535.5, for each given model year, must submit the required information
as specified in paragraphs (b) through (h) of this section.
    (1) The information required by this part must be submitted by the
deadlines specified in this section and must be based upon all the
information and data available to the manufacturer 30 days before
submitting information.
    (2) Manufacturers must submit information electronically through
the EPA database system as the single point of entry for all
information required for this national program and both agencies will
have access to the information. The format for the required information
is specified by EPA.
    (3) If by model year 2012 the agencies are not prepared to receive
information through the EPA database system, manufacturers are required
to submit information to EPA using an approved information format. A
manufacturer can use a different format, if it sends EPA a written
request with justification for a waiver.
    (b) Pre-model year reports. Manufacturers producing heavy-duty
pickup trucks and vans must submit reports in advance of the model year
providing early estimates demonstrating how their fleet(s) would comply
with GHG emissions and fuel consumption standards. Note, the agencies
understand that early model year reports contain estimates that may
change over the course of a model year and that compliance information
manufactures submit prior to the beginning of a new model year may not
represent the final compliance outcome. The agencies view the necessity
for requiring early model reports as a manufacturer's good faith
projection for demonstrating compliance with emission and fuel
consumption standards.
    (1) Report deadlines. For model years 2013 and later, manufacturer
of heavy-duty pickup trucks and vans complying with voluntary and
mandatory standards must submit a pre-model year report for the given
model year as early as the date of the manufacturer's annual
certification preview meeting with EPA and NHTSA, or prior to
submitting its first application for a certificate of conformity to EPA
in accordance with 40 CFR 1037.104(d). For example, a manufacturer
choosing to comply in model year 2014 could submit its pre-model year
report during its precertification meeting which could occur before
January 2, 2013, or could provide its pre-model year report any time
prior to submitting its first application for certification for the
given model year.
    (2) Contents. Each pre-model year report must be submitted
including the following information for each model year.
    (i) A list of each unique subconfiguration in the manufacturer's
fleet describing the make and model designations, attribute based-
values (i.e., GVWR, GCWR, Curb Weight and drive configurations) and
standards;
    (ii) The emission and fuel consumption fleet average standard
derived from the unique vehicle configurations;
    (iii) The estimated vehicle configuration, test group and fleet
production volumes;
    (iv) The expected emissions and fuel consumption test group results
and fleet average performance;
    (v) If complying with MY 2013 fuel consumption standards, a
statement must be provided declaring that the manufacturer is
voluntarily choosing to comply early with the EPA and NHTSA programs.
The manufacturers must also acknowledge that once selected, the
decision cannot be reversed and the manufacturer will continue to
comply with the fuel consumption standards for subsequent model years
for all the vehicles it manufacturers in each regulatory category for a
given model year;
    (vi) If complying with MYs 2014, 2015 or 2016 fuel consumption
standards, a statement must be provided declaring whether the
manufacturer will use fixed or increasing standards in accordance with
Sec.  535.5(a). The manufacturer must also acknowledge that once
selected, the decision cannot be reversed and the manufacturer must
continue to comply with the same alternative for subsequent model years
for all the vehicles it manufacturers in each regulatory category for a
given model year;

    (vii) If complying with MYs 2014 or 2015 fuel consumption
standards, a statement must be provided declaring that the manufacturer
is voluntarily choosing to comply with NHTSA's voluntary fuel
consumption standards in accordance with Sec.  535.5(a)(4). The
manufacturers must also acknowledge that once selected, the decision
cannot be reversed and the manufacturer will continue to comply with
the fuel consumption standards for subsequent model years for all the
vehicles it manufacturers in each regulatory category for a given model
year;
    (viii) The list of Class 2b and 3 incomplete vehicles (cab-complete
or chassis complete vehicles) and the method used to certify these
vehicles as complete pickups and vans identifying the most similar
complete sister- or other complete vehicles used to derive the target
standards and performance test results;
    (ix) The list of Class 4 and 5 incomplete and complete vehicles and
the method use to certify these vehicles as complete pickups and vans
identifying the most similar complete or sister vehicles used to derive
the target standards and performance test results;
    (x) List of loose engines included in the heavy-duty pickup and van
category and the list of vehicles used to derive target standards and
performance test results;
    (xi) Copy of any notices a vehicle manufacturer sends to the engine
manufacturer to notify the engine manufacturers that their engines are
subject to emissions and fuel consumption standards and that it intends
to use their engines in excluded vehicles;
    (xii) A credit plan identifying the manufacturers estimated credit
balances, planned credit flexibilities (i.e., credit balances, planned
credit trading, innovative, advanced and early credits and etc.) and if
needed a credit deficit plan demonstrating how it plans to resolve any
credit deficits that might occur for a model year within a period of up
to three model years after that deficit has occurred; and
    (xiii) The supplemental information specified in paragraph (h) of
this section. [Note: NHTSA may also ask a manufacturer to provide
additional information if necessary to verify compliance with the fuel
consumption requirements of this regulation.]
    (c) Applications for certificate of conformity. Manufacturers
producing vocational vehicles, tractors and heavy-duty engines are
required to submit applications for certificates of conformity to EPA
in accordance with 40 CFR 1036.205 and 1037.205 in advance of
introducing vehicles for commercial sale. Applications contain early
model year information demonstrating how manufacturers plan to comply
with GHG emissions. For model years 2013 and later, manufacturers of
vocational vehicles, tractors and engine complying with NHTSA's
voluntary and mandatory standards must submit applications for
certificates of conformity in accordance through the EPA database
including both GHG emissions and fuel consumption information for each
given model year.
    (1) Submission deadlines. Applications are primarily submitted in
advance of the given model year to EPA but cannot be submitted any
later than December 31 of the given model year.
    (2) Contents. Each application for certificates of conformity
submitted to EPA must include the following equivalent fuel
consumption.
    (i) Equivalent fuel consumption values for emissions CO2
FCLs values used to certify each engine family in accordance with 40
CFR 1036.205(e). This provision applies only to manufacturers producing
heavy-duty engines.
    (ii) Equivalent fuel consumption values for emission CO2
data engines used to comply with emission standards in 40 CFR 1036.108.
This provision applies only to manufacturers producing heavy-duty
engines.
    (iii) Equivalent fuel consumption values for emissions
CO2 FELs values used to certify each vehicle families or
subfamilies in accordance with 40 CFR 1037.205(k). This provision
applies only to manufacturers producing vocational vehicles and
tractors.
    (iv) Report modeling results for ten configurations in terms of
CO2 emissions and equivalent fuel consumption results in
accordance with 40 CFR 1037.205(o). Include modeling inputs and
detailed descriptions of how they were derived. This provision applies
only to manufacturers producing vocational vehicles and tractors.
    (3) Additional supplemental information. Manufacturers are required
to submit additional information as specified in paragraph (h) of this
section for the NHTSA program before or at the same time it submits its
first application for a certificate of conformity to EPA. Under limited
conditions, NHTSA may also ask a manufacturer to provide additional
information directly to the Administrator if necessary to verify the
fuel consumption requirements of this regulation.
    (d) End-of-the-year-report. Both manufacturers participating and
not participating in the ABT program are required to submit year end
reports; end-of-the-year (EOY) reports in accordance with 40 CFR
1036.730 and 1037.730. The EOY reports are used to review a
manufacturer's preliminary final estimates and to identify
manufacturers that might have a credit deficit for the given model
year. For model years 2013 and later, heavy-duty vehicle and engine
manufacturers complying with NHTSA's voluntary and mandatory standards
must submit EOY reports through the EPA database including both GHG
emissions and fuel consumption information for each given model year.
    (1) Report deadlines. For model year 2013 and later, heavy-duty
vehicle and engine manufacturers complying with NHTSA voluntary and
mandatory standards must submit EOY reports through the EPA database
including both GHG emissions and fuel consumption information within 90
days after the end of the given model year and no later than April 1 of
the next calendar year. For example, the EOY report for model year 2014
must be submitted no later than April 1, 2015.
    (i) If a manufacturer expects differences in the information
reported between the EOY and the final year report specified in 40 CFR
1036.730 and 1037.730, it must provide the most up-to-date fuel
consumption projections in its EOY report and indentify the information
as preliminary.
    (ii) If the manufacturer cannot provide any of the required fuel
consumption information, it must state the specific reason for the
insufficiency and identify the additional testing needed or explain
what analytical methods are believed by the manufacturer will be
necessary to eliminate the insufficiency and certify that the results
will be available for the final report.
    (2) Contents. Each EOY report must be submitted including the
following fuel consumption information for each model year.
    (i) Engine and vehicle family designations and averaging sets.
    (ii) Engine and vehicle regulatory subcategory and fuel consumption
standards including any alternative standards used.
    (iii) Engine and vehicle family FCLs and FELs in terms of fuel
consumption.
    (iv) Production volumes for engines and vehicles.
    (v) A credit plan (for manufacturers participating in the ABT
program) identifying the manufacturers actual fuel consumption credit
balances, credit flexibilities, credit trades and a credit deficit plan
if needed demonstrating how it plans to resolve any credit

deficits that might occur for a model year within a period of up to
three model years after that deficit has occurred
    (vi) A plan describing the vocational vehicles and vocational
tractors that were exempted as heavy-duty off-road vehicles.
    (vii) A final plan describing any advanced technology engines or
vehicles including alternative fueled vehicles that were produced for
the model year identifying the approaches used to determinate
compliance and the production volumes.
    (viii) A final list of each unique subconfiguration included in a
manufacturers fleet of heavy-duty pickup trucks and vans describing the
designations, attribute based-values (GVWR, GCWR, Curb Weight and drive
configurations) and standards. This provision applies only to
manufacturers producing heavy-duty pickup trucks and vans.
    (ix) The final fuel consumption fleet average standard derived from
the unique vehicle configurations. This provision applies only to
manufacturers producing heavy-duty pickup trucks and vans.
    (x) The preliminary final subconfiguration and test group
production volumes. This provision applies only to manufacturers
producing heavy-duty pickup trucks and vans.
    (xi) The preliminary final fuel consumption test group results and
fleet average performance. This provision applies only to manufacturers
producing heavy-duty pickup trucks and vans.
    (xii) Under limited conditions, NHTSA may also ask a manufacturer
to provide additional information directly to the Administrator if
necessary to verify the fuel consumption requirements of this part.
    (e) Final reports. Both manufacturers participating and not
participating in the ABT program are required to submit year end final
reports in accordance with 40 CFR 1036.730 and 1037.730. The final
reports are used to review a manufacturer's final data and to identify
manufacturers that might have a credit deficit for the given model
year. For model years 2013 and later, heavy-duty vehicle and engine
manufacturers complying with NHTSA's voluntary and mandatory standards
must submit final reports through the EPA database including both GHG
emissions and fuel consumption information for each given model year.
    (1) Report deadlines. For model year 2013 and later, heavy-duty
vehicle and engine manufacturers complying with NHTSA voluntary and
mandatory standards must submit final reports through the EPA database
including both GHG emissions and fuel consumption information within
270 days after the end of the given model year and no later than
October 1 of the next calendar year. For example, the final reports for
model year 2014 must be submitted no later than October 1, 2015.
    (2) Contents. Each final report must be submitted including the
following fuel consumption information for each model year.
    (i) Final engine and vehicle family designations and averaging
sets.
    (ii) Final engine and vehicle fuel consumption standards including
any alternative standards used.
    (iii) Final engine and vehicle family FCLs and FELs in terms of
fuel consumption.
    (iv) Final production volumes for engines and vehicles.
    (v) A final credit plan identifying the manufacturers actual fuel
consumption credit balances, credit flexibilities, credit trades and a
credit deficit plan if needed demonstrating how it plans to resolve any
credit deficits that might occur for a model year within a period of up
to three model years after that deficit has occurred
    (vi) A final plan describing the vocational vehicles and vocational
tractors that were exempted as heavy-duty off-road vehicles.
    (vii) A final plan describing any advanced technology engines or
vehicles including alternative fueled vehicles that were produced for
the model year identifying the approaches used to determinate
compliance and the production volumes.
    (viii) A final list of each unique subconfiguration included in a
manufacturers fleet of heavy-duty pickup trucks and vans describing the
designations, attribute based-values (GVWR, GCWR, Curb Weight and drive
configurations) and standards. This provision applies only to
manufacturers producing heavy-duty pickup trucks and vans.
    (ix) The final fuel consumption fleet average standard derived from
the unique vehicle configurations. This provision applies only to
manufacturers producing heavy-duty pickup trucks and vans.
    (x) The final subconfiguration and test group production volumes.
This provision applies only to manufacturers producing heavy-duty
pickup trucks and vans.
    (xi) The final fuel consumption test group results and fleet
average performance. This provision applies only to manufacturers
producing heavy-duty pickup trucks and vans.
    (xii) Under limited conditions, NHTSA may also ask a manufacturer
to provide additional information directly to the Administrator if
necessary to verify the fuel consumption requirements of this
regulation.
    (f) Amendments to applications for certification. At any time, a
manufacturer modifies an application for certification in accordance
with 40 CFR 1036.225 and 1037.225, it must submit GHG emissions changes
with equivalent fuel consumption values for the information required in
paragraphs (b) through (e) and (h) of this section.
    (g) Confidential information. Manufacturers must submit a request
for confidentiality with each electronic submission specifying any part
of the for information or data in a report that it believes should be
withheld from public disclosure as trade secret or other confidential
business information. Information submitted to EPA should follow EPA
guidelines for treatment of confidentiality. Confidential information
submitted to NHTSA shall be treated according to paragraph (g)(1) of
this section. For any information or data requested by the manufacturer
to be withheld under 5 U.S.C. 552(b)(4) and 15 U.S.C. 2005(d)(1), the
manufacturer shall provide evidence in its request for confidentiality
to justify that:
    (1) The item is within the scope of 5 U.S.C. 552(b)(4) and 15
U.S.C. 2005(d)(1);
    (2) The disclosure of such an item would result in significant
competitive damage;
    (3) The period during which the item must be withheld to avoid that
damage; and
    (4) How earlier disclosure would result in that damage.
    (h) Additional required information. The following additional
information is required to be submitted through the EPA database. NHTSA
reserves the right to ask a manufacturer to provide additional
information if necessary to verify the fuel consumption requirements of
this regulation.
    (1) Small business exemptions. Vehicles and engines produced by
small business manufacturers meeting the criteria in 13 CFR 121.201 are
exempted from the requirements of this part. Qualifying small business
manufacturers must notify the EPA and NHTSA Administrators before
importing or introducing into U.S. commerce exempted vehicles or
engines. This notification must include a description of the
manufacturer's qualification as a small business under

13 CFR 121.201 and must be submitted to EPA. The agencies may review a
manufacturer's qualification as a small business manufacturer under 13
CFR 121.201.
    (2) Early introduction. The provision applies to manufacturers
seeking to comply early with the NHTSA's fuel consumption program prior
to model year 2014. The manufacturer must send the request to EPA
before submitting its first application for a certificate of
conformity.
    (3) NHTSA voluntary compliance model years. Manufacturers must
submit a statement declaring whether the manufacturer chooses to comply
voluntarily with NHTSA's fuel consumption standards for model years
2014 through 2015. The manufacturers must acknowledge that once
selected, the decision cannot be reversed and the manufacturer will
continue to comply with the fuel consumption standards for subsequent
model years. The manufacturer must send the statement to EPA before
submitting its first application for a certificate of conformity.
    (4) Alternative engine standards. Manufacturers choosing to comply
with the alternative engine standards must notify EPA and NHTSA of
their choice and include in that notification a demonstration that it
has exhausted all available credits and credit opportunities. The
manufacturer must send the statement to EPA before submitting its EOY
report.
    (5) Alternate phase-in. Manufacturers choosing to comply with the
alternative engine phase-in must notify EPA and NHTSA of their choice.
The manufacturer must send the statement to EPA before submitting its
first application for a certificate of conformity.
    (6) Off-road exclusion (tractors and vocational vehicles only). (i)
Vehicles intended to be used extensively in off-road environments such
as forests, oil fields, and construction sites may be exempted without
request from the requirements of this regulation as specified in 49 CFR
523.2 and Sec.  535.5(b). Within 90 days after the end of each model
year, manufacturers must send EPA and NHTSA through the EPA database a
report with the following information:
    (A) A description of each excluded vehicle configuration, including
an explanation of why it qualifies for this exclusion.
    (B) The number of vehicles excluded for each vehicle configuration.
    (ii) A manufacturer having an off-road vehicle failing to meet the
criteria under the agencies' off-road exclusions will be allowed to
submit a petition describing how and why their vehicles should qualify
for exclusion. The process of petitioning for an exclusion is explained
below. For each request, the manufacturer will be required to describe
why it believes an exclusion is warranted and address the following
factors which the agencies will consider in granting its petition:
    (A) The agencies will provide an exclusion based on off road
capability of the vehicle or if the vehicle is fitted with speed
restricted tires. A manufacturer should explain which exclusion does
its vehicle qualify under; and
    (B) A manufacturer should verify if there are any comparable tires
that exist in the market to carry out the desired application both on
and off road for the subject vehicle(s) of the petition which have LLR
values that would enable compliance with the standard.
    (7) Vocational tractor. Tractors intended to be used as vocational
tractors may comply with vocational vehicle standards in Sec.  535.5(b)
of this regulation. Manufacturers classifying tractor as vocational
tractors must provide a description of how they meet the qualifications
in their applications for certificates of conformity as specified in 40
CFR 1037.205.
    (8) Approval of alternate methods to determine drag coefficients
(tractors only). Manufacturers seeking to use alternative methods to
determine aerodynamic drag coefficients must provide a request and gain
approval by EPA. The manufacturer must send the request to EPA before
submitting its first application for a certificate of conformity.
    (9) Innovative technology credits. Manufacturers pursuing
innovative technology credits must submit information to the agencies
and may be subject to a public evaluation process in which the public
would have opportunity for comment if not using a test procedure in
accordance with 40 CFR 1037.610(c). Whether the approach involves on-
road testing, modeling, or some other analytical approach, the
manufacturer would be required to present a final methodology to EPA
and NHTSA. EPA and NHTSA would approve the methodology and credits only
if certain criteria were met. Baseline emissions and fuel consumption
and control emissions and fuel consumption would need to be clearly
demonstrated over a wide range of real world driving conditions and
over a sufficient number of vehicles to address issues of uncertainty
with the data. Data would need to be on a vehicle model-specific basis
unless a manufacturer demonstrated model-specific data was not
necessary. The agencies may publish a notice of availability in the
Federal Register notifying the public of a manufacturer's proposed
alternative off-cycle credit calculation methodology and provide
opportunity for comment. Any notice will include details regarding the
methodology, but not include any Confidential Business Information.
    (10) Credit trades. If a manufacturer trades fuel consumption
credits, it must send EPA a report within 90 days after the
transaction, as follows:
    (i) As the seller, the manufacturer must include the following
information in its report:
    (A) The corporate names of the buyer and any brokers.
    (B) A copy of any contracts related to the trade.
    (C) The fleet, vehicle or engine families that generated fuel
consumption credits for the trade, including the number of fuel
consumption credits from each family.
    (ii) As the buyer, the manufacturer or entity must include the
following information in its report:
    (A) The corporate names of the seller and any brokers.
    (B) A copy of any contracts related to the trade.
    (C) How the manufacturer or entity intends to use the fuel
consumption credits, including the number of fuel consumption credits
it intends to apply to each vehicle family (if known).
    (i) Public information. Based upon information submitted by
manufacturers and EPA, NHTSA will publish fuel consumption standards
and performance results.
    (j) Information received from EPA. NHTSA will receive information
from EPA as specified in 40 CFR 1036.755 and 1037.755.

Sec.  535.9  Enforcement approach.

    (a) Compliance. (1) NHTSA will assess compliance with fuel
consumption standards each year, based upon EPA final verified data
submitted to NHTSA for its heavy-duty vehicle fuel efficiency program
established pursuant to 49 U.S.C. 32902(k). NHTSA may conduct
verification testing throughout a given model year in order to validate
data received from manufacturers and will discuss any potential issues
with EPA and the manufacturer.
    (2) Credit values in gallons are calculated based on the final
CO2 emissions and fuel consumption data submitted by
manufacturers and verified/validated by EPA.
    (3) NHTSA will verify a manufacturer's credit balance in each

averaging set for each given model year. The average set balance is
based upon the engines or vehicles performance above or below the
applicable regulatory subcategory standards in each respective
averaging set and any credits that are traded into or out of an
averaging set during the model year.
    (i) If the balance is positive, the manufacturer is designated as
having a credit surplus.
    (ii) If the balance is negative, the manufacturer is designated as
having a credit deficit.
    (4) NHTSA will provide written notification to the manufacturer
that has a negative balance for any averaging set for each model year.
The manufacturer will be required to confirm the negative balance and
submit a plan indicating how it will allocate existing credits or earn,
and/or acquire by trade credits, or else be liable for a civil penalty
as determined in paragraph (b) of this section. The manufacturer must
submit a plan within 60 days of receiving agency notification.
    (5) Credit shortfall within an averaging set may be carried forward
only three years, and if not offset by earned or traded credits, the
manufacturer may be liable for a civil penalty as described in
paragraph (b) of this section.
    (6) Credit allocation plans received from a manufacturer will be
reviewed and approved by NHTSA. NHTSA will approve a credit allocation
plan unless it determines that the proposed credits are unavailable or
that it is unlikely that the plan will result in the manufacturer
earning sufficient credits to offset the subject credit shortfall. If a
plan is approved, NHTSA will revise the respective manufacturer's
credit account accordingly by identifying which existing or traded
credits are being used to address the credit shortfall, or by
identifying the manufacturer's plan to earn future credits for
addressing the respective credit shortfall. If a plan is rejected,
NHTSA will notify the respective manufacturer and request a revised
plan. The manufacturer must submit a revised plan within 14 days of
receiving agency notification. The agency will provide a manufacturer
one opportunity to submit a revised credit allocation plan before it
initiates civil penalty proceedings.
    (7) For purposes of this regulation, NHTSA will treat the use of
future credits for compliance, as through a credit allocation plan, as
a deferral of civil penalties for non-compliance with an applicable
fuel consumption standard.
    (8) If NHTSA receives and approves a manufacturer's credit
allocation plan to earn future credits within the following three model
years in order to comply with regulatory obligations, NHTSA will defer
levying civil penalties for non-compliance until the date(s) when the
manufacturer's approved plan indicates that credits will be earned or
acquired to achieve compliance, and upon receiving confirmed
CO2 emissions and fuel consumption data from EPA. If the
manufacturer fails to acquire or earn sufficient credits by the plan
dates, NHTSA will initiate civil penalty proceedings.
    (9) In the event that NHTSA fails to receive or is unable to
approve a plan for a non-compliant manufacturer due to insufficiency or
untimeliness, NHTSA may initiate civil penalty proceedings.
    (10) In the event that a manufacturer fails to report accurate fuel
consumption data for vehicles or engines covered under this rule,
noncompliance will be assumed until corrected by submission of the
required data, and NHTSA may initiate civil penalty proceedings.
    (b) Civil penalties. (1) Generally. NHTSA may assess a civil
penalty for any violation of this part under 49 U.S.C. 32902(k). This
section states the procedures for assessing civil penalties for
violations of Sec.  535.5. The provisions of 5 U.S.C. 554, 556, and 557
do not apply to any proceedings conducted pursuant to this section.
    (2) Initial determination of noncompliance. An action for civil
penalties is commenced by the execution of a Notice of Violation. A
determination by NHTSA's Office of Enforcement of noncompliance with
applicable fuel consumption standards utilizing the certified and
reported CO2 emissions and fuel consumption data provided by
the Environmental Protection Agency as described in this part, and
after considering all the flexibilities available under Sec.  535.7,
underlies a Notice of Violation. If NHTSA Enforcement determines that a
manufacturer's averaging set of vehicles or engines fails to comply
with the applicable fuel consumption standard(s) by generating a credit
shortfall, the chassis, vehicle or engine manufacturer, as relevant,
shall be subject to a civil penalty.
    (3) Numbers of violations and maximum civil penalties. Any
violation shall constitute a separate violation with respect to each
vehicle or engine within the applicable regulatory averaging set. The
maximum civil penalty is not more than $37,500.00 per vehicle or
engine. The maximum civil penalty under this section for a related
series of violations shall be determined by multiplying $37,500.00
times the vehicle or engine production volume for the model year in
question within the regulatory averaging set. NHTSA may adjust this
civil penalty amount to account for inflation.
    (4) Factors for determining penalty amount. In determining the
amount of any civil penalty proposed to be assessed or assessed under
this section, NHTSA shall take into account the gravity of the
violation, the size of the violator's business, the violator's history
of compliance with applicable fuel consumption standards, the actual
fuel consumption performance related to the applicable standards, the
estimated cost to comply with the regulation and applicable standards,
the quantity of vehicles or engines not complying, and the effect of
the penalty on the violator's ability to continue in business. The
``estimated cost to comply with the regulation and applicable
standards,'' will be used to ensure that penalties for non-compliance
will not be less than the cost of compliance.
    (5) NHTSA enforcement report of determination of non-compliance.
(i) If NHTSA Enforcement determines that a violation has occurred,
NHTSA Enforcement may prepare a report and send the report to the NHTSA
Chief Counsel.
    (ii) The NHTSA Chief Counsel will review the report prepared by
NHTSA Enforcement to determine if there is sufficient information to
establish a likely violation.
    (iii) If the Chief Counsel determines that a violation has likely
occurred, the Chief Counsel may issue a Notice of Violation to the
party.
    (iv) If the Chief Counsel issues a Notice of Violation, he or she
will prepare a case file with recommended actions. A record of any
prior violations by the same party shall be forwarded with the case
file.
    (6) Notice of violation. (i) The Notice of Violation will contain
the following information:
    (A) The name and address of the party;
    (B) The alleged violation(s) and the applicable fuel consumption
standard(s) violated;
    (C) The amount of the proposed penalty and basis for that amount;
    (D) The place to which, and the manner in which, payment is to be
made;
    (E) A statement that the party may decline the Notice of Violation
and that if the Notice of Violation is declined within 30 days of the
date shown on the Notice of Violation, the party has the right to a
hearing, if requested within 30 days of the date shown on the Notice of

Violation, prior to a final assessment of a penalty by a Hearing
Officer; and
    (F) A statement that failure to either pay the proposed penalty or
to decline the Notice of Violation and request a hearing within 30 days
of the date shown on the Notice of Violation will result in a finding
of violation by default and that NHTSA will proceed with the civil
penalty in the amount proposed on the Notice of Violation without
processing the violation under the hearing procedures set forth in this
subpart.
    (ii) The Notice of Violation may be delivered to the party by:
    (A) Mailing to the party (certified mail is not required);
    (B) Use of an overnight or express courier service; or
    (C) Facsimile transmission or electronic mail (with or without
attachments) to the party or an employee of the party.
    (iii) At any time after the Notice of Violation is issued, NHTSA
and the party may agree to reach a compromise on the payment amount.
    (iv) Once a penalty amount is paid in full, a finding of ``resolved
with payment'' will be entered into the case file.
    (v) If the party agrees to pay the proposed penalty, but has not
made payment within 30 days of the date shown on the Notice of
Violation, NHTSA will enter a finding of violation by default in the
matter and NHTSA will proceed with the civil penalty in the amount
proposed on the Notice of Violation without processing the violation
under the hearing procedures set forth in this subpart.
    (vi) If within 30 days of the date shown on the Notice of Violation
a party fails to pay the proposed penalty on the Notice of Violation,
and fails to request a hearing, then NHTSA will enter a finding of
violation by default in the case file, and will assess the civil
penalty in the amount set forth on the Notice of Violation without
processing the violation under the hearing procedures set forth in this
subpart.
    (vii) NHTSA's order assessing the civil penalty following a party's
default is a final agency action.
    (7) Hearing Officer. (i) If a party timely requests a hearing after
receiving a Notice of Violation, a Hearing Officer shall hear the case.
    (ii) The Hearing Officer will be appointed by the NHTSA
Administrator, and is solely responsible for the case referred to him
or her. The Hearing Officer shall have no other responsibility, direct
or supervisory, for the investigation of cases referred for the
assessment of civil penalties. The Hearing Officer shall have no duties
related to the light-duty fuel economy or medium- and heavy-duty fuel
efficiency programs.
    (iii) The Hearing Officer decides each case on the basis of the
information before him or her.
    (8) Initiation of action before the Hearing Officer. (i) After the
Hearing Officer receives the case file from the Chief Counsel, the
Hearing Officer notifies the party in writing of:
    (A) The date, time, and location of the hearing and whether the
hearing will be conducted telephonically or at the DOT Headquarters
building in Washington, DC;
    (B) The right to be represented at all stages of the proceeding by
counsel as set forth in paragraph (b)(9) of this section;
    (C) The right to a free copy of all written evidence in the case
file.
    (ii) On the request of a party, or at the Hearing Officer's
direction, multiple proceedings may be consolidated if at any time it
appears that such consolidation is necessary or desirable.
    (9) Counsel. A party has the right to be represented at all stages
of the proceeding by counsel. A party electing to be represented by
counsel must notify the Hearing Officer of this election in writing,
after which point the Hearing Officer will direct all further
communications to that counsel. A party represented by counsel bears
all of its own attorneys' fees and costs.
    (10) Hearing location and costs. (i) Unless the party requests a
hearing at which the party appears before the Hearing Officer in
Washington, DC, the hearing may be held telephonically. In Washington,
DC, the hearing is held at the headquarters of the U.S. Department of
Transportation.
    (ii) The Hearing Officer may transfer a case to another Hearing
Officer at a party's request or at the Hearing Officer's direction.
    (iii) A party is responsible for all fees and costs (including
attorneys' fees and costs, and costs that may be associated with travel
or accommodations) associated with attending a hearing.
    (11) Hearing procedures. (i) There is no right to discovery in any
proceedings conducted pursuant to this subpart.
    (ii) The material in the case file pertinent to the issues to be
determined by the Hearing Officer is presented by the Chief Counsel or
his or her designee.
    (iii) The Chief Counsel may supplement the case file with
information prior to the hearing. A copy of such information will be
provided to the party no later than 3 business days before the hearing.
    (iv) At the close of the Chief Counsel's presentation of evidence,
the party has the right to examine respond to and rebut material in the
case file and other information presented by the Chief Counsel. In the
case of witness testimony, both parties have the right of cross-
examination.
    (v) In receiving evidence, the Hearing Officer is not bound by
strict rules of evidence. In evaluating the evidence presented, the
Hearing Officer must give due consideration to the reliability and
relevance of each item of evidence.
    (vi) At the close of the party's presentation of evidence, the
Hearing Officer may allow the introduction of rebuttal evidence that
may be presented by the Chief Counsel.
    (vii) The Hearing Officer may allow the party to respond to any
rebuttal evidence submitted.
    (viii) After the evidence in the case has been presented, the Chief
Counsel and the party may present arguments on the issues in the case.
The party may also request an opportunity to submit a written statement
for consideration by the Hearing Officer and for further review. If
granted, the Hearing Officer shall allow a reasonable time for
submission of the statement and shall specify the date by which it must
be received. If the statement is not received within the time
prescribed, or within the limits of any extension of time granted by
the Hearing Officer, it need not be considered by the Hearing Officer.
    (ix) A verbatim transcript of the hearing will not normally be
prepared. A party may, solely at its own expense, cause a verbatim
transcript to be made. If a verbatim transcript is made, the party
shall submit two copies to the Hearing Officer not later than 15 days
after the hearing. The Hearing Officer shall include such transcript in
the record.
    (12) Determination of violations and assessment of civil penalties.
(i) Not later than 30 days following the close of the hearing, the
Hearing Officer shall issue a written decision on the Notice of
Violation, based on the hearing record. This may be extended by the
Hearing officer if the submissions by the Chief Counsel or the party
are voluminous. The decision shall address each alleged violation, and
may do so collectively. For each alleged violation, the decision shall
find a violation or no violation and provide a basis for the finding.
The decision shall set forth the basis for the Hearing Officer's
assessment of a civil penalty, or decision not to assess a civil
penalty. In determining the amount of the civil penalty, the gravity of
the violation, the size of the violator's

business, the violator's history of compliance with applicable fuel
consumption standards, the actual fuel consumption performance related
to the applicable standard, the estimated cost to comply with the
regulation and applicable standard, the quantity of vehicles or engines
not complying, and the effect of the penalty on the violator's ability
to continue in business. The assessment of a civil penalty by the
Hearing Officer shall be set forth in an accompanying final order. The
Hearing Officer's written final order is a final agency action.
    (ii) If the Hearing Officer assesses civil penalties in excess of
$1,000,000, the Hearing Officer's decision shall contain a statement
advising the party of the right to an administrative appeal to the
Administrator within a specified period of time. The party is advised
that failure to submit an appeal within the prescribed time will bar
its consideration and that failure to appeal on the basis of a
particular issue will constitute a waiver of that issue in its appeal
before the Administrator.
    (iii) The filing of a timely and complete appeal to the
Administrator of a Hearing Officer's order assessing a civil penalty
shall suspend the operation of the Hearing Officer's penalty, which
shall no longer be a final agency action.
    (iv) There shall be no administrative appeals of civil penalties
assessed by a Hearing Officer of less than $1,000,000.
    (13) Appeals of civil penalties in excess of $1,000,000. (i) A
party may appeal the Hearing Officer's order assessing civil penalties
over $1,000,000 to the Administrator within 21 days of the date of the
issuance of the Hearing Officer's order.
    (ii) The Administrator will review the decision of the Hearing
Officer de novo, and may affirm the decision of the hearing officer and
assess a civil penalty, or
    (iii) The Administrator may:
    (A) Modify a civil penalty;
    (B) Rescind the Notice of Violation; or
    (C) Remand the case back to the Hearing Officer for new or
additional proceedings.
    (iv) In the absence of a remand, the decision of the Administrator
in an appeal is a final agency action.
    (14) Collection of assessed or compromised civil penalties. (i)
Payment of a civil penalty, whether assessed or compromised, shall be
made by check, postal money order, or electronic transfer of funds, as
provided in instructions by the agency. A payment of civil penalties
shall not be considered a request for a hearing.
    (ii) The party must remit payment of any assessed civil penalty to
NHTSA within 30 days after receipt of the Hearing Officer's order
assessing civil penalties, or, in the case of an appeal to the
Administrator, within 30 days after receipt of the Administrator's
decision on the appeal.
    (iii) The party must remit payment of any compromised civil penalty
to NHTSA on the date and under such terms and conditions as agreed to
by the party and NHTSA. Failure to pay may result in NHTSA entering a
finding of violation by default and assessing a civil penalty in the
amount proposed in the Notice of Violation without processing the
violation under the hearing procedures set forth in this part.
    (c) Changes in corporate ownership and control. Manufacturers must
inform NHTSA of corporate relationship changes to ensure that credit
accounts are identified correctly and credits are assigned and
allocated properly.
    (1) In general, if two manufacturers merge in any way, they must
inform NHTSA how they plan to merge their credit accounts. NHTSA will
subsequently assess corporate fuel consumption and compliance status of
the merged fleet instead of the original separate fleets.
    (2) If a manufacturer divides or divests itself of a portion of its
automobile manufacturing business, it must inform NHTSA how it plans to
divide the manufacturer's credit holdings into two or more accounts.
NHTSA will subsequently distribute holdings as directed by the
manufacturer, subject to provision for reasonably anticipated
compliance obligations.
    (3) If a manufacturer is a successor to another manufacturer's
business, it must inform NHTSA how it plans to allocate credits and
resolve liabilities per 49 CFR part 534.

    Dated: August 9, 2011.
Ray LaHood,
Secretary, Department of Transportation.
    Dated: August 9, 2011.
Lisa P. Jackson,
Administrator, Environmental Protection Agency.
[FR Doc. 2011-20740 Filed 9-14-11; 8:45 am]
BILLING CODE 4910-59-P


[Federal Register: January 18, 2006 (Volume 71, Number 11)]
[Notices]
[Page 2963-2965]
[DOCID:fr18ja06-84]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53092; File No. SR-CBOE-2005-105]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing of Proposed Rule Change Relating to the
CBOE's Membership Rules for Foreign Member Organizations

January 10, 2005.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on December 7, 2005, the Chicago Board Options Exchange, Incorporated
(``CBOE'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the CBOE.
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend its rule regarding the
qualifications of foreign member organizations in relation to foreign
organizations seeking to become members of the Exchange in a lessor-
only capacity. The text of the proposed rule change appears below.
Additions are italicized.
* * * * *

Rule 3.4. Qualifications of Foreign Member Organizations

    (a) An organization that is not organized under the laws of one of
the states of the United States must satisfy the following requirements
in order to be a member organization:
    (i) The organization must be a corporation or partnership organized
under the laws of a country other than the United States with respect
to which an information sharing agreement, memorandum of understanding,
or treaty is in effect that provides the Securities and Exchange
Commission with access to information concerning securities trading
activity in that country;
    (ii) The organization must disclose to the Exchange all persons
associated with the organization and all parents of the organization,
through all tiers of ownership, until the ultimate individual
beneficial owners of the organization are disclosed;
    (iii) The organization must maintain in English and at a location
in the United States (A) the books and records of the organization that
relate to its business on the Exchange, including, but not limited to,
any trading records relating to trading activity on the Exchange and
(B) any other books and records of the organization that an
organization registered as a broker or dealer pursuant to Section 15 of
the Exchange Act is required to maintain at a location in the United
States;
    (iv) The organization must maintain its financial records in
accordance with United States accounting standards;
    (v) The organization must agree to permit inspections by the
Exchange and the Securities and Exchange Commission of the foreign
operations of the organization related to its securities business;
    (vi) The organization must waive any applicable secrecy laws and be
exempted from any applicable blocking statutes in the domiciliary
jurisdiction of the organization;
    (vii) The organization must provide to the Exchange an opinion of
legal counsel of the domiciliary jurisdiction of the organization which
certifies that (A) there are no applicable secrecy laws or blocking
statutes in that jurisdiction or (B) that the organization has
effectively waived any applicable secrecy laws or is exempted from any
applicable blocking statutes in that jurisdiction;
    (viii) Any customer of the organization that utilizes the
organization to execute orders on the Exchange must have waived any
applicable secrecy laws and be exempted from any applicable blocking
statutes in the domiciliary jurisdiction of the organization;
    (ix) The organization must agree to submit to the jurisdiction of
the Federal courts of the United States and the courts of Illinois and
to irrevocably waive, to the fullest extent permitted by law, any
objection which the organization may have based on venue or forum non
conveniens with respect to any action initiated in such courts;
    (x) The organization must appoint a process agent in Illinois to
receive, on the behalf of the organization, process which may be served
in any legal action or proceeding;
    (xi) The organization must own its Exchange membership(s);
    (xii) The organization must be registered as a broker or dealer
pursuant to Section 15 of the Exchange Act;
    (xiii) The organization must satisfy the foregoing requirements in
a manner and form prescribed by the Exchange and must satisfy such
additional requirements that the Exchange reasonably deems appropriate;
and
    (xiv) The organization must meet the other qualification
requirements for membership under the Constitution and Rules.

* * * Interpretations and Policies

    .01 For purposes of eligibility for membership, an entity organized
as a limited liability company under the laws of a country other than
the United States shall be deemed a corporation, its members shall be
deemed principal shareholders, and its members with management
responsibility and its managers shall be deemed executive officers.
    .02 A foreign member organization that is approved to act solely as
a lessor is not required to comply with Rules 3.4(a)(iii)(B) and
3.4(a)(xii).
* * * * *

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

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

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Pursuant to CBOE Rule 3.4, ``Qualifications of Foreign Member
Organizations,'' an organization that is not organized under the laws
of one of the states of the United States (``foreign member
organization'') must satisfy, among other things, the requirements set
forth in CBOE Rule 3.4 in order to become a CBOE member. The purpose of
this proposed rule change is to amend CBOE Rule 3.4 to exempt a foreign
member organization that is approved by the Exchange to act solely as a
lessor from the requirements set forth in: (i) CBOE Rule 3.4(a)(xii),
which requires a foreign member organization to be registered as a
broker or dealer pursuant to Section 15 of the Act; and (ii) CBOE Rule
3.4(a)(iii)(B), which requires a foreign member organization to
maintain, in English and at a location in

the United States, any books and records of the foreign member
organization that an organization registered as a broker or dealer
pursuant to Section 15 of the Act is required to maintain at a location
in the United States.
    CBOE member organizations, whether organized under the laws of one
of the states of the United States (``U.S. member organizations'') or
otherwise, that are approved to act solely as lessors have no trading
functions on the Exchange. In other words, the sole business function
that may be performed by a U.S. member organization or a foreign member
organization approved to act solely as a lessor is to lease the CBOE
membership it owns to another Exchange member, which member would be
required to be a registered broker-dealer that has been approved for
membership under the CBOE's membership rules.
    The foreign member organization application requirements set forth
in CBOE Rule 3.4 apply equally to all foreign member organizations,
whether or not the foreign member organization is applying to act
solely as a lessor. In contrast, the application requirements for U.S.
member organizations, as set forth in CBOE Rule 3.3, ``Qualifications
and Membership Statuses of Member Organizations,'' distinguish, in
certain cases, between organizations applying as lessor-only members
and other member organizations. Specifically, CBOE Rule 3.3(a)(ii)
requires U.S. member organizations to be registered as a broker or
dealer pursuant to Section 15 of the Exchange Act, except that a U.S.
member organization that is approved to act solely as a lessor is not
required to comply with that requirement. The effect of the disparate
treatment between foreign member organizations, as set forth in CBOE
Rule 3.4, and U.S. member organizations, as set forth in CBOE Rule 3.3,
is that a U.S. member organization that is approved by the Exchange to
act solely as a lessor is not required to register as a broker or
dealer, while a foreign member organization that is approved to act
solely as a lessor is required to register as a broker or dealer
pursuant to Section 15 of the Act.
    The Exchange believes that a foreign member organization that is
approved by the Exchange to act solely as a lessor should not be
required to register as a broker or dealer. In this regard, the
Exchange has received a no-action letter from the staff of the
Commission that supports the notion that persons not engaging in
securities activities for which broker or dealer registration is
required (i.e., a lessor) would not be required to register as a broker
or dealer merely because that person has acquired and leased a
membership on the Exchange.\3\ Because foreign member organizations
approved to act solely as lessors conduct no activities on the Exchange
that would otherwise require them to register as a broker or dealer,
the Exchange believes that it is appropriate not to require them to do
so.
---------------------------------------------------------------------------

    \3\ See letter from Jeffrey L. Steele, Assistant Chief Counsel,
Division of Market Regulation, Commission, to Arne R. Rode,
Associate General Counsel, CBOE, dated Jan. 3, 1980.
---------------------------------------------------------------------------

    U.S. member organizations that are approved to act solely as
lessors are generally subject to the same application requirements as
other member organizations. The only distinctions that currently exist
for these organizations are the exemptions set forth in CBOE Rule
3.3(a)(ii), as stated above, and the exemption from the Exchange's
orientation and testing requirements.\4\ Thus, for example, the
Exchange would conduct an investigation of a foreign organization
applying to be approved to act solely as a lessor in accordance with
CBOE Rule 3.9, ``Application Procedures and Approval or Disapproval.''
Furthermore, the additional application requirements set forth in CBOE
Rule 3.4 for foreign member organizations, other than those that are
proposed to be revised in this filing, would ensure that the Exchange
would have both access to the information it would need to review the
foreign member organization's application for membership and, if
necessary, the requisite jurisdiction to litigate matters related to
the foreign member organization's business on the Exchange. The
Exchange also notes that CBOE Rule 3.6(b) requires each associated
person of a member organization that is required to be disclosed on
Form BD as a direct owner or executive officer to submit an application
to the Exchange for approval to become associated with the member
organization in that capacity. CBOE Rule 3.6(b) also provides that if
the member organization is not required to be a registered broker-
dealer, an application to become associated with the member
organization in the applicable capacity is required of each associated
person of the organization that would be required to be disclosed on
Form BD as a direct owner or executive officer in the event that the
organization was a registered broker-dealer. Therefore, the Exchange
would have the ability, through the associated person application
process, to examine the senior persons in charge of the foreign member
organization to ensure that those that are not qualified under the CBOE
rules and the Act to be associated with a CBOE member are not
associated with the foreign member organization.
---------------------------------------------------------------------------

    \4\ See CBOE Rule 3.9(g). The Exchange's testing and orientation
requirements apply to members required to have authorized trading
functions. Members approved to act solely as lessors are not
permitted to have authorized trading functions.
---------------------------------------------------------------------------

    Because the foreign member organization approved by the Exchange to
act solely as a lessor would be conducting activities that would
otherwise not require it to be registered as a broker or dealer, the
Exchange also believes that the requirement set forth in CBOE Rule
3.4(a)(iii)(B) imposes obligations on the foreign member organization
that do not reflect its activities on the Exchange. As noted above,
CBOE Rule 3.4(a)(iii)(B) currently requires a foreign member
organization approved solely as a lessor to maintain, in English and at
a location in the United States, any books and records of the
organization that an organization registered as a broker or dealer
pursuant to Section 15 of the Act is required to maintain at a location
in the United States. The Exchange believes that if the only activities
conducted by the foreign member organization on the Exchange relate to
its lease activities, the provisions set forth in CBOE Rule
3.4(a)(iii)(A), which require the foreign member organization to
maintain, in English and at a location in the United States, the books
and records of the organization that relate to its business on the
Exchange, should ensure that the Exchange will have the ability to have
access to adequate information with respect to the foreign member
organization.
2. Statutory Basis
    The proposed rule change implements certain application standards
for foreign member organizations that are approved to act solely as
lessors that currently exist for U.S. member organizations approved to
act solely as lessors, while still allowing for the Exchange to obtain
the information it needs to determine whether the Exchange's membership
qualifications are satisfied. Therefore, the Exchange believes the
proposed rule change is consistent with the Act and the rules and
regulations under the Act applicable to a national securities exchange
and, in particular, the requirements of Section 6(b) of the Act.\5\
Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \6\ requirements that the rules of
an exchange be designed to

promote just and equitable principles of trade, to prevent fraudulent
and manipulative acts and, in general, to protect investors and the
public interest.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange believes that the proposed rule change does not impose
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others

    No written comments were solicited or received with respect to the
proposed rule change.

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

    Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
    (A) By order approve such proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
); or     Send an e-mail to<EMAIL_ADDRESS>Please include

File Number SR-CBOE-2005-105 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-9303.

All submissions should refer to File Number SR-CBOE-2005-105. This file
number should be included on the subject line if e-mail 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 proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room. Copies of the filing
also will be available for inspection and copying at the principal
office of the Exchange. 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-CBOE-2005-105 and should be submitted on or before February 8, 2006.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
 [FR Doc. E6-465 Filed 1-17-06; 8:45 am]

BILLING CODE 8010-01-P