[Federal Register: August 18, 2006 (Volume 71, Number 160)]
[Rules and Regulations]
[Page 47742-47744]
[DOCID:fr18au06-17]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R03-OAR-2006-0153; FRL-8211-1]

Approval and Promulgation of Air Quality Implementation Plans;
Virginia; Revised Definition of ``Volatile Organic Compound''

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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SUMMARY: EPA is approving a State Implementation Plan (SIP) revision
submitted by the Virginia Department of Environmental Quality. This
revision amends Virginia regulations by updating the definition of
``volatile organic compound''. This action is being taken under the
Clean Air Act (CAA or the Act).

DATES: Effective Date: This final rule is effective on September 18,
2006.

ADDRESSES: EPA has established a docket for this action under Docket ID
Number EPA-R03-OAR-2006-0153. All documents in the docket are listed in
the http://www.regulations.gov Web site. Although listed in the electronic

docket, some information is not publicly available, i.e., confidential
business information (CBI) or other information whose disclosure is
restricted by statute. Certain other material, such as copyrighted
material, is not placed on the Internet and will be publicly available
only in hard copy form. Publicly available docket materials are
available either electronically through http://www.regulations.gov or in hard

copy for public inspection during normal business hours at the Air
Protection Division, U.S. Environmental Protection Agency, Region III,
1650 Arch Street, Philadelphia, Pennsylvania 19103. Copies of the State
submittal are available at the Virginia Department of Environmental
Quality, 629 East Main Street, Richmond, Virginia, 23219.

FOR FURTHER INFORMATION CONTACT: Helene Drago,<PHONE_NUMBER>, or by e-
mail at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Background

    On April 5, 2006 (71 FR 17050), EPA published a notice of proposed

rulemaking (NPR) for the Commonwealth of Virginia. The revision updated
the definition of ``volatile organic compound'' found in Virginia
Regulations. The NPR proposed approval of the updated definition of
``volatile organic compound''. The formal SIP revision was submitted by
the Virginia Department of Environmental Quality on January 12, 2006 .

II. Summary of SIP Revision

    On January 12, 2006, the Commonwealth submitted a SIP revision
request which amends the definition of ``volatile organic compound''
found under 9 VAC 5-10-20. The amendment revises the definition of the
term ``volatile organic compound'' to exclude four compounds that have
been demonstrated to be less reactive: 1,1,1,2,2,3,3-heptafluoro-3-
methoxy-propane, 3-ethoxy -1,1,1,2,3,4,4,5,5,6,6,6-dodecafluoro-2-
(trifluoromethyl) hexane, 1,1,1,2,3,3,3-heptafluoropropane, and methyl
formate. The definition of VOC has also been revised in order to
partially exclude t-butyl acetate. The amendment states that the
compound, t-butyl acetate, should be considered to be a VOC for record
keeping, emissions reporting, photochemical dispersion modeling and
inventory requirements that apply to VOCs and should be uniquely
identified in emission reports, but it is not a VOC for purposes of VOC
emission standards, emission limitations, or content requirements. This
definition update is consistent with Federal regulations.

III. General Information Pertaining to SIP Submittals From the
Commonwealth of Virginia

    In 1995, Virginia adopted legislation that provides, subject to
certain conditions, for an environmental assessment (audit)
``privilege''' for voluntary compliance evaluations performed by a
regulated entity. The legislation further addresses the relative burden
of proof for parties either asserting the privilege or seeking
disclosure of documents for which the privilege is claimed. Virginia's
legislation also provides, subject to certain conditions, for a penalty
waiver for violations of environmental laws when a regulated entity
discovers such violations pursuant to a voluntary compliance evaluation
and voluntarily discloses such violations to the Commonwealth and takes
prompt and appropriate measures to remedy the violations. Virginia's
Voluntary Environmental Assessment Privilege Law, Va. Code Sec. 10.1-
1198, provides a privilege that protects from disclosure documents and
information about the content of those documents that are the product
of a voluntary environmental assessment. The Privilege Law does not
extend to documents or information (1) that are generated or developed
before the commencement of a voluntary environmental assessment; (2)
that are prepared independently of the assessment process; (3) that
demonstrate a clear, imminent and substantial danger to the public
health or environment; or (4) that are required by law.
    On January 12, 1998, the Commonwealth of Virginia Office of the
Attorney General provided a legal opinion that states that the
Privilege law, Va. Code Sec. 10.1-1198, precludes granting a privilege
to documents and information ``required by law,'' including documents
and information ``required by Federal law to maintain program
delegation, authorization or approval,'' since Virginia must ``enforce
Federally authorized environmental programs in a manner that is no less
stringent than their Federal counterparts * * *.'' The opinion
concludes that ``[r]egarding Sec.  10.1-1198, therefore, documents or
other information needed for civil or criminal enforcement under one of
these programs could not be privileged because such documents and
information are essential to pursuing enforcement in a manner required
by Federal law to maintain program delegation, authorization or
approval.''
    Virginia's Immunity law, Va. Code Sec. 10.1-1199, provides that
``[t]o the extent consistent with requirements imposed by Federal
law,'' any person making a voluntary disclosure of information to a
state agency regarding a violation of an environmental statute,
regulation, permit, or administrative order is granted immunity from
administrative or civil penalty. The Attorney General's January 12,
1998 opinion states that the quoted language renders this statute
inapplicable to enforcement of any Federally authorized programs, since
``no immunity could be afforded from administrative, civil, or criminal
penalties because granting such immunity would not be consistent with
Federal law, which is one of the criteria for immunity.''
    Therefore, EPA has determined that Virginia's Privilege and
Immunity statutes will not preclude the Commonwealth from enforcing its
program consistent with the Federal requirements. In any event, because
EPA has also determined that a state audit privilege and immunity law
can affect only state enforcement and cannot have any impact on Federal
enforcement authorities, EPA may at any time invoke its authority under
the Clean Air Act, including, for example, sections 113, 167, 205, 211
or 213, to enforce the requirements or prohibitions of the state plan,
independently of any state enforcement effort. In addition, citizen
enforcement under section 304 of the Clean Air Act is likewise
unaffected by this, or any, state audit privilege or immunity law.
    Other specific requirements and the rationale for EPA's proposed
action are explained in the NPR and will not be restated here. No
public comments were received on the NPR.

IV. Final Action

    EPA is approving the revision of the definition of ``volatile
organic compound'' which was submitted on January 12, 2006 as a
revision to the Virginia SIP.

V. Statutory and Executive Order Reviews

A. General Requirements

    Under Executive Order 12866 (58 FR 51735, October 4, 1993), this
action is not a ``significant regulatory action'' and therefore is not
subject to review by the Office of Management and Budget. For this
reason, this action is also not subject to Executive Order 13211,
``Actions Concerning Regulations That Significantly Affect Energy
Supply, Distribution, or Use'' (66 FR 28355, May 22, 2001). This action
merely approves state law as meeting Federal requirements and imposes
no additional requirements beyond those imposed by state law.
Accordingly, the Administrator certifies that this rule will not have a
significant economic impact on a substantial number of small entities
under the Regulatory Flexibility Act (5 U.S.C. 601 et seq.). Because
this rule approves pre-existing requirements under state law and does
not impose any additional enforceable duty beyond that required by
state law, it does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4). This rule also does not
have tribal implications because it will not have a substantial direct
effect on one or more Indian tribes, on the relationship between the
Federal Government and Indian tribes, or on the distribution of power
and responsibilities between the Federal Government and Indian tribes,
as specified by Executive Order 13175 (65 FR 67249, November 9, 2000).
This action also does not have Federalism implications because it does
not have

substantial direct effects on the States, on the relationship between
the national government and the States, or on the distribution of power
and responsibilities among the various levels of government, as
specified in Executive Order 13132 (64 FR 43255, August 10, 1999). This
action merely approves a state rule implementing a Federal requirement,
and does not alter the relationship or the distribution of power and
responsibilities established in the Clean Air Act. This rule also is
not subject to Executive Order 13045 ``Protection of Children from
Environmental Health Risks and Safety Risks'' (62 FR 19885, April 23,
1997), because it is not economically significant.
    In reviewing SIP submissions, EPA's role is to approve state
choices, provided that they meet the criteria of the Clean Air Act. In
this context, in the absence of a prior existing requirement for the
State to use voluntary consensus standards (VCS), EPA has no authority
to disapprove a SIP submission for failure to use VCS. It would thus be
inconsistent with applicable law for EPA, when it reviews a SIP
submission, to use VCS in place of a SIP submission that otherwise
satisfies the provisions of the Clean Air Act. Thus, the requirements
of section 12(d) of the National Technology Transfer and Advancement
Act of 1995 (15 U.S.C. 272 note) do not apply. This rule does not
impose an information collection burden under the provisions of the
Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.).

B. Submission to Congress and the Comptroller General

    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this rule and other
required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. This rule is not a
``major rule'' as defined by 5 U.S.C. 804(2).

C. Petitions for Judicial Review

    Under section 307(b)(1) of the Clean Air Act, petitions for
judicial review of this action must be filed in the United States Court
of Appeals for the appropriate circuit by October 17, 2006. Filing a
petition for reconsideration by the Administrator of this final rule
does not affect the finality of this rule for the purposes of judicial
review nor does it extend the time within which a petition for judicial
review may be filed, and shall not postpone the effectiveness of such
rule or action. This action to approve revisions to the Virginia SIP
that update the definition of ``volatile organic compound'' may not be
challenged later in proceedings to enforce its requirements. (See
section 307(b)(2)).

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Reporting and
recordkeeping requirements, Volatile organic compounds.

    Dated: August 8, 2006.
Donald S. Welsh,
Regional Administrator, Region III.

0
40 CFR part 52 is amended as follows:

PART 52--[AMENDED]

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

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

Subpart VV--Virginia

0
2. In Sec.  52.2420, the table in paragraph (c) is amended by adding an
entry for Chapter 10, Section 5-10-20 after the five existing entries
for 5-10-20 to read as follows:

Sec.  52.2420  Identification of plan.

* * * * *
    (c) * * *

                                 EPA-Approved Virginia Regulations and Statutes
----------------------------------------------------------------------------------------------------------------
                                                                                Explanation
    State citation  (9 VAC 5)         Title/subject          State       EPA approval date       [former SIP
                                                        effective date                            citation]
----------------------------------------------------------------------------------------------------------------
                                     Chapter 10 General Definitions [Part I]

                                                  * * * * * * *
5-10-20..........................  Terms Defined......         5/04/05  8/18/06 [Insert      Revised definition
                                                                         page number where    of ``volatile
                                                                         the document         organic
                                                                         begins].             compound''.

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------

[FR Doc. E6-13614 Filed 8-17-06; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register Volume 83, Number 1 (Tuesday, January 2, 2018)]
[Notices]
[Pages 192-194]
[FR Doc No: 2017-28308]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82406; File No. SR-LCH SA-2017-011]

Self-Regulatory Organizations; LCH SA; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change Relating to the
CDSClear Fee Grid for All Accounts Structures

December 27, 2017.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder \2\ notice is hereby given that
on December 20, 2017, Banque Centrale de Compensation, which conducts
business under the name LCH SA (``LCH SA''), filed with the Securities
and Exchange Commission (``Commission'') the proposed rule change
described in Items I, II, and III below, which Items have been prepared
primarily by LCH SA. LCH SA filed the proposed rule changes pursuant to
Section 19(b)(3)(A) \3\ of the Act and Rule 19b-4(f)(2) \4\ thereunder,
so that the proposal was effective upon filing with the Commission. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    LCH SA is filing a proposed fee grid for all accounts structures,
including those introduced \5\ to reflect the indirect

clearing requirements \6\ under EMIR \7\ and MiFIR \8\ for authorized
CCPs. The text of the proposed rule change has been annexed as Exhibit
5.
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    \5\ See SR-LCH SA-2017-010.
    \6\ Commission Delegated Regulation (EU) 2017/2155 of 22
September 2017 amending Delegated Regulation (EU) No. 149/2013
supplementing the European Market Infrastructure Regulation (MiFIR)
with regard to regulatory technical standards (RTS) on indirect
clearing arrangements.
    \7\ Regulation (EU) No 648/2012 of the European Parliament and
of the Council of 4 July 2012 on OTC derivatives, central
counterparties and trade repositories (EMIR).
    \8\ Regulation (EU) No 600/2014 of the European Parliament and
of the Council of 15 May 2014 on markets in financial instruments
and amending Regulation (EU) No 648/2012.
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II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

    In its filing with the Commission, LCH SA included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. LCH SA has prepared summaries, set forth in sections A,
B, and C below, of the most significant aspects of these statements.

A. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule change is to adopt the applicable
CDSClear fee grid for all accounts structures, including the indirect
client account structures proposed in accordance with the provisions of
MiFIR Article 30.
    The proposed rule change introduces a fixed annual fee payable to
CDSClear by its Clearing Members semi annually for the 6-month periods
beginning January 1st and July 1st in accordance with the amount and
currency specified in the fee grid attached in Exhibit 5.
    The Account structure fees will be calculated on the day
immediately preceding each 6-month period, being December 31st and June
30th of each year, based on the number of live accounts at that date.
It will apply for existing client accounts from 1st January 2018.
    Any Clearing Member will make its own pricing arrangements with its
clients.
    The Account structure fee does not apply to house accounts.
2. Statutory Basis
    Section 17A(b)(3)(D) of the Act requires that the rules of a
clearing agency provide for the equitable allocation of reasonable
dues, fees, and other charges.\9\
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    \9\ 15 U.S.C. 78q-1(b)(3)(D).
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    As noted above, the proposed fee grid will apply equally to all
existing and new client accounts, whether Indirect or not, and LCH SA
believes that it is reasonable and appropriate. The fee amount applied
is constant across all account types reflecting the even workload for
each account opened by clients.
    LCH believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act \10\ and regulations thereunder
applicable to it, because it provides for the equitable allocation of
reasonable fees, dues, and other charges among clearing members
including their clients and market participants by ensuring that they
pay reasonable fees and dues for the services that LCH SA provides.
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    \10\ 15 U.S.C. 78q-1.
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B. Clearing Agency's Statement on Burden on Competition

    Section 17A(b)(3)(I) of the Act requires that the rules of a
clearing agency not impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act.\11\ LCH SA does
not believe that the proposed rule change would impose any burden on
competition that are not necessary or appropriate in furtherance of the
purposes of the Act.
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    \11\ 15 U.S.C. 78q-1(b)(3)(I).
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    The proposed rule change will apply equally to all existing and new
client accounts and does not adversely affect the ability of Clearing
Members and their clients or other market participants generally to
engage in cleared transactions or to access clearing services.
Therefore, LCH SA does not believe that the proposed rule change would
impose a burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.

C. Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants or Others

    Written comments relating to the proposed rule change have not been
solicited or received. LCH SA will notify the Commission of any written
comments received by LCH SA.

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

    Subject to any regulatory review or approval process duly
completed, the foregoing proposed rule change has become effective upon
filing pursuant to Section 19(b)(3)(A) \12\ of the Act and Rule 19b-
4(f)(2) \13\ thereunder because it establishes a fee or other charge
imposed by LCH SA on its Clearing Members. At any time within 60 days
of the filing of the proposed rule change, the Commission summarily may
temporarily suspend such proposed rule change if it appears to the
Commission that such action is necessary or appropriate in the public
interest, for the protection of investors, or otherwise in furtherance
of the purposes of the Act.
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    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-LCH SA-2017-011 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-LCH SA-2017-011. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for

inspection and copying at the principal office of LCH SA and on LCH
SA's website at http://www.lch.com/asset-classes/cdsclear.
    All comments received will be posted without change. Persons
submitting comments are cautioned that we do not redact or edit
personal identifying information from comment submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-LCH SA-2017-011 and should
be submitted on or before January 23, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2017-28308 Filed 12-29-17; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: November 21, 2007 (Volume 72, Number 224)]
[Proposed Rules]
[Page 65494]
[DOCID:fr21no07-26]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R01-OAR-2006-0704; A-1-FRL-8491-9]

Approval and Promulgation of Air Quality Implementation Plans;
Maine; Emission Statements Reporting and Definitions

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: The EPA is proposing to approve State Implementation Plan
(SIP) revisions submitted by the State of Maine. These revisions update
Maine's criteria pollutant emissions reporting program, and list of
terms and associated definitions used in Maine's air pollution control
regulations. The intended effect of this action is to propose approval
of these items into the Maine SIP. This action is being taken under the
Clean Air Act.

DATES: Written comments must be received on or before December 21,
2007.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R01-
OAR-2006-0704 by one of the following methods:
    1. http://www.regulations.gov: Follow the on-line instructions for

submitting comments.
    2. E-mail<EMAIL_ADDRESS>    3. Fax:<PHONE_NUMBER>.
    4. Mail: EPA-R01-OAR-2006-0704, Anne Arnold, U.S. Environmental
Protection Agency, EPA New England Regional Office, One Congress
Street, Suite 1100 (mail code CAQ), Boston, MA 02114-2023.
    5. Hand Delivery or Courier: Deliver your comments to: Anne Arnold,
Manager, Air Quality Planning Unit, Office of Ecosystem Protection,
U.S. Environmental Protection Agency, EPA New England Regional Office,
One Congress Street, 11th floor, (CAQ), Boston, MA 02114-2023. Such
deliveries are only accepted during the Regional Office's normal hours
of operation. The Regional Office's official hours of business are
Monday through Friday, 8:30 to 4:30, excluding legal holidays.
    Please see the direct final rule which is located in the Rules
Section of this Federal Register for detailed instructions on how to
submit comments.

FOR FURTHER INFORMATION CONTACT: Bob McConnell, Air Quality Planning
Unit, EPA New England Regional Office, One Congress Street, Suite 1100-
CAQ, Boston, MA 02114-2023, telephone number<PHONE_NUMBER>, fax number
617-918-0046, e-mail<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: In the Final Rules Section of this Federal
Register, EPA is approving the State's SIP submittals as a direct final
rule without prior proposal because the Agency views them as
noncontroversial and anticipates no adverse comments. A detailed
rationale for the approval is set forth in the direct final rule. 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. Please note that
if EPA receives adverse comment on an amendment, paragraph, or section
of this rule and if that provision may be severed from the remainder of
the rule, EPA may adopt as final those provisions of the rule that are
not the subject of an adverse comment.
    For additional information, see the direct final rule which is
located in the Rules Section of this Federal Register.

    Dated: October 25, 2007.
Robert W. Varney,
Regional Administrator, EPA New England.
[FR Doc. E7-22599 Filed 11-20-07; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register Volume 77, Number 157 (Tuesday, August 14, 2012)]
[Notices]
[Pages 48509-48510]
[FR Doc No: 2012-19853]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 3

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

    Docket Numbers: ER12-2057-000.
    Applicants: NaturEner Glacier Wind Energy 1, LLC.
    Description: Amendment to Filing of NaturEner Glacier Wind Energy
1, LLC.
    Filed Date: 8/7/12.
    Accession Number: 20120807-5108.
    Comments Due: 5 p.m. ET 8/14/12.

    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: August 7, 2012.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2012-19853 Filed 8-13-12; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 180 (Friday, September 16, 2011)]
[Proposed Rules]
[Page 57701]
[FR Doc No: 2011-23871]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 300

[EPA-HQ-SFUND-2000-0003; FRL-9465-4]

National Oil and Hazardous Substances Pollution Contingency Plan;
National Priorities List

AGENCY: Environmental Protection Agency.

ACTION: Withdrawal of proposed rule.

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SUMMARY: On July 29, 2011, the Environmental Protection Agency (EPA)
published a Notice of Intent to Delete and a Direct Notice of Deletion
for the Palmer Barge Line (PBL) Superfund Site from the National
Priorities List. The EPA is withdrawing the Notice of Intent to Delete
because the deletion notices were published in the Federal Register
without Headquarter's concurrence as required under the Comprehensive
Environmental Response, Compensation, and Liability Act Delegation of
Authority. After appropriate Headquarters concurrence is received on
the Notice of Intent to Delete the PBL Superfund Site from the National
Priorities List, the EPA will re-publish a Notice of Intent to Delete
in the Federal Register.

DATES: The proposed rule published on July 29, 2011, (76 FR 45484) is
withdrawn as of September 16, 2011.

ADDRESSES:
    Information Repositories: Comprehensive information on the PBL
Superfund Site, as well as the comments that we received during the
comment period, are available in Docket EPA-HQ-SFUND-2000-0003,
accessed through the http://www.regulations.gov Web site. Although
listed in the docket index, some information is not publicly available
(e.g., CBI or other information whose disclosure is restricted by
statute). Certain other material, such as copyrighted material, will be
publicly available only in hard copy. Publicly available docket
materials are available either electronically in http://www.regulations.gov or in hard copy at:

    1. U.S. Environmental Protection Agency, Region 6, 1445 Ross
Avenue, Suite 700, Dallas, Texas 75202-2733; Hours of operation:
Monday thru Friday, 9 a.m. to 12 p.m. and 1 p.m. to 4 p.m. Contact:
Rafael A. Casanova<PHONE_NUMBER>.
    2. Port Arthur Public Library, 4615 9th Avenue, Port Arthur,
Texas 77642-5799; Hours of operation: Monday thru Thursday, 9 a.m.
to 9 p.m.; Friday, 9 a.m. to 6 p.m.; Saturday, 9 a.m. to 5 p.m.; and
Sunday, 2 p.m. to 5 p.m.

FOR FURTHER INFORMATION CONTACT: Rafael A. Casanova, Remedial Project
Manager; U.S. Environmental Protection Agency, Region 6, Superfund
Division (6SF-RA), 1445 Ross Avenue, Suite 1200, Dallas, Texas 75202-
2733; telephone number:<PHONE_NUMBER>; e-mail:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

List of Subjects in 40 CFR Part 300

    Environmental protection, Air pollution control, Chemicals,
Hazardous waste, Hazardous substances, Intergovernmental relations,
Penalties, Reporting and recordkeeping requirements, Superfund, Water
pollution control, Water supply.

    Authority:  33 U.S.C. 1321(c)(2); 42 U.S.C. 9601-9657; E.O.
12777, 56 FR 54757, 3 CFR, 1991 Comp., p. 351; E.O. 12580, 52 FR
2923; 3 CFR, 1987 Comp., p. 193.

    Dated: September 6, 2011.
Al Armendariz,
Regional Administrator, Region 6.
[FR Doc. 2011-23871 Filed 9-15-11; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 80, Number 105 (Tuesday, June 2, 2015)]
[Notices]
[Pages 31432-31437]
[FR Doc No: 2015-13321]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-31651; File No. 812-14126]

Benefit Street Partners BDC, Inc., et al.; Notice of Application

May 27, 2015.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of application for an order under sections 17(d) and
57(i) of the Investment Company Act of 1940 (the ``Act'') and rule 17d-
1 under the Act to permit certain joint transactions otherwise
prohibited by sections 17(d) and 57(a)(4) of the Act and rule 17d-1
under the Act.

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Summary of Application: Applicants request an order to permit certain
business development companies (``BDC'') and closed-end management
investment companies to co-invest in portfolio companies with each
other and with affiliated investment funds.

Applicants: Benefit Street Partners BDC, Inc. (``BSP BDC''), Providence
Flexible Credit Allocation Fund (``Providence Flexible Credit''),
Griffin-Benefit Street Partners BDC Corp. (``Griffin BSP,'' and with
BSP BDC and Providence Flexible Credit, the ``Existing Regulated
Funds''), Providence TMT Debt Opportunity Fund II L.P. (``Fund II''),
PECM Strategic Funding L.P. (``Strategic Funding''), Providence Debt
Fund III L.P. (``Fund III''), Providence Debt Fund III Master (Non-
U.S.) L.P. (``Fund III Offshore''), Benefit Street Partners Capital
Opportunity Fund L.P. (``BSP Capital Fund''), Benefit Street Partners
SMA LM L.P (``Benefit Street LM''), Benefit Street Partners SMA-C L.P.
(``Benefit Street SMA-C,'' and with Fund II, Strategic Funding, Fund
III, Fund III Offshore, BSP Capital Fund and Benefit Street LM, the
``Existing Affiliated Funds''), Providence Equity Capital Markets
L.L.C. (``Fund II Affiliated Adviser''), Benefit Street Partners L.L.C.
(``BSP Adviser'') and Griffin Capital BDC Advisor, LLC (``GBA'').

Filing Dates: The application was filed on February 26, 2013, and
amended on January 31, 2014, July 23, 2014, December 18, 2014 and April
22, 2015.

Hearing or Notification of Hearing: An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on June 22, 2015, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Pursuant to rule 0-5 under the Act, hearing
requests should state the nature of the writer's interest, any facts
bearing upon the desirability of a hearing on the matter, the reason
for the request, and the issues contested. Persons who wish to be
notified of a hearing may request notification by writing to the
Commission's Secretary.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
St. NE., Washington, DC 20549-1090. Applicants: 9 West 57th Street,
49th Floor, New York, NY 10019.

FOR FURTHER INFORMATION CONTACT: David J. Marcinkus, Senior Counsel, at
(202) 551-6882 or David P. Bartels, Branch Chief, at<PHONE_NUMBER>
(Chief Counsel's Office, Division of Investment Management).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site by searching for the file number, or for an
applicant using the Company name box, at http://www.sec.gov/search/search.htm or by calling<PHONE_NUMBER>.

Applicants' Representations

    1. BSP BDC is a Maryland corporation organized as a closed-end
management investment company that intends to elect to be regulated as
a BDC under section 54(a) of the Act.\1\ BSP BDC's Objectives and
Strategies \2\ are to generate both current income and capital
appreciation by primarily investing in secured debt, unsecured debt, as
well as related equity securities issued by private U.S. middle market
companies. The board of directors (``Board'') of BSP BDC will be
comprised of five directors, three of whom will be persons who are not
``interested persons'' of BSP BDC as defined in section 2(a)(19) of the
Act (``Non-Interested Directors'').
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    \1\ Section 2(a)(48) defines a BDC to be any closed-end
investment company that operates for the purpose of making
investments in securities described in sections 55(a)(1) through
55(a)(3) of the Act and makes available significant managerial
assistance with respect to the issuers of such securities.
    \2\ ``Objectives and Strategies'' means a Regulated Fund's
investment objectives and strategies, as described in the Regulated
Fund's registration statement on Form N-2, other filings the
Regulated Fund has made with the Commission under the Securities Act
of 1933 (the ``Securities Act''), or under the Securities Exchange
Act of 1934, and the Regulated Fund's reports to shareholders.
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    2. Providence Flexible Credit is a Massachusetts business trust
organized as closed-end investment company registered under the Act.
Providence Flexible Credit's Objectives and Strategies are to seek
total return through a combination of current income and capital
appreciation. Providence Flexible Credit will seek to achieve its
investment objective by investing primarily in a portfolio of (i)
secured loans made primarily to companies whose debt is below
investment grade quality; (ii) corporate bonds that are expected to be
primarily high yield issues of below investment grade quality; and
(iii) debt investment opportunities in middle market companies in the
United States that are of below investment grade quality. Providence
Flexible Credit will have a Board with a majority of trustees that are
Non-Interested Directors.
    3. Griffin BSP is a Maryland corporation organized as a closed-end
management investment company that has elected to be regulated as a BDC
under the Act. Griffin BSP's Objectives and Strategies are to generate
both current income and capital appreciation. Applicants state that
Griffin BSP seeks to achieve its investment objective by investing in
secured and unsecured debt, as well as

equity and equity related securities issued by private U.S. companies
primarily in the middle market or public U.S. companies with market
equity capitalization of less than $250 million. Griffin BSP's Board
consists of five members, a majority of whom are Non-Interested
Directors.
    4. Each of the Affiliated Funds would be an investment company but
for section 3(c)(1) or 3(c)(7) of the Act. Fund II is a Cayman Islands
limited partnership which seeks to make debt investments primarily in
small to mid-sized companies primarily in the media, entertainment,
education, communications and information industries. Strategic Funding
is a Cayman Islands limited partnership which seeks to invest in
distressed companies in non-control transactions, secured and unsecured
instruments in syndicated transactions, and privately negotiated debt
deals primarily in U.S.-based middle market companies across various
industries. Fund III is a Delaware limited partnership which seeks to
make debt investments primarily in U.S.-based middle market companies
across various industries. Fund III Offshore is a Cayman Islands
limited partnership which seeks to make debt investments primarily in
small to mid-sized companies across various industries. BSP Capital
Fund is a Delaware limited partnership which seeks to make debt
investments primarily in small to mid-sized companies across various
industries. Benefit Street LM is a Delaware limited partnership which
seeks to make debt investments in U.S.-based middle market companies,
larger cap issuers and real estate related companies across various
industries and related equity securities. Benefit Street SMA-C is a
Delaware limited partnership which seeks to make debt investments
primarily in secured debt, unsecured debt, and related equity
securities issued by primarily U.S.-based companies of any size
capitalization and real estate related companies across various
industries and related equity securities.
    5. Fund II Affiliated Adviser and BSP Adviser are each Delaware
limited liability companies registered as investment advisers under the
Investment Advisers Act of 1940 (the ``Advisers Act''). Applicants
state that Fund II Affiliated Adviser and BSP Adviser are controlled by
the same individuals (the ``Principals'') and are thus affiliated
persons of each other as described by section 2(a)(3)(C) of the Act.
Fund II Affiliated Adviser serves as investment adviser to Fund II and
Strategic Funding. BSP Adviser serves as investment adviser to BSP BDC,
Providence Flexible Credit, Fund III, Fund III Offshore, Benefit Street
LM, BSP Capital Fund and Benefit Street SMA-C.
    6. GBA is a Delaware limited liability company registered as an
investment adviser under the Advisers Act. GBA serves as investment
adviser to Griffin BSP. In addition, BSP Adviser serves as sub-adviser
to Griffin BSP. Applicants state that GBA and BSP Adviser are not
affiliated persons as defined by the Act.
    7. Applicants seek an order (``Order'') to permit one or more
Regulated Funds \3\ and/or one or more Affiliated Funds \4\ to
participate in the same investment opportunities through a proposed co-
investment program (the ``Co-Investment Program'') where such
participation would otherwise be prohibited under section 57(a)(4) and
rule 17d-1 by (a) co-investing with each other in securities issued by
issuers in private placement transactions in which an Adviser
negotiates terms in addition to price; \5\ and (b) making additional
investments in securities of such issuers, including through the
exercise of warrants, conversion privileges, and other rights to
purchase securities of the issuers (``Follow-On Investments''). ``Co-
Investment Transaction'' means any transaction in which a Regulated
Fund (or its Wholly-Owned Investment Sub, as defined below)
participated together with one or more other Regulated Funds and/or one
or more Affiliated Funds in reliance on the requested Order.
``Potential Co-Investment Transaction'' means any investment
opportunity in which a Regulated Fund (or its Wholly-Owned Investment
Sub) could not participate together with one or more Affiliated Funds
and/or one or more other Regulated Funds without obtaining and relying
on the Order.\6\
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    \3\ ``Regulated Fund'' means any of the Existing Regulated Funds
and any Future Regulated Fund. ``Future Regulated Fund'' means any
closed-end management investment company (a) that is registered
under the Act or has elected to be regulated as a BDC, (b) whose
investment adviser is a Providence Adviser, and (c) that intends to
participate in the Co-Investment Program. The term ``Providence
Adviser'' means (a) BSP Adviser and (b) any future investment
adviser, other than Providence Equity Partners L.L.C., that
controls, is controlled by or is under common control with BSP
Adviser and is registered under the Advisers Act. The term
``Adviser'' means any Providence Adviser and GBA. Providence Equity
Partners L.L.C. is excluded from the definition of Adviser because
none of its clients will participate in any Co-Investment
Transaction.
    \4\ ``Affiliated Fund'' means (a) the Existing Affiliated Funds
and (b) any Future Affiliated Fund. ``Future Affiliated Fund'' means
any entity (a) whose investment adviser is a Providence Adviser, (b)
that would be an investment company but for section 3(c)(1) or
3(c)(7) of the Act, and (c) that intends to participate in the Co-
Investment Program.
    \5\ The term ``private placement transactions'' means
transactions in which the offer and sale of securities by the issuer
are exempt from registration under the Securities Act.
    \6\ All existing entities that currently intend to rely upon the
requested Order have been named as applicants. Any other existing or
future entity that subsequently relies on the Order will comply with
the terms and conditions of the application.
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    8. Applicants state that a Regulated Fund may, from time to time,
form a Wholly-Owned Investment Sub.\7\ Such a subsidiary would be
prohibited from investing in a Co-Investment Transaction with any
Affiliated Fund or Regulated Fund because it would be a company
controlled by its parent Regulated Fund for purposes of section
57(a)(4) and rule 17d-1. Applicants request that each Wholly-Owned
Investment Sub be permitted to participate in Co-Investment
Transactions in lieu of its parent Regulated Fund and that the Wholly-
Owned Investment Sub's participation in any such transaction be
treated, for purposes of the requested order, as though the parent
Regulated Fund were participating directly. Applicants represent that
this treatment is justified because a Wholly-Owned Investment Sub would
have no purpose other than serving as a holding vehicle for the
Regulated Fund's investments and, therefore, no conflicts of interest
could arise between the Regulated Fund and the Wholly-Owned Investment
Sub. The Regulated Fund's Board would make all relevant determinations
under the conditions with regard to a Wholly-Owned Investment Sub's
participation in a Co-Investment Transaction, and the Regulated Fund's
Board would be informed of, and take into consideration, any proposed
use of a Wholly-Owned Investment Sub in the Regulated Fund's place. If
the Regulated Fund proposes to participate in the same Co-Investment
Transaction with any of its Wholly-Owned Investment Subs, the Board
will also be informed of, and take into consideration, the relative
participation of the Regulated Fund and the Wholly-Owned Investment
Sub.
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    \7\ The term ``Wholly-Owned Investment Sub'' means an entity (i)
that is wholly-owned by a Regulated Fund (with the Regulated Fund at
all times holding, beneficially and of record, 100% of the voting
and economic interests); (ii) whose sole business purpose is to hold
one or more investments on behalf of the Regulated Fund; (iii) with
respect to which the Regulated Fund's Board has the sole authority
to make all determinations with respect to the entity's
participation under the conditions of the application; and (iv) that
would be an investment company but for section 3(c)(1) or 3(c)(7) of
the Act.
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    9. When considering Potential Co-Investment Transactions for any
Regulated Fund, the Adviser (or

Advisers if there are more than one) will consider only the Objectives
and Strategies, investment policies, investment positions, capital
available for investment, and other pertinent factors applicable to
that Regulated Fund. The Advisers expect that any portfolio company
that is an appropriate investment for a Regulated Fund should also be
an appropriate investment for one or more other Regulated Funds and/or
one or more Affiliated Funds, with certain exceptions based on
available capital or diversification. The Regulated Funds, however,
will not be obligated to invest, or co-invest, when investment
opportunities are referred to them.
    10. Applicants state that GBA will be investment adviser to Griffin
BSP, while BSP Adviser will be sub-adviser. Applicants represent that
although BSP Adviser will identify and recommend investments for
Griffin BSP, GBA will have ultimate authority to approve or reject the
investments proposed by BSP Adviser, subject to the oversight of
Griffin-BSP's Board. Applicants further represent that each of BSP
Adviser and GBA has adopted allocation policies and procedures which
are designed to allocate investment opportunities fairly and equitably
among their clients over time. Applicants state that in the case of a
Potential Co-Investment Transaction, BSP Adviser will apply its
allocation policies and procedures in determining the proposed
allocation for Griffin BSP consistent with the requirements of
condition 2(a). Applicants further submit that if GBA approves the
investment for Griffin BSP, the investment and all relevant allocation
information would then be presented to Griffin BSP's Board for its
approval in accordance with the conditions to the application.
Applicants state that they believe the investment process between BSP
Adviser and GBA, prior to seeking approval from Griffin BSP's Board
(which is in addition to, rather than in lieu of, the procedures
required under the conditions of the application), is significant and
provides for additional procedures and processes to ensure that Griffin
BSP is being treated fairly in respect of Potential Co-Investment
Transactions.
    11. Other than pro rata dispositions and Follow-On Investments as
provided in conditions 7 and 8, and after making the determinations
required in conditions 1 and 2(a), the applicable Adviser(s) will
present each Potential Co-Investment Transaction and the proposed
allocation to the directors of the Board eligible to vote under section
57(o) of the Act (``Eligible Directors''), and the ``required
majority,'' as defined in section 57(o) of the Act (``Required
Majority'') \8\ will approve each Co-Investment Transaction prior to
any investment by the participating Regulated Fund.
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    \8\ In the case of a Regulated Fund that is a registered closed-
end fund, the Board members that make up the Required Majority will
be determined as if the Regulated Fund were a BDC subject to section
57(o).
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    12. With respect to the pro rata dispositions and Follow-On
Investments provided in conditions 7 and 8, a Regulated Fund may
participate in a pro rata disposition or Follow-On Investment without
obtaining prior approval of the Required Majority if, among other
things: (i) The proposed participation of each Regulated Fund and
Affiliated Fund in such disposition is proportionate to its outstanding
investments in the issuer immediately preceding the disposition or
Follow-On Investment, as the case may be; and (ii) the Board of the
Regulated Fund has approved that Regulated Fund's participation in pro
rata dispositions and Follow-On Investments as being in the best
interests of the Regulated Fund. If the Board does not so approve, any
such disposition or Follow-On Investment will be submitted to the
Regulated Fund's Eligible Directors. The Board of any Regulated Fund
may at any time rescind, suspend or qualify its approval of pro rata
dispositions and Follow-On Investments with the result that all
dispositions and/or Follow-On Investments must be submitted to the
Eligible Directors.
    13. No Non-Interested Director of a Regulated Fund will have a
financial interest in any Co-Investment Transaction, other than
indirectly through share ownership in one of the Regulated Funds.
    14. Under condition 15, if the Providence Advisers, the Principals,
or any person controlling, controlled by, or under common control with
the Providence Advisers or the Principals, and the Affiliated Funds
(collectively, the ``Holders'') own in the aggregate more than 25% of
the outstanding voting securities of a Regulated Fund (``Shares''),
then the Holders will vote such Shares as directed by an independent
third party when voting on matters specified in the condition.
Applicants believe that this condition will ensure that the Non-
Interested Directors will act independently in evaluating the Co-
Investment Program, because the ability of the Providence Advisers or
the Principals to influence the Independent Directors by a suggestion,
explicit or implied, that the Non-Interested Directors can be removed
will be limited significantly. Applicants represent that the Non-
Interested Directors will evaluate and approve any such voting trust or
proxy adviser, taking into accounts its qualifications, reputation for
independence, cost to the shareholders, and other factors that they
deem relevant.

Applicants' Legal Analysis

    1. Section 17(d) of the Act and rule 17d-1 under the Act prohibit
participation by a registered investment company and an affiliated
person in any ``joint enterprise or other joint arrangement or profit-
sharing plan,'' as defined in the rule, without prior approval by the
Commission by order upon application. Section 17(d) of the Act and rule
17d-1 under the Act are applicable to Regulated Funds that are
registered closed-end investment companies. Similarly, with regard to
BDCs, section 57(a)(4) of the Act generally prohibits certain persons
specified in section 57(b) from participating in joint transactions
with the BDC or a company controlled by the BDC in contravention of
rules as prescribed by the Commission. Section 57(i) of the Act
provides that, until the Commission prescribes rules under section
57(a)(4), the Commission's rules under section 17(d) of the Act
applicable to registered closed-end investment companies will be deemed
to apply to transactions subject to section 57(a)(4). Because the
Commission has not adopted any rules under section 57(a)(4), rule 17d-1
also applies to joint transactions with Regulated Funds that are BDCs.
    2. In passing upon applications under rule 17d-1, the Commission
considers whether the company's participation in the joint transaction
is consistent with the provisions, policies, and purposes of the Act
and the extent to which such participation is on a basis different from
or less advantageous than that of other participants.
    3. Under section 57(b)(2) of the Act, any person who is directly or
indirectly controlling, controlled by, or under common control with a
BDC is subject to section 57(a)(4). Applicants submit that each of the
Affiliated Funds and the Regulated Funds (excluding Griffin BSP) could
be deemed to be a person related to each other Regulated Fund
(excluding Griffin BSP) in a manner described by section 57(b) by
virtue of being under common control. In addition, section 57(b)
applies to any investment adviser to a Regulated Fund, including
subadvisers. Applicants submit that BSP Adviser, in its role as
subadviser to Griffin BSP, could be deemed to be a person related to
Griffin BSP in a manner described in section

57(b). Therefore, BSP Adviser and any control affiliate of BSP Adviser
(such as the Regulated Funds and the Affiliated Funds) could be
prohibited from participating in the Co-Investment Program with Griffin
BSP by section 57(a)(4) and Rule 17d-1.
    4. Applicants state that in the absence of the requested relief, in
some circumstances the Regulated Funds would be limited in their
ability to participate in attractive and appropriate investment
opportunities. Applicants believe that the proposed terms and
conditions of the application will ensure that the Co-Investment
Transactions are consistent with the protection of each Regulated
Fund's shareholders and with the purposes intended by the policies and
provisions of the Act. Applicants state that the Regulated Funds'
participation in the Co-Investment Transactions will be consistent with
the provisions, policies, and purposes of the Act and would be done in
a manner that is not different from, or less advantageous than, that of
other participants.

Applicants' Conditions

    Applicants agree that the Order will be subject to the following
conditions:
    1. Each time a Providence Adviser considers a Potential Co-
Investment Transaction for an Affiliated Fund or another Regulated Fund
that falls within a Regulated Fund's then-current Objectives and
Strategies, each Adviser to the Regulated Fund will make an independent
determination of the appropriateness of the investment for such
Regulated Fund in light of the Regulated Fund's then-current
circumstances.
    2. (a) If each Adviser to a Regulated Fund deems the participation
in any Potential Co-Investment Transaction to be appropriate for the
Regulated Fund, the Adviser (or Advisers if there are more than one)
will then determine an appropriate level of investment for the
Regulated Fund.
    (b) If the aggregate amount recommended by the Adviser (or Advisers
if there are more than one) to a Regulated Fund to be invested by the
Regulated Fund in the Potential Co-Investment Transaction, together
with the amount proposed to be invested by the other participating
Regulated Funds and Affiliated Funds, collectively, in the same
transaction, exceeds the amount of the investment opportunity, the
investment opportunity will be allocated among them pro rata based on
each party's net asset value, up to the amount proposed to be invested
by each. The Adviser (or Advisers if there are more than one) to each
participating Regulated Fund will provide the Eligible Directors of
each participating Regulated Fund with information concerning each
participating party's net asset value to assist the Eligible Directors
with their review of the Regulated Fund's investments for compliance
with these allocation procedures.
    (c) After making the determinations required in conditions 1 and
2(a), the Adviser to the Regulated Fund (or Advisers if there are more
than one) will distribute written information concerning the Potential
Co-Investment Transaction (including the amount proposed to be invested
by each participating Regulated Fund and Affiliated Fund) to the
Eligible Directors of each participating Regulated Fund for their
consideration. A Regulated Fund will co-invest with one or more other
Regulated Funds and/or one or more Affiliated Funds only if, prior to
the Regulated Fund's participation in the Potential Co-Investment
Transaction, a Required Majority concludes that:
    (i) The terms of the Potential Co-Investment Transaction, including
the consideration to be paid, are reasonable and fair to the Regulated
Fund and its shareholders and do not involve overreaching in respect of
the Regulated Fund or its shareholders on the part of any person
concerned;
    (ii) the Potential Co-Investment Transaction is consistent with:
    (A) the interests of the shareholders of the Regulated Fund; and
    (B) the Regulated Fund's then-current Objectives and Strategies;
    (iii) the investment by any other Regulated Funds or any Affiliated
Funds would not disadvantage the Regulated Fund, and participation by
the Regulated Fund would not be on a basis different from or less
advantageous than that of other Regulated Funds or Affiliated Funds;
provided that, if any other Regulated Fund or Affiliated Fund, but not
the Regulated Fund itself, gains the right to nominate a director for
election to a portfolio company's board of directors or the right to
have a board observer or any similar right to participate in the
governance or management of the portfolio company, such event shall not
be interpreted to prohibit the Required Majority from reaching the
conclusions required by this condition (2)(c)(iii), if:
    (A) The Eligible Directors will have the right to ratify the
selection of such director or board observer, if any;
    (B) the Adviser to the Regulated Fund (or Advisers if there are
more than one) agrees to, and does, provide periodic reports to the
Regulated Fund's Board with respect to the actions of such director or
the information received by such board observer or obtained through the
exercise of any similar right to participate in the governance or
management of the portfolio company; and
    (C) any fees or other compensation that any Affiliated Fund or any
Regulated Fund or any affiliated person of any Affiliated Fund or
Regulated Fund receives in connection with the right of an Affiliated
Fund or a Regulated Fund to nominate a director or appoint a board
observer or otherwise to participate in the governance or management of
the portfolio company will be shared proportionately among the
participating Affiliated Funds (who each may, in turn, share its
portion with its affiliated persons) and the participating Regulated
Funds in accordance with the amount of each party's investment; and
    (iv) the proposed investment by the Regulated Fund will not benefit
the Advisers, the Affiliated Funds or the other Regulated Funds or any
affiliated person of any of them (other than the parties to the Co-
Investment Transaction), except (A) to the extent permitted by
condition 13, (B) to the extent permitted by section 17(e) or 57(k) of
the Act, as applicable, (C) indirectly, as a result of an interest in
the securities issued by one of the parties to the Co-Investment
Transaction, or (D) in the case of fees or other compensation described
in condition 2(c)(iii)(C).
    3. Each Regulated Fund has the right to decline to participate in
any Potential Co-Investment Transaction or to invest less than the
amount proposed.
    4. The Adviser to the Regulated Fund (or Advisers if there are more
than one) will present to the Board of each Regulated Fund, on a
quarterly basis, a record of all investments in Potential Co-Investment
Transactions made by any of the other Regulated Funds or Affiliated
Funds during the preceding quarter that fell within the Regulated
Fund's then-current Objectives and Strategies that were not made
available to the Regulated Fund, and an explanation of why the
investment opportunities were not offered to the Regulated Fund. All
information presented to the Board pursuant to this condition will be
kept for the life of the Regulated Fund and at least two years
thereafter, and will be subject to examination by the Commission and
its staff.

    5. Except for Follow-On Investments made in accordance with
condition 8,\9\ a Regulated Fund will not invest in reliance on the
Order in any issuer in which another Regulated Fund, Affiliated Fund,
or any affiliated person of another Regulated Fund or Affiliated Fund
is an existing investor.
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    \9\ This exception applies only to Follow-On Investments by a
Regulated Fund in issuers in which that Regulated Fund already holds
investments.
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    6. A Regulated Fund will not participate in any Potential Co-
Investment Transaction unless the terms, conditions, price, class of
securities to be purchased, settlement date, and registration rights
will be the same for each participating Regulated Fund and Affiliated
Fund. The grant to an Affiliated Fund or another Regulated Fund, but
not the Regulated Fund, of the right to nominate a director for
election to a portfolio company's board of directors, the right to have
an observer on the board of directors or similar rights to participate
in the governance or management of the portfolio company will not be
interpreted so as to violate this condition 6, if conditions
2(c)(iii)(A), (B) and (C) are met.
    7. (a) If any Affiliated Fund or any Regulated Fund elects to sell,
exchange or otherwise dispose of an interest in a security that was
acquired in a Co-Investment Transaction, the applicable Advisers will:
    (i) Notify each Regulated Fund that participated in the Co-
Investment Transaction of the proposed disposition at the earliest
practical time; and
    (ii) formulate a recommendation as to participation by each
Regulated Fund in the disposition.
    (b) Each Regulated Fund will have the right to participate in such
disposition on a proportionate basis, at the same price and on the same
terms and conditions as those applicable to the participating
Affiliated Funds and Regulated Funds.
    (c) A Regulated Fund may participate in such disposition without
obtaining prior approval of the Required Majority if: (i) the proposed
participation of each Regulated Fund and each Affiliated Fund in such
disposition is proportionate to its outstanding investments in the
issuer immediately preceding the disposition; (ii) the Board of the
Regulated Fund has approved as being in the best interests of the
Regulated Fund the ability to participate in such dispositions on a pro
rata basis (as described in greater detail in the application); and
(iii) the Board of the Regulated Fund is provided on a quarterly basis
with a list of all dispositions made in accordance with this condition.
In all other cases, the Adviser to the Regulated Fund (or Advisers if
there are more than one) will provide its written recommendation as to
the Regulated Fund's participation to the Eligible Directors, and the
Regulated Fund will participate in such disposition solely to the
extent that a Required Majority determines that it is in the Regulated
Fund's best interests.
    (d) Each Affiliated Fund and each Regulated Fund will bear its own
expenses in connection with any such disposition.
    8. (a) If any Affiliated Fund or any Regulated Fund desires to make
a Follow-On Investment in a portfolio company whose securities were
acquired in a Co-Investment Transaction, the applicable Advisers will:
    (i) Notify each Regulated Fund that participated in the Co-
Investment Transaction of the proposed transaction at the earliest
practical time; and
    (ii) formulate a recommendation as to the proposed participation,
including the amount of the proposed Follow-On Investment, by each
Regulated Fund.
    (b) A Regulated Fund may participate in such Follow-On Investment
without obtaining prior approval of the Required Majority if: (i) The
proposed participation of each Regulated Fund and each Affiliated Fund
in such investment is proportionate to its outstanding investments in
the issuer immediately preceding the Follow-On Investment; and (ii) the
Board of the Regulated Fund has approved as being in the best interests
of the Regulated Fund the ability to participate in Follow-On
Investments on a pro rata basis (as described in greater detail in the
application). In all other cases, the Adviser to the Regulated Fund (or
Advisers if there are more than one) will provide its written
recommendation as to the Regulated Fund's participation to the Eligible
Directors, and the Regulated Fund will participate in such Follow-On
Investment solely to the extent that a Required Majority determines
that it is in the Regulated Fund's best interests.
    (c) If, with respect to any Follow-On Investment:
    (i) The amount of the opportunity is not based on the Affiliated
Funds' and the Regulated Funds' outstanding investments immediately
preceding the Follow-On Investment; and
    (ii) the aggregate amount recommended by the Adviser(s) to be
invested by each Regulated Fund in the Follow-On Investment, together
with the amount proposed to be invested by the participating Affiliated
Funds in the same transaction, exceeds the amount of the opportunity;
then the amount invested by each such party will be allocated among
them pro rata based on each party's net asset value, up to the amount
proposed to be invested by each.

    (d) The acquisition of Follow-On Investments as permitted by this
condition will be considered a Co-Investment Transaction for all
purposes and subject to the other conditions set forth in the
application.
    9. The Non-Interested Directors of each Regulated Fund will be
provided quarterly for review all information concerning Potential Co-
Investment Transactions and Co-Investment Transactions, including
investments made by other Regulated Funds or Affiliated Funds that the
Regulated Fund considered but declined to participate in, so that the
Non-Interested Directors may determine whether all investments made
during the preceding quarter, including those investments that the
Regulated Fund considered but declined to participate in, comply with
the conditions of the Order. In addition, the Non-Interested Directors
will consider at least annually the continued appropriateness for the
Regulated Fund of participating in new and existing Co-Investment
Transactions.
    10. Each Regulated Fund will maintain the records required by
section 57(f)(3) of the Act as if each of the Regulated Funds were a
BDC and each of the investments permitted under these conditions were
approved by the Required Majority under section 57(f) of the Act.
    11. No Non-Interested Director of a Regulated Fund will also be a
director, general partner, managing member or principal, or otherwise
an ``affiliated person'' (as defined in the Act) of an Affiliated Fund.
    12. The expenses, if any, associated with acquiring, holding or
disposing of any securities acquired in a Co-Investment Transaction
(including, without limitation, the expenses of the distribution of any
such securities registered for sale under the Securities Act) will, to
the extent not payable by the Advisers under their respective
investment advisory agreements with the Affiliated Funds and the
Regulated Funds, be shared by the Regulated Funds and the Affiliated
Funds in proportion to the relative amounts of the securities held or
to be acquired or disposed of, as the case may be.
    13. Any transaction fee \10\ (including break-up or commitment fees
but

excluding broker's fees contemplated by section 17(e) or 57(k) of the
Act, as applicable), received in connection with a Co-Investment
Transaction will be distributed to the participating Regulated Funds
and Affiliated Funds on a pro rata basis based on the amounts they
invested or committed, as the case may be, in such Co-Investment
Transaction. If any transaction fee is to be held by an Adviser pending
consummation of the transaction, the fee will be deposited into an
account maintained by such Adviser at a bank or banks having the
qualifications prescribed in section 26(a)(1) of the Act, and the
account will earn a competitive rate of interest that will also be
divided pro rata among the participating Regulated Funds and Affiliated
Funds based on the amounts they invest in such Co-Investment
Transaction. None of the Affiliated Funds, the Advisers, the other
Regulated Funds or any affiliated person of the Regulated Funds or
Affiliated Funds will receive additional compensation or remuneration
of any kind as a result of or in connection with a Co-Investment
Transaction (other than (a) in the case of the Regulated Funds and
Affiliated Funds, the pro rata transaction fees described above and
fees or other compensation described in condition 2(c)(iii)(C), and (b)
in the case of an Adviser, investment advisory fees paid in accordance
with the agreement between the Adviser and the Regulated Fund or
Affiliated Fund).
---------------------------------------------------------------------------

    \10\ Applicants are not requesting and the staff of the
Commission is not providing any relief for transaction fees received
in connection with any Co-Investment Transaction.
---------------------------------------------------------------------------

    14. The Advisers will maintain written policies and procedures
reasonably designed to ensure compliance with the foregoing conditions.
These policies and procedures will require, among other things, that
GBA will be notified of all Potential Co-Investment Transactions that
fall within Griffin BSP's then-current Objectives and Strategies and
will be given sufficient information to make its independent
determination and recommendations under conditions 1, 2(a), 7 and 8.
    15. If the Holders own in the aggregate more than 25% of the
outstanding Shares of a Regulated Fund, then the Holders will vote such
Shares as directed by an independent third party (such as the trustee
of a voting trust or a proxy adviser) when voting on (1) the election
of directors; (2) the removal of one or more directors; or (3) any
matters requiring approval by the vote of a majority of the outstanding
voting securities, as defined in section 2(a)(42) of the Act.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-13321 Filed 6-1-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 84, Number 71 (Friday, April 12, 2019)]
[Notices]
[Pages 14936-14937]
[FR Doc No: 2019-07333]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OAR-2006-0894; FRL- 9992-23-OAR]

Proposed Information Collection Request; Comment Request;
Registration of Fuels and Fuel Additives--Requirements for
Manufacturers (Renewal)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: The Environmental Protection Agency is planning to submit an
information collection request (ICR) ``Registration of Fuels and Fuel
Additives--Requirements for Manufacturers'' (EPA ICR No. 0309.15, OMB
Control No. 2060-0150) to the Office of Management and Budget (OMB) for
review and approval in accordance with the Paperwork Reduction Act
(PRA). Before doing so, EPA is soliciting public comments on specific
aspects of the proposed information collection as described below. This
is a proposed extension of the ICR, which is currently approved through
October 31, 2019. An Agency

may not conduct or sponsor and a person is not required to respond to a
collection of information unless it displays a currently valid OMB
control number.

DATES: Comments must be submitted on or before June 11, 2019.

ADDRESSES: Submit your comments, referencing Docket ID No. EPA-HQ-OAR-
2006-0894, online using www.regulations.gov (our preferred method), by
email to [email protected], or by mail to: EPA Docket Center,
Environmental Protection Agency, Mail Code 28221T, 1200 Pennsylvania
Ave. NW, Washington, DC 20460. EPA's policy is that all comments
received will be included in the public docket without change including
any personal information provided, unless the comment includes
profanity, threats, information claimed to be Confidential Business
Information (CBI) or other information whose disclosure is restricted
by statute.

FOR FURTHER INFORMATION CONTACT: James W. Caldwell, Compliance
Division, Office of Transportation and Air Quality, Mail Code 6405A,
Environmental Protection Agency, 1200 Pennsylvania Ave. NW, Washington,
DC 20460; telephone number:<PHONE_NUMBER>; fax number:<PHONE_NUMBER>;
email address: [email protected].

SUPPLEMENTARY INFORMATION: Supporting documents which explain in detail
the information that EPA will be collecting are available in the public
docket for this ICR. The docket can be viewed online at
www.regulations.gov or in person at the EPA Docket Center, WJC West,
Room 3334, 1301 Constitution Ave. NW, Washington, DC. The telephone
number for the Docket Center is<PHONE_NUMBER>. For additional
information about EPA's public docket, visit http://www.epa.gov/dockets.
    Pursuant to section 3506(c)(2)(A) of the PRA, EPA is soliciting
comments and information to enable it to: (i) Evaluate whether the
proposed collection of information is necessary for the proper
performance of the functions of the Agency, including whether the
information will have practical utility; (ii) evaluate the accuracy of
the Agency's estimate of the burden of the proposed collection of
information, including the validity of the methodology and assumptions
used; (iii) enhance the quality, utility, and clarity of the
information to be collected; and (iv) minimize the burden of the
collection of information on those who are to respond, including
through the use of appropriate automated electronic, mechanical, or
other technological collection techniques or other forms of information
technology, e.g., permitting electronic submission of responses. EPA
will consider the comments received and amend the ICR as appropriate.
The final ICR package will then be submitted to OMB for review and
approval. At that time, EPA will issue another Federal Register notice
to announce the submission of the ICR to OMB and the opportunity to
submit additional comments to OMB.
    Abstract: In accordance with the regulations at 40 CFR part 79,
subparts A, B, C, and D, Registration of Fuels and Fuel Additives,
manufacturers (including importers) of motor-vehicle gasoline, motor-
vehicle diesel fuel, and additives to those fuels, are required to have
these products registered by EPA prior to their introduction into
commerce. Registration involves providing a chemical description of the
fuel or additive, and certain technical, marketing, and health-effects
information. Manufacturers are also required to submit periodic reports
(annually for additives, quarterly and annually for fuels) on
production volume and related information. The information is used to
identify products whose evaporative or combustion emissions may pose an
unreasonable risk to public health, thus meriting further investigation
and potential regulation. The information is also used to ensure that
fuel additives comply with EPA requirements for protecting catalytic
converters and other automotive emission controls. The data have been
used to construct a comprehensive data base on fuel and additive
composition. The Mine Safety and Health Administration of the
Department of Labor restricts the use of diesel additives in
underground coal mines to those registered by EPA. Most of the
information has been claimed by the manufacturers as CBI.
    Form Numbers: EPA Forms 3520-12, 3520-12A, 3520-12Q, 3520-13, 3520-
13A, and 3520-13B.
    Respondents/affected entities: Manufacturers and importers of
motor-vehicle gasoline, motor-vehicle diesel fuel, and additives to
those fuels.
    Respondents obligation to respond: Mandatory per 40 CFR part 79.
    Estimated number of respondents: 1,915.
    Frequency of response: On occasion, quarterly, annually.
    Total estimated burden: 22,550 hours per year. Burden is defined at
5 CFR 1320.03(b).
    Total estimated cost: $2.3 million per year, includes $53,500
annualized capital or operation & maintenance costs.
    Changes in estimates: There is an increase of 1,550 hours in the
total estimated respondent burden compared with the ICR currently
approved by OMB. This increase is due to an increase in the number of
registered fuels and fuel additives for which periodic reports are
required.

    Dated: April 5, 2019.
Byron J. Bunker,
Director, Compliance Division, Office of Transportation and Air
Quality, Office of Air and Radiation.
[FR Doc. 2019-07333 Filed 4-11-19; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 81, Number 26 (Tuesday, February 9, 2016)]
[Notices]
[Page 6856]
[FR Doc No: 2016-02497]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER16-806-000]

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

    This is a supplemental notice in the above-referenced proceeding of
Nassau Energy, LLC's application for market-based rate authority, with
an accompanying rate tariff, noting that such application includes a
request for blanket authorization, under 18 CFR part 34, of future
issuances of securities and assumptions of liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE., Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is February 23, 2016.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
5 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426.
    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for electronic review in the
Commission's Public Reference Room in Washington, DC. There is an
eSubscription link on the Web site that enables subscribers to receive
email notification when a document is added to a subscribed docket(s).
For assistance with any FERC Online service, please email
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.

    Dated: February 3, 2016.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2016-02497 Filed 2-8-16; 8:45 am]
 BILLING CODE 6717-01-P