[Federal Register: September 13, 2006 (Volume 71, Number 177)]
[Rules and Regulations]
[Page 53972-53974]
[DOCID:fr13se06-8]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 62

[R01-OAR-2006-0668; FRL-8219-2]

Approval and Promulgation of State Plans for Designated
Facilities and Pollutants: Vermont; Negative Declaration

AGENCY: Environmental Protection Agency (EPA).

ACTION: Direct final rule.

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SUMMARY: EPA is approving the Sections 111(d) and 129 negative
declaration submitted by the Vermont Department of Environmental
Conservation (VT DEC) on June 30, 2006. This negative declaration
adequately certifies that there are no existing ``other solid waste
incineration units'' (OSWIs) located within the boundaries of the State
of Vermont. EPA publishes regulations under Sections 111(d) and 129 of
the Clean Air Act requiring states to submit control plans to EPA.
These state control plans show how states intend to control the
emissions of designated pollutants from designated facilities (e.g.,
OSWIs). The State of Vermont submitted this negative declaration in
lieu of a state control plan.

DATES: This direct final rule is effective on November 13, 2006 without
further notice unless EPA receives significant adverse comment by
October 13, 2006. If EPA receives adverse comment, we will publish a
timely withdrawal of the direct final rule in the Federal Register and
inform the public that the rule will not take effect.

ADDRESSES: Submit your comments, identified by Docket ID Number EPA-

R01-OAR-2006-0668 by one of the following methods:
    A. http://www.regulations.gov. Follow the on-line instructions for

submitting comments.
    B. E-mail<EMAIL_ADDRESS>    C. Fax:<PHONE_NUMBER>.
    D. Mail: ``EPA-R01-OAR-2006-0668'', Daniel Brown, Chief, Air
Permits, Toxics & Indoor Programs Unit, Office of Ecosystem Protection,
U.S. EPA, One Congress Street, Suite 1100 (CAP), Boston, Massachusetts
02114-2023.
    E. Hand Delivery or Courier. Deliver your comments to: Daniel
Brown, Chief, Air Permits, Toxics & Indoor Programs Unit, Office of
Ecosystem Protection, U.S. EPA, One Congress Street, Suite 1100 (CAP),
Boston, Massachusetts 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 Federal holidays.
    Instructions: Direct your comments to Docket ID Number EPA-R01-OAR-
2006-0668. EPA's policy is that all comments received will be included
in the public docket without change and may be made available online at
http://www.regulations.gov including any personal information provided,

unless the comment includes information claimed to be Confidential
Business Information (CBI) or other information whose disclosure is
restricted by statute. Do not submit information that you consider to
be CBI or otherwise protected through http://www.regulations.gov, or e-mail. The http://www.regulations.gov Web site is an ``anonymous

access'' system, which means EPA will not know your identity or contact
information unless you provide it in the body of your comment. If you
send an e-mail comment directly to EPA without going through http://www.regulations.gov
, your e-mail address will be automatically captured

and included as part of the comment that is placed in the public docket
and made available on the Internet. If you submit an electronic
comment, EPA recommends that you include your name and other contact
information in the body of your comment and with any disk or CD-ROM you
submit. If EPA cannot read your comment due to technical difficulties
and cannot contact you for clarification, EPA may not be able to
consider your comment. Electronic files should avoid the use of special
characters, any form of encryption, and be free of any defects or
viruses.
    Docket: All documents in the electronic docket are listed in the
http://www.regulations.gov index. Although listed in the index, some

information is not publicly available, i.e., 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 in http://www.regulations.gov
 or in hard copy at the Office of Ecosystem

Protection, U.S. Environmental Conservation Agency, EPA New England
Regional Office, One Congress Street, Suite 1100, Boston, MA. EPA
requests that if at all possible, you contact the person listed in the
FOR FURTHER INFORMATION CONTACT section below to schedule your review.
The Regional Office's official hours of business are Monday through
Friday, 8:30 to 4:30 excluding Federal holidays.

FOR FURTHER INFORMATION CONTACT: Daniel Brown, Chief, Air Permits,
Toxic & Indoor Air Programs Unit, Office of Ecosystem Protection (CAP),
EPA--New England, Region 1, Boston, Massachusetts 02203, telephone
number<PHONE_NUMBER>, fax number<PHONE_NUMBER>, e-mail
<EMAIL_ADDRESS>

SUPPLEMENTARY INFORMATION:

Table of Contents

I. What action is EPA taking today?
II. What is the origin of the requirements?
III. When did the requirements first become known?
IV. When did Vermont submit its negative declaration?
V. Statutory and Executive Order Reviews

I. What action is EPA taking today?

    EPA is approving the negative declaration of air emissions from
OSWI units submitted by the State of Vermont.
    EPA is publishing this negative declaration without prior proposal
because the Agency views this as a noncontroversial amendment and
anticipates no adverse comments. However, in the proposed rules section
of this Federal Register, EPA is publishing a separate document that
will serve as the proposal to approve this negative declaration should
relevant adverse comments be filed. If EPA receives no significant
adverse comment by October 13, 2006, this action will be effective
November 13, 2006.
    If EPA receives significant adverse comments by the above date, we
will withdraw this action before the effective date by publishing a
subsequent document in the Federal Register that will withdraw this
final action. EPA will address all public comments received in a
subsequent final rule based on the parallel proposed rule published in
today's Federal Register. EPA will not institute a second comment
period on this action. Any parties interested in commenting on this
action should do so at this time.

II. What is the origin of the requirements?

    Under Section 111(d) of the Clean Air Act, EPA published
regulations at 40 CFR Part 60, Subpart B which require states to submit
plans to control emissions of designated pollutants from designated
facilities. In the event that a state does not have a particular
designated facility located within its boundaries, EPA requires that a
negative declaration be submitted in lieu of a control plan.

III. When did the requirements first become known?

    On December 9, 2004, EPA proposed emission guidelines for OSWI
units. This action enabled EPA to list OSWI units as designated
facilities. By proposing these guidelines, EPA specified particulate
matter, opacity, sulfur dioxide, hydrogen chloride, oxides of nitrogen,
carbon monoxide, lead, cadmium, mercury, and dioxins/furans as
designated pollutants. These guidelines were published in final form on
December 16, 2005 (70 FR 74870) and codified at 40 CFR part 60, subpart
EEEE.

IV. When did Vermont submit its negative declaration?

    On June 30, 2006, the Vermont Department of Environmental
Conservation (VT DEC) submitted a letter certifying that there are no
existing OSWI units subject to 40 CFR Part 60, Subpart B. Section
111(d) and 40 CFR 62.06 provide that when no such designated facilities
exist within a state's boundaries, the affected state may submit a
letter of ``negative declaration'' instead of a control plan. EPA is
publishing this negative declaration at 40 CFR 62.11490.

V. Statutory and Executive Order Reviews

    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), because it merely approves a State rule
implementing a Federal standard, 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 section 111(d) submissions, EPA's role is to approve
state plans, 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 state plan submission for failure to use VCS. It would
thus be inconsistent with applicable law for EPA, when it reviews a
state plan submission, to use VCS in place of a state plan 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.)
    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. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    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 November 13, 2006. Interested
parties should comment in response to the proposed rule rather than
petition for judicial review, unless the objection arises after the
comment period allowed for in the proposal. 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 may not be challenged later in proceedings to enforce its
requirements. (See section 307(b)(2).)

List of Subjects in 40 CFR Part 62

    Environmental protection, Administrative practice and procedure,
Air pollution control, Intergovernmental relations, Reporting and
recordkeeping requirements, Sulfur oxides, Waste treatment and
disposal.

    Dated: September 2, 2006.
Robert W. Varney,
Regional Administrator, EPA New England.

0
40 CFR Part 62 is amended as follows:

PART 62--[AMENDED]

0
1. The authority citation for Part 62 continues to read as follows:

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

Subpart UU--Vermont

0
2. Subpart UU is amended by adding a new Sec.  62.11490 and a new
undesignated center heading to read as follows:

Air Emissions From Existing Other Solid Waste Incineration Units

Sec.  62.11490  Identification of Plan-negative declaration.

    On June 30, 2006, the Vermont Department of Environmental
Conservation submitted a letter certifying that there are no existing
other solid waste incineration units in the state subject to the
emission guidelines under part 60, subpart EEEE of this chapter.

[FR Doc. E6-15198 Filed 9-12-06; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register: November 13, 2008 (Volume 73, Number 220)]
[Proposed Rules]
[Page 67115-67117]
[DOCID:fr13no08-10]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Parts 121, 125 and 135

[Docket No. FAA-2006-26135; Notice No. 08-08]
RIN 2120-AI79

Filtered Flight Data; Technical Correction and Extension of
Comment Period

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Supplemental notice of proposed rulemaking (SNPRM); correction
and extension of comment period.

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SUMMARY: The FAA is correcting an SNPRM published in the Federal
Register on August 15, 2008, regarding filtered flight data. Questions
from industry caused us to conclude that the intent expressed in the
preamble is inconsistent with the proposed rule language. This document
will clarify our intent and the rule language. We are also extending
the comment period to allow for consideration of this clarification by
all interested parties.

DATES: The comment period will close December 29, 2008.

FOR FURTHER INFORMATION CONTACT: For technical questions concerning
this proposed rule contact Brian A. Verna, Avionics Systems Branch,
Aircraft Certification Service, AIR-130, Federal Aviation
Administration, 800 Independence Avenue, SW., Washington, DC 20591;
telephone<PHONE_NUMBER>; fax<PHONE_NUMBER>; e-mail
<EMAIL_ADDRESS>For legal questions concerning this proposed rule
contact Karen L. Petronis, Senior Attorney for Regulations, Regulations
Division, Office of the Chief Counsel, AGC-200, Federal Aviation
Administration, 800 Independence Avenue, SW., Washington, DC 20591;
telephone<PHONE_NUMBER>; fax<PHONE_NUMBER>; e-mail
<EMAIL_ADDRESS>
Background

    Following the publication of a supplemental notice of proposed
rulemaking on filtered flight data (SNPRM; 73 FR 47857, August 15,
2008), the FAA was contacted by members of the industry seeking
clarification of our intent and the scope of specific provisions. A
summary of that meeting has been placed in the docket for this rule.
    Issues raised at the meeting caused us to realize that the intent
of the rule as stated in the preamble is inconsistent with the proposed
rule text. We are restating the intent here and providing revised
proposed rule text.
    While this preamble discussion uses part 121 as its reference, it
also applies to parts 125 and 135 and their comparable sections. During
our review, we also discovered that the SNPRM change to a separate
section (proposed Sec.  121.346) caused us to inadvertently omit an
applicability reference for airplanes covered under Sec.  121.344a. We
have added that reference as part of this correction.
    The definition of filtering, proposed Sec.  121.346(a), remains as
it was in the SNPRM. Comments should address that section of the
proposed rule as published in the SNPRM.
    Proposed Sec.  121.346(b) now states that any parameter required to
be recorded may be filtered as long as the recorded signal value
continues to meet the requirements of Appendix M.
    Paragraph (c) contains a list of parameters that we consider
critical from the standpoint of accuracy and accident investigation
when complying with the required accuracy under the expanded definition
of dynamic conditions in Appendix M. This list has not changed from the
SNPRM. If any parameter in the paragraph (c) list is being filtered,
and the filtered, recorded data do not meet Appendix M, then the
certificate holder must choose one of the following courses of action:
     Remove the filtering; or
     Demonstrate by test and analysis that the original sensor
signal value can be reconstructed from the recorded filtered data. If
an operator attempts to show by test and analysis that the data can be
reconstructed but the tests and analyses fail, or the results cannot be
repeated, the filtering must be removed.
    The restructured language of the rule text has obviated the need
for the second list of parameters. They are

already covered by paragraph (b); they may be filtered as long as the
recorded signal value meets Appendix M. We presume that these
parameters are already in compliance with Appendix M since that
compliance is required by the 1997 rule changes.
    The compliance paragraph has been redesignated as (d), and has been
changed to include the correct paragraph references; compliance time
remains unchanged.
    All other provisions of the proposed rule, including the definition
of filtering, remain as proposed in the SNPRM published on August 15,
2008. Because of the confusion generated by the SNPRM language
published in August, we are extending the comment period for the rule
as corrected until December 29, 2008.

Correction

PART 121--OPERATING REQUIREMENTS: DOMESTIC, FLAG, AND SUPPLEMENTAL
OPERATIONS

    1. On page 47867, in the first column, remove proposed Sec.
121.346(b) and (c) and add in their place corrected paragraphs (b), (c)
and (d) to read as follows:

Sec.  121.346  Flight recorders--filtered data.

* * * * *
    (b) An original sensor signal for any flight recorder parameter
required to be recorded under Sec.  121.344 of this part may be
filtered only if the recorded signal value continues to meet the
requirements of Appendix B or M of this part, as applicable.
    (c) For a parameter described in Sec.  121.344(a)(1) through (7),
(9), (11) through (18), (26), (32), (42), (43), (68), (70), (77), or
(88), or the corresponding parameter in Appendix B of this part, if the
recorded signal value is filtered and does not meet the requirements of
Appendix B or M of this part, as applicable, the certificate holder
must:
    (1) Remove the filtering and ensure that the recorded signal value
meets the requirements of Appendix B or M of this part; or
    (2) Demonstrate by test and analysis that the original sensor
signal value can be reconstructed from the recorded data. This
demonstration requires that:
    (i) The FAA determine that the procedure submitted by the
certificate holder as its compliance with paragraph (c)(2) of this
section is repeatable; and
    (ii) The certificate holder maintain documentation of the procedure
required to reconstruct the original sensor signal value.
    (d) Compliance. After (four years from effective date), no aircraft
flight data recording system may filter any parameter listed in
paragraph (c) of this section that does not meet the requirements of
Appendix M or B of this part unless the certificate holder possesses
test and analysis procedures that have been approved by the FAA. The
procedures must be submitted to the FAA no later than the completion of
the next heavy maintenance check after [six months after effective
date] but not later than [two years after the effective date].
    2. On page 48767 in the second column, add amendatory instruction
2a to amend section 121.344a(e) to read as follows:
    2a. Amend Sec.  121.344a by revising paragraph (e) to read as
follows:

Sec.  121.344a  Digital flight data recorders for 10-19 seat airplanes.

     * * *
    (e) All airplanes subject to this section are also subject to the
requirements and exceptions stated in Sec. Sec.  121.344(g) through (k)
and 121.346 of this part.
* * * * *

PART 125--CERTIFICATION AND OPERATIONS: AIRPLANES HAVING A SEATING
CAPACITY OF 20 OR MORE PASSENGERS OR A MAXIMUM PAYLOAD CAPACITY OF
6,000 POUNDS OR MORE; AND RULES GOVERNING PERSONS ON BOARD SUCH
AIRCRAFT

    3. On page 47867, in the second column, remove proposed Sec.
125.228(b) and (c) and add in their place corrected paragraphs (b), (c)
and (d) to read as follows:

Sec.  125.228  Flight recorders--filtered data.

* * * * *
    (b) An original sensor signal for any flight recorder parameter
required to be recorded under Sec.  125.226 of this part may be
filtered only if the recorded signal value continues to meet the
requirements of Appendix D or E of this part, as applicable.
    (c) For a parameter described in Sec.  125.226 (a)(1) through (7),
(9), (11) through (18), (26), (32), (42), (43), (68), (70), (77), or
(88), or the corresponding parameter in Appendix D of this part if the
recorded signal value is filtered and does not meet the requirements of
Appendix D or E of this part, as applicable, the certificate holder
must:
    (1) Remove the filtering and ensure that the recorded signal value
meets the requirements of Appendix D or E of this part; or
    (2) Demonstrate by test and analysis that the original sensor
signal value can be reconstructed from the recorded data. This
demonstration requires that:
    (i) The FAA determine that the procedure submitted by the
certificate holder as its compliance with paragraph (c)(2) of this
section is repeatable; and
    (ii) The certificate holder maintain documentation of the procedure
required to reconstruct the original sensor signal value.
    (d) Compliance. After (four years from effective date), no aircraft
flight data recording system may filter any parameter listed in
paragraph (c) of this section that does not meet the requirements of
Appendix D or E of this part unless the certificate holder possesses
test and analysis procedures that have been approved by the FAA. The
procedures must be submitted to the FAA no later than the completion of
the next heavy maintenance check after [six months after effective
date] but not later than [two years after the effective date].

PART 135--OPERATING REQUIREMENTS: COMMUTER AND ON DEMAND OPERATIONS
AND RULES GOVERNING PERSONS ON BOARD SUCH AIRCRAFT

    4. On page 47868, in the first column, remove proposed Sec.
135.156(b) and (c) and add in their place corrected paragraphs (b), (c)
and (d) to read as follows:

Sec.  135.156  Flight recorders--filtered data.

* * * * *
    (b) An original sensor signal for any flight recorder parameter
required to be recorded under Sec.  135.152 of this part may be
filtered only if the recorded signal value continues to meet the
requirements of Appendix F of this part, as applicable.
    (c) For a parameter described in Sec.  135.152(h)(1) through (7),
(9), (11) through (18), (26), (32), (42), (43), (68), (70), (77), or
(88), if the recorded signal value is filtered and does not meet the
requirements of Appendix F of this part, as applicable, the certificate
holder must:
    (1) Remove the filtering and ensure that the recorded signal value
meets the requirements of Appendix F of this part; or
    (2) Demonstrate by test and analysis that the original sensor
signal value can be reconstructed from the recorded data. This
demonstration requires that:
    (i) The FAA determine that the procedure submitted by the
certificate holder as its compliance with paragraph (c)(2) of this
section is repeatable; and
    (ii) The certificate holder maintain documentation of the procedure
required to reconstruct the original sensor signal value.

    (d) Compliance. After (four years from effective date), no aircraft
flight data recording system may filter any parameter listed in
paragraph (c) of this section that does not meet the requirements of
Appendix F of this part unless the certificate holder possesses test
and analysis procedures that have been approved by the FAA. The
procedures must be submitted to the FAA no later than the completion of
the next heavy maintenance check after [six months after effective
date] but not later than [two years after the effective date].

    Issued in Washington, DC, on November 6, 2008.
Pamela Hamilton-Powell,
Director, Office of Rulemaking.
[FR Doc. E8-26856 Filed 11-12-08; 8:45 am]

BILLING CODE 4910-13-P


Ron Evans/RTP/USEPA/US

03/13/2008 01:15 PM

To

Al McGartland, Amy Lamson/RTP/USEPA/US@EPA, Charles Fulcher/RTP/USEPA/US@EPA, darryl weatherhead, David Misenheimer/RTP/USEPA/US@EPA, <EMAIL_ADDRESS><EMAIL_ADDRESS>Janet Cakir/RTP/USEPA/US@EPA, Larry Sorrels, <EMAIL_ADDRESS><EMAIL_ADDRESS>Jim Ketcham-Colwill

cc

rosalina rodriguez, Bryan Hubbell, Lydia Wegman

Subject

update on 2:00 meeting with OMB on ozone RIA

I just talked to Heidi.   She has reviewed everything except the ExSumm.   We have 2 small e-mail comments from her on the chapters which she has read, we are working on those now.   Based on this, it appears that the 2:00 meeting will focus solely only any comments on the ES (if any) and process questions (getting material into ROCIS etc).   With this knowledge, I am releasing my technical team from coming to the meeting, Janet and I will handle the meeting (we know where to find you if needed).   Others on the invitee list can make their own decisions on the need to attend.


[Federal Register Volume 86, Number 128 (Thursday, July 8, 2021)]
[Notices]
[Pages 36131-36132]
[FR Doc No: 2021-14584]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER21-2289-000 ]

Clover Creek Solar, 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
Clover Creek Solar, 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 July 21, 2021.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically may mail similar pleadings to
the Federal Energy Regulatory Commission, 888 First Street NE,
Washington, DC 20426. Hand delivered submissions in docketed
proceedings should be delivered to Health and Human Services, 12225
Wilkins Avenue, Rockville, Maryland 20852.
    In addition to publishing the full text of this document in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
internet through the Commission's Home Page (http://www.ferc.gov) using
the ``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. At this time,
the Commission has suspended access to the Commission's Public
Reference Room, due to the proclamation declaring a National Emergency
concerning the Novel Coronavirus Disease (COVID-19), issued by the
President on March 13, 2020. For assistance, contact the Federal Energy
Regulatory Commission at<EMAIL_ADDRESS>or call toll-free,
(886) 208-3676 or TYY,<PHONE_NUMBER>.

    Dated: July 1, 2021.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2021-14584 Filed 7-7-21; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: November 1, 2007 (Volume 72, Number 211)]
[Notices]
[Page 61915-61919]
[DOCID:fr01no07-88]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56713; File No. SR-Amex-2007-74]

Self-Regulatory Organizations; American Stock Exchange LLC; Order
Approving Proposed Rule Change, as Modified by Amendment No. 1 Thereto,
Relating to the Listing and Trading of Shares of Funds of the Rydex ETF
Trust

October 29, 2007.

I. Introduction

    On July 13, 2007, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') a proposed rule change pursuant to Section 19(b)(1) of
the Securities Exchange Act of 1934 (``Act'')\1\ and Rule 19b-4
thereunder.\2\ On July 31, 2007, Amex filed Amendment No. 1 to the
proposed rule change. The proposed rule change, as amended, was
published for comment in the Federal Register on August 14, 2007 for a
15-day comment period.\3\ The Commission received one comment letter
regarding the proposal.\4\ This order approves the proposed rule
change, as modified by Amendment No. 1.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 56218 (August 7,
2007), 72 FR 45469 (``Notice'').
    \4\ See letter to Nancy M. Morris, Secretary, Commission, from
Melanie C. Maloney, Dickstein Shapiro LLP on behalf of ProFund
Advisors LLC and ProShare Advisors LLC, dated August 28, 2007
(``ProFunds Letter'').
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II. Description of the Proposal

    Amex Rules 1000A-AEMI and 1001A-1005A provide standards for the
listing of Index Fund Shares, which are securities issued by an open-
end management investment company for exchange trading. These
securities are registered under the Investment Company Act of 1940, as
well as under the Act. Index Fund Shares are defined in Amex Rule
1000A-AEMI(b)(1) generally as securities based on a portfolio of stocks
or fixed income securities that seek to provide investment results that
correspond generally to the price and yield of a specified foreign or
domestic stock index or fixed income securities index. Amex Rule 1000A-
AEMI(b)(2) permits the Exchange to list and trade Index Fund Shares
that seek to provide investment results that exceed the performance of
an underlying securities index by a specified multiple or that seek to
provide investment results that correspond to a specified multiple of
the inverse or opposite of the index's performance.\5\
---------------------------------------------------------------------------

    \5\ See Amex Rule 1000A-AEMI(b)(2)(iii) and Commentary .02
thereto (providing that the listing and trading of Index Fund Shares
under paragraph (b)(2) thereof may not be approved by the Exchange
pursuant to Rule 19b-4(e) under the Act (17 CFR 240.19b-4(e)).
---------------------------------------------------------------------------

    The Exchange proposes to list and trade under Amex Rule 1000A-AEMI
shares (the ``Shares'') of forty-five new funds of the Rydex ETF Trust
(the ``Trust'') that are designated as the Rydex Leveraged Funds (the
``Leveraged Funds''), Rydex Inverse Funds (the ``Inverse Funds''), and
Rydex Leveraged Inverse Funds (the ``Leveraged Inverse Funds,'' and
together with the Leveraged Funds and Inverse Funds, collectively, the
``Funds''). Each of the

Funds has a distinct investment objective by attempting, on a daily
basis, to correspond to a specified multiple of the performance, or the
inverse performance, of a particular equity securities index.
    The Funds will be based on the following benchmark indexes: (1) The
S&P 500 Index; (2) the S&P MidCap 400 Index; (3) the S&P Small Cap 600
Index; (4) the Russell 1000 Index; (5) the Russell 2000 Index; (6) the
Russell 3000 Index; (7) the S&P 500 Consumer Discretionary Index; (8)
the S&P 500 Consumer Staples Index; (9) the S&P 500 Energy Index; (10)
the S&P 500 Financials Index; (11) the S&P 500 HealthCare Index; (12)
the S&P 500 Industrials Index; (13) the S&P 500 Information Technology
Index; (14) the S&P 500 Materials Index; and (15) the S&P 500 Utilities
Index (each individually, an ``Underlying Index,'' and all Underlying
Indexes collectively, the ``Underlying Indexes'').\6\
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    \6\ A detailed discussion of each of the Underlying Indexes, the
investment objective of the Funds, the portfolio investment
methodology, and the investment techniques, can be found in the
Notice. See Notice, supra note 3, 72 FR at 45471-45474. See also
Amex Rule 1002A(b)(i)(B) (providing that the Exchange will consider
the suspension of trading in, or removal from listing of, a series
of Index Fund Shares if, among other circumstances, the Underlying
Index or portfolio is replaced with a new index or portfolio,
subject to certain exceptions).
---------------------------------------------------------------------------

    The Leveraged Funds will seek daily investment results, before fees
and expenses, that correspond to twice (200%) the daily performance of
the corresponding Underlying Indexes. The net asset value (``NAV'') of
the Shares of each of these Leveraged Funds, if successful in meeting
its objective, should increase, on a percentage basis, approximately
twice as much as the respective Fund's Underlying Index gains when the
prices of the securities in such Underlying Index increase on a given
day, and should decrease approximately twice as much as the respective
Underlying Index loses when such prices decline on a given day.
    The Inverse Funds will seek daily investment results, before fees
and expenses, that correspond to the inverse or opposite of the daily
performance (-100%) of the Underlying Indexes. If each of these Inverse
Funds is successful in meeting its objective, the NAV of the Shares of
each Inverse Fund should increase approximately as much, on a
percentage basis, as the respective Underlying Index loses when the
prices of the securities in the Underlying Index decline on a given
day, or should decrease approximately as much as the respective
Underlying Index gains when the prices of the securities in the
Underlying Index rise on a given day.
    The Leveraged Inverse Funds will seek daily investment results,
before fees and expenses, that correspond to twice the inverse (-200%)
of the daily performance of the Underlying Indexes. If each of these
Leveraged Inverse Funds is successful in meeting its objective, the NAV
of the Shares of each Leveraged Inverse Fund should increase
approximately twice as much, on a percentage basis, as the respective
Underlying Index loses when the prices of the securities in the
Underlying Index decline on a given day, or should decrease
approximately twice as much as the respective Underlying Index gains
when the prices of the securities in the Underlying Index rise on a
given day.
    Rydex Investments is the investment advisor (the ``Advisor'') to
each Fund and is registered under the Investment Advisers Act of 1940.
While the Advisor will manage each Fund, the Trust's Board of Trustees
(the ``Board'') will have overall responsibility for the Funds''
operations. Rydex Distributors, Inc. (the ``Distributor''), a broker-
dealer registered under the Act, will act as the distributor and
principal underwriter of the Shares. State Street Bank & Trust will act
as the index receipt agent (the ``Index Receipt Agent'') for which it
will receive fees and will be responsible for transmitting the Deposit
List (as defined below) to the National Securities Clearing Corporation
(``NSCC'') and for the processing, clearance, and settlement of
purchase and redemption orders through the facilities of the Depository
Trust Company (``DTC'') and NSCC on behalf of the Trust. The Index
Receipt Agent will also be responsible for the coordination and
transmission of files and purchase and redemption orders between the
Distributor and the NSCC.

Availability of Information About the Shares and Underlying Indexes

    Quotations and last-sale information for the Shares will be
disseminated through the facilities of the Consolidated Tape
Association (``CT'').\7\ In addition, to provide updated information
relating to each Fund for use by investors, professionals, and persons
wishing to create or redeem Shares, the Exchange will calculate and
disseminate through the CT and Consolidated Quote High Speed Lines an
Indicative Intra-Day Value (``IIV'') at least every 15 seconds
throughout Amex's trading day,\8\ the market value of a Share for each
Fund, the most recent NAV for each Fund, the number of Shares
outstanding for each Fund, and the estimated cash amount and total cash
amount per Creation Unit (as defined below). The Exchange will make
available on its Web site daily trading volume, the closing prices, the
NAV, and the final dividend amounts to be paid for each Fund.
---------------------------------------------------------------------------

    \7\ E-mail from Nyieri Nazarian, Assistant General Counsel,
Amex, to Edward Cho, Special Counsel, Division of Market Regulation,
Commission, dated August 22, 2007 (confirming the information to be
disseminated through the facilities of the CT).
    \8\ A detailed discussion of the calculation methodology of the
IIV for each of the Funds can be found in the Notice. See Notice,
supra note 3, 72 FR at 45477.
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    In addition, the value of each Underlying Index will be updated
intra-day on a real-time basis as its individual component securities
change in price. These intra-day values of each Underlying Index will
be disseminated at least every 15 seconds throughout the trading day by
Amex or another organization authorized by the relevant Underlying
Index provider. Several independent data vendors also package and
disseminate Underlying Index data in various value-added formats,
including vendors displaying both securities and Underlying Index
levels and vendors displaying Underlying Index levels only.
    The Trust's Internet Web site (http://www.rydexinvestments.com)

will contain the following information for each Fund's Shares: (1) The
prior business day's closing NAV, the reported closing price, and a
calculation of the premium or discount of such price in relation to the
closing NAV; (2) data for a period covering at least the four previous
calendar quarters (or the life of a Fund, if shorter) indicating how
frequently each Fund's Shares traded at a premium or discount to NAV
based on the daily closing price and the closing NAV, and the magnitude
of such premiums and discounts; (3) its prospectus and product
description; and (4) other quantitative information, such as daily
trading volume. The prospectus and/or product description for each Fund
will inform investors that the Trust's Internet Web site has
information about the premiums and discounts at which the Fund's Shares
have traded.
    Each Fund's total portfolio composition will be disclosed on the
Web site of the Trust or another Internet Web site as determined by the
Trust and/or the Exchange. The Trust will provide Web site disclosure
of each Fund's portfolio holdings daily and will include, as
applicable, the names and number of Shares held of each specific equity
security, the specific types of

Financial Instruments \9\ and characteristics of such Financial
Instruments, and the cash equivalents and amount of cash held in the
portfolio of each Fund. This public Web site disclosure of the
portfolio composition of each Fund and the disclosure by the Advisor of
the ``IIV File'' (as described below) and the portfolio composition
file, or ``PCF,'' will occur at the same time. Therefore, the same
portfolio information (including accrued expenses and dividends) will
be provided on the public Web site(s), as well as in the IIV File and
PCF provided to Authorized Participants.\10\
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    \9\ The financial instruments to be held by any of the Funds may
include stock index futures contracts, options on futures contracts,
options on securities and indices, equity caps, collars and floors,
as well as swap agreements, forward contracts, repurchase
agreements, and reverse repurchase agreements (the ``Financial
Instruments''). See Notice, supra note 3, 72 FR at 45472 n.22.
    \10\ An Authorized Participant is: (1) Either (a) a broker-
dealer or other participant in the continuous net settlement system
of the NSCC, or (b) a DTC participant; and (2) a party to a
participant agreement with the Distributor. See Notice, supra note
3, 72 FR at 45473 n.26.
---------------------------------------------------------------------------

Creation and Redemption of Shares \11\
---------------------------------------------------------------------------

    \11\ A detailed discussion of the procedures for creating and
redeeming Shares with respect to each of the Funds, including a
description of the relevant transaction fees, can be found in the
Notice. See Notice, supra note 3, 72 FR at 45474-45476.
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    Each Fund will issue and redeem Shares only in aggregations of at
least 50,000 (each aggregation, a ``Creation Unit''). Purchasers of
Creation Units will be able to separate the Creation Units into
individual Shares. Once the number of Shares in a Creation Unit is
determined, it will not change thereafter (except in the event of a
stock split or similar revaluation). The initial value of a Share for
each of the Funds is expected to be in the range of $50-$250.
    At the end of each business day, the Trust will prepare the list of
names and the required number of Shares of each Deposit Security (as
defined below) to be included in the next trading day's Creation Unit
for each Leveraged Fund (the ``Deposit List''). The Trust will then add
to the Deposit List the cash information effective as of the close of
business on that business day and create a PCF for each Fund, which
will be transmitted to NSCC before the opening of business the next
business day. The information in the PCF will be available to all
participants in the NSCC system.
    Because the NSCC's system for the receipt and dissemination to its
participants of the PCF is not currently capable of processing
information with respect to Financial Instruments, the Advisor has
developed an ``IIV File,'' which it will use to disclose the Funds'
holdings of Financial Instruments. The IIV File will contain, for each
Leveraged Fund (to the extent that it holds Financial Instruments) and
Inverse and Leveraged Inverse Fund, information sufficient by itself or
in connection with the PCF and other available information for market
participants to calculate a Fund's IIV and effectively value such Fund.
The IIV File, together with the applicable information in the PCF in
the case of Leveraged Funds, will also be the basis for the next
business day's NAV calculation.
    Under normal circumstances, the Leveraged Funds will be created and
redeemed either entirely for cash and/or for a deposit basket of equity
securities (``Deposit Securities''), plus a ``Balancing Amount.'' The
Deposit Securities and the Balancing Amount collectively are referred
to as the ``Creation Deposit.'' The Balancing Amount is a cash payment
designed to ensure that the value of a Creation Deposit is identical to
the value of the Creation Unit. The Balancing Amount is an amount equal
to the difference between the NAV of a Creation Unit and the market
value of the Deposit Securities.\12\ Under normal circumstances, the
Inverse and Leveraged Inverse Funds will be created and redeemed
entirely for cash. The IIV File published before the open of business
on a business day will, however, permit NSCC participants to calculate
(by means of calculating the IIV) the amount of cash required to create
a Creation Unit and the amount of cash that will be paid upon
redemption of a Creation Unit, for each Inverse and Leveraged Inverse
Fund for that business day.
---------------------------------------------------------------------------

    \12\ While not typical, if the market value of the Deposit
Securities is greater than the NAV of a Creation Unit, then the
Balancing Amount will be a negative number, in which case the
Balancing Amount will be paid by the Leveraged Fund to the
purchaser, rather than vice-versa.
---------------------------------------------------------------------------

Criteria for Initial and Continued Listing

    The Shares are subject to the criteria for initial and continued
listing of Index Fund Shares under Amex Rule 1002A. A minimum of two
Creation Units (at least 100,000 Shares) will be required to be
outstanding at the start of trading. This minimum number of Shares
required to be outstanding at the start of trading will be comparable
to requirements that have been applied to previously listed series of
Index Fund Shares. The Exchange believes that the proposed minimum
number of Shares outstanding at the start of trading is sufficient to
provide market liquidity. The Exchange, pursuant to Amex Rule
1002A(a)(ii), will obtain a representation from the Trust (for each
Fund), prior to listing, that the NAV per Share for each Fund will be
calculated daily and made available to all market participants at the
same time. The Exchange represents that the Trust is required to comply
with Rule 10A-3 under the Act \13\ for the initial and continued
listing of the Shares.
---------------------------------------------------------------------------

    \13\ 17 CFR 240.10A-3 (setting forth listing standards relating
to audit committees).
---------------------------------------------------------------------------

Amex Trading Rules and Trading Halts

    The Shares are equity securities subject to Amex rules governing
the trading of equity securities. The Exchange states that Amex Rule
154-AEMI(c)(ii) \14\ and Commentary .04 to Amex Rule 190 \15\ apply to
Index Fund Shares listed on the Exchange, including the Shares.
---------------------------------------------------------------------------

    \14\ Amex Rule 154-AEMI(c)(ii) provides that stop and stop limit
orders to buy or sell a security, the price of which is derivatively
priced based upon another security or index of securities, may be
elected by a quotation. The Exchange states that the Shares are
eligible for this treatment.
    \15\ Commentary .04 states that nothing in Amex Rule 190(a)
should be construed to restrict a specialist registered in a
security issued by an investment company from purchasing and
redeeming the listed security or securities that can be subdivided
or converted into the listed security from the issuer as appropriate
to facilitate the maintenance of a fair and orderly market.
---------------------------------------------------------------------------

    In addition to other factors that may be relevant, the Exchange may
consider factors such as those set forth in Amex Rule 918C(b) in
exercising its discretion to halt or suspend trading in Index Fund
Shares. These factors include, but are not limited to, (1) the extent
to which trading is not occurring in securities comprising an
Underlying Index and/or the Financial Instruments of a Fund, or (2)
whether other unusual conditions or circumstances detrimental to the
maintenance of a fair and orderly market are present. In the case of
Financial Instruments held by a Fund, the Exchange represents that a
notification procedure will be implemented so that timely notice from
the Advisor is received by the Exchange when a particular Financial
Instrument is in default or shortly to be in default. Notification from
the Advisor will be made by phone, facsimile, or e-mail. The Exchange
would then determine on a case-by-case basis whether a default of a
particular Financial Instrument justifies a trading halt of the Shares.
Trading in Shares of the Funds will also be halted if the circuit
breaker parameters under Amex Rule 117 have been reached.
    Amex Rule 1002A(b)(ii) sets forth the trading halt parameters with
respect to Index Fund Shares. If the IIV or the Underlying Index value
applicable to

that series of Index Fund Shares is not being disseminated as required,
the Exchange may halt trading during the day in which the interruption
to the dissemination of the IIV or the Underlying Index value occurs.
If the interruption to the dissemination of the IIV or the Underlying
Index value persists past the trading day in which it occurred, the
Exchange will halt trading no later than the beginning of the trading
day following the interruption.

Information Circular

    The Exchange, in an Information Circular to Exchange members and
member organizations, prior to the commencement of trading, will inform
members and member organizations regarding the application of
Commentary .06 of Amex Rule 1000A-AEMI to the Funds. The Information
Circular will further inform members and member organizations of the
prospectus and/or product description delivery requirements that apply
to the Funds.
    The Information Circular will also provide guidance with regard to
member firm compliance responsibilities when effecting transactions in
the Shares and highlighting the special risks and characteristics of
the Funds and Shares as well as applicable Exchange rules. In
particular, the Information Circular will set forth the requirements
relating to Commentary .05 to Amex Rule 411 (Duty to Know and Approve
Customers). Specifically, the Information Circular will remind members
of their obligations in recommending transactions in the Shares so that
members have a reasonable basis to believe that: (1) The recommendation
is suitable for a customer given reasonable inquiry concerning the
customer's investment objectives, financial situation, needs, and any
other information known by such member; and (2) that the customer can
evaluate the special characteristics, and is able to bear the financial
risks, of such investment. In connection with the suitability
obligation, the Information Circular will also provide that members
make reasonable efforts to obtain the following information: (a) The
customer's financial status; (b) the customer's tax status; (c) the
customer's investment objectives; and (d) such other information used
or considered to be reasonable by such member or registered
representative in making recommendations to the customer. In addition,
the Information Circular will disclose that the procedures for
purchases and redemptions of Shares in Creation Units are described in
each Fund's prospectus, and that Shares are not individually
redeemable, but are redeemable only in Creation Unit aggregations or
multiples thereof.

Surveillance

    The Exchange represents that its surveillance procedures are
adequate to properly monitor the trading of the Shares. Specifically,
Amex will rely on its existing surveillance procedures governing Index
Fund Shares. In addition, the Exchange also has a general policy
prohibiting the distribution of material, non-public information by its
employees.

III. Comment Letter

    The Commission received one comment letter, submitted on behalf of
ProFund Advisors LLC and ProShare Advisors LLC (collectively referred
to as ``ProFunds''), which asserted that the listing and trading of the
Shares of the Funds by the Exchange would infringe on ProFunds'
intellectual property rights. In particular, ProFunds believes that it
has a proprietary interest, through a pending patent application, in
the process and system for calculating an intra-day indicative value
relating to leveraged and inverse exchange traded funds to be
purportedly used by the Trust. As a result, the commenter requested
that the Commission institute proceedings to disapprove the proposed
rule change.\16\
---------------------------------------------------------------------------

    \16\ See ProFunds Letter at 1-2, supra note 4.
---------------------------------------------------------------------------

IV. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities
exchange.\17\ In particular, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\18\ which
requires that the rules of an exchange be designed, among other things,
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. The Commission notes that it has previously approved
the original listing and trading of various fund shares that seek to
provide investment results that correspond to a specified multiple of
the performance, or the inverse of the performance, of an underlying
portfolio of securities.\19\ The Commission also notes that it has
previously approved the listing and trading of exchange-traded funds
based on each of the Underlying Indexes.\20\
---------------------------------------------------------------------------

    \17\ In approving this proposed rule change, the Commission
notes that it has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
    \18\ 15 U.S.C. 78f(b)(5).
    \19\ See Securities Exchange Act Release Nos. 55117 (January 17,
2007), 72 FR 3442 (January 25, 2007) (SR-Amex-2006-101) (approving
the listing and trading of shares of funds of the Trust based on
certain underlying indexes); 54040 (June 23, 2006), 71 FR 37629
(June 30, 2006) (SR-Amex-2006-41) (approving the listing and trading
of shares of other funds of the Trust based on certain underlying
indexes); and 52553 (October 3, 2005), 70 FR 59100 (October 11,
2005) (SR-Amex-2004-62) (approving the listing and trading of shares
of funds of the xtraShares Trust based on certain underlying
indexes).
    \20\ See Securities Exchange Act Release Nos. 31591 (December
11, 1992), 57 FR 60253 (December 18, 1992) (SR-Amex-92-18)
(approving the listing and trading of portfolio depository receipts
(``PDRs''), including receipts based on the S&P 500 Index); 35534
(March 24, 1995), 60 FR 16686 (March 31, 1995) (SR-Amex-94-52)
(approving the listing and trading of PDRs based on the S&P 400
Midcap Index); 35532 (March 24, 1995), 60 FR 16518 (March 30, 1995)
(SR-CBOE-94-43) (approving the listing and trading of options on the
S&P SmallCap 600 Index); 53191 (January 30, 2006), 71 FR 6111
(February 6, 2006) (SR-Amex-2005-061) (approving the listing and
trading of options on the Russell Indexes, including the Russell
1000, 2000, and 3000 Indexes); and 40749 (December 4, 1998), 63 FR
68483 (December 11, 1998) (SR-Amex-98-29) (approving the listing and
trading of certain Select SPDR exchange-traded funds).
---------------------------------------------------------------------------

    The Commission further believes that the proposal is consistent
with Section 11A(a)(1)(C)(iii) of the Act,\21\ which sets forth
Congress' finding that it is in the public interest and appropriate for
the protection of investors and the maintenance of fair and orderly
markets to assure the availability to brokers, dealers, and investors
of information with respect to quotations for and transactions in
securities. As described above, quotations and last-sale information
for the Shares will be disseminated over the CT. In addition, the
Exchange will calculate and disseminate through the CT the IIV per
Share for each Fund at least every 15 seconds throughout Amex's trading
day, as well as other information regarding the value of the Shares.
The value of each Underlying Index will also be updated intra-day on a
real-time basis as its individual component securities change in price
and will be disseminated at least every 15 seconds throughout the
trading day. Finally, the Trust's Web site will include important
information for each Fund's Shares.
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
---------------------------------------------------------------------------

    Furthermore, the Commission believes that the proposal to list and
trade the Shares is reasonably designed to promote fair disclosure of
information that may be necessary to price the Shares appropriately.
The Commission notes that the Exchange will obtain a representation
from the

Trust (for each Fund), prior to listing, that the NAV per Share for
each Fund will be calculated daily and made available to all market
participants at the same time.\22\ In addition, the Exchange represents
that the Web site disclosure of the portfolio composition of each Fund
and the disclosure by the Advisor of the IIV File and the PCF will
occur at the same time. Moreover, Commentary .02(b) to Amex Rule 1000A-
AEMI provides for ``fire wall'' procedures with respect to personnel
who have access to information concerning changes and adjustments to
the Underlying Index and the implementation of procedures to prevent
the use and dissemination of material non-public information regarding
the Underlying Index. Further, Commentary .09 to Amex Rule 1000A-AEMI
sets forth restrictions on members or persons associated with members
who have knowledge of the terms and conditions of certain orders (the
execution of which are imminent) to enter, based on such knowledge, an
order to buy or sell a Share that is the subject of such orders, an
order to buy or sell the overlying option class, or an order to buy or
sell any related instrument.
---------------------------------------------------------------------------

    \22\ See Amex Rule 1002A(a)(ii).
---------------------------------------------------------------------------

    The Commission also believes that the Exchange's trading halt rules
are reasonably designed to prevent trading in the Shares when
transparency is impaired. Amex Rule 1002A(b)(ii) provides that the
Exchange will halt trading in the Shares if the circuit breaker
parameters of Amex Rule 117 have been reached. In exercising its
discretion to halt or suspend trading in the Shares, the Exchange may
consider factors such as those set forth in Amex Rule 918C(b) and other
relevant factors. In addition, Amex Rule 1002A(b)(ii) provides that, if
the IIV or the Underlying Index value applicable to that series of
Index Fund Shares is not being disseminated as required, the Exchange
may halt trading during the day in which the interruption to the
dissemination of the IIV or the Underlying Index value occurs. If the
interruption to the dissemination of the IIV or the Underlying Index
value persists past the trading day in which it occurred, the Exchange
will halt trading no later than the beginning of the trading day
following the interruption.
    The Commission further believes that the trading rules and
procedures to which the Shares will be subject pursuant to this
proposal are consistent with the Act. The Exchange has represented that
the Shares are equity securities subject to Amex's rules governing the
trading of equity securities.
    In support of this proposal, the Exchange has made the following
representations:
    (1) The Exchange's surveillance procedures are adequate to properly
monitor the trading of the Shares. Specifically, Amex will rely on its
existing surveillance procedures governing Index Fund Shares.
    (2) Prior to the commencement of trading, the Exchange will inform
its members and member organizations in an Information Circular
regarding the application of Commentary .06 to Amex Rule 1000A-AEMI to
the Funds and the prospectus and/or product description delivery
requirements that apply to the Funds. The Information Circular will
also provide guidance with regard to member firm compliance
responsibilities when effecting transactions in the Shares and
highlighting the special risks and characteristics of the Funds and
Shares, as well as applicable Exchange rules. In addition, the
Information Circular will disclose that the procedures for purchases
and redemptions of Shares in Creation Units are described in each
Fund's prospectus, and that Shares are not individually redeemable, but
are redeemable only in Creation Unit aggregations or multiples thereof.
    This approval order is based on the Exchange's representations.
    Finally, the Commission believes that the commenter's concerns over
its proprietary interest in the process and system for calculating an
intra-day indicative value relating to leveraged and inverse exchange
traded funds to be purportedly used by the Trust do not preclude the
Commission from approving the proposed rule change. Specifically, to
the extent that the commenter's argument raises a claim of
misappropriation or infringement of a protected property right, the
Commission believes it is inappropriate for the Commission to attempt
to resolve these issues in a proceeding involving the approval of a
proposed rule change by a national securities exchange under the
federal securities laws. To take such delaying action whenever a third
party claim is asserted could stifle Commission review of new products
proposed by self-regulatory organizations. The plain language of the
U.S. securities laws does not suggest that Congress intended that the
Commission attempt, in the context of an approval proceeding for a
securities product, to resolve intellectual property right claims that
can be pursued elsewhere.\23\ Accordingly, the commenter's assertions
do not form a basis for the Commission to either disapprove or delay
approval of the Exchanges' proposals.\24\
---------------------------------------------------------------------------

    \23\ The Commission notes that Congress has enacted an elaborate
statutory framework for the establishment, preservation, and
protection of intellectual property rights and has established
specific federal agencies to administer these laws. Separate state
causes of action also may be available to the holders of these
proprietary rights as well. The Commission is not required by the
Act to make, and has not made, a legal determination of proprietary
claims flowing from the Trust's application of the process and
system for calculating an intraday indicative value for the Shares
of each Fund. This is not to say, however, that the Commission might
not separately have a federal interest in the outcome of any
proceeding challenging a new product or be willing to express a view
regarding such a proceeding in the event a subsequent action
provides the Commission opportunity to address these matters, e.g.,
to protect investors and the public interest.
    \24\ See Securities Exchange Act Release Nos. 36070 (August 9,
1995), 60 FR 42205 (August 15, 1995) (SR-Amex-94-55 and SR-CBOE-95-
01) (order approving the listing and trading of warrants on the
Deutscher Aktien Index by Amex and the Chicago Board Options
Exchange, Incorporated (``CBOE'')); 28475 (September 27, 1990), 55
FR 40492 (October 3, 1990) (SR-Amex-89-16) (order approving the
trading by Amex of options on the Japan Index); and 26709 (April 11,
1989), 54 FR 15280 (April 17, 1989) (SR-Phlx-88-07; SR-Amex-88-10;
and SR-CBOE-88-09) (order approving the listing of index
participations by Amex, CBOE, and the Philadelphia Stock Exchange,
Inc.).
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\25\ that the proposed rule change (SR-Amex-2007-74), as modified
by Amendment No. 1 thereto, be, and it hereby is, approved.
---------------------------------------------------------------------------

    \25\ 15 U.S.C. 78s(b)(2).

    By the Commission.
Nancy M. Morris,
Secretary.
[FR Doc. E7-21503 Filed 10-31-07; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 86 (Wednesday, May 4, 2016)]
[Notices]
[Pages 26869-26870]
[FR Doc No: 2016-10349]

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DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

[Docket No. NHTSA-2015-0082; Notice 1]

Notice of Receipt of Petition for Decision That Nonconforming
Model Year 2009 Mercedes-Benz G Class Long Wheelbase (463 Chassis)
Multipurpose Passenger Vehicle Are Eligible for Importation

AGENCY: National Highway Traffic Safety Administration (NHTSA),
Department of Transportation (DOT).

ACTION: Receipt of petition.

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SUMMARY: This document announces receipt by the National Highway
Traffic Safety Administration (NHTSA) of a petition for a decision that
model year (MY) 2009 Mercedes-Benz G Class Long Wheelbase (LWB) (463
Chassis) multipurpose vehicles (MPVs) that were not originally
manufactured to comply with all applicable Federal motor vehicle safety
standards (FMVSS), are eligible for importation into the United States
because they are substantially similar to vehicles that were originally
manufactured for sale in the United States and that were certified by
their manufacturer as complying with the safety standards (the U.S.-
certified version of the 2009 Mercedes-Benz G Class LWB MPV) and they
are capable of being readily altered to conform to the standards.

DATE:  The closing date for comments on the petition is June 3, 2016.

ADDRESSES: Comments should refer to the docket and notice numbers above
and be submitted by any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the online 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 or Courier: West Building Ground Floor, Room
W12-140, 1200 New Jersey Avenue SE., between 9 a.m. and 5 p.m. ET,
Monday through Friday, except Federal holidays.
     Fax:<PHONE_NUMBER>.
    Instructions: Comments must be written in the English language, and
be no greater than 15 pages in length, although there is no limit to
the length of necessary attachments to the comments. If comments are
submitted in hard copy form, please ensure that two copies are
provided. If you wish to receive confirmation that your comments were
received, please enclose a stamped, self-addressed postcard with the
comments. Note that all comments received will be posted without change
to http://www.regulations.gov, including any personal information
provided. Please see the Privacy Act heading below.
    Privacy Act: Anyone is able to search the electronic form of all
comments received into any of our dockets by the name of the individual
submitting the comment (or signing the comment, if submitted on behalf
of an association, business, labor union, etc.). You may review DOT's
complete Privacy Act Statement in the Federal Register published on
April 11, 2000 (65 FR 19477-78).
    How to Read Comments submitted to the Docket: You may read the
comments received by Docket Management at the address and times given
above. You may also view the documents from the Internet at http://www.regulations.gov. Follow the online instructions for accessing the
dockets. The docket ID number and title of this notice are shown at the
heading of this document notice. Please note that even after the
comment closing date, we will continue to file relevant information in
the Docket as it becomes available. Further, some people may submit
late comments. Accordingly, we recommend that you periodically search
the Docket for new material.

FOR FURTHER INFORMATION CONTACT: George Stevens, Office of Vehicle
Safety Compliance, NHTSA<PHONE_NUMBER>).

SUPPLEMENTARY INFORMATION:

Background

    Under 49 U.S.C. 30141(a)(1)(A), a motor vehicle that was not
originally manufactured to conform to all applicable FMVSS shall be
refused admission into the United States unless NHTSA has decided that
the motor vehicle is substantially similar to a motor vehicle
originally manufactured for importation into and sale in the United
States, certified under 49 U.S.C. 30115, and of the same model year as
the model of the motor vehicle to be compared, and is capable of being
readily altered to conform to all applicable FMVSS.
    Petitions for eligibility decisions may be submitted by either
manufacturers or importers who have registered with NHTSA pursuant to
49 CFR part 592. As specified in 49 CFR 593.7, NHTSA publishes notice
in the Federal Register of each petition that it receives, and affords
interested persons an opportunity to comment on the petition. At the
close of the comment period, NHTSA decides, on the basis of the
petition and any comments that it has received, whether the vehicle is
eligible for importation. The agency then publishes this decision in
the Federal Register.
    J.K. Technologies LLC (JK) of Baltimore, Maryland (Registered
Importer R-90-006) has petitioned NHTSA to decide whether nonconforming
2009 Mercedes-Benz G Class LWB MPVs are eligible for importation into
the United States. The vehicles which JK believes are substantially
similar are MY 2009 Mercedes-Benz G Class LWB MPVs sold in the United
States and certified by their manufacturer as conforming to all
applicable FMVSS.
    The petitioner claims that it compared non-U.S. certified MY 2009
Mercedes-Benz G Class LWB MPVs to their U.S.-certified counterparts,
and found the vehicles to be substantially similar with respect to
compliance with most FMVSS.
    JK submitted information with its petition intended to demonstrate
that non-U.S. certified MY 2009 Mercedes-Benz G Class LWB MPVs, as
originally manufactured, conform to many applicable FMVSS in the same
manner as their U.S.-certified counterparts, or are capable of being
readily altered to conform to those standards.
    Specifically, the petitioner claims that the non U.S.-certified MY
2009 Mercedes-Benz G Class LWB MPVs, as originally manufactured,
conform to: Standard Nos. 102 Transmission Shift Lever Sequence,
Starter Interlock, and Transmission Braking Effect, 103 Windshield
Defrosting and Defogging Systems, 104 Windshield Wiping and Washing
Systems, 106 Brake Hoses, 113 Hood Latch System, 116 Motor Vehicle
Brake Fluids, 118 Power-Operated Window, Partition, and Roof panel
System, 124 Accelerator Control Systems, 135 Light Vehicle Brake
Systems, 138 Tire Pressure Monitoring Systems, 139 New pneumatic radial
tires for light vehicles, 201 Occupant Protection in Interior Impact,
202 Head Restraints, 204 Steering Control Rearward Displacement, 205
Glazing Materials, 206 Door Locks and Door Retention Components, 207
Seating Systems, 209 Seat Belt Assemblies, 210

Seat Belt Assembly Anchorages, 212 Windshield Mounting, 214 Side Impact
Protection, 216 Roof Crush Resistance, 219 Windshield Zone Intrusion,
and 302 Flammability of Interior Materials.
    The petitioner also contends that the subject non-U.S certified
vehicles are capable of being readily altered to meet the following
standards, in the manner indicated:
    Standard No. 101 Controls and Displays: Replacement of the original
instrument cluster with the U.S. model component and reprogramming the
associated software as described in the petition. Inspection of each
vehicle, and replacement of the cruise control lever with the U.S.-
model component if required for the vehicle to conform to the standard.
    Standard No. 108 Lamps, Reflective Devices and Associated
Equipment: Replacement of the front and rear turn signal and side
marker lamps, headlamps, taillamps, stop lamps, and backup lamps with
U.S.-conforming components.
    Standard No. 110 Tire Selection and Rims: Installation of the
required tire information placard.
    Standard No. 111 Rearview Mirrors: Replacement of the passenger
side rearview mirror with a U.S.-model component or inscription of the
required warning statement on the face of the existing mirror.
    No. 114 Theft Protection and Rollaway Prevention: Reprograming to
activate the audible key warning and belt warning as described in the
petition.
    Standard No. 208 Occupant Crash Protection: The petitioner states
that the passive restraint systems of the international specification
vehicles comply with the requirements of this standard and are
identical to the U.S. version with respect to all aspects of this
standard, except for the passenger sun visor and dash mounted air bag
warning labels. The petitioner also states that all software used to
control the occupant crash protection systems bears the U.S. program
codes and all hardware parts bear the U.S. part numbers.
    Standard No. 225 Child Restraint Anchorage Systems: Installation of
U.S. model anchorages and labels.
    Standard No. 301 Fuel System Integrity: The petitioner states that
the fuel systems in these vehicles are identical to those in the U.S.-
certified model. Fuel spillage problems are controlled by the
evaporative system that was installed to meet EPA requirements. These
evaporative systems have a rollover and check valve incorporated into
their design.
    The petitioner also states that a vehicle identification plate must
be affixed to the vehicle near the left windshield pillar to meet the
requirements of 49 CFR part 565.
    All comments received before the close of business on the closing
date indicated above will be considered, and will be available for
examination in the docket at the above addresses both before and after
that date. To the extent possible, comments filed after the closing
date will also be considered. Notice of final action on the petition
will be published in the Federal Register pursuant to the authority
indicated below.

    Authority:  49 U.S.C. 30141(a)(1)(A), (a)(1)(B), and (b)(1); 49
CFR 593.7; delegation of authority at 49 CFR 1.95 and 501.8.

Jeffrey M. Giuseppe,
Director, Office of Vehicle Safety Compliance.
[FR Doc. 2016-10349 Filed 5-3-16; 8:45 am]
 BILLING CODE 4910-59-P


Deletion Docket Documentation Bibliography [ EPA HQ 1990 0011]

Site Name: Arctic Surplus EPA ID: AKD980988158 Deletion Docket Location EPA's Region 10 Superfund Records Center 1200 Sixth Avenue Seattle, Washington 98101 1 206 553 4494 Defense Reutilization & Marketing Office ( Administrative Records) Building 5001 Miles Badger Road Fairbanks, AK 99703 ( 907) 353 1143)

Contact: Jacques L. Gusmano, Remedial Project Manager Phone: ( 907) 271 1271 gusmano. jacques@ epa. gov Available hours: 8: 00 am   4: 30 pm, Monday thru Friday List of documents in docket:

1.1  Remedial Investigation / Feasibility Study 1.2  Record of Decision ( ROD) 1.3  Explanation of Significant Differences 1.4  Consent Decrees 1.5  Action Memoranda 1.6  Community Relations Plan 1.7  Cooperative Agreements 1.8  On Scene Coordinator and Pollution Reports 1.9  State Concurrence on Deletion 1.10  Final Close out Report 1.11  Transcripts of Public Meetings 1.12  Administrative Record Bibliographies