[Federal Register Volume 87, Number 142 (Tuesday, July 26, 2022)]
[Notices]
[Pages 44387-44388]
[FR Doc No: 2022-15953]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-R09-OAR-2022-0360; FRL-9787-01-R9]

Clean Air Act Grant; Ventura County Air Pollution Control
District; Opportunity for Public Hearing

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed action; determination with request for comments and
notice of opportunity for public hearing.

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SUMMARY: The EPA is proposing to determine that the reduction in
expenditures of recurrent non-Federal funds for the Ventura County Air
Pollution Control District (``VCAPCD'' or ``District'') in support of
its continuing air program under section 105 of the Clean Air Act (CAA)
for the calendar year 2021 are a result of non-selective reductions in
expenditures. This determination, when final, will permit the VCAPCD to
receive grant funding for fiscal year (FY) 2022 from the EPA under
section 105 of the CAA.

DATES: Comments and/or requests for a public hearing must be received
by the EPA at the address stated below on or before August 25, 2022.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R09-
OAR-2022-0360 at https://www.regulations.gov. For comments submitted at
Regulations.gov, follow the online instructions for submitting
comments. Once submitted, comments cannot be edited or removed from
Regulations.gov. The EPA may publish any comment received to its public
docket. Do not submit electronically any information you consider to be
Proprietary Business Information (PBI) or Confidential Business
Information (CBI) or other information whose disclosure is restricted
by statute. Multimedia submissions (audio, video, etc.) must be
accompanied by a written comment. The written comment is considered the
official comment and should include discussion of all points you wish
to make. The EPA will generally not consider comments or comment
contents located outside of the primary submission (e.g., on the web,
cloud, or other file sharing system). For additional submission
methods, please contact the person identified in the FOR FURTHER
INFORMATION CONTACT section. For the full EPA public comment policy,
information about PBI/CBI or multimedia submissions, and general
guidance on making effective comments, please visit https://www.epa.gov/dockets/commenting-epa-dockets. If you need assistance in a
language other than English or if you are a person with disabilities
who needs a reasonable accommodation at no cost to you, please contact
the person identified in the FOR FURTHER INFORMATION CONTACT section.

FOR FURTHER INFORMATION CONTACT: Roberto Gutierrez, EPA Region IX,
Grants and Program Integration Office, Air and Radiation Division, 75
Hawthorne Street, San Francisco, CA 94105; phone at<PHONE_NUMBER> or
email address at [email protected].

SUPPLEMENTARY INFORMATION: Section 105 of the CAA provides grant
funding to air pollution control agencies for the prevention and
control of air pollution or implementation of national primary and
secondary ambient air quality standards. In accordance with 40 CFR
35.145(a), the Regional Administrator may provide air pollution control
agencies up to three-fifths of the approved costs of implementing
programs for the prevention and control of air pollution. CAA Section
105 grants require a cost share (also referred to as a match
requirement) of 40%. Program activities relevant to the match consist
of both recurring and non-recurring (unique, one-time only) expenses.
In addition, air pollution control agencies must meet a maintenance of
effort (MOE) requirement in accordance with section 105(c)(1) of the
CAA, 42 U.S.C. 7405.
    The MOE provision requires that an eligible agency spend at least
the same dollar level of funds as it did in the previous grant year for
the costs of recurring activities. Specifically, section 105(c)(1) of
the CAA, 42 U.S.C. 7405(c)(1), provides that, ``No agency shall receive
any grant under this section during any fiscal year when its
expenditures of non-Federal funds for recurrent expenditures for air
pollution control programs will be less than its expenditures were for
such programs during the preceding fiscal year.'' However, pursuant to
CAA section 105(c)(2), 42 U.S.C. 7405(c)(2), the EPA may still award a
grant to an agency not meeting the requirements of section 42 U.S.C.
7405(c)(1), ``. . . if the Administrator, after notice and opportunity
for public hearing, determines that a reduction in expenditures is
attributable to a non-selective reduction in the expenditures in the
programs of all Executive branch agencies of the applicable unit of
Government.'' These statutory requirements are repeated in the EPA's
implementing regulations at 40 CFR 35.140-35.148. The EPA issued a
memorandum dated September 30, 2011, entitled ``Updated Information for
Determining a Non-Selective Reduction'' with guidance to recipients on
what constitutes a nonselective reduction. In consideration of the
legislative history, the guidance clarified that a non-selective
reduction does not necessarily mean that each executive branch agency
needs to be reduced in equal proportion. However, it must be clear to
the EPA, from the weight of evidence, that a recipient's CAA-related
air program is not being disproportionately impacted or singled out for
a reduction.
    A section 105 grant recipient must submit a final federal financial
report no later than 90 days from the close of its grant period that
documents all of its federal and non-federal expenditures for the
completed period. The recipient seeking an adjustment to its MOE for
that period must provide the rationale and the documentation necessary
to enable the EPA to determine that a nonselective reduction has
occurred. In order to expedite that determination, the

recipient must provide details of the budget action and the comparative
fiscal impacts on all the jurisdiction's executive branch agencies, and
the recipient's air program. The recipient needs to identify any
executive branch agencies or programs that should be excepted from
comparison and explain why. The recipient must provide evidence that
the air program is not being singled out for a reduction or being
disproportionately reduced. Documentation in key areas is needed
including budget data specific to the recipient's air program, and
comparative budget data between the recipient's air program, the agency
containing the air program, and the other executive branch agencies.
The EPA may also request information from the recipient about how
impacts on its program operations will affect its ability to meet its
CAA obligations and requirements, and documentation that explains the
cause of the reduction, such as legislative changes or the issuance of
a new executive order.
    In FY 2021, the EPA awarded the VCAPCD $1,106,518, which
represented approximately 10% of the VCAPCD budget. In FY2022, the EPA
intends to award the VCAPCD $1,115,038, which represents approximately
12% of the VCAPCD budget.
    VCAPCD's final federal financial report for FY2020 indicated that
VCAPCD's MOE level was $6,055,144. VCAPCD's final federal financial
report for FY2021 indicates that VCAPCD's expenditure on recurrent
activities is $5,620,253. That level of expenditure is not sufficient
to meet the MOE requirements for FY2021 under section 105 because it is
not equal to or greater than the MOE for the previous fiscal year.
    In order for the VCAPCD to be eligible to receive its FY2022 CAA
section 105 grant, the EPA must make a determination (after notice and
an opportunity for a public hearing) that the reduction in expenditures
from 2020 to 2021 is attributable to a non-selective reduction in the
expenditures in the programs of the VCAPCD.
    The VCAPCD is a single-purpose air pollution control agency. It is
the unit of government for CAA section 105(c)(2) purposes.
    On February 7, 2022, the VCAPCD submitted a request to the EPA
seeking a reduction for the required MOE for FY2021. The District
provided supplemental information pertaining to its request on June 1,
2022. The VCAPCD explained that it was unable to meet its MOE
requirement due to a decrease in reoccurring services and supplies
expenses, particularly rent payments. VCAPCD was renting office space
up until mid-2021 when they moved into a building they purchased to
serve as their permanent office space. In FY2020 the District paid
$626,800 in rent as a recurring cost. In FY2021, the District paid six
months of rent, or $259,754, and categorized the cost as nonrecurring.
Since moving into the new offices the District no longer pays rent and
the decrease in expenditure significantly impacts VCAPCD's MOE from
previous years. Additionally, the District experienced significant
payroll changes impacting its overall budget. In FY2021 VCAPCD approved
a general salary increase for all employees. Other changes included
senior level employees retiring, with some positions filled by entry
level staff at lower starting salaries, and other positions remaining
vacant due to the conditions caused by the COVID-19 pandemic. Lastly,
many services and supplies were postponed or reduced due to the COVID-
19 pandemic. Travel for conferences, trainings, and seminars were
cancelled, held virtually, or postponed.
    The EPA proposes to find that the request for a reset of VCAPCD's
MOE meets the requirements for a non-selective reduction under CAA
section 105. The VCAPCD's reduction in rent as a recurrent expenditure,
the inability to fill vacant positions created by retirements, and a
significant cut back on expenditures caused by the COVID-19 pandemic
contributed to the reduction in expenditures.
    The EPA proposes that the MOE for VCAPCD's FY2021 CAA section 105
grant be reduced to $5,520,253 to address the non-selective reduction
of recurrent expenditures discussed above.
    This notice constitutes a request for public comment and an
opportunity for public hearing as required by the CAA. All written
substantive comments received by August 25, 2022 on this proposal will
be considered. The EPA will conduct a public hearing on this proposal
only if a written request for such is received by the EPA by August 25,
2022. If no written request for a hearing is received or if the EPA
determines that the issues raised are insubstantial, the EPA will
proceed to the final action to award the fiscal year 2022 grant to
VCAPCD.

    Dated: July 20, 2022.
Elizabeth Adams,
Director, Air and Radiation Division, Region IX.
[FR Doc. 2022-15953 Filed 7-25-22; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 81, Number 175 (Friday, September 9, 2016)]
[Notices]
[Pages 62496-62497]
[FR Doc No: 2016-21747]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project Nos. 14453-001; 14791-000]

Prineville Energy Storage LLC, Ochoco Irrigation District; Notice
of Competing Preliminary Permit Applications Accepted for Filing and
Soliciting Comments, Motions To Intervene, and Competing Applications

    On July 1, 2016, Prineville Energy Storage LLC (Prineville) and
Ochoco Irrigation District (Ochoco) filed preliminary permit
applications, pursuant to section 4(f) of the Federal Power Act,
proposing to study the feasibility of a hydropower project at the U.S.
Army Corps of Engineers' (Corps) Prineville Reservoir and Arthur Bowman
Dam, located on the Crooked River near the City of Prineville in Crook
County, Oregon. The sole purpose of a preliminary permit, if issued, is
to grant the permit holder priority to file a license application
during the permit term. A preliminary permit does not authorize the
permit holder to perform any land-disturbing activities or otherwise
enter upon lands or waters owned by others without the owners' express
permission.
    Prineville's project would be a pumped storage project that uses
the Corps' Prineville Reservoir as the lower reservoir. The project
would consist of the following new facilities: (1) A 40-foot-high,
7,700-foot-long concrete-faced rockfill embankment creating a 64-acre
upper reservoir; (2) a 15-foot-diameter, 1,400-foot-long low pressure
tunnel; (3) two 11-foot-diameter, 1,880-foot-long high pressure
conduit; (4) a powerhouse with two 100-megawatt (MW) reversible pump
turbines located 365 feet west of the Prineville Reservoir; (5) a
tailrace; and (6) a 16-mile-long, 115-kilovolt (kV) transmission line
interconnecting with the Ponderosa substation. The Prineville Project
would have an average annual generation of 525,600 megawatt-hours
(MWh).
    Applicants Contact: Mr. Matthew Shapiro, CEO, Prineville Energy
Storage, LLC, 1210 W. Franklin Street, Ste. 2, Boise, ID 83702. (208)
246-9925.
    Ochoco's Bowman Dam Project would be a conventional project that
uses the Corps' existing intake structure at the Bowman Dam and
Prineville Reservoir, and the following new facilities: (1) A 10-foot-
diameter, 310-foot-long steel pipe inserted into the Corps' existing
intake tunnel; (2) a valve chamber; (3) a 9-foot-diameter, 108.44-foot-
long steel penstock; (4) a powerhouse with one 3-MW and one 1-MW
Francis turbine/

generator units located on the bank next to the Corps' existing
spillway; (5) a tailrace; and (6) a 15-mile-long, 24.5 kV transmission
line interconnecting to the Central Electric Cooperative facilities.
The Bowman Dam Project would have an average annual generation of 17.6
MWh.
    Applicant Contact: Mr. Russell Rhoden, Manager, Ochoco Irrigation
District, 1001 NW. Deer Street, Prineville, OR 97754.<PHONE_NUMBER>.
    FERC Contact: Kim Nguyen<EMAIL_ADDRESS>(202) 502-6105.
    Deadline for filing comments, motions to intervene, competing
applications (without notices of intent), or notices of intent to file
competing applications: 60 Days from the issuance of this notice.
Competing applications and notices of intent must meet the requirements
of 18 CFR 4.36.
    The Commission strongly encourages electronic filing. Please file
comments, motions to intervene, notices of intent, and competing
applications using the Commission's eFiling system at http://www.ferc.gov/docs-filing/efiling.asp. Commenters can submit brief
comments up to 6,000 characters, without prior registration, using the
eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You
must include your name and contact information at the end of your
comments. For assistance, please contact FERC Online Support at
<EMAIL_ADDRESS>(866) 208-3676 (toll free), or (202) 502-
8659 (TTY). In lieu of electronic filing, please send a paper copy to:
Secretary, Federal Energy Regulatory Commission, 888 First Street NE.,
Washington, DC 20426. The first page of any filing should include
docket number P-14453-001 and P-14791-000.
    More information about this project, including a copy of the
application, can be viewed or printed on the ``eLibrary'' link of the
Commission's Web site at http://www.ferc.gov/docs-filing/elibrary.asp.
Enter the docket number (P-14453-001, or P-14791-000) in the docket
number field to access the document. For assistance, contact FERC
Online Support.

    Dated: September 2, 2016.
 Kimberly D. Bose,
 Secretary.
[FR Doc. 2016-21747 Filed 9-8-16; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register: February 7, 2007 (Volume 72, Number 25)]
[Notices]
[Page 5764-5765]
[DOCID:fr07fe07-153]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 27694; 812-13339]

Van Eck Associates Corporation, et al.; Notice of Application

January 31, 2007.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application to amend a prior order under section
6(c) of the Investment Company Act of 1940 (``Act'') to grant
exemptions from sections 2(a)(32), 5(a)(1), 22(d), 22(e), and 24(d) of
the Act and rule 22c-1 under the Act, under section 12(d)(1)(J) of the
Act for an exemption from sections 12(d)(1)(A) and (B) of the Act, and
under sections 6(c) and 17(b) of the Act granting an exemption from
sections 17(a)(1) and (a)(2) of the Act.

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Summary of Application: Applicants request an order to amend a prior
order that permits: (a) Open-end management investment companies that
include series based on certain domestic equity securities indices to
issue shares (``Shares'') that can be redeemed only in large
aggregations (``Creation Units''); (b) secondary market transactions in
Shares to occur at negotiated prices; (c) dealers to sell Shares to
purchasers in the secondary market unaccompanied by a prospectus when
prospectus delivery is not required by the Securities Act of 1933
(``Securities Act''); (d) certain affiliated persons of the series to
deposit securities into, and receive securities from, the series in
connection with the purchase and redemption of Creation Units; and (e)
certain registered management investment companies and unit investment
trusts outside of the same group of investment companies as the series
to acquire Shares (``Prior Order'').\1\ Applicants seek to amend the
Prior Order in order to offer two new series (each series, an
``Additional Fund,'' and together, the ``Additional Funds'') and future
series (``Future Foreign Funds,'' and together with the Additional
Funds, the ``Foreign Funds'') based on foreign equity securities
indices. In addition, the order would delete a condition related to
future relief in the Prior Order.
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    \1\ Van Eck Associates Corporation, et al., Investment Company
Act Release Nos. 27283 (April 7, 2006) (notice) and 27311 (May 2,
2006) (order).

Applicants: Van Eck Associates Corporation (``Adviser''), Market
Vectors ETF Trust (``Trust''), and Van Eck Securities Corporation
(``Distributor'').
    Filing Dates: The application was filed on November 1, 2006, and
amended on January 25, 2007.
    Hearing or Notification of Hearing: An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on February 26, 2007, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, the reason for the request, and the issues
contested. Persons may request notification of a hearing by writing to
the Commission's Secretary.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
Street, NE., Washington, DC 20549-1090. Applicants, 99 Park Avenue, 8th
Floor, New York, NY 10016.

FOR FURTHER INFORMATION CONTACT: Christine Y. Greenlees, Senior
Counsel, at<PHONE_NUMBER>, or Mary Kay Frech, Branch Chief, at (202)
551-6821 (Division of Investment Management, Office of Investment
Company Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained for a fee at the
Commission's Public Reference Branch, 100 F Street NE., Washington DC
20549-0102 (tel.<PHONE_NUMBER>).

Applicants' Representations

    1. The Trust is an open-end management investment company
registered under the Act and organized as a Delaware statutory trust.
The Trust is organized as a series fund with multiple series. The
Adviser, an investment adviser registered under the Investment Advisers
Act of 1940 (``Advisers Act''), will serve as investment adviser to
each Foreign Fund. In the future, the Adviser may enter into sub-
advisory agreements with other investment advisers to act as ``sub-
advisers'' with respect to particular Foreign Funds. Any sub-adviser
will be registered under the Advisers Act. The Distributor, a broker-
dealer registered under the Securities Exchange Act of 1934 (the
``Exchange Act''), is expected to serve as the principal underwriter
and distributor of each Foreign Fund's Creation Units.
    2. The Trust is currently permitted to offer several series based
on domestic equity securities indices in reliance on the Prior Order
(``Funds''). Applicants seek to amend the Prior Order to permit the
Trust to offer the two Additional Funds and Future Foreign Funds, each
of which, except as described in the application, would operate in a
manner identical to the Funds.
    3. The Additional Funds will invest in portfolios of securities
consisting predominantly of the component securities of the Ardour
Global Alternative Energy Index (Extra Liquid) and the Ardour Global
Alternative Energy Index (Composite) (each, an ``Underlying Index'' and
together, the ``Underlying Indexes''). The Underlying Indexes are rules
based, capitalization weighted, float adjusted indices that include
companies principally engaged in at least one of the following five
industry segments: Alternative energy resources, distributed
generation, environmental technologies, energy efficiency and/or
enabling technologies. Currently, the Ardour Global Alternative Energy
Index (Composite) is comprised of over 200 individual stocks that are
traded on a North American, European or Asian stock exchange. The
Ardour Global Alternative Energy Index (Extra Liquid) is comprised of
thirty stocks that are selected from the Ardour Global Alternative
Energy Index (Composite) that have achieved the highest average daily
trading volumes for the prior three months. No entity that creates,
compiles, sponsors, or maintains an Underlying Index is or will be an
affiliated person, as defined in section 2(a)(3) of the Act, or an
affiliated person of an affiliated person, of the Trust, the Adviser,
the Distributor, promoter, or any sub-adviser to a Foreign Fund.
    4. Applicants state that all discussions contained in the
application for the Prior Order are equally applicable to the Foreign
Funds, except as specifically noted by applicants (as summarized in
this notice). Applicants assert that the

Foreign Funds will operate in a manner substantially similar to the
existing Funds and will comply with all of the terms, provisions and
conditions of the Prior Order, as amended by the present application.
Applicants believe that the requested relief continues to meet the
necessary exemptive standards.

Section 22(e) of the Act

    5. Applicants also seek to amend the Prior Order to add relief from
section 22(e) of the Act. Section 22(e) generally prohibits a
registered investment company from suspending the right of redemption
or postponing the date of payment of redemption proceeds for more than
seven days after the tender of a security for redemption. The principal
reason for the requested exemption is that settlement of redemptions
for the Foreign Funds is contingent not only on the settlement cycle of
the United States market, but also on currently practicable delivery
cycles in local markets for underlying foreign securities held by the
Foreign Funds. Applicants state that local market delivery cycles for
transferring certain foreign securities to investors redeeming Creation
Units, together with local market holiday schedules, will under certain
circumstances require a delivery process in excess of seven calendar
days for the Foreign Funds. Applicants request relief under section
6(c) from section 22(e) in such circumstances to allow the Foreign
Funds to pay redemption proceeds up to 12 calendar days after the
tender of a Creation Unit for redemption. At all other times and except
as disclosed in the relevant prospectus and/or statement of additional
information (``SAI''), applicants expect that each Foreign Fund will be
able to deliver redemption proceeds within seven days.\2\ With respect
to Future Foreign Funds, applicants seek the same relief from section
22(e) only to the extent that circumstances similar to those described
in the application exist.
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    \2\ Rule 15c6-1 under the Exchange Act requires that most
securities transactions be settled within three business days of the
trade. Applicants acknowledge that no relief obtained from the
requirements of section 22(e) will affect any obligations applicants
may have under rule 15c6-1.
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    6. Applicants state that section 22(e) was designed to prevent
unreasonable, undisclosed and unforeseen delays in the payment of
redemption proceeds. Applicants assert that the requested relief will
not lead to the problems that section 22(e) was designed to prevent.
Applicants state that the SAI will disclose those local holidays (over
the period of at least one year following the date of the SAI), if any,
that are expected to prevent the delivery of redemption proceeds in
seven calendar days, and the maximum number of days needed to deliver
the proceeds for the relevant Foreign Fund.

Future Relief

    7. Applicants also seek to amend the Prior Order to modify the
terms under which the Trust may offer additional series in the future
based on other equity securities indices (``Future Funds''). The Prior
Order is currently subject to a condition that does not permit relief
for Future Funds unless applicants request and receive with respect to
such Future Fund, either exemptive relief from the Commission or a no-
action letter from the Division of Investment Management of the
Commission, or the Future Fund could be listed on a national securities
exchange (``Exchange'') without the need for a filing pursuant to rule
19b-4 under the Exchange Act.
    8. The order would amend the Prior Order to delete this condition.
Any Future Funds will: (a) Be advised by the Adviser or an entity
controlled by or under common control with the Adviser; (b) track
underlying equity securities indices that are created, compiled,
sponsored or maintained by an entity that is not an affiliated person,
as defined in section 2(a)(3) of the Act, or an affiliated person of an
affiliated person, of the Adviser, the Distributor, the Trust or any
subadviser or promoter of a Future Fund; and (c) comply with the
respective terms and conditions of the Prior Order, as amended by the
present application.
    9. Applicants believe that the modification of the future relief
available under the Prior Order would be consistent with sections 6(c)
and 17(b) of the Act and that granting the requested relief will
facilitate the timely creation of Future Funds and the commencement of
secondary market trading of such Future Funds by removing the need to
seek additional exemptive relief. Applicants submit that the terms and
conditions of the Prior Order have been appropriate for the existing
Funds and would remain appropriate for Future Funds. Applicants also
submit that tying exemptive relief under the Act to the ability of a
Future Fund to be listed on an Exchange without the need for a rule
19b-4 filing under the Exchange Act is not necessary to meet the
standards under sections 6(c) and 17(b) of the Act.

Applicants' Condition

    Applicants agree that any amended order granting the requested
relief will be subject to the same conditions as those imposed by the
Prior Order, except for condition 1 to the Prior Order, which will be
deleted.

    For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-1939 Filed 2-6-07; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 82, Number 88 (Tuesday, May 9, 2017)]
[Rules and Regulations]
[Pages 21472-21475]
[FR Doc No: 2017-09331]

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 279

[Release No. IA-4698]

Technical Amendments to Form ADV and Form ADV-W

AGENCY: Securities and Exchange Commission.

ACTION: Final rule; technical amendments.

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SUMMARY: The Securities and Exchange Commission (the ``Commission'' or
``SEC'') is making technical amendments to Form ADV under the
Investment Advisers Act of 1940 (``Advisers Act'') to reflect the
enactment of a Wyoming state law regulating investment advisers. Form
ADV is the form advisers use to register with the Commission and the
state securities regulatory authorities. The Commission is also making
similar amendments to Form ADV-W, the form advisers use to withdraw
from registration with the Commission or the states.

DATES: Effective July 1, 2017.

FOR FURTHER INFORMATION CONTACT: Bridget D. Farrell, Senior Counsel or
Melissa Roverts Harke, Senior Special Counsel at<PHONE_NUMBER> or
<EMAIL_ADDRESS>Investment Adviser Regulation Office, Division of
Investment Management, Securities and Exchange Commission, 100 F Street
NE., Washington, DC 20549-8549.

SUPPLEMENTARY INFORMATION: The Commission is adopting technical
amendments to Form ADV [17 CFR 279.1] and Form ADV-W [17 CFR 279.2]
under the Advisers Act to correct and update what will be outdated
references in those forms to the state of Wyoming due to the enactment
by Wyoming of legislation regulating investment advisers, which will be
effective as of July 1, 2017.\1\
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    \1\ Wyoming Uniform Securities Act, Wyo. Stat. Ann. Sec. Sec.
17-4-101, 17-4-403 through 17-4-412 (effective July 1, 2017)
(``Wyoming Securities Act'').
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    An investment adviser must register with the Commission unless it
is prohibited from registering under section 203A of the Advisers Act
or relies on an exemption from registration under section 203.\2\ Under
section 203A(a)(1) of the Advisers Act, an adviser that is regulated or
required to be regulated as an investment adviser in the state in which
it maintains its principal office and place of business is prohibited
from registering with the Commission unless the adviser has assets
under management of not less than $25 million, or advises an investment
company registered under the Investment Company Act of 1940.\3\ Under
section 203A(a)(2) of the Advisers Act, an investment adviser with
between $25 million and $100 million of assets under management (``mid-
sized adviser'') is also prohibited from registering with the
Commission if

that adviser is required to be registered as an investment adviser in
the state in which it maintains its principal office and place of
business and, if registered, would be subject to examination as an
investment adviser.\4\ These provisions make the states the primary
regulators of smaller advisers and the Commission the primary regulator
of larger advisers.\5\ However, all investment advisers--regardless of
the amount of assets they manage--must register with the Commission if
their principal office and place of business is located in a state that
has not enacted a statute regulating advisers.\6\
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    \2\ 15 U.S.C. 80b-3a; 15 U.S.C. 80b-3.
    \3\ 15 U.S.C. 80b-3a(a)(1).
    \4\ 15 U.S.C. 80b-3a(a)(2). Section 203A(a)(2) also provides
exceptions to the prohibition on Commission registration of state-
registered mid-sized advisers for advisers to registered investment
companies or business development companies under the Investment
Company Act of 1940 and advisers that would otherwise be required to
register with 15 or more states.
    \5\ See Rules Implementing Amendments to the Investment Advisers
Act of 1940, Investment Advisers Act Release No. 3221 (June 22,
2011) [76 FR 42950 (July 19, 2011)].
    \6\ See Rules Implementing Amendments to the Investment Advisers
Act of 1940, Investment Advisers Act Release No. 1633, section I
(May 15, 1997) [62 FR 28112 (May 22, 1997)].
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    Recently, the state of Wyoming enacted a statute regulating
investment advisers that will become effective July 1, 2017.\7\
Further, our staff has contacted the state securities authority for the
state of Wyoming, the Wyoming Secretary of State Compliance Division,
which has advised our staff that mid-sized advisers with a principal
office and place of business in Wyoming will be required to be
registered with the state and will be subject to examination. As a
consequence, by operation of the Wyoming statute, as of July 1, 2017,
an investment adviser with a principal office and place of business in
Wyoming may not register with the Commission unless it has greater than
$100 million in assets under management, advises a registered
investment company, or is eligible to rely on one of the exemptions
from the prohibition on registration contained in rule 203A-2.\8\
---------------------------------------------------------------------------

    \7\ Wyoming Securities Act Sec. Sec.  17-4-403-412.
    \8\ Absent eligibility for Commission registration, these
advisers are subject to the registration provisions of Wyoming law.
In addition, advisers ineligible for Commission registration that
have their principal office and place of business in Wyoming may be
required to register in one or more other states, subject to the
laws of those states.
---------------------------------------------------------------------------

    As a result of this Wyoming statute, the Commission is making
technical amendments to Form ADV as well as to Form ADV-W to reflect
the addition of the state of Wyoming to the group of states with
investment adviser regulation. Specifically, any adviser filing an
initial Form ADV or an amendment to an existing Form ADV on or after
July 1, 2017 will not be able to select Item 2.A.(3) of Form ADV, which
currently indicates having a principal office and place of business in
Wyoming (which does not regulate advisers) as a basis for Commission
registration. Further, a checkbox for ``WY'' will be added to Item 2.C.
of Form ADV to enable state notice filings for Commission-registered
advisers. Finally, a checkbox for ``WY'' will also be added to section
(b) of Form ADV-W, concerning withdrawals from state investment adviser
registration.\9\ On October 1, 2017, Item 2.A.(3) will be redesignated
as ``Reserved.'' The same change will be made to Schedule R, Section
2.A.(3) for relying advisers.\10\
---------------------------------------------------------------------------

    \9\ Item 2.A.(3) on Form ADV will be disabled as a basis for
registration in the Investment Adviser Registration Depository
(``IARD'') on July 1, 2017, when the Wyoming statute becomes
effective. Additionally, on that date, IARD will be programmed to
accept Wyoming notice filings, and to enable withdrawal from Wyoming
registration. However, IARD will not be programmed to replace the
text in Item 2.A.(3) with ``Reserved'' or to make the amendments to
Schedule R discussed in this paragraph until October 1, 2017, in
order to implement those amendments concurrently with the unrelated
amendments to the form adopted recently. See Form ADV and Investment
Advisers Act Rules, Investment Advisers Act Release No. 4509 (Aug.
25, 2016) (``Release 4509'') [81 FR 60418 (Sept. 1, 2016)]
(compliance date October 1, 2017).
    \10\ Schedule R is a schedule to Form ADV that may be used by
private fund advisers that are registered with the Commission and
operate a single advisory business through multiple legal entities
to file a single registration form, subject to conditions. See
Release 4509.
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Procedural and Other Matters

    Under the Administrative Procedure Act (``APA''), notice of
proposed rulemaking is not required when the agency, for good cause,
finds ``that notice and public procedure thereon are impracticable,
unnecessary, or contrary to the public interest.'' \11\ The Commission
is adopting technical amendments to correct and eliminate what will
automatically become outdated provisions in Part 1A of Form ADV and
Form ADV-W as a result of legislation enacted by the state of Wyoming,
which will be effective July 1, 2017. These amendments are therefore
ministerial in nature. Accordingly, the Commission finds good cause
that publishing the amendments for comment is unnecessary.\12\
---------------------------------------------------------------------------

    \11\ 5 U.S.C. 553(b).
    \12\ The amendments also do not require analysis under the
Regulatory Flexibility Act (``RFA''). See 5 U.S.C. 601(2) (for
purposes of RFA analysis, the term ``rule'' generally means any rule
for which the agency publishes a general notice of proposed
rulemaking).
---------------------------------------------------------------------------

    We do not believe that these ministerial amendments to Forms ADV
and ADV-W, to reflect the addition of Wyoming to the group of states
with investment adviser regulation, make any substantive modifications
to any existing collection of information requirements or impose any
new substantive recordkeeping or information collection requirements
within the meaning of the Paperwork Reduction Act of 1995
(``PRA'').\13\ Accordingly, we are not revising any burden and cost
estimates in connection with these amendments.\14\
---------------------------------------------------------------------------

    \13\ 44 U.S.C. 3501 et seq. As noted in the Economic Analysis
below, we recognize that approximately 35 investment advisers would
likely be affected by the new Wyoming state law. Thus, while the
enactment of the Wyoming state law may impact a small number of
Commission-registered small and mid-sized investment advisers that
have a principal office and place of business in Wyoming, we believe
that the amendments adopted today do not impose substantive new
burdens as they may marginally reduce the overall population of
respondents and therefore will not affect the current overall burden
estimates for affected forms.
    \14\ The most recent Paperwork Reduction Act analysis for Form
ADV, which is pending approval by the Office of Management and
Budget (OMB Control No. 3235-0049), is based upon the number of
registered advisers and exempt reporting advisers as of May 1, 2016.
---------------------------------------------------------------------------

Economic Analysis

    As a result of the Wyoming statute, and its interaction with the
Advisers Act and rules thereunder, small and mid-sized investment
advisers who have a principal office and place of business in Wyoming,
and cannot assert another basis for continuing to remain registered
with the Commission, will be required to register with the Wyoming
Secretary of State, deregister with the Commission, and be subject to
Wyoming oversight as of July 1, 2017.\15\ This transition of these
Commission-registered investment advisers to Wyoming oversight is a
result of a Wyoming statute and therefore does not necessitate
additional rule changes by the Commission, but will cause Forms ADV and
ADV-W to contain outdated provisions that reflect the prior status of
Wyoming investment advisers who had been able to register with the
Commission before July 1, 2017. This rulemaking updates those forms
accordingly. In considering the economic effects of this rulemaking, we
primarily focus on any effects that changes to the forms might have on
Commission-registered advisers filing Form ADV and ADV-W. However, we
recognize that we are making these changes to the forms in light of the

broader transition of certain Wyoming investment advisers to Wyoming
oversight--a transition that will entail a set of economic effects
separate from the changes to the forms--and we briefly discuss the
effects of this broader transition.
---------------------------------------------------------------------------

    \15\ Specifically, for small investment advisers, the impact of
the transition to state oversight is the result of the interaction
of the Wyoming statute with section 203A(a) and our 1997 rule, see
supra note 6; for mid-sized investment advisers, it is the result of
section 203A(a) as amended by Section 410 of the Dodd-Frank Act, and
our 2011 rule, see supra note 5.
---------------------------------------------------------------------------

    As of February 1, 2017, there are 40 investment advisers that
selected Item 2.A.(3) of Form ADV, indicating that the adviser has a
principal office and place of business in the state of Wyoming. Of
these 40 investment advisers, four advisers have identified themselves
as those with regulatory assets under management of $100 million or
more by checking Item 2.A.(1) on Form ADV and will continue to be
required to register with the Commission, regardless of the change in
the statute enacted by the state of Wyoming. However, based on
regulatory assets under management (Item 5.F.(2)(c) on Form ADV), there
is one additional adviser with regulatory assets under management of
$100 million or more that did not identify itself by Item 2.A.(1) that
we therefore anticipate would remain registered with the Commission.
Only one adviser currently selecting Item 2.A.(3) also selected Item
2.A.(2) on Form ADV as of February 1, 2017, indicating that it is a
``mid-sized adviser'' with regulatory assets under management of more
than $25 million but less than $100 million; however, based on
regulatory assets under management, we identified seven additional mid-
sized advisers that did not select Item 2.A.(2). We anticipate these
eight advisers would need to change their registrations to state
registration, absent an alternative basis for remaining registered with
the Commission. The remaining 27 advisers report regulatory assets
under management of less than $25 million and checked only Item 2.A.(3)
as a basis for registration with the Commission and would need to
change their registrations to state registration absent an alternative
basis for remaining registered with the Commission.
    Thus, there are approximately 35 advisers that have not indicated
an alternative basis for remaining registered with the Commission after
the Wyoming statute becomes effective on July 1, 2017,\16\ and that we
therefore assume will be required to register with the state of Wyoming
and withdraw from registration with the Commission.\17\ These 35
investment advisers collectively reported $530 million in regulatory
assets under management as of February 1, 2017.
---------------------------------------------------------------------------

    \16\ We arrive at 35 mid-sized and small advisers by two means.
First, we take the 40 Wyoming advisers and subtract the five
advisers who either have checked the large-size box (Item 2.A.(1))
or who have assets under management that would seem to permit them
to check Item 2.A.(1). Alternatively, we sum together the adviser
who checked the mid-sized box (Item 2.A.(2)) together with firms
that have assets under management that would appear to make them
mid-sized (seven), as well as those that have assets under
management that would seem to make them small advisers (27), none of
which have checked any additional box that would constitute an
alternative basis for remaining registered.
    \17\ As these 35 small and mid-sized advisers may have an
alternative basis for remaining registered with the Commission
(e.g., they serve as an adviser to a registered investment company
or business development company, or are a pension consultant), 35 is
likely to be an upper bound; however, we assume that all 35 advisers
will be required to shift for purposes of understanding the possible
magnitude of the change.
---------------------------------------------------------------------------

    The Commission has analyzed the effects of the changes to the forms
as a result of the Wyoming legislation and anticipates only nominal
benefits or costs, if any, to arise from the technical amendments to
Form ADV and Form ADV-W to reflect the change in Wyoming law. The
removal of Item 2.A.(3) from Form ADV will prevent investment advisers
from improperly checking the box previously used to identify investment
advisers from the state of Wyoming, making clear to such advisers that
they are no longer eligible to register with the Commission on the
basis of having a principal office and place of business in Wyoming.
Correspondingly, amendments to Schedule R of Form ADV to remove Item
2.A.(3) from the Schedule will have effects for relying advisers
subject to umbrella registration similar to the effects for advisers
that do not use Schedule R but respond to Item 2.A.(3) of Form ADV.
Further, Item 2.C of Form ADV will now be amended to include Wyoming
check boxes for Commission-registered advisers to send notice filings
to Wyoming. Finally, Form ADV-W will be revised to allow Wyoming
registrants to withdraw their registration with Wyoming as necessary.
    As Item 2.A.(3) would not be relevant to investment advisers
without a principal office and place of business in the state of
Wyoming, we do not believe that changes to the forms will impose any
costs on these investment advisers to update their systems or otherwise
review or understand the impact of the changes.\18\ While some advisers
that remain registered with the Commission may need to check the notice
filing box to send notice filings to Wyoming, we anticipate that the
burden to check the box will be nominal, if any. The changes to the
forms also do not directly impose any costs on the advisers who must
change their registration as a result of the Wyoming statute. The
Commission further anticipates that these technical amendments to Form
ADV and Form ADV-W will have minimal, if any, effects on efficiency,
competition, or capital formation because the amendments reflect only
ministerial changes to Forms ADV and ADV-W.
---------------------------------------------------------------------------

    \18\ To the extent that filers have fewer questions to research
when completing the form, this removal of Item 2.A.(3) may reduce
the costs associated with filing activities for investment advisers
with a principal office and place of business in the state of
Wyoming.
---------------------------------------------------------------------------

    Separately, we recognize that approximately 35 investment advisers
will be required to transition to Wyoming oversight as a self-executing
result of the Wyoming statute's interaction with our existing statutes
and rules. We acknowledge that this transition resulting from the
Wyoming statute will have economic effects on these entities. In our
2011 rule implementing Section 410 of the Dodd-Frank Act, which
transitioned mid-sized investment advisers to state oversight, we
discussed certain economic effects that result from transitioning a
class of advisers from federal to state oversight.\19\ These economic
effects include costs incurred by transitioning advisers to make the
necessary filings to register with the state and to withdraw from
Commission registration,\20\ and to comply with the state's ongoing
reporting and inspections regime. Similarly, Wyoming advisers will be
required to calculate and monitor assets under management going forward
to determine if Commission registration (or deregistration, for those
currently exceeding the threshold) would be required. At the same time,
these advisers transitioning as a result of the Wyoming statute may
experience cost savings associated with no longer being subject to the
Commission's regulatory regime for registered investment advisers.
Because the amendments affect only 35 small to mid-sized advisers that
have principal offices and a place of business in the state of Wyoming
out of a total 12,176 investment advisers currently filing Form ADV,
the Commission does not anticipate that, taken together, these changes
would have a significant effect on efficiency, competition, or capital
formation.
---------------------------------------------------------------------------

    \19\ See supra note 5.
    \20\ ``The state'' here principally refers to Wyoming. We
recognize that advisers transitioning to Wyoming registration may be
required to register with additional states as well, which may
impose additional costs on such advisers.
---------------------------------------------------------------------------

Statutory Authority

    The Commission is adopting technical amendments to Form ADV under
section 19(a) of the Securities Act of 1933 [15 U.S.C. 77s(a)],
sections 23(a)

and 28(e)(2) of the Securities Exchange Act of 1934 [15 U.S.C. 78w(a)
and 78bb(e)(2)], section 319(a) of the Trust Indenture Act of 1939 [15
U.S.C. 7sss(a)], section 38(a) of the Investment Company Act of 1940
[15 U.S.C. 80a-37(a)], and sections 203(c)(1), 204 and 211(a) of the
Investment Advisers Act of 1940 [15 U.S.C. 80b-3(c)(1), 80b-4, and 80b-
11(a)].
    The Commission is adopting technical amendments to Form ADV-W (17
CFR 279.2) under the authority set forth in sections 203(h), 204 and
211(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-3(h), 80b-
4, and 80b-11)).

List of Subjects in 17 CFR Part 279

    Reporting and recordkeeping requirements; Securities.

Text of Rule and Form Amendments

    For the reasons set forth in the preamble, title 17, chapter II of
the Code of Federal Regulations is amended as follows:

PART 279--FORMS PRESCRIBED UNDER THE INVESTMENT ADVISERS ACT OF
1940

0
1. The authority citation for part 279 continues to read as follows:

    Authority: The Investment Advisers Act of 1940, 15 U.S.C. 80b-1,
et seq.

Sec.  279.1   [Amended]

0
2. Form ADV (referenced in Sec.  279.1) is amended by:
0
a. Removing the phrase ``have your principal office and place of
business in Wyoming (which does not regulate advisers);'' from Part 1A,
Item 2.A.(3) and adding in its place ``Reserved'';
0
b. Adding ``[ballot] WY'' after ``[ballot] WI'' in the table of Part
1A, Item 2.C.; and
0
c. Removing the phrase ``have your principal office and place of
business in Wyoming (which does not regulate advisers);'' from Part 1A,
Schedule R, Section 2.A.(3) and adding in its place ``Reserved''.

    Note: The text of Form ADV does not and the amendments will not
appear in the Code of Federal Regulations.

Sec.  279.2   [Amended]

0
3. Form ADV-W (referenced in Sec.  279.2) is amended by adding
``[ballot] WY'' after ``[ballot] WI'' in the table in paragraph (b) of
the Status section.

    Note: The text of Form ADV-W does not and the amendments will
not appear in the Code of Federal Regulations.

    By the Commission.

    Dated: May 4, 2017.
Brent J. Fields,
Secretary.
[FR Doc. 2017-09331 Filed 5-8-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 221 (Thursday, November 15, 2012)]
[Notices]
[Pages 68132-68133]
[FR Doc No: 2012-27724]

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

DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-1995-N-0031; (formerly Docket No. 1995N-0205) ]

Compliance Guidance for Small Business Entities on Labeling for
Bronchodilators: Cold, Cough, Allergy, Bronchodilator, and
Antiasthmatic Drug Products for Over-the-Counter Human Use;
Availability

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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

SUMMARY: The Food and Drug Administration (FDA) is announcing the
availability of a compliance guidance for small business entities
entitled ``Labeling for Bronchodilators: Cold, Cough, Allergy,
Bronchodilator, and Antiasthmatic Drug Products for Over-the-Counter
Human Use; Small Entity Compliance Guide.'' This guidance is intended
to help small businesses understand and comply with the requirements of
the final rule that provides new labeling applicable to all over-the-
counter (OTC) bronchodilator drug products marketed without an approved
application. The guidance describes the bronchodilator labeling
requirements in plain language and provides answers to common questions
on how to comply with the rule. This guidance was prepared in
accordance with the Small Business Regulatory Fairness Act.

DATES: Submit either electronic or written comments on Agency guidances
at any time.

ADDRESSES: Submit written requests for single copies of this guidance
to the Division of Drug Information, Center for Drug Evaluation and
Research, Food and Drug Administration, 10903 New Hampshire Ave. Bldg.
51, Rm. 2201, Silver Spring, MD 20993-0002. Send one self-addressed
adhesive label to assist that office in processing your requests. See
the SUPPLEMENTARY INFORMATION section for electronic access to the
guidance document.
    Submit electronic comments on the guidance to http://www.regulations.gov. Submit written comments to the Division of Dockets
Management (HFA-305), Food and Drug Administration, 5630 Fishers Lane,
rm. 1061, Rockville, MD 20852.

FOR FURTHER INFORMATION CONTACT: Elaine Abraham, Center for Drug
Evaluation and Research, Food and Drug Administration, 10903 New
Hampshire Ave. Bldg. 22, Rm. 5410, Silver Spring, MD 20993-0002, 301-
796-2090.

SUPPLEMENTARY INFORMATION:

I. Background

    FDA is announcing the availability of a compliance guidance for
small business entities entitled ``Labeling for Bronchodilators: Cold,
Cough, Allergy, Bronchodilator, and Antiasthmatic Drug Products for
Over-the-Counter Human Use; Small Entity Compliance Guide.'' This small
entity compliance guide applies to OTC bronchodilator drug products
used to treat asthma that are marketed without an approved application
(i.e., under the OTC bronchodilator monograph) (21 CFR part 341). OTC
bronchodilators are those that contain any of the ephedrine ingredients
(i.e., ephedrine, ephedrine hydrochloride, ephedrine sulfate, and
racephedrine hydrochloride) or epinephrine ingredients (i.e.,
epinephrine, epinephrine bitartrate, and racepinephrine hydrochloride)
listed under 21 CFR 341.16.
    This guidance summarizes the July 26, 2011, final rule (76 FR
44475) regarding OTC bronchodilator drug products, which makes the
following changes to the OTC regulations:
     Sets forth a new use statement, warnings (including an
Asthma Alert warning), and directions that are required in the labeling
of OTC bronchodilator drug products under 21 CFR 341.76.
     Revises labeling requirements for OTC bronchodilator drug
products to ensure consistency with the standardized Drug Facts content
and formatting requirements set forth in 21 CFR 201.66.
    Manufacturers must be in compliance with the rule beginning on
January 23, 2012.
    This guidance is being issued consistent with FDA's good guidance
practices regulation (21 CFR 10.115). The guidance represents the
Agency's current thinking on labeling for OTC bronchodilator drug
products. It does not create or confer any rights for or on any person
and does not operate to bind FDA or the public. An alternative approach
may be used if such approach satisfies the requirements of the
applicable statutes and regulations.

II. Comments

    Interested persons may submit either written comments regarding
this document to the Division of Dockets Management (see ADDRESSES) or
electronic comments to http://www.regulations.gov. It is only necessary
to send one set of comments. Identify comments with the docket

number found in brackets in the heading of this document. Received
comments may be seen in the Division of Dockets Management between 9
a.m. and 4 p.m., Monday through Friday, and will be posted to the
docket at http://www.regulations.gov.

III. Electronic Access

    Persons with access to the Internet may obtain the document at
either http://www.fda.gov/Drugs/GuidanceComplianceRegulatoryInformation/Guidances/default.htm or http://www.regulations.gov.

    Dated: November 8, 2012.
Leslie Kux,
Assistant Commissioner for Policy.
[FR Doc. 2012-27724 Filed 11-14-12; 8:45 am]
BILLING CODE 4160-01-P


[Federal Register Volume 81, Number 219 (Monday, November 14, 2016)]
[Notices]
[Pages 79543-79546]
[FR Doc No: 2016-27236]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79252; File No. SR-DTC-2016-011]

Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Allow DTC To Automate the Process for Participants To Submit
Eligibility Requests for the DTC Custody Service

November 7, 2016.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4,\2\ notice is hereby given that on October
28, 2016, The Depository Trust Company (``DTC'') 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 clearing agency. DTC filed the proposed rule change
pursuant to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-4(f)(4) \4\
thereunder. The proposed rule change was effective upon filing with the
Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(4).
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    The proposed rule change \5\ would amend the DTC Custody Service
Guide (``Custody Guide'') \6\ to allow DTC to (i) enhance the process
by which Participants submit requests to make Securities, and assets
that are not Securities (``Non-Security Assets''), as applicable,
eligible for deposit into the Custody Service (``Custody Eligibility
Requests'') and (ii) add functionality for Participants to inquire as
to whether a particular issue is eligible for the Custody Service. Upon
its implementation, the proposed rule change would enhance efficiencies
for Participants and DTC by providing a secure, centralized environment
for the submission of Custody Eligibility Requests.
---------------------------------------------------------------------------

    \5\ Capitalized terms not otherwise defined herein have the
respective meanings set forth in the DTC Rules, By-laws and
Organization Certificate (``Rules''), available at http://www.dtcc.com/legal/rules-and-procedures.aspx.
    \6\ Available at http://www.dtcc.com/~/media/Files/Downloads/
legal/service-guides/Custody.pdf.
---------------------------------------------------------------------------

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

    In its filing with the Commission, the clearing agency 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 clearing agency has prepared summaries,
set forth in sections A, B, and C below, of the most significant
aspects of such statements.

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

1. Purpose
    In order for DTC to accept a Security or a Non-Security Asset, as
applicable, for deposit into the Custody Service, DTC requires that the
Security or Non-Security Asset be made eligible for the Custody Service
pursuant to a Custody Eligibility Request.\7\ The proposed rule change
would allow DTC to transfer the existing request method for Custody
Eligibility Requests by which Participants submit requests via email,
to an Internet-based application (``Application''), as more fully
described below (``Enhanced Process'').\8\ Upon implementation, the
Enhanced Process would (i) promote a more secure environment by
providing for the submission and processing of Custody Eligibility
Requests through the Application,\9\ and (ii) enhance efficiencies for
DTC by reducing the manual processing of Custody Eligibility requests,
as more fully described below.
---------------------------------------------------------------------------

    \7\ Once the Security or Non-Security Asset subject of the
Custody Eligibility Request is made eligible by DTC for deposit into
the Custody Service, additional deposits of that Security or Non-
Security Asset by the requesting Participant or other Participants
may be made without requiring submission of another Custody
Eligibility Request.
    \8\ The Custody Guide provides that Custody Service functions
may become accessible via web-based services as announced by DTC via
Important Notice from time to time. See Custody Guide, supra note 6
at 4. DTC would announce the proposed rule change via Important
Notice.
    \9\ The Application has been designed to provide a secure,
centralized online system managed by DTC, whereas Participant
security protocols for the transmission of emails may vary.
---------------------------------------------------------------------------

Background
    The Custody Service enables Participants that hold (i) Securities
that (A) are not presently eligible for book-entry services at DTC and/
or (B) would otherwise be eligible for DTC book-entry services but are
not registered in the name of DTC's nominee, Cede & Co., and/or (ii)
certain Non-Security Assets, to deposit those Securities and/or Non-
Security Assets with DTC for safe-keeping, in accordance with
requirements set forth in the Custody Guide.\10\ Securities and Non-
Security Assets deposited through the Custody Service are maintained in
DTC's secure vault in a Participant's name or a Participant's
customer's name (i.e., they are not transferred into DTC's nominee
name, Cede & Co).\11\ In addition, once a Security is deposited into
the Custody Service, DTC may perform limited depository services
relating to the Security including physical processing for the Security
on a Participant's behalf, such as facilitating the transfer of
Security Certificates, and providing services available through the
Custody Reorganization Service.\12\
---------------------------------------------------------------------------

    \10\ See Custody Guide for the types of Securities and Non-
Security Assets eligible for deposit to the Custody Service
(``Custody Eligible Security Types''), supra note 6, at 5,12.
    \11\ Cede & Co. is the holder of record of Securities eligible
for DTC's book-entry services.
    \12\ See Custody Guide, supra note 6, 14-17 (providing
Procedures for the Custody Reorganization Service). The limited
depository services provided by DTC as described above relate only
to securities processing functions and do not apply to Non-Security
Assets.
---------------------------------------------------------------------------

    The proposed rule change would amend the Custody Guide to allow DTC
to implement the Enhanced Process by moving the processing of Custody
Eligibility Requests to the Application and replacing certain manual
processes, as more fully described below.
Existing Process
    In order for an issue to be made eligible for deposit to the
Custody Service, a Participant must submit a Custody Eligibility
Request to DTC. The Custody Eligibility Request is submitted by email
and must include certain data elements (``Data Elements'')[hairsp]\13\
and a

copy of the Security Certificate to be deposited or, if the asset to be
deposited is a Non-Security Asset, other asset-related documentation
evidencing the asset to be deposited. Upon receipt of a Custody
Eligibility Request, DTC reviews the Data Elements and the Security
Certificate or other asset-related documentation, as applicable, to
determine whether the Security or Non-Security Asset is a Custody
Eligible Security Type.\14\ If the Security or Non-Security, as
applicable, is a Custody Eligible Security Type and otherwise complies
with DTC's Rules on eligibility,\15\ DTC will make it eligible for
Custody services by adding it to the DTC Custody security master file
(``Custody Master File''). For those eligible Securities or Non-
Security Assets without an assigned CUSIP, DTC establishes the CUSIP
for the Security, or other Non-Security Asset, as applicable, in DTC's
system. The validation, CUSIP assignment and communication with the
Participant are all manually processed by DTC. Once a Security or Non-
Security Asset is made eligible for deposit into the Custody Service,
the Participant may deliver the physical Security Certificate or other
asset-related documentation, as applicable, either by hand, or via
overnight mail, for deposit into DTC's secure vault.\16\
---------------------------------------------------------------------------

    \13\ Data Elements include DTC Participant Number (to identify
the Participant making the Custody Eligibility Request), CUSIP (if
available); Sub-Issue Type (required); description of the Security
or Non-Security Asset (``Security Description'') (required); U.S/Non
U.S. (This field is required for corporate debt and equity issues.
All certificates of deposit and collateralized mortgage obligations
must be U.S. issues. For municipal securities, this field is set to
U.S. and is not updateable); Issuer Country of Origin (required for
corporate debt and equity issue types); State of Incorporation
(required for all U.S. issues); Dated Date (required for corporate
debt and municipal security types); Accrual Date (required for
corporate debt and municipal security types); Certificate Type
(required and defaulted to R for Registered, can be updated to
Bearer or Interchangeable, as applicable); Maturity Date (required
for corporate debt, municipal securities and warrants); Interest
Rate (required for corporate debt and municipal security types);
Name of Paying Agent (required for corporate debt and municipal
security types); and Exercise Price (required for warrants).
    \14\ See Custody Guide, supra note 10.
    \15\ See Rule 5, supra note 5.
    \16\ See Custody Guide, supra note 6 at 10-14 (setting forth
Procedures for the deposit of Securities and Non-Security Assets to
the Custody Service).
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Enhanced Process
    Pursuant to the proposed rule change, Custody Eligibility Requests
would be submitted by Participants to DTC using the Enhanced Process
through the Application. DTC would eliminate the ability to submit
Custody Eligibility Requests by email. Participants would continue to
provide the same information through the Application that they
currently provide through email, including the Data Elements and a copy
of the Security Certificate or other asset-related documentation they
are seeking to make eligible.\17\ In addition, the Application would
offer Participants seeking to make multiple Custody Eligibility
Requests the option to submit a spreadsheet containing the Data
Elements for all the Securities and Non-Security Assets for which
eligibility is being requested as one submission.\18\
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    \17\ If the request does not contain the required Data Elements,
and the Security Certificate or other asset-related documentation,
as applicable, then the Application would prompt the Participant to
resubmit the inquiry with all required Data Elements, and the
Security Certificate or other asset-related documentation, as
applicable. Today, the Participant is notified in this regard only
after DTC has reviewed the email request.
    \18\ Currently, each Custody Eligibility Request must be
submitted individually. This feature would assist Participants
performing large conversions, including those moving Custody
functions from their own facility to DTC's Custody Service.
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    Once the Custody Eligibility Request is submitted, DTC would
validate the Data Elements to determine whether the Security or Non-
Security Asset, as applicable, is a Custody Eligible Security Type, as
DTC does today. DTC would send an automated email to notify the
Participant if a Custody Eligibility Request requires further review by
DTC prior to adding the Security or Non-Security Asset, as applicable,
to the Custody system as eligible for deposit. DTC may require other
information it deems necessary to complete its processing of a Custody
Eligibility Request. If DTC requires additional information to complete
its review of a Custody Eligibility Request, or otherwise identifies an
issue that may affect processing of the Custody Eligibility Request
(e.g., incorrect Sub-Issue type, an issue regarding compliance with
sanctions administered and enforced by the Office of Foreign Assets
Control of the U.S. Department of the Treasury (``OFAC''), the listing
of a Security on the issuer list maintained by OFAC,\19\ etc.), DTC
staff would contact the Participant in this regard directly by phone
and/or in writing.\20\
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    \19\ See Rule 2, Section 8, and Rule 5, Section 1, supra note 5.
    \20\ The Custody Guide would state that Participants with
questions regarding this process should call the DTC Underwriting
Hotline phone number.
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    If a Security or Non-Security Asset subject of the Custody
Eligibility Request is eligible for deposit in the Custody Service but
has not been assigned a CUSIP prior to submission of the Custody
Eligibility Request to the Application, DTC would assign a CUSIP as it
does today.\21\ DTC would then notify the Participant through an
automated email message that the Security or Non-Security Asset is
eligible for the Custody Service, and add the Security or Non-Security
Asset to the Custody Master File. The Participant may then deliver the
physical Security Certificate or, for a Non-Security Asset, other
asset-related documentation, as applicable, to DTC for deposit into
DTC's secure vault in the same manner that it would today.
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    \21\ CUSIPS [sic] assigned by DTC would be viewable on the
Application screen.
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    Implementation of the Enhanced Process would provide enhanced
efficiency and a more secure system for submission and review of
Custody Eligibility Requests to Participants and DTC in relation to the
current email-based method. First, as described above, the Application
would enhance security in transmission of Custody Eligibility Requests
by using a secure online system instead of the current email method.
Second, use of the Application for this purpose would enhance
transparency for Participants with respect to the status of their
individual Custody Eligibility Requests.\22\ Third, the migration of
the submission of Custody Eligibility Requests from an email-based
method to using the Application would enhance processing efficiencies
at DTC by providing an automated and centralized means for DTC to
receive and manage Eligibility Request Documents.
---------------------------------------------------------------------------

    \22\ The Application would provide Participants with the ability
to view the status of their Custody Eligibility Requests online.
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Eligibility Inquiry Capability
    The Application would also offer a new inquiry capability
(``Custody Eligibility Inquiry Function'') for Participants' use that
would allow them to directly view whether a Security or Non-Security
Asset is already eligible for deposit into the Custody Service. The
Participant would make the inquiry by entering certain search criteria
(``Search Criteria''). The Custody Eligibility Inquiry Function, in
addition to providing Participants the ability to search by CUSIP and
Security Description or Non-Security Asset, would also provide the
capability to use other Search Criteria to narrow the search.\23\ If
the applicable Security or Non-Security Asset is eligible for the
Custody Service, the Participant would know that it can proceed with
its deposit without first requesting eligibility. This feature would
provide a Participant that needs to verify eligibility of a Security or
Non-Security Asset before depositing it a real-time view into whether
the Security is already on the Custody Master File

without having to inquire with DTC by phone or email.
---------------------------------------------------------------------------

    \23\ The Search Criteria include CUSIP or partial CUSIP (at
least 6 characters), and Security Description (at least 3
characters). Additional Search Criteria would allow the Participant
to narrow the results including the Security Interest Rate range,
Maturity Date range, Dated Date range and Sub-Issue Type.
---------------------------------------------------------------------------

Proposed Rule Changes
    The Custody Guide does not currently contain a section describing
Custody Eligibility Requests and the process for submitting them.
Pursuant to the proposed rule change, DTC would amend the text of the
Custody Guide to add a section in this regard, and:
    (i) Provide the Procedures for the Enhanced Process as described
above;
    (ii) provide that (a) if a Participant seeking to make a Security
or other asset eligible for the Custody Service does not know whether
the Security or asset is currently eligible for deposit in DTC's
Custody Service, the Participant should verify the eligibility status
using the online Custody Eligibility Inquiry Function through the
Application, as defined below and (b) if the Security or asset is not
eligible then the Participant must, prior to depositing it at DTC,
submit a request to DTC to make the Security or asset eligible for the
Custody Service using the Custody Eligibility Application. [sic]
    (iii) provide the Procedures for the Custody Eligibility Inquiry
Function as described above; and
    (iv) state that Participants must have access to DTC's online web-
based portal (``Portal'') and the Application in order to submit
Custody Eligibility Requests and make Custody Eligibility
Inquiries.\24\
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    \24\ The Custody Guide would provide that Participants that
require assistance in accessing the Portal and/or Application should
contact their DTC Relationship Manager.
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Implementation
    The proposed rule change would be implemented in phases whereby
Participants using the Custody Service would be migrated to use the
Application to submit Custody Eligibility Requests over a period of
approximately two months beginning on October 31, 2016 (``Effective
Date''). Migration to the Application for all Participants that use the
Custody Service would be expected to be completed by the end of
December 2016. However, email submission of Custody Eligibility
Requests would remain available to Participants as a valid method to
submit Custody Eligibility Requests until the later of (i) January 31,
2017 and (ii) 30 calendar days following the date all Participants
using the Custody Service have migrated to be able to submit Custody
Eligibility Requests using the Custody Eligibility Application (``Final
Effective Date'').\25\ On and after the Final Effective Date, DTC would
not accept such email requests and Custody Eligibility Requests would
be required to be submitted through the Custody Eligibility Application
only. The Custody Guide text as proposed would contain a footnote
reflecting the above regarding the Final Effective Date and state that
the footnote would be deleted as of the Final Effective Date.
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    \25\ The Final Effective Date would be announced via a DTC
Important Notice.
---------------------------------------------------------------------------

2. Statutory Basis
    Section 17A(b)(3)(F) of the Act \26\ requires that the rules of the
clearing agency be designed, inter alia, in general, to protect
investors and the public interest. DTC believes the proposed rule
change is consistent with this provision because (i) having Custody
Eligibility Requests submitted through the Application would promote
efficient and secure delivery and processing of such requests in order
to facilitate making Securities and Non-Security Assets, as applicable,
eligible for deposit into the Custody Service by Participants on behalf
of themselves and their customers, and (ii) the proposed online
functionality would facilitate enhanced transparency for Participants
in their use of the Custody Service on behalf of themselves and their
customers. Thus, by (i) facilitating efficient and secure submission of
Custody Eligibility Requests, which in turn would facilitate the
ability of Participants to deposit customer assets in DTC's secure
vault, and (ii) providing for enhanced transparency to Participants in
this regard, the proposed rule change would protect investors and the
public interest.
---------------------------------------------------------------------------

    \26\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    Rule 17Ad-22(d)(6) promulgated under the Act \27\ requires that
each registered clearing agency shall establish, implement, maintain
and enforce written policies and procedures reasonably designed to, as
applicable, be cost-effective in meeting the requirements of
participants while maintaining safe and secure operations. DTC believes
that the proposed rule change is consistent with Rule 17Ad-22(d)(6)
because (i) by enhancing the efficiency of the processing of Custody
Eligibility Requests without increasing costs to Participants to access
the service,\28\ the proposed rule change would be cost-effective in
meeting requirements of Participants, and (ii) by processing Custody
Eligibility Requests through the Application, a centralized and secure
online application, DTC would maintain safe and secure operations with
respect to transmission and processing of such requests.
---------------------------------------------------------------------------

    \27\ 17 CFR 240.17Ad-22(d)(6).
    \28\ DTC would not charge Participants a fee for access to the
Application.
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    DTC does not believe that the proposed rule change would have any
adverse impact, or impose any burden, on competition because DTC would
not charge a fee for access to the Application and therefore the
proposal would not impose additional costs on Participants in this
regard. In addition, the process for Participants to register for the
Application is identical to that used by Participants to register for
DTC web-based services generally.\29\ DTC has discussed the proposal
with Participants using the Custody Service and is conducting user
testing on the Application prior to implementation on a Participant-by-
Participant basis.
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    \29\ Participants using DTC web-based services, such as the
Application, make use of super access coordinators who are persons
at the Participant firm authorized to grant other individuals at the
Participant firm to access DTC web-based services on behalf of the
Participant. All Participants using the Custody Service currently
have appointed super access coordinators.
---------------------------------------------------------------------------

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received from Members, Participants, or Others

    DTC has not solicited and does not intend to solicit, comments
regarding the proposed rule change. DTC has not received any
unsolicited written comments from interested parties. To the extent DTC
receives written comments on the proposed rule change, DTC will forward
such comments to the Commission. DTC has conducted industry outreach
with respect to the proposal including discussions with the Securities
Processing Advisory Board (SPAB), whose members account for over 70
percent of the overall Custody Service activity at DTC.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) \30\ of the Act and paragraph (f) of Rule 19b-4 \31\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors,

or otherwise in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \30\ 15 U.S.C. 78s(b)(3)(A).
    \31\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-DTC-2016-011 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-DTC-2016-011. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet 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 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 DTC and on DTCC's
Web site (http://dtcc.com/legal/sec-rule-filings.aspx). 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-DTC-2016-011 and should be
submitted on or before December 5, 2016.
---------------------------------------------------------------------------

    \32\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
Brent J. Fields,
Secretary.
[FR Doc. 2016-27236 Filed 11-10-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 12 (Wednesday, January 20, 2016)]
[Notices]
[Page 3123]
[FR Doc No: 2016-00965]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. EL11-66-000]

Notice of Filing

    Martha Coakley, Massachusetts Attorney General; Connecticut
Public Utilities Regulatory Authority; Massachusetts Department of
Public Utilities; New Hampshire Public Utilities Commission;
Connecticut Office of Consumer Counsel; Maine Office of the Public
Advocate; George Jepsen, Connecticut Attorney General; New Hampshire
Office of Consumer Advocate; Rhode Island Division of Public
Utilities and Carriers; Vermont Department of Public Service;
Massachusetts Municipal Wholesale Electric Company; Associated
Industries of Massachusetts; The Energy Consortium; Power Options,
Inc.; and the Industrial Energy Consumer Group, v. Bangor Hydro-
Electric Company; Central Maine Power Company; New England Power
Company d/b/a National Grid; New Hampshire Transmission LLC d/b/a
NextEra; NSTAR Electric and Gas Corporation; Northeast Utilities
Service Company; The United Illuminating Company; Unitil Energy
Systems, Inc. and Fitchburg Gas and Electric Light Company; Vermont
Transco, LLC

    Take notice that on January 11, 2016, The United Illuminating
Company submitted a Supplement to December 31, 2015 tariff filing per:
Refund Report to be effective N/A, pursuant to the Commission's Opinion
No. 531-A, issued on October 16, 2014.\1\
---------------------------------------------------------------------------

    \1\ Martha Coakley, Mass. Attorney Gen., et al. v. Bangor Hydro-
Elec. Co., et al., Opinion No. 531, 147 FERC ] 61,234 (2014)
(Opinion No. 531), order on paper hearing, Opinion No. 531-A, 149
FERC ] 61,032 (2014) (Opinion No. 531-A).
---------------------------------------------------------------------------

    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date.
Anyone filing a motion to intervene or protest must serve a copy of
that document on the Applicant and all the parties in this proceeding.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov. Persons unable to file electronically should submit an
original and 5 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for electronic review in the
Commission's Public Reference Room in Washington, DC. There is an
``eSubscription'' link on the Web site that enables subscribers to
receive email notification when a document is added to a subscribed
docket(s). For assistance with any FERC Online service, please email
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5:00 p.m. Eastern Time on February 1, 2016.

    Dated: January 13, 2016.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2016-00965 Filed 1-19-16; 8:45 am]
BILLING CODE 6717-01-P


Revision 1 August 2002 9070A  1 METHOD 9070A n HEXANE EXTRACTABLE MATERIAL ( HEM) FOR AQUEOUS SAMPLES See Method 1664, Publication No. EPA 821 R 98 002, for this method procedure.