 [Federal Register Volume 76, Number 130 (Thursday, July 7, 2011)] [Unknown Section] [Pages 40208-40214] [FR Doc No: 2011-15505]

Vol. 76

Thursday,

No. 130

July 7, 2011

Part XXIII

Securities and Exchange Commission

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Semiannual Regulatory Agenda

Federal Register / Vol. 76, No. 130 / Thursday, July 7, 2011 /

Unified Agenda

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Ch. II

[Release Nos. 33-9194, 34-64021, IA-3168, IC-29593, File No. S7-09-11]

Regulatory Flexibility Agenda

AGENCY: Securities and Exchange Commission.

ACTION: Semiannual regulatory agenda.

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SUMMARY: The Securities and Exchange Commission is publishing an agenda

of its rulemaking actions pursuant to the Regulatory Flexibility Act

(RFA), (Pub. L. No. 96-354, 94 Stat. 1164) (Sep. 19, 1980). Information

in the agenda was accurate on March 3, 2011, the day on which the

Commission's staff completed compilation of the data. To the extent

possible, rulemaking actions by the Commission since that date have

been reflected in the agenda. The Commission invites questions and

public comment on the agenda and on the individual agenda entries.

    The Commission is now printing in the Federal Register, along with

our preamble, only those agenda entries for which we have indicated

that preparation of a Regulatory Flexibility Act analysis is required.

    The Commission's complete RFA agenda will be available online at

http://www.reginfo.gov.

DATES: Comments should be received on or before June 30, 2011.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/other.shtml); or

     Send an e-mail to<EMAIL_ADDRESS>Please include

File Number S7-09-11 on the subject line; or

     Use the Federal eRulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments.

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 No. S7-09-11. This file number

should be included on the subject line if email is used. To help us

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/other.shtml). Comments are

also available for website 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. All

comments received will be posted without change; we do not edit

personal identifying information from submissions. You should submit

only information that you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: Anne Sullivan, Office of the General

Counsel,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The RFA requires each Federal agency, during

April and October of each year, to publish in the Federal Register an

agenda identifying rules that the agency expects to consider in the

next 12 months that are likely to have a significant economic impact on

a substantial number of small entities (5 U.S.C. 602(a)). The RFA

specifically provides that publication of the agenda does not preclude

an agency from considering or acting on any matter not included in the

agenda and that an agency is not required to consider or act on any

matter that is included in the agenda (5 U.S.C. 602(d)). Actions that

do not have an estimated date are placed in the long-term category; the

Commission may nevertheless act on items in that category within the

next 12 months. The agenda includes new entries, entries carried over

from prior publications, and rulemaking actions that have been

completed (or withdrawn) since publication of the last agenda.

    The following abbreviations for the acts administered by the

Commission are used in the agenda:

``Securities Act''--Securities Act of 1933

``Exchange Act''--Securities Exchange Act of 1934

``Investment Company Act''--Investment Company Act of 1940

``Investment Advisers Act''--Investment Advisers Act of 1940

``Dodd-Frank Act''--Dodd-Frank Wall Street Reform and Consumer

Protection Act

    The Commission invites public comment on the agenda and on the

individual agenda entries.

    By the Commission.

    Dated: March 3, 2011.

Elizabeth M. Murphy,

Secretary.

          Division of Corporation Finance--Proposed Rule Stage

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                                                           Regulation

       Sequence No.                    Title             Identifier No.

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

451.......................  Voluntary Filers..........         3235-AK59

452.......................  Disqualification of Felons         3235-AK97

                             and Other ``Bad Actors''

                             From Rule 506 Offerings.

453.......................  Risk Disclosures..........         3235-AK58

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            Division of Corporation Finance--Final Rule Stage

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                                                           Regulation

       Sequence No.                    Title             Identifier No.

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

454.......................  Proxy Solicitation                 3235-AK28

                             Enhancements.

455.......................  Short-term Borrowings.....         3235-AK72

456.......................  Conflict Minerals.........         3235-AK84

457.......................  Disclosure of Payments By          3235-AK85

                             Resource Extraction

                             Issuers.

458.......................  Listing Standards for              3235-AK95

                             Compensation Committees.

459.......................  Net Worth Standard for             3235-AK90

                             Accredited Investors.

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           Division of Corporation Finance--Completed Actions

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

                                                           Regulation

       Sequence No.                    Title             Identifier No.

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

460.......................  Shareholder Approval of            3235-AK68

                             Executive Compensation

                             and Golden Parachute

                             Compensation.

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           Division of Investment Management--Final Rule Stage

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

                                                           Regulation

       Sequence No.                    Title             Identifier No.

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

461.......................  References to Credit               3235-AL02

                             Ratings in Certain

                             Investment Company Act

                             Rules and Forms.

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

          Division of Investment Management--Completed Actions

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

                                                           Regulation

       Sequence No.                    Title             Identifier No.

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

462.......................  Temporary Rule Regarding           3235-AJ96

                             Principal Trades With

                             Certain Advisory Clients.

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

          Division of Trading and Markets--Proposed Rule Stage

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

                                                           Regulation

       Sequence No.                    Title             Identifier No.

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

463.......................  Amendments to Rule 17a-5..         3235-AK56

464.......................  Publication or Submission          3235-AH40

                             of Quotations Without

                             Specified Information.

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

            Division of Trading and Markets--Final Rule Stage

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

                                                           Regulation

       Sequence No.                    Title             Identifier No.

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

465.......................  Transitional Registration          3235-AK69

                             as a Municipal Advisor.

466.......................  Consolidated Audit Trail..         3235-AK51

467.......................  Proposed Rules for                 3235-AK14

                             Nationally Recognized

                             Statistical Rating

                             Organizations.

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

           Division of Trading and Markets--Long-Term Actions

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                                                           Regulation

       Sequence No.                    Title             Identifier No.

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

468.......................  Confirmation of                    3235-AJ11

                             Transactions in Open-End

                             Management Investment

                             Company Shares, Unit

                             Investment Trust

                             Interests, and Municipal

                             Fund Securities Used for

                             Education Savings.

469.......................  Point-of-Sale Disclosure           3235-AJ12

                             of Purchases in Open-End

                             Management Investment

                             Company Shares, Unit

                             Investment Trust

                             Interests, and Municipal

                             Fund Securities Used for

                             Education Savings.

470.......................  Rule 15c-100: Schedule 15C         3235-AJ13

471.......................  Rule 15c-101: Schedule 15D         3235-AJ14

472.......................  Processing of                      3235-AH53

                             Reorganization Events,

                             Tender Offers, and

                             Exchange Offers.

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

           Division of Trading and Markets--Completed Actions

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                                                           Regulation

       Sequence No.                    Title             Identifier No.

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

473.......................  Risk Management Controls           3235-AK53

                             for Brokers or Dealers

                             With Market Access.

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SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Proposed Rule Stage

451. Voluntary Filers

    Legal Authority: Not Yet Determined

    Abstract: The Division is considering recommending that the

Commission propose amendments to require registrants who do not have a

filing obligation under the Exchange Act to file any reports with the

Commission in compliance with Commission rules.

    Timetable:

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               Action                    Date            FR Cite

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NPRM................................   03/00/12  .......................

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    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Sean Harrison, Division of Corporation Finance,

Securities and Exchange Commission, 100 F Street NE, Washington, DC

20549, Phone:<PHONE_NUMBER>.

    RIN: 3235-AK59

452.  Disqualification of Felons and Other ``Bad Actors'' From

Rule 506 Offerings

    Legal Authority: 15 U.S.C. 77c(a); 15 U.S.C. 77d; 15 U.S.C. 77s; 15

U.S.C. 77z-3

    Abstract: The Commission has acted to implement section 926 of the

Dodd-Frank Act by proposing rules to disqualify securities offerings

involving certain ``bad actors'' from eligibility for the exemptions

under Rule 506 of Regulation D.

    Timetable:

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               Action                    Date            FR Cite

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NPRM................................   06/01/11  76 FR 31518

NPRM Comment Period End.............   07/14/11  .......................

Final Action........................   07/00/11  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Johanna Vega Losert, Division of Corporation

Finance, Securities and Exchange Commission, 100 F Street NE,

Washington, DC 20845, Phone:<PHONE_NUMBER>, E-mail<EMAIL_ADDRESS>     RIN: 3235-AK97

453. Risk Disclosures

    Legal Authority: Not Yet Determined

    Abstract: The Division is considering recommending that the

Commission propose amendments to its rules and forms to consolidate and

enhance the risk disclosures provided by registrants.

    Timetable:

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               Action                    Date            FR Cite

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NPRM................................   03/00/12  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Jennifer Zepralka, Division of Corporation Finance,

Securities and Exchange Commission, 100 F Street NE, Washington, DC

20549, Phone:<PHONE_NUMBER>.

    RIN: 3235-AK58

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Final Rule Stage

454. Proxy Solicitation Enhancements

    Legal Authority: 15 U.S.C. 78n

    Abstract: The Commission adopted amendments in December 2009 to

enhance proxy disclosures. In the proposing release for those rules,

the Commission also proposed further amendments to its proxy rules to

clarify the manner in which they operate and address issues that have

arisen in the proxy solicitation process. The Division is considering

recommending that the Commission adopt amendments relating to the

outstanding proposals.

    Timetable:

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               Action                    Date            FR Cite

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NPRM................................   07/17/09  74 FR 35076

NPRM Comment Period End.............   09/15/09  .......................

Final Rule..........................   12/23/09  74 FR 68334

Final Rule Effective................   02/28/10  .......................

Final Action........................   12/00/11  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Mark W. Green, Division of Corporation Finance,

Securities and Exchange Commission, 100 F Street NE, Washington, DC

20549-0301, Phone:<PHONE_NUMBER>, E-mail<EMAIL_ADDRESS>     RIN: 3235-AK28

455.  Short-Term Borrowings

    Legal Authority: 15 U.S.C. 77a et seq.; 15 U.S.C. 78a et seq.

    Abstract: The Commission proposed revisions to rules to enhance the

disclosure that registrants provide about short-term borrowings.

    Timetable:

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

               Action                    Date            FR Cite

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

NPRM................................   09/28/10  75 FR 59866

NPRM Comment Period End.............   11/29/10  .......................

Final Action........................   06/00/11  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Christina Padden, Division of Corporation Finance,

Securities and Exchange Commission, 100 F Street NE, Washington, DC

20549, Phone:<PHONE_NUMBER>, E-mail<EMAIL_ADDRESS>     RIN: 3235-AK72

456.  Conflict Minerals

    Legal Authority: 15 U.S.C. 77g; 15 U.S.C. 77j; 15 U.S.C. 77s; 15

U.S.C. 78l; 15 U.S.C. 78m; 15 U.S.C. 78o; 15 U.S.C. 78w; PL. 111-203

sec 1502

    Abstract: The Commission proposed amendments to forms and rules to

implement the requirements of section 1502 of the Dodd-Frank Act. The

proposed amendments would require any reporting issuer for which

conflict minerals are necessary to the functionality or production of a

product manufactured or contracted to be manufactured by that issuer to

disclose in its annual report whether its conflict minerals originated

in the Democratic Republic of the Congo or an adjoining country. If so,

the issuer would be required to furnish a separate report as an exhibit

to the annual report that includes, among other matters, a description

of the measures taken by the issuer to exercise due diligence on the

source and chain of custody of its conflict minerals.

    Timetable:

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

               Action                    Date            FR Cite

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NPRM................................   12/23/10  75 FR 80948

NPRM Comment Period End.............   01/31/11  .......................

NPRM Comment Period Extended........   02/03/11  76 FR 6110

NPRM Comment Period Extended End....   03/02/11  .......................

Final Action........................   07/00/11  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: John Fieldsend, Division of Corporation Finance,

Securities and Exchange Commission, 100 F Street NE, Washington, DC

20549, Phone:<PHONE_NUMBER>, E-mail<EMAIL_ADDRESS>     RIN: 3235-AK84

457.  Disclosure of Payments by Resource Extraction Issuers

    Legal Authority: 15 U.S.C. 78q; Pub. L. 203-111 sec 1504

    Abstract: The Commission proposed rules pursuant to section 1504 of

the Dodd-Frank Act, which added section 13(q) to the Exchange Act.

Section 13(q) requires the Commission to adopt rules requiring resource

extraction issuers to disclose in their annual reports filed with the

Commission payments made to foreign governments or the U.S. federal

government for the purpose of the commercial development of oil,

natural gas, or minerals.

    Timetable:

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

               Action                    Date            FR Cite

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

NPRM................................   12/23/10  75 FR 80978

NPRM Comment Period End.............   01/31/11  .......................

NPRM Comment Period Extended........   02/03/11  76 FR 6111

NPRM Comment Period Extended End....   03/02/11  .......................

Final Action........................   07/00/11  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Elliot Staffin, Division of Corporation Finance,

Securities and Exchange Commission, 100 F Street, NE, Washington, DC

20549, Phone:<PHONE_NUMBER>, E-mail<EMAIL_ADDRESS>     RIN: 3235-AK85

458.  Listing Standards for Compensation Committees

    Legal Authority: Pub. L. 111-203 sec 952; 15 U.S.C. 78j-3

    Abstract: The Commission proposed a new rule and rule amendments to

implement the provisions of section 10C of the Exchange Act, which was

added by section 952 of the Dodd-Frank Act. Section 10C requires the

Commission to adopt rules directing the national securities exchanges

and national securities associations to adopt certain listing standards

with respect to compensation committees and compensation advisors.

Section 10C of the Exchange Act requires the Commission to adopt new

disclosure rules concerning the use of compensation consultants and

conflicts of interest.

    Timetable:

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

               Action                    Date            FR Cite

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

NPRM................................   04/06/11  76 FR 18966

NPRM Comment Period End.............   04/29/11  .......................

Final Action........................   07/00/11  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Sean Harrison, Division of Corporation Finance,

Securities and Exchange Commission, 100 F Street, NE, Washington, DC

20549, Phone:<PHONE_NUMBER>, E-mail<EMAIL_ADDRESS>     RIN: 3235-AK95

459.  Net Worth Standard for Accredited Investors

    Legal Authority: Pub. L. 111-203 sec 413(a); 15 U.S.C. 77c(b); 15

U.S.C. 77d(2)

    Abstract: The Commission proposed amendments to the accredited

investor standards in its rules under the Securities Act to reflect the

requirements of section 413(a) of the Dodd-Frank Act. Section 413(a)

requires the definitions of ``accredited investor'' in Securities Act

rules to exclude the value of a person's primary residence for purposes

of determining whether the person qualifies as an ``accredited

investor'' on the basis of having a net worth in excess of $1 million.

The Commission also proposed technical amendments to Form D and a

number of its rules to conform them to the language of section 413(a)

and to correct cross-references to former section 4(6) of the

Securities Act, which was renumbered section 4(5) by section 944 of the

Dodd-Frank Act.

    Timetable:

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

               Action                    Date            FR Cite

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

NPRM................................   01/31/11  76 FR 5307

NPRM Comment Period End.............   03/11/11  .......................

Final Action........................   06/00/11  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Anthony G. Barone, Division of Corporation Finance,

Securities and Exchange Commission, 100 F Street, NE, Washington, DC

20549, Phone:<PHONE_NUMBER>.

    RIN: 3235-AK90

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Corporation Finance

Completed Actions

460. Shareholder Approval of Executive Compensation and Golden

Parachute Compensation

    Legal Authority: Pub. L. 111-203 sec 951; 15 U.S.C. 78c(b); 15

U.S.C. 78m; 15 U.S.C. 78n; 15 U.S.C. 78w(a); 15 U.S.C. 78mm

    Abstract: The Commission adopted revisions to the proxy rules to

implement section 951 of the Dodd-Frank Act, which requires issuers to

conduct a separate shareholder advisory vote: (1) to approve the

compensation of executives; (2) to determine how often they will

conduct such votes and (3) to approve golden parachute compensation

arrangements when issuers are soliciting votes to approve merger or

acquisition transactions.

    Timetable:

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

               Action                    Date            FR Cite

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

NPRM................................   10/28/10  75 FR 66590

NPRM Comment Period End.............   11/18/10  .......................

Final Action........................   02/02/11  76 FR 6010

Final Action Effective..............   04/04/11  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Scott Hodgdon, Division of Corporation Finance,

Securities and Exchange Commission, 100 F Street, NE, Washington, DC

20549, Phone:<PHONE_NUMBER>.

    RIN: 3235-AK68

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Final Rule Stage

461.  References to Credit Ratings in Certain Investment

Company Act Rules and Forms

    Legal Authority: Not Yet Determined

    Abstract: The Commission proposed to amend two rules (Rules 2a-1

and 5b-3) and four forms (Forms N-2A, N-2, N-3, and N-MFP) under the

Investment Company Act that reference credit ratings and propose a new

rule under the Act that would set forth a credit quality standard in

place of a credit rating removed by the Dodd-Frank Act from section

6(a)(5)(A)(iv)(1) of the Investment Company Act. These proposals would

give effect to provisions of the Dodd-Frank Act that require removing

credit ratings from Commission regulations and adopting a credit

quality standard to replace the statutory credit rating references

eliminated by the Dodd-Frank Act.

    Timetable:

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

               Action                    Date            FR Cite

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

NPRM................................   03/09/11  76 FR 12896

NPRM Comment Period End.............   04/25/11  .......................

Final Action........................   07/00/11  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Anu Dubey, Division of Investment Management,

Securities and Exchange Commission, 100 F Street NE, Washington, DC

20549, Phone:<PHONE_NUMBER>.

    RIN: 3235-AL02

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Investment Management

Completed Actions

462. Temporary Rule Regarding Principal Trades With Certain Advisory

Clients

    Legal Authority: 15 U.S.C. 80b-6a; 15 U.S.C. 80b-11(a)

    Abstract: The Commission adopted an amendment to extend the sunset

date of Rule 206(3)-3T, a rule that provides investment advisers who

are also registered broker-dealers an alternative means of compliance

with the principal trading restrictions in section 206(3) of the

Investment Advisers Act.

    Timetable:

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

               Action                    Date            FR Cite

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

Interim Final Temporary Rule........   09/28/07  72 FR 55022

Interim Final Rule Effective........   09/30/07  .......................

Interim Final Rule Comment Period      11/30/07  .......................

 End.

Final Rule..........................   12/30/09  74 FR 69009

Final Rule Effective................   12/30/09  .......................

NPRM................................   12/06/10  75 FR 75650

NPRM Comment Period End.............   12/20/10  .......................

Temporary Final Rule................   12/30/10  75 FR 82236

Temporary Final Rule Effective......   12/30/10  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Matthew Goldin, Division of Investment Management,

Securities and Exchange Commission, 100 F Street NE, Washington, DC

20549, Phone:<PHONE_NUMBER>, Fax:<PHONE_NUMBER>, E-mail<EMAIL_ADDRESS>     RIN: 3235-AJ96

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Proposed Rule Stage

463. Amendments to Rule 17A-5

    Legal Authority: 15 U.S.C. 78q

    Abstract: The Division is considering recommending that the

Commission propose amendments to Rule 17a-5 dealing with, among other

things, broker-dealer custody of assets.

    Timetable:

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

               Action                    Date            FR Cite

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

NPRM................................   06/00/11  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Rebekah Goshorn, Division of Trading and Markets,

Securities and Exchange Commission, 100 F Street NE, Washington, DC

20549, Phone:<PHONE_NUMBER>, Fax:<PHONE_NUMBER>, E-mail:

<EMAIL_ADDRESS>     RIN: 3235-AK56

464. Publication or Submission of Quotations Without Specified

Information

    Legal Authority: 15 U.S.C. 78c; 15 U.S.C. 78j(b); 15 U.S.C. 78o(c);

15 U.S.C. 78o(g); 15 U.S.C. 78q(a); 15 U.S.C. 78w(a)

    Abstract: As part of its efforts to respond to fraud and

manipulation in the microcap securities market, the Commission proposed

amendments to Rule 15c2-11. These amendments would limit the rule's

piggyback provision and increase public availability of issuer

information. The amendments would expand the information review

requirements for non-reporting issuers and the documentation required

for significant relationships between the broker-dealer and the issuer

of the security to be quoted. Finally, the amendments would exclude

from the rule securities of larger, more liquid issuers.

    Timetable:

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

               Action                    Date            FR Cite

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

NPRM................................   02/25/98  63 FR 9661

NPRM Comment Period End.............   04/27/98  .......................

Second NPRM.........................   03/08/99  64 FR 11124

Second NPRM Comment Period End......   04/07/99  .......................

Second NPRM Comment Period Extended.   04/14/99  64 FR 18393

Comment Period End..................   05/08/99  .......................

Third NPRM..........................   09/00/11  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Victoria L. Crane, Division of Trading and Markets,

Securities and Exchange Commission, 100 F Street NE, Washington, DC

20549, Phone:<PHONE_NUMBER>, Fax:<PHONE_NUMBER>, E-mail<EMAIL_ADDRESS>     RIN: 3235-AH40

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Final Rule Stage

465. Transitional Registration as a Municipal Advisor

    Legal Authority: Pub. L. 111-203, sec 975

    Abstract: The Commission adopted an interim final temporary rule to

require all municipal advisors to register with it by October 1, 2010,

consistent with the Dodd-Frank Act.

    Timetable:

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

               Action                    Date            FR Cite

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

Interim Final Rule..................   09/08/10  75 FR 54465

Interim Final Rule Effective........   10/01/10  .......................

Interim Final Rule Comment Period      10/08/10  .......................

 End.

Interim Final Rule Effective Through   12/31/11  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Ira Brandriss, Division of Trading and Markets,

Securities and Exchange Commission, 100 F Street NE, Washington, DC

20549, Phone:<PHONE_NUMBER>, E-mail<EMAIL_ADDRESS>     RIN: 3235-AK69

466. Consolidated Audit Trail

    Legal Authority: 15 U.S.C. 78k-1(a); 15 U.S.C. 78q(a)

    Abstract: The Commission proposed a rule that would require

national securities exchanges and national securities associations to

act jointly in developing a national market system (NMS) plan to

develop, implement, and maintain a consolidated order tracking system,

or consolidated audit trail, with respect to the trading of NMS

securities.

    Timetable:

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

               Action                    Date            FR Cite

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

NPRM................................   06/08/10  75 FR 32556

NPRM Comment Period End.............   08/09/10  .......................

Final Action........................   06/00/11  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Jennifer L. Colihan, Division of Trading and

Markets, Securities and Exchange Commission, 100 F Street NE,

Washington, DC 20549, Phone:<PHONE_NUMBER>, E-mail<EMAIL_ADDRESS>     RIN: 3235-AK51

467. Proposed Rules for Nationally Recognized Statistical Rating

Organizations

    Legal Authority: 15 U.S.C. 78o-7; 15 U.S.C. 89q

    Abstract: The Commission proposed rule amendments and a new rule

that would require nationally recognized statistical rating

organizations (NRSROs) to furnish a new annual report by the firm's

designated compliance officers, to disclose additional information

about firm sources of revenue, and to make publicly available a

consolidated report about revenues attributable to persons paying the

NRSRO for the issuance or maintenance of a credit rating.

    Timetable:

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

               Action                    Date            FR Cite

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

NPRM................................   06/25/08  73 FR 36212

NPRM Comment Period End.............   07/25/08  .......................

Final Rule..........................   02/09/09  74 FR 6465

Second NPRM.........................   02/09/09  74 FR 6485

Second NPRM Comment Period End......   03/26/09  .......................

Final Rule..........................   12/04/09  74 FR 63832

Final Rule Effective................   02/01/10  .......................

Third NPRM..........................   12/04/09  74 FR 63866

Third NPRM Comment Period End.......   02/02/10  .......................

Final Action........................   03/00/12  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Sheila Swartz, Division of Trading and Markets,

Securities and Exchange Commission, 100 F Street NE, Washington, DC

20549, Phone:<PHONE_NUMBER>, Fax:<PHONE_NUMBER>, E-mail<EMAIL_ADDRESS>     RIN: 3235-AK14

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Long-Term Actions

468. Confirmation of Transactions in Open-End Management Investment

Company Shares, Unit Investment Trust Interests, and Municipal Fund

Securities Used for Education Savings

    Legal Authority: 15 U.S.C. 78j; 15 U.S.C. 78k; 15 U.S.C. 78o; 15

U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 78mm

    Abstract: The Commission proposed new Rule 15c2-2 under the

Exchange Act, together with accompanying Schedule 15C. The Commission

also proposed related amendments to Rule 10b-10. Proposed Rule 15c2-2

and Schedule 15C would provide for improved confirmation disclosure of

distribution costs and conflicts of interest associated with

transactions in mutual funds, municipal fund securities, and unit

investment trusts. The amendments to Rule 10b-10 in part would reflect

the new rule and would provide improved confirmation disclosure about

certain callable securities. They also would clarify that the

confirmation disclosure requirements do not determine broker-dealer

disclosure obligations under other provisions of the law.

    Timetable:

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

               Action                    Date            FR Cite

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

NPRM................................   02/10/04  69 FR 6438

NPRM Comment Period End.............   04/12/04  .......................

NPRM Comment Period Extended........   03/04/05  70 FR 10521

NPRM Comment Period End.............   04/04/05  .......................

Next Action Undetermined............  .........  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Alicia Goldin, Division of Trading and Markets,

Securities and Exchange Commission, 100 F Street NE, Washington, DC

20549, Phone:<PHONE_NUMBER>, Fax:<PHONE_NUMBER>, E-mail<EMAIL_ADDRESS>     RIN: 3235-AJ11

469. Point-of-Sale Disclosure of Purchases in Open-End Management

Investment Company Shares, Unit Investment Trust Interests, and

Municipal Fund Securities Used for Education Savings

    Legal Authority: 15 U.S.C. 78j; 15 U.S.C. 78k; 15 U.S.C. 78o; 15

U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 78mm

    Abstract: The Commission proposed new Rule 15c2-3 under the

Exchange Act, together with accompanying Schedule 15D. Proposed Rule

15c2-3 and Schedule 15D would provide for pre-transaction ``point of

sale'' disclosure of distribution costs and conflicts of interest

associated with transactions in mutual funds, municipal fund

securities, and unit investment trusts.

    Timetable:

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

               Action                    Date            FR Cite

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

NPRM................................   02/10/04  69 FR 6438

NPRM Comment Period End.............   04/12/04  .......................

NPRM Comment Period Extended........   03/04/05  70 FR 10521

NPRM Comment Period End.............   04/04/05  .......................

Next Action Undetermined............  .........  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Alicia Goldin, Division of Trading and Markets,

Securities and Exchange Commission, 100 F Street NE, Washington, DC

20549, Phone:<PHONE_NUMBER>, Fax:<PHONE_NUMBER>, E-mail<EMAIL_ADDRESS>     RIN: 3235-AJ12

470. Rule 15C-100: Schedule 15C

    Legal Authority: 15 U.S.C. 78j; 15 U.S.C. 78k; 15 U.S.C. 78o; 15

U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 78mm

    Abstract: The Commission proposed new Schedule 15C and Rules 15c2-2

and 15c2-3 under the Exchange Act, together with accompanying Schedule

15D. The Commission also proposed related amendments to Rule 10b-10.

Proposed Rules 15c2-2 and 15c2-3 and Schedules 15C and 15D would

provide for improved confirmation and pre-transaction ``point of sale''

disclosure of distribution costs and conflicts of interest associated

with transactions in mutual funds, municipal fund securities, and unit

investment trusts. The amendments to Rule 10b-10 in part would reflect

the new rules and would provide improved confirmation disclosure about

certain callable securities. They also would clarify that the

confirmation disclosure requirements do not determine broker-dealer

disclosure obligations under other provisions of the law.

    Timetable:

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

               Action                    Date            FR Cite

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

NPRM................................   02/10/04  69 FR 6438

NPRM Comment Period End.............   04/12/04  .......................

NPRM Comment Period Extended........   03/04/05  70 FR 10521

NPRM Comment Period End.............   04/04/05  .......................

Next Action Undetermined............  .........  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Alicia Goldin, Division of Trading and Markets,

Securities and Exchange Commission, 100 F Street NE, Washington, DC

20549, Phone:<PHONE_NUMBER>, Fax:<PHONE_NUMBER>, E-mail<EMAIL_ADDRESS>     RIN: 3235-AJ13

471. Rule 15C-101: Schedule 15D

    Legal Authority: 15 U.S.C. 78j; 15 U.S.C. 78k; 15 U.S.C. 78o; 15

U.S.C. 78q; 15 U.S.C. 78w(a); 15 U.S.C. 78mm

    Abstract: The Commission proposed new Rule 15c2-3 under the

Exchange Act, together with accompanying Schedule 15D. Proposed Rule

15c2-3 and Schedule 15D would provide for pre-transaction ``point of

sale'' disclosure of distribution costs and conflicts of interest

associated with transactions in mutual funds, municipal fund

securities, and unit investment trusts.

    Timetable:

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

               Action                    Date            FR Cite

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

NPRM................................   02/10/04  69 FR 6438

NPRM Comment Period End.............   04/12/04  .......................

NPRM Comment Period Extended........   03/04/05  70 FR 10521

NPRM Comment Period End.............   04/04/05  .......................

Next Action Undetermined............  .........  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Alicia Goldin, Division of Trading and Markets,

Securities and Exchange Commission, 100 F Street NE, Washington, DC

20549, Phone:<PHONE_NUMBER>, Fax:<PHONE_NUMBER>, E-mail<EMAIL_ADDRESS>     RIN: 3235-AJ14

472. Processing of Reorganization Events, Tender Offers, and Exchange

Offers

    Legal Authority: 15 U.S.C. 78b; 15 U.S.C. 78k-1(a)(1)(B); 15 U.S.C.

78n(d)(4); 15 U.S.C. 78o(c)(3); 15 U.S.C. 78o(c)(6); 15 U.S.C. 78q-

1(a); 15 U.S.C. 78q-1(d)(1); 15 U.S.C. 78w(a)

    Abstract: The Commission proposed amendments to Rule 17Ad-14 under

the Exchange Act. The amendments would require the establishment of

book-entry accounts in connection with reorganization events and would

give securities depositories up to 3 business days after the expiration

of a tender offer, exchange offer, or reorganization event to deliver

physical securities certificates to the agents.

    Timetable:

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

               Action                    Date            FR Cite

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

NPRM................................   09/04/98  63 FR 47209

NPRM Comment Period End.............   11/03/98  .......................

Next Action Undetermined............  .........  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Jerry Carpenter, Division of Trading and Markets,

Securities and Exchange Commission, 100 F Street NE, Washington, DC

20549, Phone:<PHONE_NUMBER>, Fax:<PHONE_NUMBER>, E-mail:

<EMAIL_ADDRESS>     RIN: 3235-AH53

SECURITIES AND EXCHANGE COMMISSION (SEC)

Division of Trading and Markets

Completed Actions

473. Risk Management Controls for Brokers or Dealers With Market Access

    Legal Authority: 15 U.S.C. 78b; 15 U.S.C. 78c(b); 15 U.S.C. 78k-1;

15 U.S.C. 78o; 15 U.S.C. 78q(a) and (b); 15 U.S.C. 78w(a)

    Abstract: The Commission adopted a new rule requiring brokers or

dealers with access to trading directly on an exchange or alternative

trading system, including those providing sponsored or direct market

access to customers or other persons, to implement risk management

controls and supervisory procedures reasonably designed to manage the

financial, regulatory, and other risks of this business activity.

    Timetable:

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

               Action                    Date            FR Cite

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

NPRM................................   01/26/10  75 FR 4007

NPRM Comment Period End.............   03/29/10  .......................

Final Action........................   11/15/10  75 FR 69792

Final Action Effective..............   01/14/11  .......................

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

    Regulatory Flexibility Analysis Required: Yes.

    Agency Contact: Theodore Venuti, Division of Trading and Markets,

Securities and Exchange Commission, 100 F Street NE, Washington, DC

20549, Phone:<PHONE_NUMBER>, Fax:<PHONE_NUMBER>, E-mail<EMAIL_ADDRESS>     RIN: 3235-AK53

[FR Doc. 2011-15505 Filed 7-6-11; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register: September 29, 2008 (Volume 73, Number 189)]
[Rules and Regulations]
[Page 56476-56477]
[DOCID:fr29se08-16]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2008-0881; Airspace Docket No. 08-AAL-23]

Revision of and Revocation to Compulsory Reporting Points; Alaska

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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

SUMMARY: This action revises the published description of three low
altitude Alaskan compulsory reporting points, two high altitude
reporting points, and revokes one high and low altitude reporting point
in the vicinity of Bethel and Ketchikan. Specifically, the FAA is
revising the description of CRACK, GARRS and MOCHA to address recent
technical adjustments to their actual locations. Additionally, the FAA
has determined that the FLUKE reporting point is no longer needed in
the National Airspace System (NAS).

DATES: Effective Date: 0901 UTC, November 20, 2008. The Director of the
Federal Register approves this incorporation by reference action under
1 CFR part 51, subject to the annual revision of FAA Order 7400.9 and
publication of conforming amendments.

FOR FURTHER INFORMATION CONTACT: Ken McElroy, Airspace and Rules,
Office of System Operations Airspace and AIM, Federal Aviation
Administration, 800 Independence Avenue, SW., Washington, DC 20591;
telephone:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

History

    The National Flight Data Center has identified these three
compulsory reporting points requiring their published description be
revised to align with their actual locations. No changes to routing or
procedures are taking place. One point, FLUKE is no longer needed for
air traffic control and is being revoked. Accordingly, since this is an
administrative change and does not involve a change in the dimension or
operating procedures of this airspace, notice and public procedure
under 5 U.S.C. 553(b) are unnecessary; a Notice

of Proposed Rulemaking is not required for this action.
    Alaskan Low Altitude Reporting Points are listed in paragraph 7004
of FAA Order 7400.9R signed August 15, 2007, and effective September
15, 2007, which is incorporated by reference in 14 CFR 71.1. Alaskan
High Altitude Reporting Points are listed in paragraph 7005 of FAA
Order 7400.9R signed August 15, 2007, and effective September 15, 2007,
which is incorporated by reference in 14 CFR 71.1. The Reporting Points
listed in this document will be revised subsequently in the Order.

The Rule

    This action amends Title 14 Code of Federal Regulations (14 CFR)
part 71 by revising the Low Altitude Reporting Points; CRACK, GARRS,
and MOCHA; and the High Altitude Reporting Points; GARRS, and MOCHA to
match the published description with their actual locations. The high
and low altitude reporting point FLUKE is being revoked.
    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
Therefore, this regulation: (1) Is not a ``significant regulatory
action'' under Executive Order 12866; (2) is not a ``significant rule''
under Department of Transportation (DOT) Regulatory Policies and
Procedures (44 FR 11034; February 26, 1979); and (3) does not warrant
preparation of a regulatory evaluation as the anticipated impact is so
minimal. Since this is a routine matter that will only affect air
traffic procedures and air navigation, it is certified that this rule,
when promulgated, will not have a significant economic impact on a
substantial number of small entities under the criteria of the
Regulatory Flexibility Act.
    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority.
    This rulemaking is promulgated under the authority described in
Subtitle VII, Part A, Subpart I, section 40103. Under that section, the
FAA is charged with prescribing regulations to assign the use of the
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it amends Low and High Altitude Compulsory Reporting Points in
Alaska.

Environmental Review

    The FAA has determined that this action qualifies for categorical
exclusion under the National Environmental Policy Act in accordance
with FAA Order 1050.1E, Environmental Impacts: Policies and Procedures.
This airspace action is not expected to cause any potentially
significant environmental impacts, and no extraordinary circumstances
exist that warrant preparation of an environmental assessment.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

Adoption of the Amendment

0
In consideration of the foregoing, the Federal Aviation Administration
amends 14 CFR part 71 as follows:

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

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

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

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order 7400.9R,
Airspace Designations and Reporting Points, signed August 15, 2007, and
effective September 15, 2007, is amended as follows:

Paragraph 7004 Alaskan Low Altitude Reporting Points.

* * * * *

CRACK: [Amended]

    Lat. 57[deg]20'48'' N., long. 159[deg]24'19'' W. (INT King
Salmon, AK, LOM 226[deg], Port Heiden, AK, NDB 314[deg] bearings).

GARRS: [Amended]

    Lat. 58[deg]19'06'' N., long. 161[deg]20'32'' W. (INT King
Salmon, AK, LOM 262[deg], Cape Newenham, AK, NDB 131[deg] bearings).

MOCHA: [Amended]

    Lat. 54[deg]30'24'' N., long. 133[deg]01'15'' W. (INT Nichols,
AK, NDB 236[deg], Sandspit, BC, Canada, NDB 331[deg] bearings).

FLUKE: [Revoked]

* * * * *

Paragraph 7005 Alaskan High Altitude Reporting Points.

* * * * *

GARRS: [Amended]

    Lat. 58[deg]19'06'' N., long. 161[deg]20'32'' W. (INT King
Salmon, AK, LOM 262[deg], Cape Newenham, AK, NDB 131[deg] bearings).

MOCHA: [Amended]

    Lat. 54[deg]30'24'' N., long. 133[deg]01'15'' W. (INT Annette
Island, AK, 237[deg], Sandspit, BC, Canada, 331[deg] radials).

FLUKE: [Revoked]

* * * * *

    Issued in Washington, DC, on September 12, 2008.
Edith V. Parish,
Manager, Airspace & Rules Group.
[FR Doc. E8-22648 Filed 9-26-08; 8:45 am]

BILLING CODE 4910-13-P


[Federal Register Volume 84, Number 247 (Thursday, December 26, 2019)]
[Notices]
[Pages 71016-71018]
[FR Doc No: 2019-27724]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87796; File No. SR-NYSEArca-2019-89]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Rule 6.60-
O (Price Protection--Orders)

December 18, 2019.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on December 5, 2019, NYSE Arca, Inc. (``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I and II below, which Items have been
prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    The Exchange proposes to amend Rule 6.60-O (Price Protection--
Orders) to modify and enhance certain of its current price protection
mechanisms. The proposed rule change is available on the Exchange's
website at www.nyse.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 self-regulatory organization
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 those 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 parts of such statements.

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

1. Purpose
    The Exchange proposes to amend paragraph (c) of Rule 6.60-O to
modify and enhance its Price Reasonability Checks for options orders to
sell puts or calls (the ``Sell Check''). As proposed, the Exchange
would enhance the Sell Checks applied when the National Best Bid
(``NBB'') is below a specified price and would exclude from the Sell
Check any Intermarket Sweep Orders, both of which changes would allow
for a more finely calibrated Sell Check.
Price Reasonability Checks
    The Exchange has in place various price check mechanisms that are
designed to prevent incoming orders from automatically executing at
potentially erroneous prices.\4\ In particular, the Exchange has Price
Reasonability Checks (``Price Checks'') for Limit Orders based on the
principle that an option order is in error and should be rejected (or
canceled) when the same result can be achieved on the market for the
underlying equity security at a lesser cost.\5\ The Price Checks are
based on the consolidated last sale price of the security underlying
the option, once the security opens for trading (or reopens following a
Trading Halt).\6\ The Exchange offers Price Checks for buy and sell
options orders.\7\ The proposed change relates only to the Price Checks
for sell options orders (i.e., the Sell Check).\8\
---------------------------------------------------------------------------

    \4\ See, e.g., Rules 6.60-O(a) (trading collars) and (b) (limit
order price filter), 6.61-O(a) (price protection for Market Maker
quotes).
    \5\ A Limit Order is an order to buy or sell a stated number of
option contracts at a specified price, or better. See Rule 6.62-
O(b).
    \6\ See Rule 6.60-O(c).
    \7\ The Price Checks--or arbitrage checks--for buy orders
operate as follows: Unless otherwise provided in Commentary .01 of
the Rule, the Exchange rejects or cancels any limit order to buy a
put option if the price of the order is equal to or greater than the
strike price of the option; and, the Exchange rejects or cancels any
limit order to buy a call option if the price of the order is equal
to or greater than the consolidated last sale price of the
underlying security, plus a dollar amount to be determined by the
Exchange and announced by Trader Update. See Rule 6.60-O(c)(1)(A),
(B).
    \8\ The proposed rule change would not impact the securities
that are excluded from the Price Checks per Commentary .01 to the
Rule, which currently are options series for which the underlying
security has a non-standard cash or stock deliverable as part of a
corporate action; options series for which the underlying security
is identified as OTC; option series on an index; and ByRDs. See
Commentary .01 to Rule 6.60-O.
---------------------------------------------------------------------------

    Current Rule 6.60-O(c)(2) sets forth the current Sell Check, which
is designed to protect sellers of calls and puts from presumptively
erroneous executions based on the ``Intrinsic Value'' of an option. The
Intrinsic Value of an option series is measured as the difference
between the strike price and the consolidated last sale price. A sell
order in a call series creates an obligation to sell the underlying
security at the strike price and a sell order in a put series creates
an obligation to buy the underlying security at the strike price. Thus,
the Intrinsic Value for a call option is equal to the consolidated last
sale price of the underlying security minus the strike price; whereas
the Intrinsic Value for a put option is equal to the strike price minus
the consolidated last sale price of the underlying security.\9\ Under
the current Rule, the Exchange rejects or cancels options Limit Orders
to sell a call or to sell a put if the price of the order is equal to
or lower than its Intrinsic Value, minus a threshold percentage
(``percentage threshold''), which is determined by the Exchange and
announced by Trader Update.\10\ The percentage threshold buffer is an
important aspect of the Sell Check because there may be situations in
which market participants willingly opt to execute certain trading
strategies even if such trade or trades occur for a price less than the
Intrinsic Value of the options series.\11\ Absent this percentage
threshold buffer, application of the Sell Check could result in the
rejection or cancelation of certain options sell orders where market
participants seek an execution.
---------------------------------------------------------------------------

    \9\ See Rule 6.60-O(c)(2).
    \10\ See Rule 6.60-O(c)(2)(A). The percentage threshold for sell
orders is currently set to twenty-five percent (25%). The Exchange
refers to this existing percentage threshold as the ``Regular
Intrinsic Value percentage threshold'' to differentiate from the
proposed threshold. See proposed Rule 6.60-O(c)(2)(A).
    \11\ For example, if the market participant is looking to close
out a position, it may be financially beneficial to pay a small
premium and close out the position rather than carry such position
to expiration and take delivery. See, e.g., Securities Exchange Act
Release No. 85922 (May 23, 2019), 84 FR 25093, 25094, fn10 (May 30,
2019) (SR-NYSEArca-2019-35) (immediately effective filing
implementing Price Checks, including the Sell Check).
---------------------------------------------------------------------------

Proposed Low Price Intrinsic Value Percentage Threshold
    The Exchange proposes to modify the Sell Check to introduce a
separate percentage threshold to better account for sell orders in
options series that are trading at relatively low prices so as to avoid
such orders potentially being (incorrectly) rejected or canceled.

Specifically, the Exchange would apply this modified check to limit
orders to sell when the NBB for the option series is equal to or below
a specified minimum price, as determined and announced by the Exchange
(the ``Minimum Price'').\12\ As proposed, if the Exchange receives an
order to sell a put or a call in an option series where the NBB ``is
equal to or below the Minimum Price,'' such order would be canceled or
rejected ``if the price of the order is equal to or lower than its
Intrinsic Value, minus a threshold percentage'' to be determined by the
Exchange and announced by Trader Update (the ``Low Price Intrinsic
Value percentage threshold'').\13\ The rule text would also make clear
that this Low Price Intrinsic Value percentage threshold would be
calculated as a percentage of the Intrinsic Value.\14\ The Exchange
believes this proposed modification would enable the Exchange to apply
a more finely calibrated Sell Check (i.e., to options orders trading at
or below a certain price), which is distinct from the Regular Intrinsic
Value percentage threshold, and should reduce the possibility of such
orders on lower-priced options being improperly canceled or
rejected.\15\
---------------------------------------------------------------------------

    \12\ See proposed Rule 6.60-O(c)(2)(A)(i) (providing that the
current Sell Check will apply to orders ``provided the NBB for the
option series is greater than'' the Minimum Price; otherwise the Low
Price Intrinsic Value percentage threshold would apply). See also
proposed Rule 6.60-O(c)(2)(A)(i) [sic].
    \13\ See proposed Rule 6.60-O(c)(2)(A)(i).
    \14\ See id.
    \15\ See id. The Exchange anticipates setting the Minimum Price
to $1.00 and the Low Price Intrinsic Value percentage threshold to
one hundred percent (100%) and whether and when these amounts change
would depend upon the interest and/or behavior of market
participants.
---------------------------------------------------------------------------

    As noted above, market participants may opt to willingly execute
trading strategies regardless of whether the result is an execution for
a price less than the Intrinsic Value of the options series. The Low
Price Intrinsic Value percentage threshold is designed to allow greater
flexibility to market participants submitting sell orders in option
series trading at lower prices. This would allow participants
additional opportunities to execute certain orders (rather than reject
or cancel), while still maintaining a tolerance range. Thus, the
proposal would protect investors by adding flexibility and sensitivity
to the Sell Check for orders in lower-priced options and allow the
balance of the Price Checks to continue to operate as intended.
    The following examples illustrate this proposed functionality.

Assumptions:
     Minimum Price is $1.00
     (Regular) Intrinsic Value percentage threshold is 25%
     Low Price Intrinsic Value percentage threshold is 100%
     Series A: XYZ DEC 136 Call
     XYZ Stock is trading at $136.36
Example 1: NBBO for Series A: (100) $2.00 x $3.00 (100)
     The NBB of $2.00 is above the Minimum Price (i.e., $1.00),
thus, the (Regular) Intrinsic Value percentage threshold, per Rule
6.60-O(c)(2)(A), applies.
     The Intrinsic Value of Series A is $0.36 ($136.36-
$136.00); and
     The lowest acceptable price for a sell in Series A is
$0.27 (after applying the 25% percentage threshold ($0.09)).
Example 2: NBBO for Series A: (100) $0.50 x $3.00 (100)
     The NBB of $0.50 is below the Minimum Price (i.e., $1.00),
thus, the Low Price Intrinsic Value percentage threshold, per proposed
Rule 6.60-O(c)(2)(A)(i), applies.
     The Intrinsic Value of Series A is $0.36 ($136.36-
$136.00); and
     The lowest acceptable price for a sell in Series A is
$0.00 (after applying the 100% percentage threshold ($0.36)) (i.e.,
there is no intrinsic check in this case).
ISOs Excluded From Sell Checks
    The Exchange also proposes to modify the Sell Check to exclude any
Intermarket Sweep Order or ISO.\16\ An ISO is a Limit Order for an
options series that instructs the Exchange to execute the order up to
the price of its limit, regardless of the NBBO.\17\ An OTP Holder may
submit an ISO to sell only if it has simultaneously routed one or more
additional ISOs, as necessary, to execute against the full displayed
size of any better-priced protected quotations for the options series
(i.e., the Protected Bid), with a price that is superior to the limit
of the ISO.\18\ Because an ISO is generally used when trying to sweep a
price level across multiple exchanges in an effort to post the balance
of an order without locking an away market, the Exchange believes it is
appropriate to exclude such orders from the Sell Check so as not to
interfere with the intended functioning of such order type.
---------------------------------------------------------------------------

    \16\ See proposed Rule 6.60-O(c)(2).
    \17\ See Rule 6.62-O(aa) (providing, in relevant part, that an
ISOs ``may only be entered with a time-in-force of IOC, and the
entering OTP Holder must comply with the provisions of Rule 6.92-
O(a)(8)'').
    \18\ See Rule 6.92-O(a)(8) (providing that an ISO is ``a limit
order for an options series that, simultaneously with the routing of
the ISO, one or more additional ISOs, as necessary, are routed to
execute against the full displayed size of any Protected Bid, in the
case of a limit order to sell, or any Protected Offer, in the case
of a limit order to buy, for the options series with a price that is
superior to the limit price of the ISO.'' See id. The rule further
provides that an OTP Holder may submit an ISO to the Exchange only
if it has simultaneously routed one or more additional ISOs to buy
(sell), as necessary, to execute against the full displayed size of
any Protected Bid (Protected Offer) for the options series with a
price that is superior to the limit price of the ISO). See id.
---------------------------------------------------------------------------

Implementation
    The Exchange will announce by Trader Update the implementation date
of the proposed rule change.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\19\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\20\ 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 regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system and, in general, to
protect investors and the public interest.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78f(b).
    \20\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In particular, the Exchange believes the proposed Sell Check as
modified to account for lower-priced options and to exclude ISOs would
protect investors and the public interest and maintain fair and orderly
markets by ensuring that properly entered orders are not inadvertently
rejected or canceled by the Exchange. In particular, the Low Price
Intrinsic Value percentage threshold would allow for better calibration
of the Sell Check (i.e., to options orders trading at or below a
certain price), which should reduce the possibility of such orders on
lower-priced options being improperly canceled or rejected. Under
certain circumstances, market participants may choose to execute
trading strategies regardless of whether the result is an execution for
a price less than the Intrinsic Value of the options series. The Low
Price Intrinsic Value percentage threshold (which is distinct from the
Regular Intrinsic Value percentage threshold) is designed to allow
greater flexibility to market participants submitting sell orders in
option series trading at lower prices. This would allow participants
additional

opportunities to execute certain orders (rather than reject or cancel),
while still maintaining a tolerance range. Thus, the proposal would
promote just and equitable principles of trade and would protect
investors by adding flexibility and sensitivity to the Sell Check for
orders in lower-priced options and allow the balance of the Price
Checks to continue to operate as intended.
    In addition, with regard to ISOs, the Exchange believes it is
appropriate to exclude such orders from the Sell Check to ensure that
the order type (as well as the Sell Check) operates as intended.
Moreover, modifying the rule to specify that ISOs would be excluded
from the Sell Check would add clarity and transparency to Exchange
rules.
    The Exchange is proposing the modifications to the Sell Check for
the benefit of, and in consultation with, OTP Holders and OTP Firms and
believes the proposed rule change would help to maintain a fair and
orderly market, and provide a valuable service to investors. In
particular, the proposed changes to the Sell Check are responsive to
member input regarding certain orders being erroneously rejected or
canceled by the Sell Check (either an ISO or a sell order on an option
series trading at a (relatively) low price). This proposal would thus
facilitate transactions in securities and perfect the mechanism of a
free and open market by providing OTP Holders and OTP Firms with
enhanced functionality that will assist them with managing their
portfolio and risk profile.

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. The proposed rule change
enhances the existing Sell Check for option orders of all OTP Holders
submitted to the Exchange and is designed to ensure that properly
entered orders are not inadvertently rejected or canceled by the
Exchange--insofar as the Sell Check would exclude (and not interfere
with the operation of) ISO orders, and, would apply a modified/more
finely calibrated percentage threshold to sell orders in option series
trading at a relatively low price.
    The Exchange further believes that because the proposed rule change
would be applicable to all OTP Holders it would not impose any burden
on intra-market competition that is not necessary or appropriate in
furtherance of the purposes of the Act.

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

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

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
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 \21\ and Rule 19b-
4(f)(6) thereunder.\22\
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    \21\ 15 U.S.C. 78s(b)(3)(A).
    \22\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
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 Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    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. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change should be approved or
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 email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2019-89 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2019-89. 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 website (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 website 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 the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEArca-2019-89 and should be submitted
on or before January 16, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
---------------------------------------------------------------------------

    \23\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2019-27724 Filed 12-23-19; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 234 (Tuesday, December 6, 2011)]
[Notices]
[Page 76155]
[FR Doc No: 2011-31168]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 14234-000]

Natural Currents Energy Services, LLC; Notice of Preliminary
Permit Application Accepted for Filing and Soliciting Comments, Motions
To Intervene, and Competing Applications

    On August 25, 2011, Natural Currents Energy Services, LLC filed an
application, pursuant to section 4(f) of the Federal Power Act,
proposing to study the feasibility of the Maurice River Tidal Energy
Project, which would be located on the Maurice River in Cumberland
County, New Jersey. The proposed project would not use a dam or
impoundment. 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.
    The proposed project would consist of: (1) Installation of 1 to 10
NC Sea Dragon or Red Hawk tidal turbines at a rated capacity of 100
kilowatts, (2) an estimated 700 meters in length of additional
transmission infrastructure, and (3) appurtenant facilities. The
project is estimated to have an annual minimum generation of 3,504,000
kilowatt-hours with the installation of 10 units.
    Applicant Contact: Mr. Roger Bason, Natural Currents Energy
Services, LLC, 24 Roxanne Boulevard, Highland, New York 12561, (845)
691-4009.
    FERC Contact: Woohee Choi<PHONE_NUMBER>.
    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. Comments, motions to intervene, notices of intent, and
competing applications may be filed electronically via the Internet.
See 18 CFR 385.2001(a)(1)(iii) and the instructions on the Commission's
Web site 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>or toll free at 1-(866) 208-3676,
or for TTY,<PHONE_NUMBER>. Although the Commission strongly encourages
electronic filing, documents may also be paper-filed. To paper-file,
mail an original and seven copies to: Kimberly D. Bose, Secretary,
Federal Energy Regulatory Commission, 888 First Street NE., Washington,
DC 20426.
    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-14234-000) in the docket number field to
access the document. For assistance, contact FERC Online Support.

    Dated: November 29, 2011.
Kimberly D. Bose,
Secretary.
[FR Doc. 2011-31168 Filed 12-5-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 78, Number 4 (Monday, January 7, 2013)]
[Rules and Regulations]
[Pages 885-887]
[FR Doc No: 2012-31560]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R08-OAR-2012-0446; FRL- 9765-6]

Approval and Promulgation of Air Quality Implementation Plans;
Utah; Determination of Clean Data for the 1987 PM10 Standard
for the Ogden Area

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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SUMMARY: EPA is finalizing a determination that the Ogden City
nonattainment area in Utah is currently attaining the 24-hour National
Ambient Air Quality Standard (NAAQS) for particulate matter with an
aerodynamic diameter of less than or equal to a nominal ten micrometers
(PM10) based on certified, quality-assured ambient air
monitoring data for the years 2009 through 2011. The State of Utah
submitted a letter dated March 30, 2000, requesting EPA to make a clean
data determination for the nonattainment

area of Ogden City. Given our determination that the Ogden City
nonattainment area is currently attaining the PM10 NAAQS,
EPA is also determining that Utah's obligation to make submissions to
meet certain Clean Air Act (CAA) requirements related to attainment of
the NAAQS is not applicable for as long as the Ogden City nonattainment
area continues to attain the NAAQS. This action is being taken under
the CAA.

DATES: This final rule is effective on February 6, 2013.

ADDRESSES: EPA has established a docket for this action under Docket ID
No. EPA-R08-OAR-2012-0446. All documents in the docket are listed in
the www.regulations.gov index. Although listed in the index, some
information is not publicly available, e.g., CBI or other information
whose disclosure is restricted by statute. Certain other material, such
as copyrighted material, will be publicly available only in hard copy.
Publicly available docket materials are available either electronically
in www.regulations.gov or in hard copy at the Air Program, U.S.
Environmental Protection Agency (EPA), Region 8, 1595 Wynkoop Street,
Denver, Colorado 80202-1129. EPA requests that if at all possible, you
contact the individual listed in the FOR FURTHER INFORMATION CONTACT
section to view the hard copy of the docket. You may view the hard copy
of the docket Monday through Friday, 8:00 a.m. to 4:00 p.m., excluding
Federal holidays.

FOR FURTHER INFORMATION CONTACT: Crystal Freeman, Air Program, U.S.
Environmental Protection Agency, Region 8, Mailcode 8P-AR, 1595
Wynkoop, Denver, Colorado 80202-1129,<PHONE_NUMBER>,
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Definitions

    For the purpose of this document, we are giving meaning to certain
words or initials as follows:
    (i) The words or initials Act or CAA mean or refer to the Clean Air
Act, unless the context indicates otherwise.
    (ii) The initials AQS mean or refer to EPA's Air Quality System
database.
    (iii) The words EPA, we, us or our mean or refer to the United
States Environmental Protection Agency.
    (iv) The initials NAAQS mean or refer to National Ambient Air
Quality Standard.
    (v) The initials PM10 mean or refer to particulate matter with an
aerodynamic diameter equal to or less than 10 micrometers (coarse
particulate matter).
    (vi) The initials RACM mean or refer to reasonably available
control measures.
    (vii) The initials RFP mean or refer to reasonable further
progress.
    (viii) The initials SIP mean or refer to State Implementation Plan.
    (ix) The words State or Utah mean the State of Utah, unless the
context indicates otherwise.
    (x) The initials UDEQ mean or refer to Utah Department of
Environmental Quality.

Table of Contents

    I. EPA's Proposed Action
    II. Response to Comments
    III. EPA Action
    IV. Statutory and Executive Order Reviews

I. EPA's Proposed Action

    On July 30, 2012, EPA proposed to find that the Ogden City
nonattainment area is currently attaining the 24-hour PM10
NAAQS based on certified and quality-assured data from the most recent
three-year period, 2009 through 2011, and to suspend certain CAA
requirements related to attainment for so long as the area continues to
attain the standard. See 77 FR 44544; (July 30, 2012).
    To summarize our proposed rule, we described the 24-hour
PM10 NAAQS, which is 150 micrograms per cubic meter ([mu]g/
m\3\), and reviewed the designation and classification of the Ogden
City nonattainment area for that standard. We then discussed how EPA
makes attainment determinations for PM10 and indicated that
the 24-hour PM10 NAAQS is attained when the expected number
of exceedances averaged over a three-year period is less than or equal
to one at the monitoring site within the nonattainment area. See 40 CFR
part 50, appendix K.
    We described Utah Department of Environmental Quality's (UDEQ's)
one PM10 monitoring site in the Ogden City nonattainment
area. We noted that UDEQ has certified the data it submits to EPA's Air
Quality System (AQS) database as quality-assured.
    Next, we reviewed the ambient PM10 data collected at the
monitor site in the Ogden City nonattainment area for the most recent
three-year period, 2009 through 2011. We concluded that the area is
attaining the PM10 standard because the expected number of
exceedances per year for 2009 through 2011 for the Ogden City
nonattainment area was equal to 1.0. For additional information on the
PM10 NAAQS, the designation and classification of the Ogden
City nonattainment area, the monitoring site, and the data we relied on
for our clean data determination, please see 77 FR 44544.
    In conjunction with, and based on, our proposed determination that
the Ogden City nonattainment area is currently attaining the
PM10 NAAQS, EPA proposed to determine that Utah's obligation
to submit revisions to the Utah State Implementation Plan (SIP) to meet
the following CAA requirements is not applicable for so long as the
Ogden City nonattainment area continues to attain the PM10
standard: The part D, subpart 4 obligation to provide an attainment
demonstration pursuant to section 189(a)(1)(B); the reasonably
available control measure (RACM) requirements of section 189(a)(1)(C);
the reasonable further progress (RFP) requirements of section 189(c);
and the attainment demonstration, RACM, RFP, and contingency measure
requirements of part D, subpart 1 contained in section 172. We proposed
to suspend these SIP requirements based on application of the Clean
Data Policy to the Ogden City nonattainment area. In doing so, we noted
that our application of the Clean Data Policy to the Ogden City
nonattainment area is consistent with a number of actions we have taken
for other PM10 nonattainment areas that we also determined
were attaining the NAAQS. For a detailed explanation of our Clean Data
Policy and its application to the Ogden City nonattainment area, please
see 77 FR 44544.

II. Response to Comments

    EPA's proposed action provided a 30-day public comment period.
During this period, we received no comments from the public.

III. EPA Action

    No comments were submitted to change our assessment of the 2009
through 2011 ambient PM10 data collected in the Ogden City
nonattainment area and related finding that the area is attaining the
NAAQS, or our application of the Clean Data Policy as described in our
proposed action. Therefore, EPA is finalizing its determination that
the Ogden City nonattainment area in Utah is currently attaining the
NAAQS for PM10.
    EPA is also taking final action to determine that Utah's obligation
to make SIP submissions to meet the following CAA requirements is not
applicable for as long as the Ogden City nonattainment area continues
to attain the PM10 NAAQS: The part D, subpart 4 obligation
to provide an attainment demonstration pursuant to section
189(a)(1)(B); the RACM requirements of section 189(a)(1)(C); the RFP

requirements of section 189(c); and the attainment demonstration, RACM,
RFP, and contingency measure requirements of part D, subpart 1
contained in section 172.
    This final action does not constitute a redesignation to attainment
under CAA section 107(d)(3) because Utah has not submitted a
maintenance plan and EPA has not approved such a plan for the Ogden
City nonattainment area as meeting the requirements of section 175A of
the CAA, nor has EPA determined that Utah has met the other CAA
requirements for redesignation. The classification and designation
status in 40 CFR part 81 remains moderate nonattainment for the Ogden
City nonattainment area until such time as EPA determines that Utah has
met the CAA requirements for redesignating the Ogden City nonattainment
area to attainment.

IV. Statutory and Executive Order Reviews

    With this action, we are making a determination regarding
attainment of the PM10 NAAQS based on air quality data and,
based on this determination, suspending certain Federal requirements.
Therefore, this action would not impose additional requirements beyond
those imposed by State law or by the CAA. For that reason, this action:
     Is not a ``significant regulatory action'' subject to
review by the Office of Management and Budget under Executive Order
12866 (58 FR 51735, October 4, 1993);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the Clean Air Act; and
     Does not provide EPA with the discretionary authority to
address disproportionate human health or environmental effects with
practical, appropriate, and legally permissible methods under Executive
Order 12898 (59 FR 7629, February 16, 1994).
    In addition, this proposed action does not have Tribal implications
as specified by Executive Order 13175 (65 FR 67249; November 9, 2000),
because the determinations discussed herein do not apply to Indian
Tribes and thus will not impose substantial direct costs on Tribal
governments or preempt Tribal law.
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the Clean Air Act, petitions for
judicial review of this action must be filed in the United States Court
of Appeals for the appropriate circuit by March 8, 2013. Filing a
petition for reconsideration by the Administrator of this final rule
does not affect the finality of this action for the purposes of
judicial review nor does it extend the time within which a petition for
judicial review may be filed, and shall not postpone the effectiveness
of such rule or action. This action may not be challenged later in
proceedings to enforce its requirements. (See section 307(b)(2) of the
CAA.)

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Incorporation by
reference, Intergovernmental relations, Particulate matter, Reporting
and recordkeeping requirements.

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

    Dated: December 17, 2012.
James B. Martin,
Regional Administrator, Region 8.
[FR Doc. 2012-31560 Filed 1-4-13; 8:45 am]
BILLING CODE 6560-50-P