. 3506 et seq.) and Secretary of Labor's Order No. 1-2012
(77 FR 3912).

    Signed at Washington, DC, on April 1, 2014.
David Michaels,
Assistant Secretary of Labor for Occupational Safety and Health.
[FR Doc. 2014-07630 Filed 4-4-14; 8:45 am]
BILLING CODE 4510-26-P


[Federal Register Volume 79, Number 23 (Tuesday, February 4, 2014)]
[Notices]
[Page 6583]
[FR Doc No: 2014-02284]

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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: RP14-398-000.
    Applicants: Iroquois Gas Transmission System, L.P.
    Description: 01/28/14 Negotiated Rates--JP Morgan Ventures Energy
Corp (HUB) 6025-89 to be effective 1/27/2014.
    Filed Date: 1/28/14.
    Accession Number: 20140128-5239.
    Comments Due: 5 p.m. ET 2/10/14.

    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.

Filings in Existing Proceedings

    Docket Numbers: PR10-30-001.
    Applicants: EasTrans, LLC.
    Description: Tariff filing per 284.123(b)(1) +: 311 Transportation
Rate State Approval Filing; TOFC: 1260.
    Filed Date: 1/24/14.
    Accession Number: 20140124-5186.
    Comments Due: 5 p.m. ET 2/14/14.
    284.123(g) Protests Due: 5 p.m. ET 3/25/14.

    Docket Numbers: RP14-223-001.
    Applicants: Wyoming Interstate Company, L.L.C.
    Description: Agreement Update Compliance Filing to be effective 3/
1/2014.
    Filed Date: 1/28/14.
    Accession Number: 20140128-5208.
    Comments Due: 5 p.m. ET 2/10/14.

    Any person desiring to protest in any of the above proceedings must
file in accordance with Rule 211 of the Commission's Regulations (18
CFR 385.211) on or before 5:00 p.m. Eastern time on the specified
date(s).
    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    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: January 29, 2014.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2014-02284 Filed 2-3-14; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: August 12, 2008 (Volume 73, Number 156)]
[Notices]
[Page 46973-46975]
[DOCID:fr12au08-102]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket ID. FMCSA-2008-0231]

Qualification of Drivers; Exemption Applications; Vision

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice of applications for exemptions; request for comments.

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SUMMARY: FMCSA announces receipt of applications from 23 individuals
for exemptions from the vision requirement in the Federal Motor Carrier
Safety Regulations. If granted, the exemptions would enable these
individuals to qualify as drivers of commercial motor vehicles (CMVs)
in interstate commerce without meeting the Federal vision standard.

DATES: Comments must be received on or before September 11, 2008.

ADDRESSES: You may submit comments bearing the Federal Docket
Management System (FDMS) Docket ID FMCSA-2008-0231 using any of the
following methods:
     Federal eRulemaking Portal: Go to http://
www.regulations.gov. Follow the on-line instructions for submitting
comments.
     Mail: Docket Management Facility; U.S. Department of
Transportation, 1200 New Jersey Avenue, SE., West Building, Ground
Floor, Room W12-140, Washington, DC 20590-0001.
     Hand Delivery: West Building, Ground Floor, Room W12-140,
1200 New Jersey Avenue, SE., Washington, DC, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal Holidays.
     Fax: 1-202-493-2251.
    Each submission must include the Agency name and the docket ID for
this Notice. Note that DOT posts all comments received without change
to http://www.regulations.gov, including any personal information
included in a comment. Please see the Privacy Act heading below.
    Docket: For access to the docket to read background documents or
comments, go to http://www.regulations.gov at any time or Room W12-140
on the ground level of the West Building, 1200 New Jersey Avenue, SE.,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays. The FDMS is available 24 hours each day, 365
days each year. If you want acknowledgment that we received your
comments, please include a self-addressed, stamped envelope or
postcard, or print the acknowledgement page that appears after
submitting comments on-line.
    Privacy Act: Anyone may search the electronic form of all comments
received into any of our dockets by the name of the individual
submitting the comment (or of the person signing the comment, if
submitted on behalf of an association, business, labor union, etc.).
You may review the DOT's complete Privacy Act Statement in the Federal
Register published on April 11, 2000 (65 FR 19476). This information is
also available at http://Docketsinfo.dot.gov.

FOR FURTHER INFORMATION CONTACT: Dr. Mary D. Gunnels, Director, Medical
Programs,<PHONE_NUMBER><EMAIL_ADDRESS>FMCSA, Department of
Transportation, 1200 New Jersey Avenue, SE., Room W64-224, Washington,
DC 20590-0001. Office hours are from 8:30 a.m. to 5 p.m., Monday
through Friday, except Federal holidays.

SUPPLEMENTARY INFORMATION:

Background

    Under 49 U.S.C. 31136(e) and 31315, FMCSA may grant an exemption
for a 2-year period if it finds ``such exemption would likely achieve a
level of safety that is equivalent to, or greater than, the level that
would be achieved absent such exemption.'' FMCSA can renew exemptions
at the end of each 2-year period. The 23 individuals listed in this
notice each have requested an exemption from the vision requirement in
49 CFR 391.41(b)(10), which applies to drivers of CMVs in interstate
commerce. Accordingly, the Agency will evaluate the qualifications of
each applicant to determine whether granting the exemption will achieve
the required level of safety mandated by statute.

Qualifications of Applicants

William C. Ball

    Mr. Ball, age 39, has had amblyopia in his right eye since
childhood. The best corrected visual acuity in his right is eye is 20/
200 and in the left, 20/20. Following an examination in 2008 his
ophthalmologist noted, ``I certify in my medical opinion that Mr. Ball
has sufficient vision to perform the driving task required to operate a
commercial vehicle.'' Mr. Ball reported that he has driven straight
trucks for 4\1/2\ years, accumulating 146,250 miles. He holds a Class A
Commercial Driver's License (CDL) from North Carolina. His driving
record for the last 3 years shows no crashes and no convictions for
moving violations in a CMV.

Terrence L. Benning

    Mr. Benning, 53, has aphakia in his left eye due to a traumatic
injury he sustained as a child. The best corrected visual acuity in his
right eye is 20/25 and in the left, hand-motion vision. Following an
examination in 2008, his ophthalmologist noted, ``Based on the fact
that he has recently been functioning well driving a commercial
vehicle, it is my medical opinion that he does have sufficient vision
to operate a commercial vehicle.'' Mr. Benning reported that he has
driven straight trucks for 10 years, accumulating 250,000 miles, and
tractor-trailer combinations for 25 years, accumulating 2.9 million
miles. He holds a Class A CDL from Wisconsin. His driving record for
the last 3 years shows no crashes and no convictions for moving
violations in a CMV.

Rickie L. Boone

    Mr. Boone, 48, has loss of vision in his right eye due to a
detached retina which occurred in 2001. The visual acuity in his right
eye is light perception and in the left, 20/20. Following an
examination in 2008, his optometrist noted, ``In my medical opinion,
Mr. Boone is able to perform the driving tasks required to operate a
commercial vehicle.'' Mr. Boone reported that he has driven straight
trucks for 28 years, accumulating 1.1 million miles, and tractor-
trailer combinations for 28 years, accumulating 1.1 million miles.
    He holds a Class A CDL from North Carolina. His driving record for
the last 3 years shows no crashes and no convictions for moving
violations in a CMV.

Robert S. Bowen

    Mr. Bowen, 49, has had a prosthetic left eye due to a history of
melanoma since 1994. The best corrected visual acuity in his right eye
is 20/20. Following an examination in 2008, his optometrist noted, ``It
is my opinion that Mr. Bowen is visually qualified to perform the tasks
necessary to operate a commercial vehicle.'' Mr. Bowen reported that he
has driven tractor-trailer combinations for 31 years, accumulating 2.5
million miles. He holds a Class A CDL from Georgia. His driving record
for the last 3 years shows one crash, for which he was not cited, and
no convictions for moving violations in a CMV.

Dennis R. Buszkiewicz

    Mr. Buszkiewicz, 55, has had amblyopia in his left eye since
childhood. The best corrected visual acuity in his right eye is 20/20
and in the left, 20/50. Following an examination in 2008, his
ophthalmologist noted, ``I certify that Dennis R. Buszkiewicz has
sufficient vision to perform the driving tasks required to operate a
commercial vehicle.'' Mr. Buszkiewicz reported that he has driven
straight trucks for 35 years, accumulating 1 million miles. He holds a
Class B CDL from Illinois. His driving record for the last 3 years
shows no crashes and no convictions for moving violations in a CMV.

Larry T. Byrley

    Mr. Byrley, 62, has had a macular scar in his left eye since birth.
The best corrected visual acuity in his right eye is 20/20 and in the
left, 20/200. Following an examination in 2008, his ophthalmologist
noted, ``The patient has a long standing loss of vision in the left
eye. This should pose no problem in him driving a commercial vehicle.''
Mr. Byrley reported that he has driven straight trucks for 5 years,
accumulating 150,000 miles, and tractor-trailer combinations for 11
years, accumulating 935,000 miles. He holds a Class A CDL from Ohio.
His driving record for the last 3 years shows one crash, for which he
was not cited, and no convictions for moving violations in a CMV.

Robert J. Clarke

    Mr. Clarke, 51, has had amblyopia in his left eye since birth. The
best corrected visual acuity in his right eye is 20/20 and in the left,
20/200. Following an examination in 2008, his optometrist noted, ``It
is my personal opinion that Mr. Clarke has sufficient vision to perform
the driving tasks required to operate a commercial vehicle.'' Mr.
Clarke reported that he has driven straight trucks for 20 years,
accumulating 728,000 miles. He holds a Class B CDL from New York. His
driving record for the last 3 years shows no crashes and no convictions
for moving violations in a CMV.

Eldon D. Cochran

    Mr. Cochran, 71, has had amblyopia in his left eye since birth. The
best corrected visual acuity in his right eye is 20/20 and in the left,
20/100. Following an examination in 2008, his optometrist noted, ``I
believe Mr. Cochran has sufficient vision to operate a commercial
vehicle.'' Mr. Cochran reported that he has driven straight trucks for
10 years, accumulating 208,000 miles, and tractor-trailer combinations
for 26 years, accumulating 2 million miles. He holds a Class D
operator's license from Alabama.
    His driving record for the last 3 years shows one crash, for which
he was not cited, and no convictions for moving violations in a CMV.

Alfred A. Constantino

    Mr. Constantino, 59, has had amblyopia in his right eye since 1995.
The best corrected visual acuity in his right eye is 20/60 and in the
left, 20/25. Following an examination in 2008, his optometrist noted,
``In my medical opinion Alfred Constantino has sufficient vision to
perform the driving tasks required to operate a commercial vehicle.''
Mr. Constantino reported that he has driven straight trucks for 40
years, accumulating 400,000 miles, and tractor-trailer combinations for
4 years, accumulating 10,000 miles. He holds a Class 10 operator's
license from Rhode Island; this allows him to drive which allows him to
operate any motor vehicle except a motorcycle and a vehicle that weighs
more than 26,000 pounds, carries 16 or more passengers or transports
placarded amounts of hazardous materials. His driving record for the
last 3 years shows no crashes and no convictions for moving violations
in a CMV.

James R. Corley

    Mr. Corley, 65, has a prosthetic right eye due to a traumatic
injury sustained as a child. The best corrected visual acuity in his
left eye is 20/20. Following an examination in 2008, his
ophthalmologist noted, ``It is my opinion that if persons with one are
eye are legal to operate a commercial vehicle, then Mr. Corley has
sufficient visual ability to do so.'' Mr. Corley reported that he has
driven straight trucks for 19 years, accumulating 152,000 miles. He
holds a Class B CDL from Alabama. His driving record for the last 3
years shows no crashes and no convictions for moving violations in a
CMV.

Larry D. Curry

    Mr. Curry, 57, has a complete loss of vision in his left eye due to
a traumatic injury sustained as a child. The visual acuity in his right
eye is 20/20. Following an examination in 2008, his optometrist noted,
``It is my opinion that Mr. Curry does have sufficient vision to safely
operate a commercial vehicle.'' Mr. Curry reported that he has driven
tractor-trailer combinations for 9 years, accumulating 900,000 miles.
He holds a Class A CDL from Georgia. His driving record for the last 3
years shows no crashes and no convictions for moving violations in a
CMV.

Brian F. Denning

    Mr. Denning, 47, has had amblyopia in his right eye since
childhood. The best corrected visual acuity in his right eye is 20/200
and in the left, 20/20. Following an examination in 2008, his
optometrist noted, ``It is my belief that Brian has sufficient vision
to safely drive a commercial vehicle.'' Mr. Denning reported that he
has driven straight trucks for 23 years, accumulating 920,000 miles. He
holds a Class A CDL from California. His driving record for the last 3
years shows no crashes and no convictions for moving violations in a
CMV.

Michael W. Dillard

    Mr. Dillard, 35, has hyperopia and astigmatism in his left eye
since childhood. The best corrected visual acuity in his right eye is
20/20 and in the left, 20/50. Following an examination in 2008, his
optometrist noted, ``Mr. Dillard has sufficient visual acuity and
fields to operate a tractor-trailer.'' Mr. Dillard reported that he has
driven straight trucks for 10 years, accumulating 555,000 miles, and
tractor-trailer combinations for 4 years, accumulating 222,000 miles.
He holds a Class A CDL from West Virginia. His driving record for the
last 3 years shows no crashes and no convictions for moving violations
in a CMV.

Kelly M. Greene

    Mr. Greene, 46, has had a corneal scar and amblyopia in his left
eye since childhood. The visual acuity in his right eye is 20/20 and in
the left, 20/200. Following an examination in 2008, his ophthalmologist
noted, ``Patient has sufficient vision to perform driving tasks
required to operate a commercial vehicle.'' Mr. Greene reported that he
has driven straight trucks for 15 years, accumulating 1.7 million
miles. He holds a Class A CDL from Florida. His driving record for the
last 3 years shows no crashes and two convictions for moving violations
in a CMV; following another vehicle too closely, and speeding in a CMV.
He exceeded the speed limit by 6 mph.

Sammy K. Hines

    Mr. Hines, 60, has had amblyopia in his right eye since childhood.
The best corrected visual acuity in his right eye is 20/400 and in the
left, 20/20. Following an examination in 2008, his optometrist noted,
``Based on the examination results, Mr. Hines has sufficient vision in
both eyes to perform the driving tasks required to operate a

commercial vehicle.'' Mr. Hines reported that he has driven straight
trucks for 18 years, accumulating 216,000 miles, and tractor-trailer
combinations for 18 years, accumulating 216,000 miles. He holds a Class
A CDL from Texas. His driving record for the last 3 years shows no
crashes and no convictions for moving violations in a CMV.

John H. Holmberg

    Mr. Holmberg, 63, has had amblyopia in his left eye since
childhood. The best corrected visual acuity in his right eye is 20/20
and in the left, 20/70. Following an examination in 2008 his
optometrist noted, ``I would concur with these results and agree that
Mr. Holmberg has adequate vision to operate a commercial vehicle.'' Mr.
Holmberg reported that he has driven straight trucks for 20 years,
accumulating 50,000 miles. He holds a Class A CDL from Wisconsin. His
driving record for the last 3 years shows no crashes and no convictions
for moving violations in a CMV.

Gary R. Lomen

    Mr. Lomen, 49, has had amblyopia in his left eye since childhood.
The best corrected visual acuity in his right eye is 20/20 and in the
left, 20/50. Following an examination in 2008, his optometrist noted,
``In my opinion, Mr. Lomen can operate a commercial vehicle safely with
his current vision, based on years of success with his visual
condition.'' Mr. Lomen reported that he has driven straight trucks for
16 years, accumulating 542,400 miles. He holds an operator's license
from Washington. His driving record for the last 3 years shows no
crashes and no convictions for moving violations in a CMV.

Leonardo Lopez, Jr.

    Mr. Lopez, 36, has complete loss of vision in his right eye due to
chronic retinal detachment. The best corrected visual acuity in his
left eye is 20/30. Following an examination in 2007 his ophthalmologist
noted, ``I believe that Mr. Lopez has sufficient vision to perform
driving tasks required to operate a commercial vehicle.'' Mr. Lopez
reported that he has driven straight trucks for 9 years, accumulating
126,000 miles. He holds a Class D operator's license from New Jersey.
His driving record for the last 3 years shows no crashes and no
convictions for moving violations in a CMV.

Jeffrey F. Meier

    Mr. Meier, 50, has had a macular scar in his left eye due to
toxoplasmosis since birth. The best corrected visual acuity in his
right eye is 20/25 and in the left, 20/150. Following an examination in
2008 his ophthalmologist noted, ``My opinion is that he has sufficient
vision to operate a commercial vehicle.'' Mr. Meier reported that he
has driven straight trucks for 30 years, accumulating 675,000 miles. He
holds a Class D operator's license from Iowa. His driving record for
the last 3 years shows no crashes and no convictions for moving
violations in a CMV.

James G. Mitchell

    Mr. Mitchell, 41, has a prosthetic left eye due to a traumatic
injury that occurred in 1993. The visual acuity in his left eye is 20/
20. Following an examination in 2007 his optometrist noted, ``I feel
Mr. Mitchell is visually able to operate a motor vehicle in all
lighting conditions with a driver's side mirror.'' Mr. Mitchell
reported that he has driven tractor-trailer combinations for 16 years,
accumulating 2.2 million miles. He holds a Class D operator's license
from Alabama. His driving record for the last 3 years shows no crashes
and no convictions for moving violations in a CMV.

Billy R. Pierce

    Mr. Pierce, 59, has a decreased right eye due to a severe infection
that occurred in 2004. The best corrected visual acuity in his right
eye is 20/20 and in the left, 20/400. Following an examination in 2008,
his optometrist noted, ``It is my opinion, that Mr. Pierce has the
ability and visual ability to operate a commercial vehicle.'' Mr.
Pierce reported that he has driven straight trucks for 43 years,
accumulating 1.3 million miles, and tractor-trailer combinations for 29
years, accumulating 435,000 miles. He holds a Class D operator's
license from Alabama. His driving record for the last 3 years shows no
crashes and no convictions for moving violations in a CMV.

James A. Rapp

    Mr. Rapp, 46, has had loss of vision in his left eye due to
childhood glaucoma. The visual acuity in his right eye is 20/20 and in
the left, count-finger vision. Following an examination in 2008, his
ophthalmologist noted, ``In my opinion, he has sufficient vision to
perform the driving tasks required to operate a commercial vehicle.''
Mr. Rapp reported that he has driven straight trucks for 18 years,
accumulating 374,400 miles. He holds a Class D operator's license from
Ohio. His driving record for the last 3 years shows one crash, which he
was cited for, and no other convictions for moving violations in a CMV.

Thomas P. Shank

    Mr. Shank, 41, has had exotropia in his right eye since birth. The
best corrected visual acuity in his right eye is count-finger vision
and in the left, 20/16. Following an examination in 2008, his
optometrist noted, ``In my medical opinion, Mr. Shank has sufficient
vision to perform the driving tasks required to operate a commercial
vehicle at any time of day or night.'' Mr. Shank reported that he has
driven straight trucks for 5 years, accumulating 250,000 miles, and
tractor-trailer combinations for 19 years, accumulating 1.7 million
miles. He holds a Class A CDL from New York. His driving record for the
last 3 years shows no crashes and two convictions for moving violations
in a CMV; unsafe lane changes, and speeding in a CMV. He exceeded the
speed limit by 9 mph.

Request for Comments

    In accordance with 49 U.S.C. 31136(e) and 31315, FMCSA requests
public comment from all interested persons on the exemption petitions
described in this notice. The Agency will consider all comments
received before the close of business September 11, 2008. Comments will
be available for examination in the docket at the location listed under
the ADDRESSES section of this notice. The Agency will file comments
received after the comment closing date in the public docket, and will
consider them to the extent practicable. In addition to late comments,
FMCSA will also continue to file, in the public docket, relevant
information that becomes available after the comment closing date.
Interested persons should monitor the public docket for new material.

    Issued on: August 7, 2008,
Larry W. Minor,
Associate Administrator for Policy and Program Development.
[FR Doc. E8-18613 Filed 8-11-08; 8:45 am]

BILLING CODE 4910-EX-P


[Federal Register Volume 88, Number 115 (Thursday, June 15, 2023)]
[Notices]
[Pages 39285-39290]
[FR Doc No: 2023-12762]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-97692; File No. SR-CboeBZX-2023-013]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing of Amendment No. 2 and Order Granting Accelerated Approval of a
Proposed Rule Change, as Modified by Amendment No. 2, To Adopt Listing
Rules To Require Companies Listed on the Exchange To Develop,
Implement, and Disclose a Written Compensation Recovery Policy To
Comply With Rule 10D-1 Under the Exchange Act and Make Other Related
Changes

June 9, 2023.

I. Introduction

    On February 24, 2023, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to adopt new BZX Rule 14.10(k) to require
companies listed on the Exchange to develop, implement, and disclose a
written compensation recovery policy to comply with Rule 10D-1 under
the Act (``Rule 10D-1''). On March 3, 2023, the Exchange filed
Amendment No. 1 to the proposed rule change, which replaced and
superseded the proposed rule change as originally filed. The proposed
rule change, as modified by Amendment No. 1, was published for comment
in the Federal Register on March 15, 2023.\3\ On April 24, 2023, the
Commission extended the time period within which to approve the
proposed rule change, disapprove the proposed rule change, or institute
proceedings to determine whether to approve or disapprove the proposed
rule change.\4\

On June 7, 2023, the Exchange filed Amendment No. 2 to the proposed
rule change, which replaced and superseded the proposed rule change, as
modified by Amendment No. 1.\5\ The Commission is publishing this
notice to solicit comments on the proposed rule change, as modified by
Amendment No. 2, from interested persons and is approving the proposed
rule change, as modified by Amendment No. 2, on an accelerated basis.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 97099 (March 9,
2023), 88 FR 16051 (``Notice''). No comments were received in
response to this Notice.
    \4\ See Securities Exchange Act Release No. 97364, 88 FR 26369
(April 28, 2023).
    \5\ Amendment No. 2 is available on the Commission's website at
https://www.sec.gov/comments/sr-cboebzx-2023-013/srcboebzx2023013-201119-402402.pdf. In Amendment No. 2, the Exchange proposes to
amend proposed Rule 14.10(k) to (i) provide that the effective date
of proposed Rule 14.10(k) would be October 2, 2023; (ii) clarify,
consistent with the requirements of Rule 10D-1, that each company
must adopt and comply with its recovery policy required by proposed
Rule 14.10(k); and (iii) make other non-substantive, clarifying
changes.
---------------------------------------------------------------------------

II. Background and Description of the Proposal, as Modified by
Amendment No. 2

    On October 26, 2022, the Commission adopted final Rule 10D-1 \6\ to
implement section 954 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 (``Dodd-Frank Act''), which added section 10D to
the Act. Section 10D of the Act requires the Commission to adopt rules
directing the national securities exchanges to prohibit the listing of
any security of an issuer that is not in compliance with the
requirements of section 10D of the Act. Rule 10D-1 requires national
securities exchanges that list securities to establish listing
standards that require each issuer to adopt and comply with a written
executive compensation recovery policy and to provide the disclosures
required by Rule 10D-1 and in the applicable Commission filings.\7\
Under Rule 10D-1, listed companies must recover from current and former
executive officers incentive-based compensation received during the
three completed fiscal years preceding the date on which the issuer is
required to prepare an accounting restatement.
---------------------------------------------------------------------------

    \6\ 17 CFR 240.10D-1.
    \7\ See Securities Exchange Act Release No. 96159, 87 FR 73076
(November 28, 2022) (``Adopting Release''). Rule 10D-1 requires such
exchange listing rules to be effective no later than one year after
November 28, 2022. Rule 10D-1 further requires that each listed
issuer: (i) adopt the required recovery policy no later than 60 days
following the effective date of the listing standard; (ii) comply
with the recovery policy for all incentive-based compensation
received by executive officers on or after the effective date of the
applicable listing standard; and (iii) provide the required
disclosures on or after the effective date of the listing standard.
---------------------------------------------------------------------------

    As required by Rule 10D-1, the Exchange proposed to adopt BZX Rule
14.10(k) (the ``Rule'') and Interpretations and Policies .21 to BZX
Rule 14.10, both entitled ``Compensation Recovery Policy,'' to amend
BZX Rule 14.1(a) (Definitions), and to amend BZX 14.10(e) (Exemptions
from Certain Corporate Governance Requirements). These proposed
amendments to the Exchange's rules incorporate the requirements of Rule
10D-1. Specifically, proposed BZX Rule 14.10(k) would require companies
\8\ to adopt a compensation recovery policy, comply with that policy,
and provide the compensation recovery policy disclosures required by
the Rule and in the applicable Commission filings.\9\
---------------------------------------------------------------------------

    \8\ For purposes of this order, ``companies'' or ``company''
refers to the issuer of a security listed or an issuer who is
applying to list on the Exchange. See, e.g., BZX Rule 14.1(a)(3).
    \9\ See proposed BZX Rule 14.10(k).
---------------------------------------------------------------------------

    Proposed BZX Rule 14.10(k)(1) would require that each company adopt
and comply with a written recovery policy providing that the company
will recover reasonably promptly the amount of erroneously awarded
incentive-based compensation in the event that the company is required
to prepare an accounting restatement due to the material noncompliance
of the company with any financial reporting requirement under the
securities laws, including any required accounting restatement to
correct an error in previously issued financial statements that is
material to the previously issued financial statements, or that would
result in a material misstatement if the error were corrected in the
current period or left uncorrected in the current period, as required
by section 10D-1 under the Act.
    The company's recovery policy must apply to all incentive-based
compensation received by a person: (i) after beginning service as an
executive officer; (ii) who served as an executive officer at any time
during the performance period for that incentive-based compensation;
(iii) while the company has a class of securities listed on a national
securities exchange or national securities association; and (iv) during
the three completed fiscal years immediately preceding the date that
the company is required to prepare an accounting restatement as
described in paragraph (k)(1) of the Rule.\10\ A company's obligation
to recover erroneously awarded compensation is not dependent on if or
when the restated financial statements are filed.
---------------------------------------------------------------------------

    \10\ See proposed BZX Rule 14.10(k)(1)(A). In addition to these
last three completed fiscal years, the recovery policy must apply to
any transition period (that results from a change in the company's
fiscal year) within or immediately following those three completed
fiscal years. However, a transition period between the last day of
the company's previous fiscal year end and the first day of its new
fiscal year that comprises a period of nine to 12 months would be
deemed a completed fiscal year.
---------------------------------------------------------------------------

    For purposes of determining the relevant recovery period, the date
that a company is required to prepare an accounting restatement as
described in paragraph (k)(1) of the Rule is the earlier to occur of:
(i) the date the company's board of directors, a committee of the board
of directors, or the officer or officers of the company authorized to
take such action if board action is not required, concludes, or
reasonably should have concluded, that the company is required to
prepare an accounting restatement as described in paragraph (k)(1) of
the Rule; or (ii) the date a court, regulator, or other legally
authorized body directs the company to prepare an accounting
restatement as described in paragraph (k)(1) of the Rule.\11\
---------------------------------------------------------------------------

    \11\ See proposed BZX Rule 14.10(k)(1)(B).
---------------------------------------------------------------------------

    The amount of incentive-based compensation that must be subject to
the company's recovery policy (``erroneously awarded compensation'') is
the amount of incentive-based compensation received that exceeds the
amount of incentive-based compensation that otherwise would have been
received had it been determined based on the restated amounts, and must
be computed without regard to any taxes paid. For incentive-based
compensation based on stock price or total shareholder return, where
the amount of erroneously awarded compensation is not subject to
mathematical recalculation directly from the information in an
accounting restatement: (i) the amount must be based on a reasonable
estimate of the effect of the accounting restatement on the stock price
or total shareholder return upon which the incentive-based compensation
was received, and (ii) the company must maintain documentation of the
determination of that reasonable estimate and provide such
documentation to the Exchange.\12\
---------------------------------------------------------------------------

    \12\ See proposed BZX Rule 14.10(k)(1)(C).
---------------------------------------------------------------------------

    A company must recover erroneously awarded compensation in
compliance with its recovery policy except to the extent that one of
the conditions set forth below is met, and the company's committee of
independent directors \13\ responsible for executive compensation
decisions, or in the absence of such a committee, a majority of the
independent directors serving on the board, has made a determination
that recovery would be impracticable.
---------------------------------------------------------------------------

    \13\ The term ``independent director'' is defined in BZX Rule
14.10(c)(1)(B).

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

     The direct expense paid to a third party to assist in
enforcing the policy would exceed the amount to be recovered. Before
concluding that it would be impracticable to recover any amount of
erroneously awarded compensation based on expense of enforcement, the
company must make a reasonable attempt to recover such erroneously
awarded compensation, document such reasonable attempt(s) to recover,
and provide that documentation to the Exchange.
     Recovery would violate home country law where that law was
adopted prior to November 28, 2022. Before concluding that it would be
impracticable to recover any amount of erroneously awarded compensation
based on violation of home country law, the company must obtain an
opinion of home country counsel, acceptable to the Exchange, that
recovery would result in such a violation, and must provide such
opinion to the Exchange.
     Recovery would likely cause an otherwise tax-qualified
retirement plan, under which benefits are broadly available to
employees of the registrant, to fail to meet the requirements of 26
U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.\14\
---------------------------------------------------------------------------

    \14\ See proposed BZX Rule 14.10(k)(1)(D).
---------------------------------------------------------------------------

    A company is prohibited from indemnifying any executive officer or
former executive officer against the loss of erroneously awarded
compensation.\15\
---------------------------------------------------------------------------

    \15\ See proposed BZX Rule 14.10(k)(1)(E).
---------------------------------------------------------------------------

    Proposed BZX Rule 14.10(k)(2) would require that each company must
file all disclosures with respect to the recovery policy in accordance
with the requirements of the federal securities laws, including the
disclosure required by the applicable Commission filings.
    BZX proposes to amend BZX Rule 14.10(e)(1) (Exemptions to the
Corporate Governance Requirements) to provide that the following are
exempt from the compensation recovery policy requirements under the
Rule: (i) any security issued by a unit investment trust, as defined in
15 U.S.C. 80a-4(2); \16\ and (ii) any security issued by a management
company, as defined in 15 U.S.C. 80a-4(3), that is registered under
section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8), if
such management company has not awarded incentive-based compensation to
any executive officer of the company in any of the last three fiscal
years, or in the case of a company that has been listed for less than
three fiscal years, since the listing of the company.\17\
---------------------------------------------------------------------------

    \16\ See proposed BZX Rule 14.10(e)(1)(A)(iii).
    \17\ See proposed BZX Rule 14.10(e)(1)(E)(iv).
---------------------------------------------------------------------------

    The Exchange proposes to adopt a definition of ``executive
officer'' applicable only to the Rule.\18\ Proposed Interpretations and
Policies .21 to BZX Rule 14.10 would provide that, for the purposes of
the Rule, an ``executive officer'' is a company's president, principal
financial officer, principal accounting officer (or if there is no such
accounting officer, the controller), any vice-president of the company
in charge of a principal business unit, division, or function (such as
sales, administration, or finance), any other officer who performs a
policy-making function, or any other person who performs similar
policy-making functions for the company. Executive officers of the
company's parent(s) or subsidiaries are deemed executive officers of
the company if they perform such policy making functions for the
company. In addition, when the company is a limited partnership,
officers or employees of the general partner(s) who perform policy-
making functions for the limited partnership are deemed officers of the
limited partnership. When the company is a trust, officers, or
employees of the trustee(s) who perform policy-making functions for the
trust are deemed officers of the trust. Policy-making function is not
intended to include policy-making functions that are not significant.
Identification of an executive officer for purposes of the Rule would
include at minimum executive officers identified pursuant to 17 CFR
229.401(b).
---------------------------------------------------------------------------

    \18\ According to the Exchange, the term ``executive officer''
is already defined under Rule 14.1(a); therefore, the Exchange
proposes to adopt a separate definition under proposed
Interpretation and Policy .21 of Rule 14.10. See Amendment No. 2,
supra note 5, at 6.
---------------------------------------------------------------------------

    The Exchange also proposes to adopt a definition of ``received''
applicable only to the Rule. Proposed Interpretations and Policies .21
to BZX Rule 14.10 would provide that, for purposes of the Rule,
incentive-based compensation is deemed ``received'' in the company's
fiscal period during which the financial reporting measure specified in
the incentive-based compensation award is attained, even if the payment
or grant of the incentive-based compensation occurs after the end of
that period.
    The Exchange also proposes to adopt the following definitions in
BZX Rule 14.1(a) that would be applicable to the entirety of Chapter 14
(CBOE BZX Exchange Listing Rules) of the BZX Rules and that would apply
to the Rule: \19\
---------------------------------------------------------------------------

    \19\ Proposed Interpretations and Policies .21 to BZX Rule 14.10
would provide that, for purposes of the Rule, the terms ``financial
reporting measures'' and ``incentive-based compensation'' will have
the definitions set forth in Rule 14.1(a). See Amendment No. 2,
supra note 5.
---------------------------------------------------------------------------

     ``Financial reporting measures'' means measures that are
determined and presented in accordance with the accounting principles
used in preparing the company's financial statements, and any measures
that are derived wholly or in part from such measures. Stock price and
total shareholder return are also financial reporting measures. A
financial reporting measure need not be presented within the financial
statements or included in a filing with the Commission.\20\
---------------------------------------------------------------------------

    \20\ See proposed BZX Rule 14.1(a)(14).
---------------------------------------------------------------------------

     ``Incentive-based compensation'' means any compensation
that is granted, earned, or vested based wholly or in part upon the
attainment of a financial reporting measure.\21\
---------------------------------------------------------------------------

    \21\ See proposed BZX Rule 14.1(a)(16). Based on these proposed
amendments, the Exchange also proposes to renumber the existing
definitions in BZX Rule 14.1(a).
---------------------------------------------------------------------------

    Proposed BZX Rule 14.10(k) would provide that the effective date of
the Rule (``effective date'') is October 2, 2023, and that, in
accordance with Rule 10D-1, each company must: (i) adopt the
compensation recovery policy required by the Rule no later than 60 days
following the effective date; (ii) comply with that recovery policy for
all incentive-based compensation received (as such term is defined in
Interpretation and Policy .21 to Rule 14.10) by executive officers on
or after the effective date; \22\ and (iii) provide the disclosures
required by the Rule and in the applicable Commission filings required
on or after the effective date.\23\
---------------------------------------------------------------------------

    \22\ As described above, a BZX listed company would have to
comply with its recovery policy for all incentive-based compensation
received by executive officers on or after the effective date of the
applicable listing standard (i.e., proposed BZX Rule 14.10(k)).
Incentive-based compensation that is the subject of a compensation
contract or arrangement that existed prior to the effective date of
Rule 10D-1 would still be subject to recovery under the Exchange's
rule if such compensation was received on or after the effective
date of Rule 14.10(k), as required by Rule 10D-1. See Adopting
Release, supra note 6, and also definitions of ``incentive-based
compensation'' in proposed BZX Rule 14.1(a)(16) and ``received'' in
proposed Interpretations and Policies .21 to BZX Rule 14.10.
    \23\ See Amendment No. 2, supra note 5, at 8. In support of
proposing an effective date of October 2, 2023, the Exchange states
it believes this is consistent with section 10D ``and the goal of
implementing the proposed rule promptly while also being consistent
with the expectations of listed issuer that the proposed rules would
take effect a year after the adoption of Rule 10D-1 based on the
issuers' understanding of a statement made . . . in the Rule 10D-1
Adopting Release.'' See id.
---------------------------------------------------------------------------

    The Exchange also proposes an additional clarifying change to BZX
Rule 14.10(a) to make clear that companies applying to list and listed
on the Exchange must comply with the

compensation recovery policy requirements outlined in the Rule.\24\
---------------------------------------------------------------------------

    \24\ See BZX Rule 14.10(a) as proposed to be amended.
---------------------------------------------------------------------------

    BZX states that it believes the proposed rule change, which it is
proposing in order to carry out the requirements of Rule 10D-1, is
consistent with the Act, and particularly with respect to the
protection of investors and the public interest and may provide
incentives to executive officers to improve the quality and reliability
of financial reporting, further benefiting investors.\25\
---------------------------------------------------------------------------

    \25\ See Amendment No. 2, supra note 5, at 16-17.
---------------------------------------------------------------------------

    As described above, Rule 10D-1 requires national securities
exchanges to prohibit the initial or continued listing of any security
of an issuer not in compliance with its rules adopted to comply with
Rule 10D-1. BZX proposes therefore to require that a company will be
subject to delisting if it does not adopt a compensation recovery
policy that complies with the applicable listing standard, disclose the
policy in accordance with Commission rules or comply with its recovery
policy. BZX states that the administrative process for a company that
fails to comply with proposed BZX Rule 14.10(k) will follow the
established pattern used for similar corporate governance
deficiencies.\26\ Specifically, the Exchange proposes to amend BZX Rule
14.12(f)(2)(A)(iii) to provide that a company that fails to comply with
proposed BZX Rule 14.10(k) may submit to the Listing Qualifications
Department \27\ a plan to regain compliance and, consistent with its
process for similar corporate governance deficiencies, BZX Staff \28\
may provide the issuer up to 180 days to cure the deficiency.\29\ BZX
Rule 14.12(f)(2)(B) further provides that notifications of deficiencies
that allow for submission of a compliance plan may also result, after
review of the compliance plan, in issuance of a Staff Delisting
Determination or a Public Reprimand Letter. However, BZX proposes to
amend BZX Rules 14.12(f)(4), 14.12(h)(3)(A)(iii), 14.12(i)(4)(A) and
14.12(j)(4) to provide that a Public Reprimand Letter may not be issued
for violations of a listing standard required by Rule 10D-1 or upon
appeal of such violations.\30\ If BZX Staff provides the issuer with a
period to cure the deficiency, and if the company does not regain
compliance within the time period provided, BZX Staff would be required
to issue a Staff Delisting Determination,\31\ which the issuer could
appeal to the Hearings Panel, as provided in BZX Rule 14.12(h). The
Hearings Panel could allow the issuer up to an additional 180 days to
cure the deficiency.\32\
---------------------------------------------------------------------------

    \26\ See id. at 14. See also BZX Rule 14.12(f)(2)(B).
    \27\ BZX Rule 14.12(b)(6) defines the term ``Listing
Qualifications Department'' as the department of the Exchange
responsible for evaluating company compliance with quantitative and
qualitative listing standards and determining eligibility for
initial and continued listing of a company's securities.
    \28\ BZX Rule 14.12(b)(10) defines ``Staff'' as ``employees of
the Listing Qualifications Department.''
    \29\ See Amendment No. 2, supra note 5, at 14. See also BZX Rule
14.12(f)(2)(B).
    \30\ BZX also proposes to amend the definition of ``Public
Reprimand Letter'' in BZX Rule 14.12(b)(9) to provide that a Public
Reprimand Letter may not be issued for violations of a listing
standard required by Rule 10D-1. Under the existing definition in
Rule 14.12(b)(9), Public Reprimand Letters can be issued for
violations of BZX corporate governance or notification listing
standards except for violations of a listing standard required by
Rule 10A-3 of the Act.
    \31\ See BZX Rule 14.12(f)(2)(E).
    \32\ See BZX Rule 14.12(h)(3)(A)(i).
---------------------------------------------------------------------------

III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule
change, as modified by Amendment No. 2, is consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to a national securities exchange.\33\ In particular, the
Commission finds that the proposed rule change is consistent with the
requirements of section 6(b) of the Act.\34\ Specifically, the
Commission finds that the proposed rule change is consistent with
section 6(b)(5) of the Act,\35\ which requires, among other things,
that the rules of a national securities exchange be designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest, and are not
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. In addition, the Commission finds that the
proposed rule change is consistent with section 6(b)(7) of the Act,\36\
which requires, among other things, that the rules of a national
securities exchange provide a fair procedure for the prohibition or
limitation by the exchange of any person with respect to access to
services offered by the exchange. The proposed rule change, as modified
by Amendment No. 2, is also consistent with section 10D of the Act \37\
and Rule 10D-1 thereunder, as further described below.\38\
---------------------------------------------------------------------------

    \33\ 15 U.S.C. 78f(b). In approving this proposed rule change,
the Commission has considered the proposed rule change's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
    \34\ 15 U.S.C. 78f(b).
    \35\ 15 U.S.C. 78f(b)(5).
    \36\ 15 U.S.C. 78(b)(7).
    \37\ 15 U.S.C. 78j-4.
    \38\ 17 CFR 240.10D-1.
---------------------------------------------------------------------------

    The development and enforcement of meaningful listing standards for
a national securities exchange is of substantial importance to
financial markets and the investing public. Meaningful listing
standards are especially important given investor expectations
regarding the nature of companies that have achieved an exchange
listing for their securities, and the role of an exchange in overseeing
its market and assuring compliance with its listing standards.\39\ The
corporate governance standards embodied in the listing rules of
national securities exchanges, in particular, play an important role in
assuring that companies listed for trading on the exchanges' markets
observe good governance practices, including a fair approach and
greater accountability for the recovery of erroneously awarded
compensation.\40\
---------------------------------------------------------------------------

    \39\ See, e.g., Securities Exchange Release Nos. 65708 (November
8, 2011), 76 FR 70799 70802 (November 15, 2011) (SR-NASDAQ-2011-
073); 63607 (December 23, 2010), 75 FR 82420, 82422 (December 30,
2010) (SR-NASDAQ-2010-137); 57785 (May 6, 2008), 73 FR 27597, 27599
(May 13, 2008) (SR-NYSE-2008-17); and 93256 (October 4, 2021), 86 FR
56338 (October 8, 2021) (SR-NASDAQ-2021-007).
    \40\ See, e.g., Securities Exchange Release No. 68639 (January
11, 2013), 78 FR 4570, 4579 (January 22, 2013) (SR-NYSE-2012-49)
(stating, in connection with the modification of exchange rules for
compensation committees of listed issuers to comply with Rule 10C-1
of the Act, that corporate governance listing standards ``play an
important role in assuring that companies listed for trading on the
exchanges' markets observe good governance practices, including a
reasoned, fair, and impartial approach for determining the
compensation of corporate executives'' and stating that the proposal
would foster ``greater transparency, accountability and
objectivity'' in oversight of compensation practices.).
---------------------------------------------------------------------------

    In enacting section 10D of the Act,\41\ Congress resolved to
require national securities exchanges to establish listing standards to
require listed issuers to develop and comply with a policy to recover
incentive-based compensation erroneously awarded on the basis of
financial information that requires an accounting restatement.\42\ In
October

2022, as required by this legislation, the Commission adopted Rule 10D-
1 under the Act, which directs the national securities exchanges to
establish listing standards that require issuers to: (i) develop and
comply with written policies for recovery of incentive-based
compensation based on financial information required to be reported
under the securities laws, applicable to the issuers' executive
officers, during the three completed fiscal years immediately preceding
the date that the issuer is required to prepare an accounting
restatement; and (ii) disclose those compensation recovery policies in
accordance with Commission rules. In response, the Exchange has filed
the proposed rule change, which includes rules intended to comply with
the requirements of Rule 10D-1.
---------------------------------------------------------------------------

    \41\ Public Law 111-203, 954, 124 Stat. 1376, 1904 (2010)
(codified at 15 U.S.C. 78j-4).
    \42\ As a part of the Dodd-Frank Act legislative process, in a
2010 report, the Senate Committee on Banking, Housing and Urban
Affairs stated that it is ``unfair to shareholders for corporations
to allow executive officers to retain compensation that they were
awarded erroneously.'' See Report of the Senate Committee on
Banking, Housing, and Urban Affairs, S.3217, Report No. 111-176 at
135-36 (Apr. 30, 2010) (``Senate Report'') at 135. See also Adopting
Release, supra note 7, 87 FR at 73077 (citing to the Senate Report)
(``The language and legislative history of the Dodd-Frank Act make
clear that section 10D is premised on the notion that an executive
officer should not retain incentive-based compensation that, had the
issuer's accounting been correct in the first instance, would not
have been received by the executive officer, regardless of any fault
of the executive officer for the accounting errors. The Senate
Report also indicates that shareholders should not `have to embark
on costly legal expenses to recoup their losses' and that
`executives must return monies that should belong to the
shareholders.' '').
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    The Exchange's proposed amendments to BZX Rules 14.1, 14.10, and
14.12 incorporate the requirements of Rule 10D-1. The Commission
believes that the Exchange's proposal will foster greater fairness,
accountability, and transparency to shareholders of listed issuers by
advancing the recovery of incentive-based compensation that was
erroneously awarded on the basis of financial information that requires
an accounting restatement, consistent with section 10D of the Act \43\
and Rule 10D-1 thereunder,\44\ and will therefore further the
protection of investors consistent with section 6(b)(5) of the Act.\45\
In addition, as the Commission stated in the Adopting Release, the
recovery requirements may provide executive officers with an increased
incentive to take steps to reduce the likelihood of inadvertent
misreporting and will reduce the financial benefits to executive
officers who choose to pursue impermissible accounting methods, which
can further discourage such behavior.\46\ The Commission believes that
these benefits of the Exchange's new rules on the recovery of
erroneously awarded compensation will protect investors and the public
interest as required under section 6(b)(5) of the Act.
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    \43\ 15 U.S.C. 78j-4.
    \44\ 17 CFR 240.10D-1.
    \45\ 15 U.S.C. 78f(b)(5).
    \46\ See Adopting Release, supra note 7, 87 FR at 73077. See
also Amendment No. 2, supra note 5, at 17, agreeing with the
Commission's statement on the benefits of the recovery policy.
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    Rule 10D-1 and proposed BZX Rule 14.10(k) require that a listed
issuer recover the amount of erroneously awarded incentive-based
compensation ``reasonably promptly.'' The Adopting Release stated that
whether an issuer is acting reasonably promptly ``will depend on the
particular facts and circumstances applicable to that issuer'' and
``the final rules do not restrict exchanges from adopting more
prescriptive approaches to the timing and method of recovery under
their rules in compliance with section 19(b) of the Exchange Act . .
.'' \47\ Rule 10D-1 also does not compel the exchanges to adopt a more
prescriptive approach to the timing and method of recovery. In its
filing, BZX stated that ``the [c]ompany's obligation to recover
erroneously awarded [i]ncentive-based [c]ompensation reasonably
promptly will be assessed on a holistic basis with respect to each
accounting restatement prepared by the [c]ompany'' and that ``[i]n
evaluating whether a [c]ompany is recovering erroneously-awarded
[i]ncentive-based [c]ompensation reasonably promptly, the Exchange will
consider whether the [c]ompany is pursuing an appropriate balance of
cost and speed in determining the appropriate means to seek recovery
and whether the [c]ompany is securing recovery through means that are
appropriate based on the particular facts and circumstances of each
executive officer that owes a recoverable amount.'' \48\ The Commission
believes this guidance provided by the Exchange is consistent with the
Commission's statements regarding when an issuer is acting ``reasonably
promptly'' as expressed in the Adopting Release, with Rule 10D-1 and
with the Act.\49\
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    \47\ See Adopting Release, supra note 7, 87 FR at 73104. For
example, the Commission stated that after the exchanges have
observed issuer performance they can use any resulting data to
assess the need for further guidelines to ensure prompt and
effective recovery. See id.
    \48\ See Amendment No. 2, supra note 5, at 15-16.
    \49\ See Adopting Release, supra note 7, 87 FR 73104.
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    Rule 10D-1 requires issuers subject to the listing standards to
adopt a recovery policy no later than 60 days following the date on
which the applicable listing standards become effective and to comply
with their recovery policy, and provide the required disclosures, on or
after the effective date. The Exchange, in Amendment No. 2, is
proposing that the effective date of Rule 14.10(k) be October 2,
2023.\50\ The Exchange believes that setting this date as the effective
date will ensure that issuers have more than a year from the date Rule
10D-1 was published in the Federal Register to adopt recovery
policies.\51\ This is consistent with language in Rule 10D-1 and the
Adopting Release, while also ensuring prompt implementation of this
proposed rule.
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    \50\ See Amendment No. 2, supra note 5, amending proposed BZX
Rule 14.10.
    \51\ Listed issuers will need to have their recovery policy in
place no later than 60 days following the effective date of October
2, 2023, which would be more than a year after publication of Rule
10D-1 in the Federal Register. Listed issuers will also have to
comply with their recovery policy for all incentive-based
compensation received by executive officers on or after the
effective date of October 2, 2023, and provide the required
disclosures in the applicable Commission filings on or after the
effective date of October 2, 2023. See Adopting Release, supra note
6, and also definitions of ``incentive-based compensation'' in
proposed BZX Rule 14.1(a)(16) and ``received'' in proposed
Interpretations and Policies .21 to BZX Rule 14.10. See also supra
notes 22-23 and accompanying text.
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    With respect to a listed issuer that fails to comply with proposed
BZX Rule 14.10(k), the Exchange has proposed to apply its current
procedures applicable to companies with similar corporate governance
deficiencies in addition to prohibiting the use of a Public Reprimand
Letter for violations of a listing standard required by Rule 10D-1.\52\
The Commission believes that these procedures for listed issuers out of
compliance with proposed BZX Rule 14.10(k), which are consistent with
the procedures for similar corporate governance deficiencies,
adequately meet the mandate of Rule 10D-1 and are consistent with
investor protection and the public interest, since they give a listed
issuer a reasonable time period to cure non-compliance with these
important requirements before the listed issuer will be delisted while
helping to ensure that listed issuers that are non-compliant will not
remain listed for an inappropriate amount of time. Additionally, the
proposed delisting process, including the cure period and the right to
appeal a delisting determination to the Exchange's Hearing Panel, is
consistent with section 6(b)(7) of the Act in that it provides a fair
procedure for the review of delisting determinations based on
violations of the Exchange's rules for recovering erroneous
compensation.
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    \52\ See supra notes 26-32 and accompanying text.
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IV. Solicitation of Comments on Amendment No. 2 to the Proposed Rule
Change

    Interested persons are invited to submit written data, views, and

arguments concerning whether the proposed rule change, as modified by
Amendment No. 2, is consistent with the Exchange Act. Comments may be
submitted by any of the following methods:

Electronic Comments

     Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
file number SR-CboeBZX-2023-013 on the subject line.

Paper Comments

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

All submissions should refer to file number SR-CboeBZX-2023-013. 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 (https://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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-CboeBZX-2023-013, and should
be submitted on or before July 6, 2023.

V. Accelerated Approval of Proposed Rule Change, as Modified by
Amendment No. 2

    The Commission finds good cause to approve the proposed rule
change, as modified by Amendment No. 2, prior to the thirtieth day
after the date of publication of notice of the filing of Amendment No.
2 in the Federal Register. In Amendment No. 2, the Exchange amended the
proposal to: (i) provide that the effective date of Rule 14.10(k) would
be October 2, 2023; (ii) clarify, consistent with the requirements of
Rule 10D-1, that each company must adopt and comply with its recovery
policy required by proposed Rule 14.10(k); and (iii) make other non-
substantive, clarifying changes.\53\ The changes in Amendment No. 2
provide greater clarity to the proposal. The proposed clarifying
changes will ensure that the proposal conforms to the requirements of
Rule 10D-1. The change to the effective date of the listing standards
is consistent with Rule 10D-1 and language in the Adopting Release.
Accordingly, the Commission finds good cause, pursuant to section
19(b)(2) of the Exchange Act,\54\ to approve the proposed rule change,
as modified by Amendment No. 2, on an accelerated basis.
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    \53\ See Amendment No. 2, supra note 5.
    \54\ 15 U.S.C. 78s(b)(2).
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VI. Conclusion

    It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\55\ that the proposed rule change (SR-CboeBZX-2023-013), as
modified by Amendment No. 2, be, and hereby is, approved on an
accelerated basis.
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    \55\ 15 U.S.C. 78s(b)(2).
    \56\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\56\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-12762 Filed 6-14-23; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 23 (Friday, February 2, 2018)]
[Notices]
[Pages 4913-4914]
[FR Doc No: 2018-02142]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP18-50-000]

Notice of Request Under Blanket Authorization; Texas Eastern
Transmission, LP

    Take notice that on January 19, 2018, Texas Eastern Transmission,
LP (Texas Eastern), P.O. Box 1642, Houston, Texas 77251, filed a prior
notice request pursuant to sections 157.205 and 157.208 of the
Commission's regulations under the Natural Gas Act (NGA), as amended,
and the blanket certificate issued by the Commission in Docket No.
CP82-535-000 requesting authorization to relocate certain segments of
two adjacent pipelines in Montgomery County, Pennsylvania as part of
its Skippack Pike Relocation Project. The Skippack Pike Relocation
Project will accommodate a planned expansion of Pennsylvania State
Route 202 in Montgomery County by the Pennsylvania Department of
Transportation. Specifically, Texas Eastern proposes to relocate
certain segments of its Line 1-B and Line 1-F pipelines, and to cut,
cap and fill with grout certain portions of these pipelines. The total
cost of the Skippack Pike Relocation Project is estimated to be
approximately $12,600,000, all as more fully set forth in the
application which is on file with the Commission and open to public
inspection.
    The filing may also be viewed on the web at 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. For
assistance, please contact FERC Online Support at
[email protected] or toll free at<PHONE_NUMBER>, or TTY,
contact<PHONE_NUMBER>.
    Any questions concerning this application may be directed to Leanne
Sidorkewicz, Manager, Rates and Certificates, Texas Eastern
Transmission, LP, P.O. Box 1642, Houston, Texas 77251-1642, by
telephone at<PHONE_NUMBER>, by fax at<PHONE_NUMBER>, or by email at
[email protected].
    Any person or the Commission's staff may, within 60 days after
issuance of the instant notice by the Commission, file pursuant to Rule
214 of the Commission's Procedural Rules (18 CFR 385.214) a motion to
intervene or notice of intervention and pursuant to section 157.205 of
the regulations under the NGA (18 CFR 157.205), a protest to the
request. If no protest is filed within the time allowed therefore, the
proposed activity shall be deemed to be authorized effective the day
after the time allowed for filing a protest. If a protest is filed and
not withdrawn within 30 days after the allowed time for filing a
protest, the instant request shall be treated as an application for
authorization pursuant to section 7 of the NGA.
    Pursuant to section 157.9 of the Commission's rules, 18 CFR 157.9,
within 90 days of this Notice the Commission staff will either:
Complete its environmental assessment (EA) and place it into the
Commission's public record (eLibrary) for this proceeding; or issue a
Notice of Schedule for Environmental Review. If a Notice of Schedule
for Environmental Review is issued, it will indicate, among other
milestones, the anticipated date for the Commission staff's issuance of
the final environmental impact statement (FEIS) or EA for this
proposal. The filing of the EA in the Commission's public record for
this proceeding or the issuance of a Notice of Schedule for
Environmental Review will serve to notify federal and state agencies of
the timing for the completion of all necessary reviews, and the
subsequent need to complete all federal authorizations within 90 days
of the date of issuance of the Commission staff's FEIS or EA.
    Persons who wish to comment only on the environmental review of
this project should submit an original and two copies of their comments
to the Secretary of the Commission. Environmental commenter's will be
placed on the Commission's environmental mailing list, will receive
copies of the environmental documents,

and will be notified of meetings associated with the Commission's
environmental review process. Environmental commenter's will not be
required to serve copies of filed documents on all other parties.
However, the non-party commentary, will not receive copies of all
documents filed by other parties or issued by the Commission (except
for the mailing of environmental documents issued by the Commission)
and will not have the right to seek court review of the Commission's
final order.
    The Commission strongly encourages electronic filings of comments,
protests and interventions in lieu of paper using the ``eFiling'' link
at http://www.ferc.gov. Persons unable to file electronically should
submit an original and 7 copies of the protest or intervention to the
Federal Energy Regulatory Commission, 888 First Street NE, Washington,
DC 20426.

    Dated: January 26, 2018.
Kimberly D. Bose,
Secretary.
[FR Doc. 2018-02142 Filed 2-1-18; 8:45 am]
 BILLING CODE 6717-01-P