MEMORANDUM

To:	Docket

From:	John Schaefer, EPA/OAQPS/SPPD

Date:	August 17, 2007

Subject:	Combined HAP Process Vent MACT Floor for Semiconductor MACT
Supplemental Proposal

INTRODUCTION

	This memorandum describes the methodology performed to determine the
maximum achievable control technology (MACT) floor for hazardous air
pollutant (HAP) emissions from existing and new major combined hazardous
air pollutant (HAP) process vents in the semiconductor manufacturing
source category.  A combined HAP process vent is a process vent
containing both organic and inorganic HAP.  A typical organic HAP used
in the semiconductor industry would be xylene, examples of inorganic HAP
used include methanol, hydrochloric acid and hydrogen fluoride.

	The Semiconductor manufacturing industry typically segregates all
process emissions either organic or inorganic HAP streams.  This is done
for several reasons, the primary environmental reason is that organic
process vent streams can easily be controlled by combustion devices
(incinerators), and inorganic streams can be readily controlled by wet
scrubbing technology.   A combined hap process vent stream, especially
one that combines process heat is much more difficult to control,
especially since the process heat must be removed or the stream must be
cooled in order to utilize wet scrubbers to control inorganic HAP.
During the development of the Semiconductor Manufacturing NESHAP, we
developed separate control requirements for inorganic and organic HAP.
At the time all of the manufacturing we examined exclusively separated
all emission streams into organic and inorganic constituents.

After promulgation of the NESHAP in May 2002, it was brought to our
attention that one plant of which we are now aware has a different
process vent approach system.  Specifically this plant combines
inorganic and organic vent streams into a single atmospheric process
vent.  At the time we developed the MACT standard, we were not aware of
any sources that combined their inorganic and organic vent streams, and
therefore we had no data on such sources.  Rather during the development
phase of the rule, we determined that since 1980 industry practice has
been to strictly separate process vent emissions into streams containing
either organic or inorganic HAP.    Therefore, we have developed a new
MACT floor based on combined HAP process vent information obtained after
the promulgation of the final rule.

	The MACT floor analysis is based on emission estimates for four process
vents.  These four process vents are the only combined HAP vents that we
are aware of in the semiconductor manufacturing industry.

METHODOLOGY FOR DETERMINING THE MACT FLOOR

	For standards established under section 112(d) of the CAA, the minimum
level of required control is defined as the “MACT floor.”  For new
sources, emission standards “shall not be less stringent than the
emission control that is achieved in practice by the best controlled
similar source.”  For existing sources, the emissions standards must
be at least as stringent as either “the average emission limitation
achieved by the best performing 12 percent of the existing sources,”
or “the average emission limitation achieved by the best performing
five sources” for categories or subcategories with less than 30
sources.  Since there are only four identified combined HAP process
vents in this industry the MACT floor is the average emission limit
achieved by the four vents.

A.  Definition of “Average”

	The minimum level of control defined under section 112(d) of the CAA
(“. . . the average emission limitation achieved by the best
performing 12 percent of the existing sources. . .” and for a source
category with fewer than 30 sources “. . . the average emission
limitation achieved by the best performing five sources. . .”) is
commonly referred to as the MACT floor.  The term “average” is not
defined in the CAA.  In a Federal Register notice published on June 6,
1994 (59 FR 29196), the EPA announced its conclusion that Congress
intended “average,” as used in section 112(d)(3), to mean a measure
of mean, median, mode, or some other measure of central tendency.  The
EPA concluded that it retains substantial discretion, within the
statutory framework, to set MACT floors at appropriate levels, and that
it construes the word “average” (as used in section 112(d)(3)) to
authorize the EPA to use any reasonable method, in a particular factual
context, of determining the central tendency of a data set.

	In addition, the EPA stated it has discretion to use “best
engineering judgement” in collecting and analyzing data relevant to a
MACT floor determination and in assessing the data’s
comprehensiveness, accuracy, and variability, in order to determine
which sources achieve the best emission reductions.  The EPA also has
discretion in determining the appropriate “average” in each source
category (see 59 FR 29199).

B.  Process Vent Emissions

	In developing a limitation for the semiconductor manufacturing process
it is important to understand that a semiconductor manufacturing plant
does not achieve a pseudo steady state of operations like typical
manufacturing operations.  This is because the facility is a collection
of tools tied into a process vent.  An example of this might be that if
100 tools are tied into a vent, it might be possible to utilize a
maximum of 30 of the tools at any given time.  However, due to the
complex nature of semiconductor manufacturing operations the plant could
be at full operation and not utilizing any of the tools at a given
instant due to the complex nature of production scheduling.

To further illustrate this example, If the tools emit 20 parts per
million volume (ppmv) of HAP when all 30 tools are utilized the maximum
process vent emissions reached will be 20 ppmv.  However, at any given
moment none of the tools could be being utilized during the production
process so the process vent emission could be 0.  Therefore, for this
example at any given time all that can be truly known about process vent
emissions is that they are between 0 and 20 ppmv HAP.  For the purposes
of the MACT floor analysis we have decided to use the maximum
representative operating conditions to estimate the process vent
emissions.  We believe this is a reasonable assumption since any
controls utilized should be designed to control emissions at the maximum
representative operating conditions.

C.   MACT Floor

We obtained data for four combined HAP process vents operating at
maximum representative operating conditions.  This means the HAP
concentrations represent the maximum HAP emissions achieved by the
process vents under real world conditions.  The emission estimates
utilized are based on the highest emitting combination of tools run
during an actual production cycle.  The HAP emission concentrations for
organic, inorganic and total or combined HAP are presented in Table 1.

Since, none of these process vents are controlled, the emission limit is
not based on the concentration of HAP after control by the “best
performing” control device.  Rather it is based on the practical
emission limit achieved according plant operation.  For subcategories
with fewer than 30 sources the MACT floor is based on the average of the
best performing five sources.  Therefore, we based the MACT floor on the
average emission limitation achieved by the four combined HAP process
vents in our database.   As shown in table 1, three of the process vents
are lower than the average and one process vent is higher than the
average.

Table 1 Emission Point HAP concentrations (ppmv)1

EP #	Organic HAP	Inorganic HAP	Total HAP

1	7.15	2.03	9.18

2	11.06	24.52	35.58

3	0.06	0.02	0.08

4	8.47	3.57	12.04

Average	6.69	7.54	14.22

D.  Consideration of Regulatory Alternatives Above the MACT FLOOR

	Regulatory options considered above the floor would set an emission
limitation that would require the utilization of add on control devices
to meet the standard.  After conversations with industry representatives
we believe that MACT floor can be met by changes in facility operations
(e.g. permit limitations on equipment operation and production).  In
order to set a limitation that would require the use of add on control
devices a limit must be selected that could not be met by accepting
production limitations.  This is not easily done for an industry where
the variability in emissions is as great as it is for semiconductors.
However, we believe that applying the requirements for organic and
inorganic HAP streams to combined vent streams would require the
utilization of add on control devices.

The promulgated MACT rule required process vents containing organic air
toxics to reduce emissions by 98 percent or to below 20 parts per
million by volume, while inorganic process vents are required to reduce
emissions by 95 percent or to below 0.42 parts per million by volume.
Requiring these limits would require the control of inorganic HAP
emissions.  In practice this could be achieved by segregating the
organic and inorganic HAP constituents and segregating the process heat
from the inorganic HAP streams.  Segregation of process heat is
necessary since added process heat makes the utilization of wet scrubber
technology problematic.  After the necessary duct work and conveyance
system had been installed a wet scrubber could then be installed to
control inorganic HAP emissions.

A 1999 engineering report, conducted on the Kodak Semiconductor fab in
Rochester, NY estimated that it would cost approximately $4,000,000 to
control all nine process vents at the facility we have identified with
the combined hap process vents.2  The estimated cost in the report was
based on a flow rate for all vents of 85,000 CFM, the maximum gas
flowrate that the system could produce.  In order to develop a new
estimate, we proportioned the cost based on the ratio of average gas
flowrates for the sources requiring control, 40,000 SCFM is the average
gas flowrate of the three emission sources identified in Table 2, while
the average flow rate for all vents is approximately 68,000 SCFM.3  The
actual design was based on maximum flowrates, which were about 25%
higher than the actual flow rates.  However, the ratio used for scaling
the estimate should be about the same whether maximum or average
flowrates are used.  So the costs were based on scaling the costs
associated with 68,000 SCFM down to 40,000 SCFM.  This means that a $4
million costs would scale to approximately $2.4 million.

Table 2 Sources Requiring Control if alternative MACT Floor Used3

EP #	Lb/yr Inorganic HAP	Air Flow (SCFM)

1	114	18,294

2	241	11,840

4	257	10,290

Total	612 (0.306 tpy)	40,424

Table 3 Sources Requiring Control if alternative MACT Floor Used

Cost	Cost ($ per ton)

Cost to control 3 sources listed in Table 23	$2.4

Cost Per Ton	> $7.5

1 Memorandum from Gregory A. Smith, Brian D. Sopko, Roy W. Wood, Eastman
Kodak Company, Rochester, NY. To John Schaefer, USEPA, Research Triangle
Park, North Carolina. Semiconductor MACT - Combined HAP Emissions. April
18, 2007.

2 Kodak Building 81 South, Upgrade Exhaust Systems Final Technical
Report. Erdmund Anthony, Consulting Engineers.  August 1999.

3 Memorandum from Kodak to John Schaefer, Combined HAP Emission
Calculations & Cost of Control Data Pursuant to NESHAP for Semiconductor
Manufacturing (40 CFR Part 63 Subpart BBBBB), August 28, 2007.


[Federal Register Volume 81, Number 250 (Thursday, December 29, 2016)]
[Notices]
[Page 95991]
[FR Doc No: 2016-31449]

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ENVIRONMENTAL PROTECTION AGENCY

[FRL-9957-61-OW]

Environmental Financial Advisory Committee; Request for
Nominations of Candidates to the Environmental Financial Advisory Board

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of request for nominations of candidates to the
Environmental Financial Advisory Board.

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SUMMARY: The United States Environmental Protection Agency (EPA)
invites nominations of qualified candidates to be considered for
appointments to fill vacancies on the Environmental Financial Advisory
Board (the Board or EFAB). The Board seeks to maintain diverse
representation across all workforce sectors and geographic locations.
    Nominees should demonstrate experience in any of the following
areas: Energy efficiency; regulators; commercial banking; local utility
management and finance; resource conservation; brownfields; green
infrastructure financing; sustainable community partnerships; water
resiliency; water and wastewater utility financial management; public-
public; public-private; and public-nonprofit partnerships. Nominees who
live and work in the pacific-northwest, northeast, and mid-west parts
of the United States are strongly encouraged to apply.
    EPA values and welcomes diversity. In an effort to obtain a diverse
pool of candidates, EPA encourages nominations of women and men of all
racial and ethnic groups. In addition to this notice, other sources may
be utilized in the solicitation of nominees. The deadline for receiving
nominations is Friday, February 10, 2017. Appointments will be made by
the Administrator of the Environmental Protection Agency and will be
announced in May 2017. Nominee qualifications will be assessed under
the mandates of the Federal Advisory Committee Act, which requires
Committees to maintain diversity across a broad range of
constituencies, sectors, and groups.

DATES: Nominations should be submitted in time to arrive no later than
February 10, 2017.

ADDRESSES: EPA, Office of Water, 1301 Constitution Avenue NW., (4201T),
Washington, DC 20004.

FOR FURTHER INFORMATION CONTACT: Submit nomination materials by postal
mail or electronic mail to: Alecia F. Crichlow, Membership Coordinator,
Environmental Financial Advisory Board, or email
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The Environmental Financial Advisory Board
was chartered in 1989 under the Federal Advisory Committee Act to
provide advice and recommendations to EPA on the following issues:
Reducing the cost of financing environmental facilities and
discouraging polluting behavior; creating incentives to increase
private investment in the provision of environmental services and
removing or reducing constraints on private involvement imposed by
current regulations; developing new and innovative environmental
financing approaches and supporting and encouraging the use of cost-
effective existing approaches; identifying approaches specifically
targeted to small/disadvantaged community financing; increasing the
capacity of state and local governments to carry out their respective
environmental programs under current Federal tax laws; analyzing how
new technologies can be brought to market expeditiously; and,
increasing the total investment in environmental protection of public
and private environmental resources to help ease the environmental
financing challenge facing our nation.
    The Board meets two times each calendar year (two days per meeting)
at different locations within the continental United States. Board
members typically contribute approximately 1-3 hours per month to the
Board's work. The Board's membership services are voluntary and the
Agency is unable to provide honoraria or compensation, according to
FACA guidelines. However, Board members may receive travel and per diem
allowances, where appropriate, and in accordance with Federal Travel
Regulations for invitational travelers.
    Evaluation Criteria: The following criteria will be used to
evaluate nominees: residence in the continental United States;
professional knowledge of, and experience with, environmental financing
activities; senior level-experience that fills a gap in Board
representation, or brings a new and relevant dimension to its
deliberations; demonstrate ability to work in a consensus-building
process with a wide range of representatives from diverse
constituencies; and willingness to serve a two-year term as an active
and contributing member, with possible re-appointment to a second term.
    Nominations for membership must include a resume describing the
professional and educational qualifications of the nominee, as well as
expertise/experience. Contact details should include full name and
title, business mailing address, telephone, fax, and email address. A
supporting letter of endorsement is encouraged, but not required.

    Dated: December 20, 2016.
Andrew Sawyer,
Director, Office of Wastewater Management, Office of Water.
[FR Doc. 2016-31449 Filed 12-28-16; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register: October 16, 2007 (Volume 72, Number 199)]
[Notices]
[Page 58691-58693]
[DOCID:fr16oc07-119]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56636; File No. SR-Amex-2007-108]

Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing of Proposed Rule Change To Increase the Annual Listing
Fees for Certain Stock Issues of Listed Companies

October 10, 2007.
    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 October 3, 2007, the American Stock Exchange LLC (``Amex'' 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 substantially prepared by Amex.
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.
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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 Section 141 of the Amex Company
Guide to increase the annual listing fees for certain stock issues of
listed companies. The text of the proposed rule change is available at
http://www.amex.com, the Exchange's principal office, and the

Commission's Public Reference Room.

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 Exchange 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 Exchange 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
    Amex proposes to amend Section 141 of the Company Guide to increase
the annual listing fees for certain stock issues of listed companies.
The Exchange believes it is appropriate to increase these fees to cover
the costs for maintaining its current programs and also to better align
the Exchange's annual listing fees with those of the Nasdaq Capital
Market.
    The Amex marketplace most closely resembles the Nasdaq Capital
Market in terms of listing standards and demographics of listed
companies, i.e. similar market capitalizations, trading volumes, and
stage of development. On April 18, 2007, the Commission adopted an
amendment to Rule 146(b) of the Securities Act of 1933 (``1933 Act''),
to designate securities listed or authorized for listing on the Nasdaq
Capital Market as ``covered securities'' under Section 18 of the 1933
Act.\3\ Covered securities under Section 18 of the 1933 Act are exempt
from state law registration requirements (``Blue Sky Laws''). Such an
exemption from Blue Sky Laws, which companies listed on Amex have long
enjoyed, further renders the Nasdaq Capital Market even more similar to
the Amex marketplace. While the Nasdaq Capital Market is substantially
similar to the Amex equity marketplace, the Exchange believes that
certain services--such as associated service offerings, the AMEX IR
Alliance, and the AMEX online targeting tool--are provided free of
charge to listed companies at Amex, while similar services provided by
the Nasdaq Capital Market are subject to fees.
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 33-8791 (April 18,
2007), 72 FR 20410 (April 24, 2007) (S7-18-06).
---------------------------------------------------------------------------

Annual Listing Fee
    The annual fees set forth in Section 141 of the Amex Company Guide,
as depicted in the chart below, currently range from $16,500 to $34,000
depending on the number of shares outstanding. In contrast, the Nasdaq
Capital Market charges a flat fee of $27,500 across all levels of
shares outstanding. The Exchange's current annual listing fees for
stock issues are set forth below:

------------------------------------------------------------------------
                      Number of shares                           Fee
------------------------------------------------------------------------
5,000,000 shares or less...................................   $16,500.00
5,000,001 to 10,000,000 shares.............................    19,000.00
10,000,001 to 25,000,000 shares............................    21,500.00
25,000,001 to 50,000,000 shares............................    24,500.00
50,000,001 to 75,000,000 shares............................    32,500.00
In excess of 75,000,000 shares.............................    34,000.00
------------------------------------------------------------------------

    This proposal seeks to amend the annual listing fees set forth in
Section 141 of the Amex Company Guide as follows:

------------------------------------------------------------------------
                      Number of shares                           Fee
------------------------------------------------------------------------
50,000,000 shares or less..................................   $27,500.00
50,000,001 to 75,000,000 shares............................    32,500.00
In excess of 75,000,000 shares.............................    34,000.00
------------------------------------------------------------------------

    In effect, the Exchange through this proposal would raise annual
listing fees only for those outstanding stock issues of 50 million
shares or less.
    The Exchange believes that the proposed rule change is an equitable
allocation of annual listings fees for equity issues consistent with
Section 6(b)(4) of the Act.\4\ The Exchange further submits that the
proposed increases in the annual listing fees for stock issues of 50
million shares or less are appropriate for the purpose of generating
revenue to fund Exchange operations and to better align its fees with
those of the Nasdaq Capital Market.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78f(b).
---------------------------------------------------------------------------

2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the Act
\5\ in general, and furthers the objectives of Sections 6(b)(4) of the
Act \6\ in particular, in that the proposed rule change provides for
the equitable allocation of reasonable dues, fees, and other charges
among members and issuers and other persons using the Exchange's
facilities.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change will
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

    Written comments on the proposed rule change were neither solicited
nor received.

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-Amex-2007-108 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 20549-1090.

    All submissions should refer to File Number SR-Amex-2007-108. 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, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such 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-Amex-2007-108 and should be
submitted on or before November 6, 2007.

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-20362 Filed 10-15-07; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register: December 18, 2008 (Volume 73, Number 244)]
[Notices]
[Page 77082-77083]
[DOCID:fr18de08-121]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

Upon written request, copies available from: U.S. Securities and
Exchange Commission, Office of Investor Education and Advocacy,
Washington, DC 20549-0213.

Extension: Regulation AC, OMB Control No. 3235-0575, SEC File No.
270-517.

    Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval.
     Regulation Analyst Certification (AC) (17 CFR 242.500-
505).
    Regulation AC requires that research reports published, circulated,
or provided by a broker or dealer or covered person contain a statement
attesting that the views expressed in each research report accurately
reflect the analyst's personal views and whether or not the research
analyst received or will receive any compensation in connection with
the views or recommendations expressed in the research report.
Regulation AC also requires broker-dealers to, on a quarterly basis,
make, keep, and maintain records of research analyst statements
regarding whether the views expressed in public appearances accurately
reflected the analyst's personal views, and whether any part of the
analyst's compensation is related to the specific recommendations or
views expressed in the public appearance. Regulation AC also requires
that research prepared by

foreign persons be presented to U.S. persons pursuant to Securities
Exchange Act Rule 15a-6 and that broker-dealers notify associated
persons if they would be covered by the regulation. Regulation AC
excludes the news media from its coverage.
    The Commission estimates that Regulation AC imposes an aggregate
annual time burden of approximately 28,538 hours on 5,186 respondents,
or approximately 5.5 hours per respondent. The Commission estimates
that the total annual internal cost of the 28,538 hours is
approximately $10,525,642.00, or approximately $2,030.00 per
respondent, annually.
    Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information
shall have practical utility; (b) the accuracy of the Commission's
estimates of the burden of the proposed collection of information; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology.
Consideration will be given to comments and suggestions submitted in
writing within 60 days of this publication.
    Comments should be directed to: Lewis W. Walker, Acting Director/
Chief Information Officer, Securities and Exchange Commission, c/o
Shirley Martinson, 6432 General Green Way, Alexandria, Virginia 22312
or send an e-mail to<EMAIL_ADDRESS>Comments must be submitted
within 60 days of this notice.

    Dated: December 10, 2008.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-29970 Filed 12-17-08; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 102 (Friday, May 28, 2021)]
[Notices]
[Pages 28828-28829]
[FR Doc No: 2021-11280]

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

[EPA-HQ-OLEM-2021-0312; FRL-10024-29-OLEM]

Accidental Release Prevention Requirements: Risk Management
Programs Under the Clean Air Act

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of virtual public listening sessions; request for public
comment.

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

SUMMARY: The Environmental Protection Agency (EPA or Agency) will host
virtual public listening sessions on June 16, 2021 and July 8, 2021.
The goals of the sessions are to solicit comments and suggestions from
stakeholders pertaining to the review of EPA Risk Management Program
(RMP) regulation revisions completed since 2017 and to address new
priorities, as directed under Executive Order 13990: Protecting Public
Health and the Environment and Restoring Science To Tackle the Climate
Crisis (E.O. 13990). The Occupational Health and Safety Administration
(OSHA) will participate in the listening sessions to foster continued
coordination with the EPA and receive comments on the Process Safety
Management (PSM) Standard. For more information, go to the
SUPPLEMENTARY INFORMATION section of this document.

DATES: Public listening sessions will be held on June 16, 2021 and July
8, 2021. Should additional dates and times be required, EPA will
provide updates on our website: https://www.epa.gov/rmp/forms/virtual-public-listening-sessions-risk-management-program-rule. If you are
unable to attend any of the listening sessions, you will be able to
submit comments at http://www.regulations.gov: Enter Docket ID No. EPA-
HQ-OLEM-2021-0312 until July 15, 2021.

ADDRESSES: Members of the public, including those that attend and
provide verbal statements, are encouraged to send written comments,
identified by Docket ID No. EPA-HQ-OLEM-2021-0312, by the following
method:
     Federal eRulemaking Portal: https://www.regulations.gov/.
Follow the online instructions for submitting comments.
    Instructions: All submissions received must include the Docket ID
No. EPA-HQ-OLEM-2021-0312 for this engagement. Comments received may be
posted without change to https://www.regulations.gov/, including any
personal information provided. For detailed instructions on sending
comments and additional information on the rulemaking process, see the
``Public Participation'' heading of the SUPPLEMENTARY INFORMATION
section of this document.
    The June 16, 2021 listening session will convene at 12:00 p.m.,
eastern daylight time, and will conclude at 4:00 p.m., eastern daylight
time. The July 8, 2021 listening session will convene at 4:00 p.m.,
eastern daylight time, and will conclude at 8:00 p.m., eastern daylight
time.

FOR FURTHER INFORMATION CONTACT: Deanne Grant, Regulations
Implementation Division, Office of Emergency Management, Office of Land
and Emergency Management (5104A), Environmental Protection Agency, 1200
Pennsylvania Avenue NW, telephone number:<PHONE_NUMBER>; email address:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Public Participation

A. Written Comments

    Submit your comments, identified by Docket ID No. EPA-HQ-OLEM-2021-
0312, at https://www.regulations.gov. Once submitted, comments cannot
be edited or removed from the docket. The EPA may publish any comment
received to its public docket. Do not submit electronically any
information you consider to be 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 (i.e., on the web, cloud, or other
file sharing system). For additional submission methods, the full EPA
public comment policy, information about CBI or multimedia submissions,
and general guidance on making effective comments, please visit https://www.epa.gov/dockets/commenting-epa-dockets.

B. Participation in the Listening Sessions

    The public is invited to speak during the June 16, 2021 or the July
8, 2021 listening session. EPA will begin pre-registering speakers for
the listening sessions upon publication of this document in the Federal
Register. To register to speak at the listening sessions, please use
the online registration form available at https://www.epa.gov/rmp/forms/virtual-public-listening-sessions-risk-management-program-rule.
The last day to pre-register to speak at the June 16, 2021 listening
session will be June 14, 2021. The last day to pre-register to speak at
the July 8, 2021 listening session will be July 6, 2021. On the last
working day before each listening session, the EPA will post a general
agenda for the listening session that will list pre-registered speakers
in approximate order at https://www.epa.gov/rmp/forms/virtual-public-listening-sessions-risk-management-program-rule.
    EPA will make every effort to follow the schedule as closely as
possible on the day of each listening session; however, please plan for
the listening session to run either ahead of schedule or behind
schedule. The EPA will make every effort to accommodate all speakers
who register and request a speaking role, although preferences on
speaking times may not be able to be fulfilled. Each commenter will
have 3 minutes to provide verbal testimony. EPA may allow persons not
pre-registered as speakers to present verbal testimony the day of the
listening session; EPA will consider such requests during the session
as time permits.
    The EPA may ask clarifying questions during the verbal
presentations but will not respond to the presentations at that time.
Written comments and supporting information submitted through the
docket during the comment period, now until July 15, 2021, will be
considered with the same weight as verbal comments and supporting
information presented at the listening sessions.
    Commenters should notify the listed contact on the listening
sessions registration page if they will need specific equipment or if
there are other special needs related to providing verbal comments at
the listening sessions. Commenters should also notify the listed
contact if they require the service of a translator or special
accommodations such as audio description. For these special needs or
accommodations, please pre-register for the listening sessions and
describe your needs at least one week before the listening session. We
may not be able to arrange accommodations without advanced notice.
    EPA intends to make each session available for viewing to those who
are not participating but are interested in listening. EPA will be
posting meeting materials and additional event details on https://www.epa.gov/rmp/forms/virtual-public-listening-sessions-risk-management-program-rule, as they become available. Additionally,
transcripts of the listening sessions and written statements will be
included in the docket for the rulemaking.

    Please note that any updates made to any aspect of the listening
sessions will be posted online. While the EPA expects the listening
sessions to go forward as set forth above, please monitor our website
to determine if there are any updates. The EPA does not intend to
publish a document in the Federal Register announcing updates.

II. General Information

A. Background

    On January 13, 2017, EPA published amendments to 40 CFR part 68,
the Chemical Accident Prevention Provisions, also known as the ``Risk
Management Program'' or ``RMP,'' in a final rule (82 FR 4594; 2017
Amendments). The 2017 Amendments rule was a result of Executive Order
(E.O.) 13650, Improving Chemical Facility Safety and Security, which
directed EPA (and several other federal agencies) to, among other
things, modernize policies, regulations, and standards to enhance
safety and security in chemical facilities. The 2017 Amendments rule
contained various new provisions applicable to RMP-regulated facilities
addressing prevention program elements, emergency coordination with
local responders, and information availability to the public. EPA
received three petitions for reconsideration of the 2017 Amendments
rule under CAA section 307(d)(7)(B). On December 19, 2019, EPA
promulgated a final RMP rule (84 FR 69834; 2019 Revisions) that acted
on the reconsideration petitions. The 2019 Revisions rule repealed
several major provisions of the 2017 Amendments and retained other
provisions with modifications.
    On January 20, 2021, President Biden issued E.O. 13990, which
directed federal agencies to review existing regulations and take
action to address priorities established by the Biden administration,
which include bolstering resilience to the impacts of climate change
and prioritizing environmental justice. As a result, EPA is developing
a regulatory proposal to revise the RMP regulations at 40 CFR part 68,
which implement the requirements of section 112(r)(7) of the Clean Air
Act.
    EPA has, and will continue to coordinate revisions to the RMP rule
with OSHA. EPA's RMP rule is intended to minimize public impacts of
accidental releases through prevention and response while OSHA's PSM
standard is intended to protect workers from the hazards of highly
hazardous chemicals. In response to E.O. 13650, OSHA previously
published a Request for Information (RFI) in December 2013 and held a
Small Business Advocacy Review (SBAR) panel in June 2016 for the PSM
standard. The list of topics OSHA considered is available at https://www.osha.gov/dsg/psm/index.html. OSHA will participate in the listening
sessions to foster continued coordination with EPA as both agencies
consider revisions to their respective rules.

B. Scope of Listening Sessions

    The EPA is interested in obtaining perspectives from the public on
key E.O. 13990 issues impacting the RMP regulations. In particular, the
Agency seeks comments on the following: The adequacy of revisions to
the RMP regulations completed since 2017; incorporating consideration
of climate change risks and impacts into the regulations; and expanding
the application of environmental justice in the RMP. Input from these
public listening sessions will be used to inform the EPA's efforts to
improve the RMP regulations and better protect the nation from chemical
accidents. OSHA is also interested in obtaining perspectives on issues
relevant to the PSM standard.
    This notice is not a proposed rulemaking nor is it a
reconsideration under CAA section 307(d)(7)(B) of any previous
rulemaking. It is an information-gathering exercise to assist EPA in
its review as called for under E.O. 13990. Therefore, EPA does not
intend to prepare a response to comment document like those prepared
for rulemakings. Similarly, OSHA does not intend to prepare a response
to the perspectives on PSM offered at these sessions. Instead, in any
future rulemaking action, EPA (or OSHA) may draw on the input received
in these listening sessions to inform a future proposal, and, in the
course of responding to comments on any such future proposed rule, will
address similar, relevant comments raised as comments on that notice of
proposed rulemaking as appropriate.

C. Stakeholder Involvement

    Obtaining stakeholder input is critical to the success of E.O.
13990. In particular, the Agency is interested in hearing from the
following stakeholders: Industry sectors regulated under the RMP rule
such as chemical manufacturers, chemical storage companies, and
agricultural supply companies, state and local regulators, chemical
critical infrastructure owners and operators, first responders, labor
organizations representing affected workers, environmental and
community groups, academic institutions, consensus standards
organizations, and individuals of the general public. Stakeholders
considering participating in these listening sessions or otherwise
providing comments in response to this notice should submit any written
material by July 15, 2021 to allow EPA to consider your points in
developing any future regulatory proposal.

Donna Salyer,
Acting Director, Office of Emergency Management.
[FR Doc. 2021-11280 Filed 5-27-21; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 78, Number 183 (Friday, September 20, 2013)]
[Notices]
[Pages 57909-57911]
[FR Doc No: 2013-22882]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70418; File No. SR-NASDAQ-2013-115]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
Adopt Fees and Fee Waivers for Certain Exchange Traded Products

September 16, 2013.
    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 September 3, 2013 The NASDAQ Stock Market LLC (``NASDAQ'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items, II, and III below, which Items have been prepared by the
Exchange. 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.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    The Exchange proposes to adopt fees for certain exchange traded
products and to expand existing fee waivers to include these
securities.
    The text of the proposed rule change is available at the Exchange's
Web site

at http://nasdaq.cchwallstreet.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

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 Exchange 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 Exchange 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
    NASDAQ recently adopted rules to list a number of new types of
exchange traded products.\3\ However, at the time, NASDAQ did not
specify fees applicable to certain of these products. Specifically,
while Rule 5710(j) provides that Linked Securities, including the New
Linked Securities, are treated as ``Other Securities'' for fee
purposes, no fees were specified for the other products approved for
listing under those new standards (the ``Other New Products'').\4\ As
such, the Other New Products are subject to the fees set forth in Rule
5910, which describes the fees charged to securities listed on the
Global Market not otherwise identified in the Rule 5900 Series.
---------------------------------------------------------------------------

    \3\ Securities Exchange Act Release No. 66648 (March 23, 2012),
77 FR 19428 (March 30, 2012) (SR-NASDAQ-2012-013). In this filing,
NASDAQ adopted standards to list the following Exchange Traded
Products: Equity Index-Linked Securities, Commodity-Linked
Securities, Fixed Income Index-Linked Securities, Futures-Linked
Securities, and Multifactor Index-Linked Securities (collectively,
the ``New Linked Securities''); Index-Linked Exchangeable Notes;
Equity Gold Shares; Trust Certificates; Commodity-Based Trust
Shares; Currency Trust Shares; Commodity Index Trust Shares;
Commodity Futures Trust Shares; Partnership Units; Trust Units;
Managed Trust Securities; and Currency Warrants.
    \4\ Fees for Other Securities are set forth in Rule 5930. The
proposed rule change would not change the treatment of Linked
Securities, although it would modify the title and text of Rule 5930
to provide additional transparency to the fact that Linked
Securities are subject to that Rule.
---------------------------------------------------------------------------

    NASDAQ now proposes to modify its fee schedule to provide that the
fees set forth in Rule 5940 \5\ are applicable to any security listed
under the Rule 5700 Series for which no other fee schedule is
specified.\6\ As such, the Other New Products, which qualify for
listing under Rules 5711 and 5720, would be subject to the fees
contained in Rule 5940, rather than the higher fees under Rule 5910.\7\
In addition, the proposed change would result in Trust Issued Receipts,
listed under Rule 5720, and Index Warrants, listed under Rule 5725,
also being subject to the lower fee schedule in Rule 5940. NASDAQ
believes that these lower fees are appropriate as the Other New
Products, Trust Issued Receipts and Index Warrants are generally
similar to the exchange traded funds currently charged fees under Rule
5940.\8\
---------------------------------------------------------------------------

    \5\ Rule 5940 sets forth the fees applicable to Portfolio
Depository Receipts, Index Fund Shares, and Managed Fund Shares.
    \6\ NASDAQ also proposes to change the title of Rule 5940 to
reflect this broader applicability.
    \7\ The entry fee under Rule 5940 is $5,000 and annual fees
range from $6,500 to $14,500. The entry fees under Rule 5910 ranges
[sic] from $125,000 to $225,000 and annual fees range from $35,000
to $99,500.
    \8\ NASDAQ also notes that NYSE Arca charges the issuers of the
Other New Products and Trust Issued Receipts under its fee schedule
for Derivative Securities Products, which is the same fee schedule
applicable to exchange traded funds. See footnote 3 to NYSE Arca
Equities: Listing Fees. Index Warrants listed on NYSE Arca also are
not subject to the fee schedule applicable to common and preferred
stock, but are treated as Structured Products. See footnote 4 to
NYSE Arca Equities: Listing Fees. Similarly, BATS Exchange charges
all exchange traded products a different fee schedule than operating
companies. See BATS Rules 14.13(a)(A)(1)(C) and 14.13(a)(A)(2)(C).
---------------------------------------------------------------------------

    In addition, NASDAQ rules currently provide that the entry and
application fees payable under Rules 5910 and 5920 are not applicable
to a company with respect to any securities that are listed on another
national securities exchange if the company transfers its listing
exclusively to NASDAQ.\9\ Similarly, IM-5900-4 provides that NASDAQ
will waive a portion of the annual fees otherwise payable under Rules
5910 and 5920 for a company that is listed on another national
securities exchange if the company transfers its listing exclusively to
NASDAQ.\10\ These rules were adopted to encourage issuers to transfer
from another exchange (where they already paid listing fees) to NASDAQ
and thereby enhance competition among exchanges.\11\ NASDAQ believes
that this same rationale applies to exchange traded products and
therefore proposes to provide that an identical waiver applies to the
entry and application fees set forth in Rules 5930 and 5940, and to
expand the annual fee waiver in IM-5900-4 to also include annual fees
assessed under Rules 5930 and 5940.\12\
---------------------------------------------------------------------------

    \9\ Rules 5910(a)(7) and 5920(a)(7).
    \10\ In the year a transfer is made, the company receives a
credit in the pro-rated amount of any annual listing fees paid to
the former exchange for the period of time after the transfer. This
credit offsets, and cannot exceed, the annual fee otherwise due to
NASDAQ for that period.
    \11\ Securities Exchange Act Release No. 51004 (January 10,
2005), 70 FR 2917 (January 18, 2005) (SR-NASD-2004-140) (waiver of
initial listing fees); Securities Exchange Act Release No. 53696
(April 21, 2006), 71 FR 25273 (April 28, 2006) (SR-NASD-2006-047)
(waiver of annual fees).
    \12\ NASDAQ notes that NYSE Arca and BATS each waive fees for
exchange traded products that switch from another exchange. See
commentary .04 to NYSE Arca Equities: Listing Fees and BATS Rules
14.13(a)(A)(1)(F).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \13\ in general, and with Sections 6(b)(4), (5) and (8)
of the Act,\14\ in particular, in that it provides for the equitable
allocation of reasonable dues, fees and other charges among members and
issuers and other persons using any facility or system which the
Exchange operates or controls; is not designed to permit unfair
discrimination between customers, issuers, brokers, or dealers; and
does not impose any burden on competition not necessary or appropriate
in furtherance of the purposes of the Act.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78f(b).
    \14\ 15 U.S.C. 78f(b)(4), (5) and (8).
---------------------------------------------------------------------------

    The Exchange believes that the proposed fees are consistent with
Section 6(b)(4) of the Act for multiple reasons. First, NASDAQ notes
that it operates in a highly competitive market in which market
participants can choose not to list on NASDAQ, or readily switch
exchanges, if they deem listing fees excessive.\15\ In such an
environment NASDAQ must continually review the fees it charges to
assure that they are reasonable and equitably allocated to remain
competitive with other markets. The proposed waivers are also equitable
in that they recognize that a company switching from another exchange
has already paid fees to that exchange for similar services. Further,
it is NASDAQ's experience that less work is required on an application
for a security listed on another exchange, and the fee waiver reflects
that experience. NASDAQ also believes that the proposed fees and
waivers are equitable because they would apply equally to all companies
listing exchange traded

products under the applicable provisions of the Rule 5700 Series.
---------------------------------------------------------------------------

    \15\ The Justice Department has noted the intense competitive
environment for exchange listings. See ``NASDAQ OMX Group Inc. and
IntercontinentalExchange Inc. Abandon Their Proposed Acquisition Of
NYSE Euronext After Justice Department Threatens Lawsuit'' (May 16,
2011), available at http://www.justice.gov/atr/public/press_releases/2011/271214.htm.
---------------------------------------------------------------------------

    The Exchange also believes that the proposed fees and waivers are
consistent with Section 6(b)(5) of the Act in that the fees are non-
discriminatory. As noted, the proposed fees would apply equally to all
companies listing exchange traded products under the applicable
provisions of the Rule 5700 Series. In addition, applying the existing
fee schedule to all unspecified exchange traded products eliminates an
inconsistency in the fees currently charged by NASDAQ where some
similar products are charged lower fees, and is thereby designed to
equitably allocate fees and not permit unfair discrimination between
issuers of similar products.
    Finally, the Exchange believes the proposed fees and waivers are
consistent with Section 6(b)(8) of the Act in that they do not impose a
burden on competition not necessary or appropriate in furtherance of
the purposes of the Act. Rather, the proposed rule change will adopt
lower fees for issuers of exchange traded products, thereby enhancing
competition among exchanges.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. Rather, by adopting fees for
specific types of products similar to those fees in place at NYSE Arca
and BATS, and by waiving fees for transfers of exchange traded products
from other exchanges, the proposed rule change will promote competition
for the listing of these products.

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

    No written comments were either solicited or received.

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) of the Act \16\ and paragraph (f) of Rule 19b-4
thereunder.\17\
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78s(b)(3)(A).
    \17\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

    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.

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-NASDAQ-2013-115 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2013-115. 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 on official business
days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such
filing also will be available for inspection and copying at the
principal offices 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-NASDAQ-2013-115, and should be submitted on or before
October 11, 2013.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

    \18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-22882 Filed 9-19-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: June 21, 2010 (Volume 75, Number 118)]
[Notices]
[Page 35111-35113]
[DOCID:fr21jn10-149]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62297; File No. SR-NASDAQ-2010-073]

Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change by The NASDAQ Stock Market LLC
To Establish a Short Term Option Program

June 15, 2010.
    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 June 14, 2010, The NASDAQ Stock Market LLC (``NASDAQ'') filed with
the Securities and Exchange Commission (``SEC'' or ``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by NASDAQ. 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.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    NASDAQ is filing with the Securities and Exchange Commission
(``SEC'' or ``Commission'') a proposal for the NASDAQ Options Market
(``NOM'' or ``Exchange'') to amend Chapter IV, Section 6 (Series of
Options Contracts Open for Trading) and Chapter XIV, Section 11 (Terms
of Index Options Contracts) in order to list option series that expire
one week after being opened for trading; to add the definition of Short
Term Option Series to Chapter I, Section 1 (Definitions) and Chapter
XIV, Section 2 (Definitions); and to make non-substantive changes to
the language of Chapter IV, Section 6, Chapter I, Section 1, and
Chapter XIV, Section 2.
    The text of the proposed rule change is available from NASDAQ's Web
site at http://nasdaq.cchwallstreet.com/Filings/, at NASDAQ's principal
office, on the Commission's Web site at http://www.sec.gov, and at the
Commission's Public Reference Room.

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

    In its filing with the Commission, NASDAQ 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. NASDAQ 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
    The purpose of this proposal is to amend Chapter IV, Section 6 and
Chapter XIV, Section 11 to establish a short term option program on the
Exchange (``STO Program'' or ``Short Term Option Program'') by
proposing to add new Chapter IV, Section 6, Supplementary Material .07
to Section 6 and Chapter XIV, Section 11(h) in order to list option
series that expire one week after being opened for trading (``Short
Term Option Series'' or ``STO''). The Exchange also proposes to add the
definition of Short Term Option Series to Chapter I, Section 1 and
Chapter XIV, Section 2; \3\ and to make non-substantive changes to
conform the language of Chapter IV, Section 6, Chapter I, Section 1,
and Chapter XIV, Section 2 and delete unnecessary language.
---------------------------------------------------------------------------

    \3\ Short Term Option Series is defined as: A series in an
option class that is approved for listing and trading on the
Exchange in which the series is opened for trading on any Thursday
or Friday that is a business day and that expires on the Friday of
the next business week. If a Thursday or Friday is not a business
day, the series may be opened (or shall expire) on the first
business day immediately prior to that Thursday or Friday,
respectively. Proposed Chapter I, Section 1(a)(58) and Chapter XIV,
Section 2(n).
---------------------------------------------------------------------------

    The Commission approved the Short Term Option Program on a pilot
basis in 2005 and approved permanent establishment of the Short Term
Option Program in 2009 on behalf of Chicago Board Options Exchange
(``CBOE'') in its Rules 5.5 and 24.9.\4\ Thereafter, CBOE amended Rules
5.5 and 24.9 to permit opening Short Term Option Series not just on
Friday but also on Thursday.\5\ The Exchange's proposal is based
directly on the short term option program (Weeklys Program) in CBOE
Rules 5.5 and 24.9.
---------------------------------------------------------------------------

    \4\ CBOE refers to its short term option program as the
``Weeklys Program.'' See Securities Exchange Act Release Nos. 52011
(July 12, 2005), 70 FR 41451 (July 19, 2005) (SR-CBOE-2004-63)
(approval order establishing Weeklys Pilot Program) and 59824 (April
27, 2009), 74 FR 20518 (May 4, 2009) (SR-CBOE-2009-018) (approval
order permanently establishing Weeklys Program).
    Other options exchanges have also established short term option
series pilots (but have not made them permanent). See Securities
Exchange Act Release Nos. 52012 (July 12, 2005), 70 FR 41246 (July
18, 2005) (SR-ISE-2005-17) (approval order establishing short term
option series pilot); 52013 (July 12, 2005), 70 FR 41471 (July 19,
2005) (SR-PCX-2005-32) (approval order establishing short term
option series pilot); 52014 (July 12, 2005), 70 FR 41244 (July 18,
2005) (SR-AMEX-2005-035) (approval order establishing short term
option series pilot).
    \5\ See Securities Exchange Act Release No. 62170 (May 25,
2010), 75 FR 30889 (June 2, 2010) (SR-CBOE-2010-048) (notice of
filing and immediate effectiveness allowing opening Short Term
Option Series on any Thursday or Friday).
---------------------------------------------------------------------------

    Specifically, the Exchange proposes to establish a Short Term
Option Program for non-index options (e.g., equity options and ETF
options) in new Chapter IV, Section 6, Supplementary Material .07 to
Section 6; and for index options in new Chapter XIV, Section 11(h). The
Short Term Option Program allows the Exchange to list and trade Short
Term Option Series. Thus, after an option class has been approved for
listing and trading on the Exchange, the Exchange may open for trading
on any Thursday or Friday that is a business day (``Short Term Option
Opening Date'') series of options on that class that expire on the
Friday of the following business week that is a business day (``Short
Term Option Expiration Date''). If the Exchange is not open for
business on the respective Thursday or Friday, the Short Term Option
Opening Date will be the first business day immediately prior to that
respective Thursday or Friday. Similarly, if the Exchange is not open
for business on the Friday of the following business week, the Short
Term Option Expiration Date will be the first business day immediately
prior to that Friday.\6\
---------------------------------------------------------------------------

    \6\ See proposed Chapter IV, Section 6, Supplementary Material
.07 to Section 6 and Chapter XIV, Section 11(h).
---------------------------------------------------------------------------

    Under the STO Program, the Exchange may select up to five approved
option classes on which Short Term Option Series could be opened. The
Exchange also may list Short Term Option Series on any option classes
that are selected by other securities exchanges that employ a similar
program under their respective rules.\7\
---------------------------------------------------------------------------

    \7\ See proposed Chapter IV, Section 6, Supplementary Material
.07(a) to Section 6 and Chapter XIV, Section 11(h)(l)(i).
---------------------------------------------------------------------------

    For each class selected for the STO Program, the Exchange may open
up to twenty Short Term Option Series for each expiration date in that
class, with approximately the same number of strike prices above and
below the value of the underlying security or calculated index value at
about the time that the Short Term Option Series is opened. The
interval between strike prices on Short Term Option Series shall be the
same as the strike prices for series in that same option class that
expire in accordance with the normal monthly

expiration cycle.\8\ Any strike prices listed by the Exchange shall be
within thirty percent (30%) above or below the current value of the
underlying index.\9\
---------------------------------------------------------------------------

    \8\ See proposed Chapter IV, Section 6, Supplementary Material
.07(e) to Section 6 and Chapter XIV, Section 11(h)(l)(v).
    \9\ See proposed Chapter IV, Section 6, Supplementary Material
.07(c) to Section 6 and Chapter XIV, Section 11(h)(l)(iii).
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    If the Exchange opens less than twenty Short Term Option Series for
a given expiration date, additional series may be opened for trading on
the Exchange when the Exchange deems it necessary to maintain an
orderly market, to meet customer demand, or when the current value of
the underlying security or index moves substantially from the
previously listed exercise prices. The total number of series for a
given expiration date, however, will not exceed twenty series. Any
additional strike prices listed by the Exchange shall be within 30%
above or below the current price of the underlying security. The
Exchange may also open additional strike prices of Short Term Option
Series that are more than 30% above or below the current price of the
underlying security provided that demonstrated customer interest exists
for such series, as expressed by institutional, corporate or individual
customers or their brokers. Market-Makers trading for their own account
shall not be considered when determining customer interest under this
provision. Moreover, the opening of the new Short Term Option Series
shall not affect the series of options of the same class previously
opened.\10\
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    \10\ See proposed Chapter IV, Section 6, Supplementary Material
.07(d) to Section 6 and Chapter XIV, Section 11(h)(l)(iv).
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    The Short Term Option Program provides that no Short Term Option
Series may expire in the same week in which monthly option series on
the same class expire or, in the case of Quarterly Options Series, on
an expiration that coincides with an expiration of Quarterly Options
Series on the same class.\11\
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    \11\ See proposed Chapter IV, Section 6, Supplementary Material
.07(b) to Section 6 and Chapter XIV, Section 11(h)(l)(ii) Moreover,
the Exchange expects that Short Term Option Series will settle
(e.g., in terms of A.M. or P.M.) in the same manner as do the
monthly expiration series in the same option class.
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    With regard to the impact of this proposal on system capacity, the
Exchange has analyzed its capacity and represents that it and the
Options Price Reporting Authority (``OPRA'') have the necessary systems
capacity to handle the potential additional traffic associated with the
listing and trading of options pursuant to the Short Term Option
Program.
    Finally, the Exchange is proposing to make non-substantive changes
to conform the language of Chapter I, Section 1, Chapter IV, Section 6
and Chapter XIV, Section 2, and to delete unnecessary language. Thus,
the Exchange proposes to delete unnecessary language regarding
expiration in Chapter IV, Section 6(g) because expiration is discussed
in newly-added STO Program rule language, and conforms the noted NOM
rule language with CBOE Rules 5.5 and 24.9. The Exchange proposes to
add a definition of Quarterly Options Series (``QOS'') to Chapter I,
Section 1 and Chapter XIV, Section 2. The definition was inadvertently
left out when QOS listing standards were added for NOM,\12\ and the
addition conforms the noted NOM rule language to Phlx Rules 1000 and
1000A as well as the rules of CBOE.
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    \12\ See Securities Exchange Act Release No. 58209 (July 22,
2008), 73 FR 43966 (July 29, 2008) (SR-NASDAQ-2008-064) (notice of
filing and immediate effectiveness establishing quarterly option
series program as pilot).
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    The Exchange believes that the Short Term Option Program will
provide investors with a flexible and valuable tool to manage risk
exposure, minimize capital outlays, and be more responsive to the
timing of events affecting the securities that underlie options
contracts. The Exchange also believes that providing the flexibility to
list all Short Term Option series (equity and index) on any Thursday or
Friday will help implement the program more effectively and avoid
investor confusion.
    The Commission has requested, and the Exchange has agreed for the
purposes of this filing, to submit one report to the Commission
providing an analysis of the Exchange's Short Term Option Program (the
``Report''). The Report will cover the period from the date of
effectiveness of the STO Program through the first quarter of 2011, and
will describe the experience of the Exchange with the STO Program in
respect of the options classes included by the Exchange in such
program.\13\ The Report will be submitted by May 1, 2011, under
separate cover and will seek confidential treatment under the Freedom
of Information Act.
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    \13\ The Report would include the following: (1) Data and
written analysis on the open interest and trading volume in the
classes for which Short Term Option Series were opened; (2) an
assessment of the appropriateness of the option classes selected for
the STO Program; (3) an assessment of the impact of the STO Program
on the capacity of the Exchange, OPRA, and market data vendors (to
the extent data from market data vendors is available); (4) any
capacity problems or other problems that arose during the operation
of the STO Program and how the Exchange addressed such problems; (5)
any complaints that the Exchange received during the operation of
the STO Program and how the Exchange addressed them; and (6) any
additional information that would assist in assessing the operation
of the STO Program.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \14\ in general, and furthers the objectives of Section
6(b)(5) of the Act \15\ in particular, in that it is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, and to remove impediments to and perfect the mechanisms of
a free and open market and a national market system, by establishing a
Short Term Option Program that will provide investors with a flexible
and valuable tool to manage risk exposure, minimize capital outlays,
and be more responsive to the timing of events affecting the securities
that underlie option contracts.
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    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
result in 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

    Written comments were neither solicited nor received.

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

    Because the foregoing proposed rule change does not significantly
affect the protection of investors or the public interest, does not
impose any significant burden on competition, and, by its terms, does
not become operative for 30 days from the date on which it was filed,
or such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \16\ and Rule 19b-
4(f)(6) thereunder.\17\
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    \16\ 15 U.S.C. 78s(b)(3)(A). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Commission is waiving the five-day pre-filing requirement in
this case.
    \17\ 17 CFR 240.19b-4(f)(6).

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    The Exchange has requested that the Commission waive the 30-day
operative delay to permit the Exchange to compete with other exchanges
whose rules permit the listing of similar short term options
series.\18\ The Commission believes that waiver of the operative delay
is consistent with the protection of investors and the public interest
because the proposal is substantially similar to a rule of another
exchange that has been approved by the Commission.\19\ Therefore, the
Commission designates the proposal operative upon filing.\20\
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    \18\ See supra notes 4-5 and accompanying text.
    \19\ See Securities Exchange Act Release No. 59824 (April 27,
2009), 74 FR 20518 (May 4, 2009) (SR-CBOE-2009-018).
    \20\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate 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.

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-NASDAQ-2010-073 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2010-073. 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 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 a.m. and 3 p.m. 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-
NASDAQ-2010-073 and should be submitted on or before July 12, 2010.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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    \21\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-14966 Filed 6-18-10; 8:45 am]
BILLING CODE 8010-01-P