Kathy Kaufman/RTP/USEPA/US

05/16/2008 12:14 PM

To

"King, Heidi R."<EMAIL_ADDRESS> cc

Neal Fann/RTP/USEPA/US@EPA, Ron Evans/RTP/USEPA/US@EPA, Lydia Wegman/RTP/USEPA/US@EPA, Tricia Crabtree/RTP/USEPA/US@EPA

Subject

Right back atcha

Heidi -- we need Neal to check the benefits numbers in the table, but here's our collective revision.

Thanks.

-- Kathy

Kathy Kaufman

EPA/OAQPS Mail Code C539-03

Research Triangle Park, NC 27711

Phone<PHONE_NUMBER>

Fax<PHONE_NUMBER>

"King, Heidi R."<EMAIL_ADDRESS> 05/16/2008 11:03 AM

To

Kathy Kaufman/RTP/USEPA/US@EPA, Ron Evans/RTP/USEPA/US@EPA, Neal Fann/RTP/USEPA/US@EPA

cc

Subject

Ok, EPA, now it’s your turn to comment on my writing 

These sentences for the most part are taken from Chap 5 and 6 – and the table is what I understood on the ph this morning.

I hope no surprises !!

Kathy and I spoke about inserting this at front of Exec Summ and also Chap 1 – we could then perhaps delete similar language that appears in later paragraphs (at the very least “sweep” to make sure characterization is consistent, for example on decision whether to use “welfare” wording)

Thanks for working on this with me --


[Federal Register Volume 84, Number 237 (Tuesday, December 10, 2019)]
[Proposed Rules]
[Pages 67381-67383]
[FR Doc No: 2019-26387]

=======================================================================
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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2019-0842; Airspace Docket No. 18-AGL-15]
RIN 2120-AA66

Proposed Amendment of VOR Federal Airways V-59, V-92, V-115, and
V-117 in the Vicinity of Newcomerstown, OH

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: This action proposes to amend VHF Omnidirectional Range (VOR)
Federal airways V-59, V-92, V-115, and V-117 due to the planned
decommissioning of the VOR portion of the Newcomerstown, OH (CTW), VOR/
Distance Measuring Equipment (VOR/DME) navigation aid (NAVAID). The
Newcomerstown VOR is being decommissioned in support of the FAA's VOR
Minimum Operational Network (MON) program and service availability
issues.

DATES: Comments must be received on or before January 24, 2020.

ADDRESSES: Send comments on this proposal to the U.S. Department of
Transportation, Docket Operations, 1200 New Jersey Avenue SE, West
Building Ground Floor, Room W12-140, Washington, DC 20590; telephone:
1(800) 647-5527, or<PHONE_NUMBER>. You must identify FAA Docket No.
FAA-2019-0842; Airspace Docket No. 18-AGL-15 at the beginning of your
comments. You may also submit comments through the internet at https://www.regulations.gov.
    FAA Order 7400.11D, Airspace Designations and Reporting Points, and
subsequent amendments can be viewed online at https://www.faa.gov/air_traffic/publications/. For further information, you can contact the
Rules and Regulations Group, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783. The Order is also available for inspection at the National
Archives and Records Administration (NARA). For information on the
availability of FAA Order 7400.11D at NARA, email:
<EMAIL_ADDRESS>or go to https://

www.archives.gov/federal-register/cfr/ibr-locations.html.

FOR FURTHER INFORMATION CONTACT: Colby Abbott, Rules and Regulations
Group, Office of Policy, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
the airspace necessary to ensure the safety of aircraft and the
efficient use of airspace. This regulation is within the scope of that
authority as it would modify the National Airspace System as necessary
to preserve the safe and efficient flow of air traffic.

Comments Invited

    Interested parties are invited to participate in this proposed
rulemaking by submitting such written data, views, or arguments as they
may desire. Comments that provide the factual basis supporting the
views and suggestions presented are particularly helpful in developing
reasoned regulatory decisions on the proposal. Comments are
specifically invited on the overall regulatory, aeronautical, economic,
environmental, and energy-related aspects of the proposal.
    Communications should identify both docket numbers (FAA Docket No.
FAA-2019-0842; Airspace Docket No. 18-AGL-15) and be submitted in
triplicate to the Docket Management Facility (see ADDRESSES section for
address and phone number). You may also submit comments through the
internet at https://www.regulations.gov.
    Commenters wishing the FAA to acknowledge receipt of their comments
on this action must submit with those comments a self-addressed,
stamped postcard on which the following statement is made: ``Comments
to FAA Docket No. FAA-2019-0842; Airspace Docket No. 18-AGL-15.'' The
postcard will be date/time stamped and returned to the commenter.
    All communications received on or before the specified comment
closing date will be considered before taking action on the proposed
rule. The proposal contained in this action may be changed in light of
comments received. All comments submitted will be available for
examination in the public docket both before and after the comment
closing date. A report summarizing each substantive public contact with
FAA personnel concerned with this rulemaking will be filed in the
docket.

Availability of NPRMs

    An electronic copy of this document may be downloaded through the
internet at http://www.regulations.gov. Recently published rulemaking
documents can also be accessed through the FAA's web page at https://www.faa.gov/air_traffic/publications/airspace_amendments/.
    You may review the public docket containing the proposal, any
comments received and any final disposition in person in the Dockets
Office (see ADDRESSES section for address and phone number) between
9:00 a.m. and 5:00 p.m., Monday through Friday, except federal
holidays. An informal docket may also be examined during normal
business hours at the office of the Operations Support Group, Central
Service Center, Federal Aviation Administration, 10101 Hillwood Blvd.,
Fort Worth, TX 76177.

Availability and Summary of Documents for Incorporation by Reference

    This document proposes to amend FAA Order 7400.11D, Airspace
Designations and Reporting Points, dated August 8, 2019, and effective
September 15, 2019. FAA Order 7400.11D is publicly available as listed
in the ADDRESSES section of this document. FAA Order 7400.11D lists
Class A, B, C, D, and E airspace areas, air traffic service routes, and
reporting points.

Background

    The FAA originally planned to decommission the Newcomerstown, OH,
(CTW), VOR during Phase 2 of the VOR Minimum Operational Network (MON)
program as one of the candidate VORs identified for discontinuance by
the FAA's VOR MON program and listed in the Final policy statement
notice, ``Provision of Navigation Services for the Next Generation Air
Transportation System (NextGen) Transition to Performance-Based
Navigation (PBN) (Plan for Establishing a VOR Minimum Operational
Network),'' published in the Federal Register of July 26, 2016 (81 FR
48694), Docket No. FAA-2011-1082. However, based on a failed flight
check which rendered seventy-five percent of the VOR service unusable
and resulted in the VOR having been out of service since January 31,
2017, the FAA is now planning to decommissioning the Newcomerstown, OH,
VOR in July, 2020. The ATS routes effected by the Newcomerstown VOR
decommissioning are VOR Federal airways V-59, V-92, V-115, and V-117.
    With the planned decommissioning of the Newcomerstown VOR, the
remaining ground-based NAVAID coverage in the area is insufficient to
enable the continuity of V-59, V-92, V-115, or V-117 within the
affected area. As such, the proposed actions would result in airway
segments being removed from V-59, V-92, and V-115, and the last airway
point (WISKE fix) in V-117 being redefined.
    To overcome the proposed removal of the V-59, V-92, and V-115
airway segments, IFR traffic could file point to point using the
existing fixes that will remain in place or receive air traffic control
(ATC) radar vectors to continue operating though the area.
Additionally, the FAA is retaining the Newcomerstown DME facility in
place with the same ``CTW'' identifier to support FAA NextGen flight
procedures. To retain V-117 as charted, the FAA is planning to redefine
the last airway point (WISKE fix) using intersecting radials from the
Bellaire, OH, VOR/DME and the Briggs, OH, VOR/DME NAVAIDs. Visual
flight rules (VFR) pilots who elect to navigate via the airways through
the affected area could also take advantage of the air traffic services
previously listed.

The Proposal

    The FAA is proposing an amendment to Title 14 Code of Federal
Regulations (14 CFR) part 71 to amend VOR Federal airways V-59, V-92,
V-115, and V-117 due to the planned decommissioning of the VOR portion
of the Newcomerstown, OH, VOR/DME. The proposed VOR Federal airway
actions are described below.
    V-59: V-59 currently extends between the Pulaski, VA, VOR/Tactical
Air Navigation (VORTAC) NAVAID and Newcomerstown, OH, VOR/DME. The FAA
proposes to remove the airway segment between the Parkersburg, WV, VOR/
DME and the Newcomerstown, OH, VOR/DME. The unaffected portions of the
existing airway would remain as charted.
    V-92: V-92 currently extends between the Chicago Heights, IL,
VORTAC and Goshen, IN, VORTAC; and between the Newcomerstown, OH; VOR/
DME and Bellaire, OH, VOR/DME.

The FAA proposes to remove the airway segment between the
Newcomerstown, OH, VOR/DME and the Bellaire, OH, VOR/DME. The
unaffected portions of the existing airway would remain as charted.
    V-115: V-115 currently extends between the Crestview, FL, VORTAC
and Franklin, PA, VOR/DME. The FAA proposes to remove the airway
segment between the Parkersburg, WV, VORTAC, and the Franklin, PA, VOR/
DME. The unaffected portions of the existing airway would remain as
charted.
    V-117: V-117 currently extends between the Parkersburg, WV; VORTAC
and the intersection of the Bellaire, OH, VOR/DME 044[deg] radial and
the Newcomerstown, OH, VOR/DME 099[deg] radial (WISKE fix). The FAA
proposes to redefine the WISKE fix as the intersection of the existing
Bellaire, OH, VOR/DME 044[deg] radial and the new Briggs, OH,
136[deg](T)/140[deg](M) radial. The existing airway would remain as
charted.
    All radials in the route descriptions below that do not reflect
True (T)/Magnetic (M) degree radial information are unchanged and
stated in True degrees.
    VOR Federal airways are published in paragraph 6010(a) of FAA Order
7400.11D dated August 8, 2019, and effective September 15, 2019, which
is incorporated by reference in 14 CFR 71.1. The ATS routes listed in
this document would be subsequently published in the Order.
    FAA Order 7400.11, Airspace Designations and Reporting Points, is
published yearly and effective on September 15.

Regulatory Notices and Analyses

    The FAA has determined that this proposed regulation only involves
an established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore: (1) Is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under
Department of Transportation (DOT) Regulatory Policies and Procedures
(44 FR 11034; February 26, 1979); and (3) does not warrant preparation
of a regulatory evaluation as the anticipated impact is so minimal.
Since this is a routine matter that will only affect air traffic
procedures and air navigation, it is certified that this proposed rule,
when promulgated, will not have a significant economic impact on a
substantial number of small entities under the criteria of the
Regulatory Flexibility Act.

Environmental Review

    This proposal will be subject to an environmental analysis in
accordance with FAA Order 1050.1F, ``Environmental Impacts: Policies
and Procedures'' prior to any FAA final regulatory action.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

The Proposed Amendment

    In consideration of the foregoing, the Federal Aviation
Administration proposes to amend 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for part 71 continues to read as follows:

    Authority: 49 U.S.C. 106(f), 106(g); 40103, 40113, 40120; E.O.
10854, 24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order 7400.11D,
Airspace Designations and Reporting Points, dated August 8, 2019, and
effective September 15, 2019, is amended as follows:

Paragraph 6010(a) Domestic VOR Federal Airways.

* * * * *

V-59 [Amended]

    From Pulaski, VA; Beckley, WV; to Parkersburg, WV.
* * * * *

V-92 [Amended]

    From Chicago Heights, IL; to Goshen, IN.
* * * * *

V-115 [Amended]

    From Crestview, FL; INT Crestview 001[deg] and Montgomery, AL,
204[deg] radials; Montgomery; INT Montgomery 323[deg] and Vulcan,
AL, 177[deg] radials; Vulcan; Choo Choo, GA; Volunteer, TN; Hazard,
KY; Charleston, WV; to Parkersburg, WV.
* * * * *

V-117 [Amended]

    From Parkersburg, WV; Bellaire, OH; to INT Bellaire 044[deg] and
Briggs, OH, 136[deg](T)/140[deg](M) radials.

    Issued in Washington, DC, on December 2, 2019.
Scott M. Rosenbloom,
Acting Manager, Rules and Regulations Group.
[FR Doc. 2019-26387 Filed 12-9-19; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 82, Number 128 (Thursday, July 6, 2017)]
[Notices]
[Pages 31371-31376]
[FR Doc No: 2017-14187]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81058; File No. SR-OCC-2017-803]

Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing of Advance Notice of and No Objection to The Options
Clearing Corporation's Proposal To Enter Into a New Credit Facility
Agreement

June 30, 2017.
    Pursuant to Section 806(e)(1) of Title VIII of the Dodd-Frank Wall
Street Reform and Consumer Protection Act, entitled the Payment,
Clearing and Settlement Supervision Act of 2010 (``Clearing Supervision
Act'') \1\ and Rule 19b-4(n)(1)(i) under the Securities Exchange Act of
1934 (``Act''),\2\ notice is hereby given that, on May 4, 2017, the
Options Clearing Corporation (``OCC'') filed an advance notice (SR-OCC-
2017-803) with the Securities and Exchange Commission (``Commission'').
The advance notice is described in Items I and II below, which have
been prepared by OCC. The Commission is publishing this notice to
solicit comments on the advance notice from interested persons, and to
provide notice that the Commission does not object to the changes set
forth in the advance notice.
---------------------------------------------------------------------------

    \1\ 12 U.S.C. 5465(e)(1).
    \2\ 17 CFR 240.19b-4(n)(1)(i).
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Substance of the Advance
Notice

    This advance notice is being filed in connection with a proposed
change in the form of the replacement of a revolving credit facility
that OCC maintains for a 364-day term for the purpose of meeting
obligations arising out of the default or suspension of a Clearing
Member, in anticipation of a potential default by a Clearing Member, or
the failure of a bank or securities or commodities clearing
organization to perform its obligations due to its bankruptcy,
insolvency, receivership or suspension of operations.

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Advance Notice

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

(A) Clearing Agency's Statement on Comments on the Advance Notice
Received From Members, Participants or Others

    Written comments were not and are not intended to be solicited with
respect to the advance notice and none have been received.

(B) Advance Notice Filed Pursuant to Section 806(e) of the Payment,
Clearing, and Settlement Supervision Act

Description of Proposed Change
Background
    This advance notice is being filed in connection with a proposed
change in the form of the replacement of a revolving credit facility
that OCC maintains for a 364-day term for the purpose of meeting
obligations arising out of the default or suspension of a Clearing
Member, in anticipation of a potential default by a Clearing Member, or
the failure of a bank or securities or commodities clearing
organization to perform its obligations due to its bankruptcy,
insolvency, receivership or suspension of operations. In such
circumstances, OCC has certain conditional authority under its By-Laws
and Rules to borrow or otherwise obtain funds from third parties using
Clearing

Member margin deposits and/or Clearing Fund contributions.\3\
---------------------------------------------------------------------------

    \3\ See generally Article VIII, Sections 5(a), (b) and (e) of
OCC's By-Laws; Interpretation and Policy .06 to Article VIII,
Section 5; OCC Rules 1102 and 1104(b).
---------------------------------------------------------------------------

    OCC's existing credit facility (``Existing Facility'') was
implemented as of September 30, 2016, through the execution of a credit
agreement among OCC, Bank of America, N.A. (``BofA''), as
administrative agent, and the lenders that are parties to the agreement
from time to time. The Existing Facility provides short-term secured
borrowings in an aggregate principal amount of $2 billion but may be
increased to $3 billion if OCC so requests and sufficient commitments
from lenders are received and accepted. To obtain a loan under the
Existing Facility, OCC must pledge as collateral U.S. dollars or
securities issued or guaranteed by the U.S. Government or the
Government of Canada. Certain mandatory prepayments or deposits of
additional collateral are required depending on changes in the
collateral's market value. In connection with OCC's past implementation
of the Existing Facility, OCC filed an advance notice with the
Commission on August 29, 2016, and the Commission published a Notice of
No-Objection on September 21, 2016.\4\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 78893 (September 21,
2016), 81 FR 66318 (September 27, 2016) (SR-OCC-2016-803).
---------------------------------------------------------------------------

Proposed Changes
    The Existing Facility is not set to expire until September 29,
2017; however, OCC is seeking an early termination of the Existing
Facility and is currently negotiating the terms of a new credit
facility (``New Facility'') on substantially similar terms as the
Existing Facility together with certain additional proposed
modifications described herein. The proposed modifications would, among
other things: (i) Change the renewal timing to an approximate June 30
annual cycle; (ii) expand the types of permitted collateral under the
credit agreement to include S&P 500 Market Index equities, Exchange
Traded Funds (``ETFs''), and American Depositary Receipts (``ADRs'')
and certain GSE debt securities; (iii) expand the definition of
``Liquidity Needs'' \5\ in the credit agreement to allow OCC to borrow
from the New Facility to satisfy anticipated same-day settlement
obligations as a result of circumstances where a bank or securities or
commodities clearing organization has failed to achieve daily
settlement with OCC; and (iv) modify certain other terms and
definitions in the agreement (including the replacement of the backup
collateral agent).
---------------------------------------------------------------------------

    \5\ Under the Existing Facility, OCC's ``Liquidity Needs'' are
defined as the use of loan proceeds to obtain funds projected to be
required by OCC in anticipation of a potential default by a Clearing
Member.
---------------------------------------------------------------------------

    The proposed terms and conditions that are expected to be
applicable to the New Facility, subject to agreement by the lenders,
are set forth in the Summary of Terms and Conditions, which is not a
public document.\6\ OCC has separately submitted a request for
confidential treatment to the Commission regarding the Summary of Terms
and Conditions, which is included in this filing as Exhibit 3. The
conditions regarding the availability of the New Facility, which OCC
anticipates will be satisfied on or about July 5, 2017, include the
execution and delivery of (i) a credit agreement between OCC and the
administrative agent, collateral agent and various lenders under the
New Facility, (ii) a pledge agreement between OCC and the
administrative agent or collateral agent, and (iii) such other
documents as may be required by the parties. The definitive
documentation concerning the New Facility is expected to be consistent
with the Summary of Terms and Conditions and substantially similar to
the definitive documentation concerning the Existing Facility, although
it may include certain changes to business terms as may be necessary to
obtain the agreement of lenders with sufficient funding commitments and
certain changes as may be necessary regarding administrative and
operational terms being finalized between the parties.
---------------------------------------------------------------------------

    \6\ The Summary of Terms and Conditions for the New Facility
clarifies certain terms regarding mandatory prepayments or deposits
of additional collateral, which, as described above, are also
features of the Existing Facility.
---------------------------------------------------------------------------

    The proposed changes to terms and conditions that are expected to
be applicable to the New Facility are described in detail below.
Change in Renewal Timing
    OCC is seeking an early termination of the Existing Facility, which
is not set to expire until September 29, 2017, and proposes to change
the renewal timing of the New Facility. OCC's purpose in early
termination is to change to a different renewal cycle so that the
credit facility will be renewed on or around June 30 every year. OCC
believes that this renewal cycle is preferable because August and
September, on account of traditional vacation times and the Labor Day
holiday, have historically been a challenging period during which to
schedule negotiations and for participating banks to schedule credit
committee meetings.
Expansion of Permitted Collateral
    OCC also proposes to expand the types of permitted collateral under
the New Facility. As proposed, OCC would be permitted to pledge a wider
range of collateral under the New Facility that Clearing Members are
permitted to use in making margin deposits and Clearing Fund
contributions. As discussed above, to obtain a loan under the Existing
Facility, OCC must pledge as collateral certain cash or securities that
Clearing Members have contributed to the Clearing Fund or deposited as
margin. The Summary of Terms and Conditions for the New Facility
contemplates that it will expand the scope of such collateral that OCC
may pledge to include other categories of securities that OCC accepts
as margin deposits or that it may accept upon prior approval by the
Risk Committee (i.e., certain GSE debt securities).\7\
---------------------------------------------------------------------------

    \7\ See infra note 9.
---------------------------------------------------------------------------

    Specifically, the new collateral in respect of Clearing Member
margin deposits that OCC would be permitted to pledge would include:
(i) Common equities included in the S&P 500 Index, but not including
securities of any type issued by or on behalf of any lender or lender's
affiliate (``Pledged S&P Equities''); (ii) U.S. dollar exchange traded
funds for equity, fixed income or commodity asset classes with a market
capitalization of $300 million or more, subject to certain additional
restrictions with respect to volume and bid/asks, among other things,
as agreed upon by OCC and the administrative agent (``Pledged ETFs'');
(iii) U.S. dollar denominated shares of foreign based companies traded
on a U.S. national exchange with a market price of $5.00 or more per
share or unit (``Pledged ADRs,'' and together with Pledge S&P Equities
and Pledged ETFs, ``Pledged Equities''); \8\ (iv) U.S. Government
Sponsored Enterprise mortgage backed securities, excluding
collateralized mortgage obligations and real estate mortgage investment
conduits, rated at least AA by two out of three of S&P, Moody's and
Fitch (``Pledged GSE MBS''); and (v) non-callable debt securities
issued by Freddie Mac within the reference debt program, securities
issued by Fannie Mae within its

benchmark debt program, or non-callable short-term discount notes from
either Freddie Mac or Fannie Mae (``Other Pledged GSE Securities,'' and
together with Pledged GSE MBS, ``Pledged GSE Securities'').\9\ OCC
would be able to pledge these securities to support the New Facility
using pledge infrastructure that is already contemplated under the
terms of the Existing Facility.
---------------------------------------------------------------------------

    \8\ Limits would be applied so that Pledged S&P Equities and
Pledged ADRs of a single issuer would not, at any time, exceed 5% of
the cash or securities that OCC pledges, and total Pledged Equities
would not, at any time, exceed 37.5% of the total cash or securities
pledged. These limits, and the other limits that are part of the
terms of the Existing Facility, would not apply to borrowings in an
amount of $50 million or less.
    \9\ Article I, Section 1.G.(6) of OCC's By-Laws provides that
the term ``GSE debt securities'' means ``such debt securities issued
by Congressionally chartered corporations as the Risk Committee may
from time to time approve for deposit as margin.'' OCC currently
does not accept Pledged GSE MBS for deposit as margin. As a result,
the specific expansion of permitted collateral to include Pledged
GSE MBS under the New Facility would not become available to OCC
until such time, if at all, as OCC's Risk Committee approves such
securities for deposit as margin.
---------------------------------------------------------------------------

    Adding these additional categories of permitted collateral to the
New Facility serves the purpose of aligning the scope of permitted
collateral for the New Facility with the scope of Clearing Member
collateral that may become available to OCC for borrowing purposes.
Specifically, in the event of a Clearing Member default, the cash and
securities deposited as margin by the Clearing Member may be used by
OCC for borrowing. Should OCC draw upon the New Facility in connection
with such a default, OCC believes that it would be appropriate for it
to have the increased flexibility to pledge a greater range of
securities, which are permitted to be included in the defaulted
Clearing Member's margin deposit.
    The Summary of Terms and Conditions contemplates that the New
Facility would also modify the ratings standards for securities that
are issued or guaranteed by the Government of Canada. Such securities
would be acceptable as permitted collateral provided that they have
minimum ratings of AA (S&P) or Aa2 (Moody's)--rather than AAA or Aaa as
under the Existing Facility.
    The terms and conditions of the New Facility would also differ from
the Existing Facility in connection with how the amount of funds
available to OCC is calculated. As under the Existing Facility, the
amount would be determined in part by applying haircuts to the market
value of the different categories of collateral pledged by OCC.
However, to accommodate the new categories of collateral it is expected
that Pledged S&P Equities and Pledged ETFs would be valued at 70% of
their market value, and Pledged ADRs will be valued at 50% of their
market value. Depending on their tenor, Pledged GSE Securities would
also be subject to haircuts on their market value as follows: (i) Under
one year, 95%; (ii) one year or greater but less than five years, 94%;
(iii) five years or greater but less than 10 years, 92%; and (iv) ten
years or greater, 88%. For the purpose of determining the fund
availability, and also for determining the amount of mandatory
prepayments under the terms of the New Facility, the assets in OCC's
Clearing Fund would continue to be valued at 90% of their market value,
except under the New Facility, U.S. cash would be valued at 100%. These
haircuts would represent commercial terms negotiated at arms-length by
the parties.
Expansion of Use of Proceeds
    Under the Existing Facility, OCC is permitted to finance Liquidity
Needs in anticipation of a potential default by or suspension of a
Clearing Member to the extent permitted under OCC's By-Laws and Rules.
OCC has requested that the New Facility also provide it with
flexibility to be able to borrow to address reasonably anticipated
same-day settlement obligations under certain conditions, such as the
failure of any bank or securities or commodities clearing organization
to make daily settlement, to the extent such borrowing is permitted
under the By-Laws and Rules.\10\ OCC believes that this expanded use of
proceeds under the New Facility would enhance OCC's ability to
effectively address and manage its liquidity risks as they related to
its daily settlement obligations, specifically when any bank or
securities or commodities clearing organization has failed to make
daily settlement with OCC.
---------------------------------------------------------------------------

    \10\ Article VIII, Section 5(e) of OCC's By-Laws authorizes OCC
to take possession of Clearing Fund assets and to use such assets
for purposes of securing a borrowing in circumstances concerning the
default or suspension of a Clearing Member or where OCC has
otherwise sustained a loss reimbursable out of the Clearing Fund
(but OCC has elected to borrow to meet such obligations instead of
immediately charging the Clearing Fund). OCC has requested that the
definition of ``Liquidity Needs'' under the New Facility would
include the ability to borrow to address reasonably anticipated
same-day obligations as a result of the failure of any bank or
securities or commodities clearing organization to achieve daily
settlement, but would continue to be limited to the extent that such
borrowing is permitted under the By-Laws and Rules. By limiting the
ability to borrow for purposes of financing Liquidity Needs always
to the extent permitted under the By-Laws and Rules, this borrowing
authority in the agreement would not become operative until OCC
receives all necessary regulatory approvals for any amendments to
By-Laws and Rules necessary to effect such a borrowing, which would
be the subject of a separate regulatory filing.
---------------------------------------------------------------------------

Other Proposed Changes
    The New Facility may also limit the scope of those eligible to act
as lenders in the New Facility to: (i) Banks within the meaning of
Section 3(a)(6) of the Act; \11\ (ii) any subsidiary of such a bank;
(iii) any corporation organized under Section 25A of the Federal
Reserve Act; \12\ and (iv) any agency or branch of a foreign bank
located within the United States.\13\ As discussed above, the Summary
of Terms and Conditions contemplates that the New Facility would permit
the pledge of certain equity securities as collateral. Lending secured
by such securities is required to be conducted in compliance with
Federal Reserve regulations regarding securities lending, including
Regulation U,\14\ and this change would be designed to promote general
consistency with such requirements.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78c(a)(6).
    \12\ 12 U.S.C. 611.
    \13\ This explicitly does not include any savings and loan
association, any credit union, any lending institution that is an
instrumentality of the United States, or any member of a national
securities exchange.
    \14\ 12 CFR 221.6.
---------------------------------------------------------------------------

    Finally, under the New Facility, OCC also expects that a new backup
collateral agent will be named.
Anticipated Effect on and Management of Risk
    Completing timely settlement is a key aspect of OCC's role as a
clearing agency performing central counterparty services. Overall, the
New Facility would continue to promote the reduction of risks to OCC,
its Clearing Members and the options market in general because it would
allow OCC to obtain short-term funds to address liquidity demands
arising out of the default or suspension of a Clearing Member, in
anticipation of a potential default or suspension of Clearing Members
or the insolvency of a bank or another securities or commodities
clearing organization. The existence of the New Facility would
therefore help OCC minimize losses in the event of such a default,
suspension or insolvency, by allowing it to obtain funds on extremely
short notice to ensure clearance and settlement of transactions in
options and other contracts without interruption. OCC believes that the
reduced settlement risk presented by OCC resulting from the New
Facility would correspondingly reduce systemic risk and promote the
safety and soundness of the clearing system. By drawing on the New
Facility, OCC would also be able to avoid liquidating margin deposits
or Clearing Fund contributions in what would

likely be volatile market conditions, which would preserve funds
available to cover any losses resulting from the failure of a Clearing
Member, bank or other clearing organization. Expanding the scope of
collateral that OCC is permitted to pledge to the New Facility to
include the Pledged Equities and Pledged GSE Securities that OCC
permits its Clearing Members to deposit as margin would further this
purpose by giving OCC greater flexibility to pledge a broader range of
collateral to the New Facility that it determines is appropriate under
the circumstances. Expanding the uses of proceeds under the New
Facility to support Liquidity Needs in respect of OCC's settlement
obligations would also further this purpose to the extent such
borrowing is authorized under OCC's By-Laws and Rules. OCC believes
that the change would not otherwise affect or alter the management of
risk at OCC because the New Facility generally preserves the same terms
and conditions as the Existing Facility.
Consistency With the Payment, Clearing and Settlement Supervision Act
    The stated purpose of the Clearing Supervision Act is to mitigate
systemic risk in the financial system and promote financial stability
by, among other things, promoting uniform risk management standards for
systemically important financial market utilities and strengthening the
liquidity of systemically important financial market utilities.\15\
Section 805(a)(2) of the Clearing Supervision Act \16\ also authorizes
the Commission to prescribe risk management standards for the payment,
clearing and settlement activities of designated clearing entities,
like OCC, for which the Commission is the supervisory agency. Section
805(b) of the Clearing Supervision Act \17\ states that the objectives
and principles for risk management standards prescribed under Section
805(a) shall be to:
---------------------------------------------------------------------------

    \15\ 12 U.S.C. 5461(b).
    \16\ 12 U.S.C. 5464(a)(2).
    \17\ 12 U.S.C. 5464(b).
---------------------------------------------------------------------------

     Promote robust risk management;
     promote safety and soundness;
     reduce systemic risks; and
     support the stability of the broader financial system.
    The Commission has adopted risk management standards under Section
805(a)(2) of the Clearing Supervision Act and the Act in furtherance of
these objectives and principles.\18\ In particular, Rule 17Ad-22(e)(7)
\19\ requires that a covered clearing agency establish, implement,
maintain and enforce written policies and procedures reasonably
designed to effectively measure, monitor, and manage the liquidity risk
that arises in or is borne by it, including measuring, monitoring and
managing its settlement and funding flows on an ongoing and timely
basis and its use of intraday liquidity.
---------------------------------------------------------------------------

    \18\ 17 CFR 240. 17Ad-22. See Securities Exchange Act Release
Nos. 68080 (October 22, 2012), 77 FR 66220 (November 2, 2012) (S7-
08-11) (``Clearing Agency Standards''); 78961 (September 28, 2016),
81 FR 70786 (October 13, 2016) (S7-03-14) (``Standards for Covered
Clearing Agencies''). The Standards for Covered Clearing Agencies
became effective on December 12, 2016. OCC is a ``covered clearing
agency'' as defined in Rule 17Ad-22(a)(5) and therefore OCC must
comply with new section (e) of Rule 17Ad-22 as of April 11, 2017.
    \19\ 17 CFR 240.17Ad-22(e)(7).
---------------------------------------------------------------------------

    OCC believes that the New Facility is consistent with Section
805(b)(1) of the Clearing Supervision Act \20\ and Rule 17Ad-22(e)(7)
\21\ because it promotes robust risk management by OCC of its liquidity
risks to ensure that OCC can continue meeting its settlement
obligations. The New Facility would provide OCC with timely access to a
stable and reliable liquidity funding source to help it complete timely
clearing and settlement. Expanding the purposes for which borrowing
proceeds may be used and the scope of permitted collateral under the
New Facility would further the timeliness and reliability of OCC's
access to liquidity funding, by providing greater flexibility regarding
(i) the use of proceeds under the New Facility to address and manage
settlement obligations and (ii) the collateral that OCC may determine
is appropriate to pledge to support borrowing in the event of a
Clearing Member default. The expansion of permitted collateral would
better enable OCC to manage liquidity risk associated with its
settlement obligations by having access to a broader range of
collateral to pledge to the New Facility in the form margin collateral
that a defaulting Clearing Member may have on deposit. Expanding the
uses of proceeds under the New Facility to support Liquidity Needs in
respect of OCC's settlement obligations would also promote management
of settlement and funding flows (to the extent such borrowing is
authorized under OCC's By-Laws and Rules). In these ways, the proposed
changes are consistent with Section 805(b)(1) of the Clearing
Supervision Act \22\ and Rule 17Ad-22(e)(7).\23\
---------------------------------------------------------------------------

    \20\ 12 U.S.C. 5464(b)(1).
    \21\ 17 CFR 240.17Ad-22(e)(7).
    \22\ 12 U.S.C. 5464(b)(1).
    \23\ 17 CFR 240.17Ad-22(e)(7).
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Accelerated Commission Action Requested
    Pursuant to Section 806(e)(1)(I) of the Clearing Supervision
Act,\24\ OCC requests that the Commission notify OCC that it has no
objection to the New Facility not later than Friday, June 30, 2017,
which shall be fifty-seven calendar days from the date of OCC's
submission of this proposed change and two business days prior to the
expected July 5, 2017 availability of the New Facility. OCC requests
Commission action by this date to ensure that the New Facility is able
to become effective and will launch according to the new renewal cycle.
For the reasons described above, OCC believes that the new renewal
cycle will help it manage certain commercial structuring and
administrative coordination risks associated with the renewal process.
---------------------------------------------------------------------------

    \24\ 12 U.S.C. 5465(e)(1)(I).
---------------------------------------------------------------------------

III. Date of Effectiveness of the Advance Notice and Timing for
Commission Action

    The proposed change may be implemented if the Commission does not
object to the proposed change within 60 days of the later of: (i) The
date the proposed change was filed with the Commission; or (ii) the
date any additional information requested by the Commission is
received. OCC shall not implement the proposed change if the Commission
has any objection to the proposed change.
    The Commission may extend the period for review by an additional 60
days if the proposed change raises novel or complex issues, subject to
the Commission providing the clearing agency with prompt written notice
of the extension. A proposed change may be implemented in less than 60
days from the date the advance notice is filed, or the date further
information requested by the Commission is received, if the Commission
notifies the clearing agency in writing that it does not object to the
proposed change and authorizes the clearing agency to implement the
proposed change on an earlier date, subject to any conditions imposed
by the Commission.
    OCC shall post notice on its Web site of proposed changes that are
implemented.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and
arguments concerning the foregoing. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-OCC-2017-803 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-OCC-2017-803. 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 Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the advance notice that are filed
with the Commission, and all written communications relating to the
advance notice 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 Web site 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 OCC and on OCC's Web site at
http://www.theocc.com/components/docs/legal/rules_and_bylaws/sr_occ_17_803.pdf.
    All comments received will be posted without change; the Commission
does not edit personal identifying information from submissions. You
should submit only information that you wish to make available
publicly.
    All submissions should refer to File Number SR-OCC-2017-803 and
should be submitted on or before July 27, 2017.

V. Commission Findings and Notice of No Objection

    Although the Clearing Supervision Act does not specify a standard
of review for an advance notice, its stated purpose is instructive: to
mitigate systemic risk in the financial system and promote financial
stability by, among other things, promoting uniform risk management
standards for systemically important financial market utilities and
strengthening the liquidity of systemically important financial market
utilities.\25\ Section 805(a)(2) of the Clearing Supervision Act
authorizes the Commission to prescribe risk management standards for
the payment, clearing, and settlement activities of designated clearing
entities and financial institutions engaged in designated activities
for which it is the supervisory agency or the appropriate financial
regulator.\26\ Section 805(b) of the Clearing Supervision Act \27\
states that the objectives and principles for the risk management
standards prescribed under Section 805(a) shall be to:
---------------------------------------------------------------------------

    \25\ 12 U.S.C. 5461(b).
    \26\ 12 U.S.C. 5464(a)(2).
    \27\ 12 U.S.C. 5464(b).
---------------------------------------------------------------------------

     Promote robust risk management;
     promote safety and soundness;
     reduce systemic risks; and
     support the stability of the broader financial system.\28\
---------------------------------------------------------------------------

    \28\ Id.
---------------------------------------------------------------------------

    The Commission has adopted risk management standards under Section
805(a)(2) of the Clearing Supervision Act \29\ and Section 17A of the
Exchange Act (``Rule 17Ad-22'').\30\ Rule 17Ad-22 requires registered
clearing agencies to establish, implement, maintain, and enforce
written policies and procedures that are reasonably designed to meet
certain minimum requirements for their operations and risk management
practices on an ongoing basis.\31\ Therefore, it is appropriate for the
Commission to review changes proposed in advance notices against Rule
17Ad-22 and the objectives and principles of the risk management
standards described in Section 805(b) of the Clearing Supervision
Act.\32\ The Commission believes that the proposal in the Advance
Notice is consistent with the objectives and principles described in
Section 805(b) of the Clearing Supervision Act,\33\ and in Rule 17Ad-22
under the Exchange Act, particularly Rule 17Ad-22(e)(7).\34\
---------------------------------------------------------------------------

    \29\ 12 U.S.C. 5464(a)(2).
    \30\ See 17 CFR 240.17Ad-22.
    \31\ Id.
    \32\ 12 U.S.C. 5464(b).
    \33\ Id.
    \34\ See 17 CFR 240.17Ad-22(e)(7).
---------------------------------------------------------------------------

A. Consistency With Section 805(b) of the Clearing Supervision Act

    As discussed below, the Commission believes that the changes
proposed in the Advance Notice are consistent with Section 805(b) of
the Clearing Supervision Act because they: (i) Promote robust risk
management; (ii) are consistent with promoting safety and soundness;
and (iii) are consistent with reducing systemic risks and promoting the
stability of the broader financial system.
    The Commission believes that the changes proposed in the Advance
Notice are consistent with promoting robust risk management, in
particular management of liquidity risk. In particular, the terms of
the proposed New Facility give OCC expanded flexibility to manage
liquidity stresses arising from a Clearing Member default by broadening
the range of collateral that OCC can pledge to the facility. The
expanded range of collateral that may be pledged therefore affords OCC
a new option of pledging margin assets other than cash, U.S. Government
Securities, and Canadian Government Securities as an alternative to its
existing choices of either liquidating other margin collateral or
pledging primarily Clearing Fund collateral in order to access the
Existing Facility.\35\ The broader collateral eligibility reflected in
the proposed New Facility also would bring OCC's liquidity risk
management resources in line with those of other CCPs that already have
the ability to pledge equities to their revolving credit facility
liquidity lines.\36\ In addition, broadening the definition of
``Liquidity Needs'' in the New Facility to address losses that may
arise when a bank or securities or commodities clearing organization
has failed to make daily settlement with OCC (as opposed to the
narrower instance under the Existing Facility of losses from a
bankruptcy or insolvency of a bank or securities or commodities
clearing organization)--subject to necessary amendments of OCC's By-
Laws and Rules and concomitant regulatory approvals \37\--would further
enhance OCC's ability to continue to meet its settlement obligations.
As such, the Commission believes that the proposal would promote robust
risk management

practices at OCC, consistent with Section 805(b) of the Clearing
Supervision Act.\38\
---------------------------------------------------------------------------

    \35\ The Commission notes that OCC does not currently accept
Pledged GSE MBS for deposit as margin, and that OCC has represented
that it will not do so unless and until OCC's Risk Committee
approves such securities for deposit as margin, in accordance with
OCC's By-laws. See supra note 9.
    \36\ The Commission notes that the National Securities Clearing
Corporation has the right to post equity securities as part of its
revolving credit facility. See Securities Exchange Act Release No.
69557 (May 10, 2013), 78 FR 28936, 28936 & n.5 (May 16, 2013) (SR-
NSCC-2013-803); see also NSCC Rules and Procedures, Rule 4 (http://dtcc.com/legal/rules_proc/nscc_rules.pdf).
    \37\ The Commission notes that OCC has represented that the
expanded borrowing authority in this agreement would not become
operative unless and until OCC receives all necessary regulatory
approvals for any amendments to its By-Laws and Rules necessary to
effect such a borrowing, which would be subject to a separate
regulatory filing with the Commission. See supra note 10. For the
purposes of the findings herein, the Commission relies on this
representation and expects that OCC will make a separate regulatory
filing in connection with effecting consistent changes of this sort
to its By-Laws and Rules.
    \38\ 12 U.S.C. 5464(b).
---------------------------------------------------------------------------

    The Commission also believes that the changes proposed in the
Advance Notice are consistent with promoting safety and soundness. The
New Facility would continue to provide OCC with a liquidity resource in
the event of a participant default or of losses due to the bankruptcy
or insolvency of a bank or securities or commodities clearing
organization. Subject to amendment of OCC's By-Laws and Rules and
related regulatory approvals, the New Facility also would provide
liquidity to OCC in the event of a failure by a bank or securities or
commodities clearing organization to perform same-day settlement
obligations outside the context of such bank or clearing organization's
bankruptcy or insolvency. This expanded set of circumstances in which
OCC could access liquidity would promote safety and soundness for OCC
and its Clearing Members because it would provide OCC with a readily
available liquidity resource that would enable it to continue to meet
its settlement obligations in a timely fashion, thereby helping OCC to
contain losses and liquidity pressures that otherwise might cause
financial distress to OCC or its Clearing Members. As such, the
Commission believes the proposed change is consistent with promoting
safety and soundness, as contemplated in Section 805(b) of the Clearing
Supervision Act.
    Finally, the Commission believes that the Advance Notice is
consistent with reducing systemic risks and promoting the stability of
the broader financial system. The New Facility would provide OCC, which
has been designated a systemically important financial market utility,
with a more flexible and thus improved, liquidity resource. The
Commission believes that the New Facility should bolster the likelihood
that OCC will meet its settlement obligations, thereby reducing the
risk of loss contagion and enhancing the ability of OCC and its
Clearing Members to provide reliability, stability, and safety to the
financial markets that they serve. Accordingly, the Commission believes
that the proposal could help to reduce systemic risk and support the
stability of the broader financial system, consistent with Section
805(b) of the Clearing Supervision Act.

B. Consistency With Rule 17Ad-22(e)(7)

    The Commission believes that the proposed changes associated with
the New Facility are consistent with the requirements of Rule 17Ad-
22(e)(7) under the Exchange Act.\39\ This rule requires that a covered
clearing agency establish, implement, maintain, and enforce written
policies and procedures reasonably designed to ``effectively measure,
monitor, and manage the liquidity risk that arises in or is borne by
[it], including measuring, monitoring, and managing its settlement and
funding flows on an ongoing and timely basis, and its use of intraday
liquidity.'' \40\
---------------------------------------------------------------------------

    \39\ 17 CFR 240.17Ad-22(e)(7).
    \40\ Id.
---------------------------------------------------------------------------

    In particular, Rule 17Ad-22(e)(7)(i) directs that a covered
clearing agency meet this obligation by, among other things,
``[m]aintaining sufficient liquid resources at the minimum in all
relevant currencies to effect same-day . . . settlement of payment
obligations with a high degree of confidence under a wide range of
foreseeable stress scenarios that includes, but is not limited to, the
default of the participant family that would generate the largest
aggregate payment obligation for the covered clearing agency in extreme
but plausible conditions.'' \41\
---------------------------------------------------------------------------

    \41\ 17 CFR 240.17Ad-22(e)(7)(i).
---------------------------------------------------------------------------

    The Commission believes that the proposal is consistent with
Exchange Act Rule 17Ad-22(e)(7)(i). The proposed New Facility would
permit OCC to pledge a broader range of collateral to the facility, and
therefore would allow OCC to utilize a greater range of margin
collateral to obtain liquidity from the facility, as an alternative to
selling such collateral under what may be stressed and volatile market
conditions and as an alternative to pledging collateral deposited to
the Clearing Fund. The proposal thus increases OCC's flexibility to
respond to a clearing member default by providing OCC with greater
opportunity, depending on prevailing market conditions, to select among
different types of collateral assets and make efficient use of margin
collateral and to preserve Clearing Fund assets in managing a Clearing
Member default. The New Facility also would permit OCC to cover any
losses resulting from the failure of a bank or other clearing
organization to achieve same-day settlement, subject to further
internal governance and concomitant regulatory approvals that OCC must
obtain.\42\ This would provide OCC with additional liquidity to manage
scenarios outside of a Clearing Member default, thereby mitigating the
likelihood of liquidity stress to OCC. The additional features of the
New Facility described above would support OCC's ability to meet
liquidity needs and to effect same-day, intraday, and multiday
settlement payment obligations under a wider range of stress scenarios
than under the Existing Facility. Therefore, the Commission believes
that the proposal is consistent with Rule 17Ad-22(e)(7)(i).\43\
---------------------------------------------------------------------------

    \42\ As stated above, OCC's ability to utilize borrowings for
these purposes would be subject to a further OCC regulatory filing
to make the changes to its By-Laws and Rules. See note 10, supra.
    \43\ Id.
---------------------------------------------------------------------------

    Finally, Rule 17Ad-22(e)(7)(ii) under the Exchange Act requires
that OCC establish, implement, maintain, and enforce written policies
and procedures reasonably designed to hold qualifying liquid resources
sufficient to satisfy payment obligations owed to clearing members.\44\
Rule 17Ad-22(a)(14) of the Exchange Act defines ``qualifying liquid
resources'' to include, among other things, lines of credit without
material adverse change provisions, that are readily available and
convertible into cash.\45\ Based upon review of the relevant provisions
of the Summary of Terms and Conditions, the Commission believes that
the New Facility would not be subject to any material adverse change
provision, and is thus consistent with Rule 17Ad-22(a)(14).\46\
Further, and as described above, the New Facility is designed to help
ensure that OCC has sufficient, readily-available qualifying liquid
resources to meet the cash settlement obligations of OCC's largest
family of affiliated Clearing Members. Therefore, the Commission
believes that the proposal is consistent with Rule 17Ad-
22(e)(7)(ii).\47\
---------------------------------------------------------------------------

    \44\ 17 CFR 240.17Ad-22(e)(7)(ii).
    \45\ 17 CFR 240.17Ad-22(a)(14).
    \46\ Id.
    \47\ 17 CFR 240.17Ad-22(e)(7)(ii).
---------------------------------------------------------------------------

VI. Conclusion

    It is therefore noticed, pursuant to Section 806(e)(1)(I) of the
Clearing Supervision Act, that the Commission does not object to the
Advance Notice SR-OCC-2017-803 and OCC can and hereby is authorized to
implement the change as of the date of this notice.

    By the Commission.
Brent J. Fields,
Secretary.
[FR Doc. 2017-14187 Filed 7-5-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 88, Number 187 (Thursday, September 28, 2023)]
[Notices]
[Pages 66840-66841]
[FR Doc No: 2023-21164]

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

[EPA-HQ-OARM-2016-0762; FRL-11408-01-OMS]

Agency Information Collection Activities; Proposed Information
Collection Request; Comment Request; General Administrative
Requirements for Assistance Programs

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: The Environmental Protection Agency (EPA) is planning to
submit an information collection request (ICR), ``General
Administrative Requirements for Assistance Programs'' (EPA ICR Number
0938.23, OMB Control Number 2030-0020) to the Office of Management and
Budget (OMB) for review and approval in accordance with the Paperwork
Reduction Act. 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 6/30/2024. This notice allows for 60 days for public
comments.

DATES: Comments must be submitted on or before November 27, 2023.

ADDRESSES: Submit your comments, referencing Docket ID Number EPA-HQ-
OARM-2016-0762, to EPA 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: Amanda Kemp, Office of Grants and
Debarment, National Policy, Training and Compliance Division, 3903R,
Environmental Protection Agency, 1300 Pennsylvania Ave. NW, Washington,
DC 20460; telephone number:<PHONE_NUMBER>; fax number:<PHONE_NUMBER>;
email address: [email protected].

SUPPLEMENTARY INFORMATION: This is a proposed extension of the ICR,
which is currently approved through 6/30/2024. 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.
    This notice allows 60 days for public comments. Supporting
documents, which explain in detail the information that the 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 202-566-
1744. 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 forms of information technology. 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: The information is collected from applicants and
recipients of EPA assistance to monitor adherence to the programmatic
and administrative requirements of the Agency's financial assistance
program. The information collected is used to make awards, pay
recipients, and collect information on how Federal funds are being
spent. EPA needs this information to meet its Federal stewardship
responsibilities. This ICR renewal requests authorization for the
collection of information under EPA's General Regulation for Assistance
Programs, which establishes minimum management requirements for all
recipients of EPA grants or cooperative agreements (assistance
agreements). Recipients must respond to these information requests to
obtain and/or retain a benefit (Federal funds). For awards made prior
to December 26, 2014, 40 CFR part 30, ``Grants and Agreements with
Institutions of Higher Education, Hospitals, and Other Non-Profit
Organizations,'' establishes the management requirements for
institutions of higher education, hospitals, and other non-profit
organizations, as well as procurement requirements for non-governmental
recipients. For awards made prior to December 26, 2014, 40 CFR part 31,
``Uniform Administrative Requirements for Grants and Cooperative
Agreements to State and Local Governments,'' includes the management
requirements for States, local governments, and Indian Tribal
governments. For awards made after December 26, 2014, 2 CFR 200 and
EPA's implementation of 2 CFR 200 at 2 CFR 1500 ``Uniform
Administrative Requirements, Cost Principles and Audit Requirements for
Federal Awards'' establishes the management requirements for all entity
types. These regulations include only those provisions mandated by
statute, required by Office of Management and Budget (OMB) Circulars,
or added by EPA to ensure sound and effective financial assistance
management. For all awards, 40 CFR part 33 ``Participation by
Disadvantaged Business Enterprises in Procurement under Environmental
Protection Agency (EPA) Financial Assistance Agreements'' establishes
DBE utilization requirements for all entity types. These regulations
include only those provisions mandated by statue or added by EPA to
ensure sound and effective financial assistance management with respect
to DBE utilization. This ICR combines all of these requirements under
OMB Control Number 2030-0020. The information required by these
regulations will be used by EPA award officials to make assistance
awards and assistance payments and to verify that the recipient is
using Federal funds appropriately.

    Form Numbers: To be determined.
    Respondents/affected entities: The primary recipients of EPA
assistance agreements are State and local governments, Indian Tribes,
educational institutions, and not-for-profit institutions.
    Respondents' obligation to respond: Required to obtain an
assistance agreement (40 CFR part 30, 40 CFR part 31, and 40 CFR part
33 for awards made prior to December 26, 2014, and 2 CFR 200, 2 CFR
1500, and 40 CFR part 33 for awards made after December 26, 2014).
    Estimated number of respondents: 3,048 (total).
    Frequency of response: On occasion, quarterly, and annually.
    Total estimated burden: 94,606 hours (per year). Burden is defined
at 5 CFR 1320.03(b).
    Total estimated cost: $6,054,791 (per year), which includes $0
annualized capital or operation & maintenance costs.
    Changes in the estimates: Estimated total respondent burden is
likely to increase compared with the ICR currently approved by OMB due
to an increase in the number of the estimated respondent universe.

Rachel Lentz,
Acting Director, National Policy, Training and Compliance Division.
[FR Doc. 2023-21164 Filed 9-27-23; 8:45 am]
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