[Federal Register Volume 87, Number 26 (Tuesday, February 8, 2022)]
[Rules and Regulations]
[Pages 7037-7042]
[FR Doc No: 2022-02536]

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DEPARTMENT OF COMMERCE

Bureau of Industry and Security

15 CFR Part 744

[Docket No.<PHONE_NUMBER>]
RIN 0694-AI69

Revisions to the Unverified List

AGENCY: Bureau of Industry and Security, Commerce.

ACTION: Final rule.

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SUMMARY: The Bureau of Industry and Security (BIS) is amending the
Export Administration Regulations (EAR) by adding thirty-three (33)
persons to the Unverified List (UVL). The thirty-three persons are
added to the UVL on the basis that BIS was unable to verify their bona
fides because an end-use check could not be completed satisfactorily
for reasons outside the U.S. Government's control.

DATES: This rule is effective: February 8, 2022.

FOR FURTHER INFORMATION CONTACT: Linda Minsker, Director, Office of
Enforcement Analysis, Phone:<PHONE_NUMBER> or by email at
[email protected].

SUPPLEMENTARY INFORMATION:

Background

    The Unverified List, found in supplement no. 6 to part 744 of the
EAR (15 CFR parts 730 through 774), contains the names and addresses of
foreign persons who are or have been parties to a transaction, as such
parties are described in Sec.  748.5 of the EAR, involving the export,
reexport, or transfer (in-country) of items subject to the EAR, and
whose bona fides (i.e., legitimacy and reliability relating to the end
use and end user of items subject to the EAR) BIS has been unable to
verify through an end-use check. BIS may add persons to the UVL when
BIS or Federal officials acting on BIS's behalf have been unable to
verify a foreign person's bona fides because an end-use check, such as
a pre-license check (PLC) or a post-shipment verification (PSV), cannot
be completed satisfactorily for reasons outside the U.S. Government's
control.
    There are occasions when, for a number of reasons, including but
not limited to reasons unrelated to the cooperation of the foreign
party subject to the end-use check, end-use checks cannot be completed.
For example, BIS sometimes initiates end-use checks but is unable to
complete them because the foreign party cannot be found at the address
indicated on the associated export documents and BIS cannot locate the
party by telephone or email. Additionally, BIS sometimes is unable to
conduct end-use checks when host government agencies do not respond to
requests to conduct end-use checks, prevent the scheduling of such
checks, or refuse to schedule them in a timely manner. Under
circumstances such as these, although BIS has an interest in informing
the public of its inability to verify the foreign party's bona fides,
there may not be sufficient information to add the foreign person at
issue to the Entity List under Sec.  744.11 of the EAR (Criteria for
revising the Entity List). In such circumstances, BIS may add the
foreign person to the UVL.
    Furthermore, BIS sometimes conducts end-use checks but cannot
verify the bona fides of a foreign party. For example, BIS may be
unable to verify bona fides if, during the conduct of an end-use check,
a recipient of items subject to the EAR is unable to produce the items
that are the subject of the end-use check for visual inspection or
provide sufficient documentation or other evidence to confirm the
disposition of the items. The inability of foreign persons subject to
end-use checks to demonstrate their bona fides raises concerns about
the suitability of such persons as participants in future exports,
reexports, or transfers (in-country) of items subject to the EAR and
indicates a risk that such items may be diverted to prohibited end uses
and/or end users. However, BIS may not have sufficient information to
establish that such persons are involved in activities described in
part 744 or 746 of the EAR, preventing the placement of the persons on
the Entity List. In such circumstances, the foreign persons may be
added to the UVL.
    As provided in Sec.  740.2(a)(17) of the EAR, the use of license
exceptions for exports, reexports, and transfers (in-country) involving
a party or parties to the transaction who are listed on the UVL is
suspended. Additionally, under Sec.  744.15(b) of the EAR, there is a
requirement for exporters, reexporters, and transferors to obtain (and
maintain a record of) a UVL statement from a party or parties to the
transaction who are listed on the UVL before proceeding with exports,
reexports, and transfers (in-country) to such persons, when the
exports, reexports and transfers (in-country) are not subject to a
license requirement.
    Requests for the removal of a UVL entry must be made in accordance
with Sec.  744.15(d) of the EAR. Decisions regarding the removal or
modification of UVL entry will be made by the Deputy Assistant
Secretary for Export Enforcement, based on a demonstration by the
listed person of its bona fides.

Changes to the EAR

Supplement No. 6 to Part 744 (``the Unverified List'' or ``UVL'')

    Along with the additions to the UVL detailed below, this rule also
changes the country name of ``China'' in the first column of the UVL to
the ``People's Republic of China.'' This change reflects how China is
described in the Entity List and Military End-User List, both
supplements to part 744. This rule adds thirty-three persons to the UVL
by amending Supplement No. 6 to part 744 of the EAR to include their
names and addresses. BIS is adding these persons pursuant to Sec.
744.15(c) of the EAR, on the basis that BIS could not verify their bona
fides because an end-use check on transactions subject to the EAR in
which these persons were parties could not be completed satisfactorily
for reasons outside the U.S. Government's control. This final rule
implements the decision to add the following thirty-three persons
located in China to the UVL:
    China, People's Republic of:

1. AECC South Industry Co., Ltd., Dongjiaduan, Lusong District,
Zhuzhou, Hunan Province, China
2. Beijing SWT Science, Yingbinbei Road 36, Yanjiao Economic &
Development Zone, Sanhe City, Hebei Province, China
3. Beijing Zhonghehangxun Technology Co., Ltd., Room 1705, Kaixuancheng
Building E, No. 170 Beiyuan Road, Chaoyang District, Beijing, China
4. China National Erzhong Group Deyang Wanhang Die Forging Co., Ltd.,
No. 460 Zhujiang Road West, Deyang City, Sichuan Province, China
5. Chuzhou HKC Optoelectronics Technology Co., Ltd., No.101 Suchu Ave.,
Economic and Technological Development Zone, Nanqiao District, Chuzhou,
Anhui Province 239000, China
6. Dongguan Durun Optical Technology Co., Ltd., Building M Shing'ang
Industrial Area, Houda Road, Dalingshan, Dongguan, Guangdong Province
523000, China
7. Dongguan Huiqun Electronic Co., Ltd., 30 Daling Street, Jiaoyitang,
Tangxia Town, Dongguan City, Guangdong Province 523723, China
8. Guangdong Guanghua Sci-Tech Co., No. 295 Daxue Road, Shantou,
Guangdong Province, China
9. Guangxi Intai Technology Co., Ltd., 1 Jianan Road, Liuzhou City,
Guangxi Province, China
10. Guangzhou Hymson Laser Tehnology Co., Ltd., No. 2 Shiling Road,
Dongchong Town, Nansha District, Guangzhou, Guangdong Province 511453,
China
11. Harbin Xinguang Feitian, 1717 Chuangxin Yi Road, Harbin,
Heilongjiang Province, China
12. Hefei Anxin Reed Precision Co., Ltd., No. 15 South Feiyang Road,
Dayang Industry Park, Luyang District, Hefei City, Anhui Province
230000, China
13. Heshan Deren Electronic Technology Co., Ltd., No. 13 Hongjiang
Road, Heshan Industry City, Heshan City, Guangdong Province 529728,
China
14. Hubei Longchang Optical Co., Ltd., No. 4 Group Lianhuayan Village,
Yaojiadian Town, Yidu City, Hubei Province 44300, China
15. Hubei Sinophorus Electronic Materials Co., Ltd., No. 66-3, Xiaoting
Road, Yichang, Hubei Province, China
16. Hunan University, State Key Lab of Chemo/Biosensing & Chemometrics,
Lushan Road, Yuelu District, Changsha, Hunan Province, China
17. Jinan Bodor CNC Machine Co., Ltd., 1299 Xinluo Ave., Hi-Tech Zone,
Jinan, Shandong Province, China
18. Jiutian Intelligent Equipment Co., Ltd., Woyun Road, Taohue
Industry Park, Hefei Economic Zone, Hefei, Anhui Province, China
19. Kunshan Heng Rui Cheng Industrial Technology Co., Ltd., No. 1088
Datong Road, Penglang Town, Kunshan Development Zone, Kunshan, Jiangsu
215300, China
20. Shanghai Fansheng Optoelectronic Science & Technology Co., Ltd.,
No. 56 Jungong Road, Yangpu District, Shanghai, China
21. Shanghai Micro Electronics Equipment (Group) Co., Ltd., No. 1525
Zhangdong Road, Zhangjiang Hi-Tech Park, Pudong, Shanghai, China
22. Shuang Xiang (Fujian) Electronics, No. 158 Jiangbin East Ave.,
Mawei, Fuzhou, Fujian 350300, China
23. Southern University of Science and Technology, Department of
Mechanical and Energy Engineering, 1088 Xueyuan Ave., Nanshan District,
Shenzhen, Guangdong 518055, China
24. Suzhou Chaowei Jingna Optoelectric Co., Ltd., No. 97-1 Dongyuan
Road, Jinting Town, Wuzhong District, Suzhou, Jiangsu, China
25. Suzhou Gyz Electronic Technology Co., Ltd., No. 629 Songjiagang
Road, Zhoushi Town, Kunshan City, Jiangsu Province 215314, China
26. Suzhou Lylap Mould Technology Co., Ltd., No. 66-26 Linggang Road,
Luzhi Town, Wuzhong District, Suzhou, Jiangsu Province, China
27. Wuxi Biologics Co., Ltd., No. 108, Warehouse, Meiliang Road, Mashan
Binghu, Wuxi, China, and
    No. 178 West Meiliang Road, Mashan Binghu District, Wuxi, China,
and
    No. 200 Meiling Road, Mashan Town, Binhu District, Wuxi City, China
28. Wuxi Biologics (Shanghai) Co., Ltd., Room 701, 7F, No. 02 Huajing
Road, Waigaoqiao Free Trade Zone, Shanghai, China, and
    Bldg. 71-B, 96 Yiwei Road, Waigaoqiao Free Trade Zone, Shanghai,
China
29. Wuxi Turbine Blade Co., Ltd., 1800 Huishan Avenue, Huishan Economic
Development District, Wuxi, Jiangsu Province, China
30. Yunnan Fs Optics Co., Ltd., Hongta Industrial Zone, Hongta
District, Yuxi, Yunnan Province, China
31. Yunnan Tianhe Optoelectronic Co., Ltd., Longquan Avenue, Longquan
Industrial Zone, Jiangchuan, Yuxi City, Yunnan Province, China
32. Zhengzhou Baiwai Intelligent Automation, National University Tech
Park, Changchun Road, #11 Hi-Tech District, Zhengzhou City, Henan
Province, China
33. Zhuzhou CRRC Special Equipment Technology Co., No. 79 Liancheng
Road, Shifeng District, Zhuzhou City, Hunan Province 412001, China

Export Control Reform Act of 2018

    On August 13, 2018, the President signed into law the John S.
McCain National Defense Authorization Act for Fiscal Year 2019, which
included the Export Control Reform Act of 2018 (ECRA), 50 U.S.C. 4801-
4852. ECRA provides the legal basis for BIS's principal authorities and
serves as the authority under which BIS issues this final rule.

Savings Clause

    Shipments (1) removed from license exception eligibility or that
are now subject to requirements in Sec.  744.15 of the EAR as a result
of this regulatory action; (2) eligible for export, reexport, or
transfer (in-country) without a license before this regulatory action;
and (3) on dock for loading, on lighter, laden aboard an exporting
carrier, or en route aboard a carrier to a port of export, on February
8, 2022, pursuant to actual orders, may proceed to that UVL listed
person under the previous license exception eligibility or without a
license so long as the items have been exported from the United States,
reexported or transferred (in-country) before March 11, 2022. Any such
items not actually exported, reexported, or transferred (in-country)
before midnight on March 10, 2022 are subject to the requirements in
Sec.  744.15 of the EAR in accordance with this regulation.

Rulemaking Requirements

Executive Order Requirements

    Executive Orders 13563 and 12866 direct agencies to assess all
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits (including potential economic, environmental, public
health and safety effects, distribute impacts, and equity). Executive
Order 13563 emphasizes the importance of quantifying both costs and
benefits, of reducing costs, of harmonizing rules, and of promoting
flexibility. This final rule has not been designated a ``significant
regulatory action'' under Executive Order 12866.
    This rule does not contain policies with federalism implications as
that term is defined under Executive Order 13132.

Paperwork Reduction Act Requirements

    Notwithstanding any other provision of law, no person is required
to respond to, nor is subject to a penalty for failure to comply with,
a collection of information, subject to the requirements of the
Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) (PRA), unless

that collection of information displays a currently valid Office of
Management and Budget (OMB) Control Number. This regulation involves
collections previously approved by OMB under the following control
numbers: 0694-0088, 0694-0122, 0694-0134, and 0694-0137.
    This rule slightly increases public burden in a collection of
information approved by OMB under control number 0694-0088, which
authorizes, among other things, export license applications. The
removal of license exceptions for listed persons on the Unverified List
will result in increased license applications being submitted to BIS by
exporters. Total burden hours associated with the Paperwork Reduction
Act and OMB control number 0694-0088 are expected to increase
minimally, as the removal of license exceptions will only affect
transactions involving persons added to the Unverified List and not all
export transactions. Because license exception eligibility is removed
for these entities added to the UVL, this rule decreases public burden
in a collection of information approved by OMB under control number
0694-0137 minimally, as this will only affect specific individual
listed persons. The increased burden under 0694-0088 is reciprocal to
the decreased burden under 0694-0137, and results in no change of
burden to the public. This rule also increases public burden in a
collection of information under OMB control number 0694-0122, as a
result of the exchange of UVL statements between private parties, and
under OMB control number 0694-0134, as a result of appeals from persons
listed on the UVL for the addition of their listing. The total increase
in burden hours associated with both of these collections is expected
to be minimal, as they involve a limited number of persons listed on
the UVL.
    Any comments regarding these burden estimates or any other aspect
of these collections of information, including suggestions for reducing
the burden, may be submitted online at https://www.reginfo.gov/public/do/PRAMain. Find the particular information collection by using the
search function and entering the OMB Control Number, 0694-0088, 0694-
0122, 0694-0134, or 0694-0137.
    Notwithstanding any other provision of law, no person is required
to respond to, nor shall any person be subject to a penalty for failure
to comply with a collection of information subject to the requirements
of the PRA, unless that collection of information displays a currently
valid OMB Control Number.

Administrative Procedure Act and Regulatory Flexibility Act
Requirements

    Pursuant to Section 4821 of ECRA, this action is exempt from the
Administrative Procedure Act (5 U.S.C. 553) requirements for notice of
proposed rulemaking and opportunity for public participation.
    Further, no other law requires notice of proposed rulemaking or
opportunity for public comment for this interim final rule. Because a
notice of proposed rulemaking and an opportunity for public comment are
not required under the Administrative Procedure Act or by any other
law, the analytical requirements of the Regulatory Flexibility Act (5
U.S.C. 601 et seq.) are not applicable.

List of Subjects in 15 CFR Part 744

    Exports, Reporting and recordkeeping requirements, Terrorism.

    Accordingly, part 744 of the Export Administration Regulations (15
CFR parts 730 through 774) is amended as follows:

PART 744--[AMENDED]

0
1. The authority citation for 15 CFR part 744 continues to read as
follows:

    Authority:  50 U.S.C. 4801-4852; 50 U.S.C. 4601 et seq.; 50
U.S.C. 1701 et seq.; 22 U.S.C. 3201 et seq.; 42 U.S.C. 2139a; 22
U.S.C. 7201 et seq.; 22 U.S.C. 7210; E.O. 12058, 43 FR 20947, 3 CFR,
1978 Comp., p. 179; E.O. 12851, 58 FR 33181, 3 CFR, 1993 Comp., p.
608; E.O. 12938, 59 FR 59099, 3 CFR, 1994 Comp., p. 950; E.O. 13026,
61 FR 58767, 3 CFR, 1996 Comp., p. 228; E.O. 13099, 63 FR 45167, 3
CFR, 1998 Comp., p. 208; E.O. 13222, 66 FR 44025, 3 CFR, 2001 Comp.,
p. 783; E.O. 13224, 66 FR 49079, 3 CFR, 2001 Comp., p. 786; Notice
of September 15, 2021, 86 FR 52069 (September 17, 2021); Notice of
November 10, 2021, 86 FR 62891 (November 12, 2021).

0
2. Supplement No. 6 to part 744 is amended by:
0
a. Removing the country name of ``CHINA'' in the first column and
adding ``CHINA, PEOPLE'S REPUBLIC OF'' in its place; and
0
b. Adding entities for ``AECC South Industry Co., Ltd.,'' ``Beijing SWT
Science,'' ``Beijing Zhonghehangxun Technology Co., Ltd.,'' ``China
National Erzhong Group Deyang Wanhang Die Forging Co., Ltd.,''
``Chuzhou HKC Optoelectronics Technology Co., Ltd.,'' ``Dongguan Durun
Optical Technology Co., Ltd.,'' ``Dongguan Huiqun Electronic Co.,
Ltd.,'' ``Guangdong Guanghua Sci-Tech Co.,'' ``Guangxi Intai Technology
Co., Ltd.,'' ``Guangzhou Hymson Laser Tehnology Co., Ltd.,'' ``Harbin
Xinguang Feitian,'' ``Hefei Anxin Reed Precision Co., Ltd.,'' ``Heshan
Deren Electronic Technology Co., Ltd.,'' ``Hubei Longchang Optical Co.,
Ltd.,'' ``Hubei Sinophorus Electronic Materials Co., Ltd.,'' ``Hunan
University,'' ``Jinan Bodor CNC Machine Co., Ltd.,'' ``Jiutian
Intelligent Equipment Co., Ltd.,'' ``Kunshan Heng Rui Cheng Industrial
Technology Co., Ltd.,'' ``Shanghai Fansheng Optoelectronic Science &
Technology Co., Ltd.,'' ``Shanghai Micro Electronics Equipment (Group)
Co., Ltd.,'' ``Shuang Xiang (Fujian) Electronics,'' ``Southern
University of Science and Technology,'' ``Suzhou Chaowei Jingna
Optoelectric Co., Ltd.,'' ``Suzhou Gyz Electronic Technology Co.,
Ltd.,'' ``Suzhou Lylap Mould Technology Co., Ltd.,'' ``Wuxi Biologics
Co., Ltd.,'' ``Wuxi Biologics (Shanghai) Co., Ltd.,'' ``Wuxi Turbine
Blade Co., Ltd.,'' ``Yunnan Fs Optics Co., Ltd.,'' ``Yunnan Tianhe
Optoelectronic Co., Ltd.,'' ``Zhengzhou Baiwai Intelligent
Automation,'' and ``Zhuzhou CRRC Special Equipment Technology Co.'' in
alphabetical order under ``CHINA, PEOPLE'S REPUBLIC OF''.
    The additions read as follows:

SUPPLEMENT NO. 6 TO PART 744--UNVERIFIED LIST

* * * * *

------------------------------------------------------------------------
                                                      Federal Register
           Country              Listed person and   citation and date of
                                     address             publication
------------------------------------------------------------------------

                              * * * * * * *
------------------------------------------------------------------------
CHINA, PEOPLE'S REPUBLIC OF.                   * * * * *
                              AECC South Industry   87 FR [INSERT
                               Co., Ltd.,            FEDERAL REGISTER
                               Dongjiaduan, Lusong   PAGE NUMBER] 2/8/
                               District, Zhuzhou,    2022.
                               Hunan Province,
                               China.
                                               * * * * *

                              Beijing SWT Science,  87 FR [INSERT
                               Yingbinbei Road 36,   FEDERAL REGISTER
                               Yanjiao Economic &    PAGE NUMBER] 2/8/
                               Development Zone,     2022.
                               Sanhe City, Hebei
                               Province, China.
                              Beijing               87 FR [INSERT
                               Zhonghehangxun        FEDERAL REGISTER
                               Technology Co.,       PAGE NUMBER] 2/8/
                               Ltd., Room 1705,      2022.
                               Kaixuancheng
                               Building E, No. 170
                               Beiyuan Road,
                               Chaoyang District,
                               Beijing, China.
                                               * * * * *
                              China National        87 FR [INSERT
                               Erzhong Group         FEDERAL REGISTER
                               Deyang Wanhang Die    PAGE NUMBER] 2/8/
                               Forging Co., Ltd.,    2022.
                               No. 460 Zhujiang
                               Road West, Deyang
                               City, Sichuan
                               Province, China.
                                               * * * * *
                              Chuzhou HKC           87 FR [INSERT
                               Optoelectronics       FEDERAL REGISTER
                               Technology Co.,       PAGE NUMBER] 2/8/
                               Ltd., No.101 Suchu    2022.
                               Ave., Economic and
                               Technological
                               Development Zone,
                               Nanqiao District,
                               Chuzhou, Anhui
                               Province 239000
                               China.
                                               * * * * *
                              Dongguan Durun        87 FR [INSERT
                               Optical Technology    FEDERAL REGISTER
                               Co., Ltd., Building   PAGE NUMBER] 2/8/
                               M Shing'ang           2022.
                               Industrial Area,
                               Houda Road,
                               Dalingshan,
                               Dongguan, Guangdong
                               Province 523000,
                               China.
                              Dongguan Huiqun       87 FR [INSERT
                               Electronic Co.,       FEDERAL REGISTER
                               Ltd., 30 Daling       PAGE NUMBER] 2/8/
                               Street, Jiaoyitang,   2022.
                               Tangxia Town,
                               Dongguan City,
                               Guangdong Province
                               523723, China.
                                               * * * * *
                              Guangdong Guanghua    87 FR [INSERT
                               Sci-Tech Co., No.     FEDERAL REGISTER
                               295 Daxue Road,       PAGE NUMBER] 2/8/
                               Shantou, Guangdong    2022.
                               Province, China.
                                               * * * * *
                              Guangxi Intai         87 FR [INSERT
                               Technology Co.,       FEDERAL REGISTER
                               Ltd., 1 Jianan        PAGE NUMBER] 2/8/
                               Road, Liuzhou City,   2022.
                               Guangxi Province,
                               China.
                              Guangzhou Hymson      87 FR [INSERT
                               Laser Tehnology       FEDERAL REGISTER
                               Co., Ltd., No. 2      PAGE NUMBER] 2/8/
                               Shiling Road,         2022.
                               Dongchong Town,
                               Nanshan District,
                               Guangzhou,
                               Guangdong Province
                               511453, China.
                                               * * * * *
                              Harbin Xinguang       87 FR [INSERT
                               Feitian, 1717         FEDERAL REGISTER
                               Chuangxin Yi Road,    PAGE NUMBER] 2/8/
                               Harbin,               2022.
                               Heilongjiang
                               Province, China.
                              Hefei Anxin Reed      87 FR [INSERT
                               Precision Co.,        FEDERAL REGISTER
                               Ltd., No. 15 South    PAGE NUMBER] 2/8/
                               Feiyang Road,         2022.
                               Dayang Industry
                               Park, Luyang
                               District, Hefei
                               City, Anhui
                               Province 230000,
                               China.
                                               * * * * *
                              Heshan Deren          87 FR [INSERT
                               Electronic            FEDERAL REGISTER
                               Technology Co.,       PAGE NUMBER] 2/8/
                               Ltd., No. 13          2022.
                               Hongjiang Road,
                               Heshan Industry
                               City, Heshan City,
                               Guangdong Province
                               529728, China.
                                               * * * * *
                              Hubei Longchang       87 FR [INSERT
                               Optical Co., Ltd.,    FEDERAL REGISTER
                               No. 4 Group           PAGE NUMBER] 2/8/
                               Lianhuayan Village,   2022.
                               Yaojiadian Town,
                               Yidu City, Hubei
                               Province 44300,
                               China.
                              Hubei Sinophorus      87 FR [INSERT
                               Electronic            FEDERAL REGISTER
                               Materials Co.,        PAGE NUMBER] 2/8/
                               Ltd., No. 66-3,       2022.
                               Xiaoting Road,
                               Yichang, Hubei
                               Province, China.
                              Hunan University,     87 FR [INSERT
                               State Key Lab of      FEDERAL REGISTER
                               Chemo/Biosensing &    PAGE NUMBER] 2/8/
                               Chemometrics,         2022.
                               Lushan Road, Yuelu
                               District, Changsha,
                               Hunan Province,
                               China.
                                               * * * * *
                              Jinan Bodor CNC       87 FR [INSERT
                               Machine Co., Ltd.,    FEDERAL REGISTER
                               1299 Xinluo Ave.,     PAGE NUMBER] 2/8/
                               Hi-Tech Zone,         2022.
                               Jinan, Shandong
                               Province, China.
                              Jiutian Intelligent   87 FR [INSERT
                               Equipment Co.,        FEDERAL REGISTER
                               Ltd., Woyun Road,     PAGE NUMBER] 2/8/
                               Taohue Industry       2022.
                               Park, Hefei
                               Economic Zone,
                               Hefei, Anhui
                               Province, China.
                                               * * * * *

                              Kunshan Heng Rui      87 FR [INSERT
                               Cheng Industrial      FEDERAL REGISTER
                               Technology Co.,       PAGE NUMBER] 2/8/
                               Ltd., No. 1088        2022.
                               Datong Road,
                               Penglang Town,
                               Kunshan Development
                               Zone, Kunshan,
                               Jiangsu 215300,
                               China.
                                               * * * * *
                              Shanghai Fansheng     87 FR [INSERT
                               Optoelectronic        FEDERAL REGISTER
                               Science &             PAGE NUMBER] 2/8/
                               Technology Co.,       2022.
                               Ltd., No. 56
                               Jungong Road,
                               Yangpu District,
                               Shanghai, China.
                                               * * * * *
                              Shanghai Micro        87 FR [INSERT
                               Electronics           FEDERAL REGISTER
                               Equipment (Group)     PAGE NUMBER] 2/8/
                               Co., Ltd., No. 1525   2022.
                               Zhangdong Road,
                               Zhangjiang Hi-Tech
                               Park, Pudong,
                               Shanghai, Shanghai,
                               China.
                                               * * * * *
                              Shuang Xiang          87 FR [INSERT
                               (Fujian)              FEDERAL REGISTER
                               Electronics, No.      PAGE NUMBER] 2/8/
                               158 Jiangbin East     2022.
                               Ave., Mawei,
                               Fuzhou, Fujian
                               350300, China.
                                               * * * * *
                              Southern University   87 FR [INSERT
                               of Science and        FEDERAL REGISTER
                               Technology,           PAGE NUMBER] 2/8/
                               Department of         2022.
                               Mechanical and
                               Energy Engineering,
                               1088 Xueyuan Ave.,
                               Nanshan District,
                               Shenzhen, Guangdong
                               518055, China.
                                               * * * * *
                              Suzhou Chaowei        87 FR [INSERT
                               Jingna Optoelectric   FEDERAL REGISTER
                               Co., Ltd., No. 97-1   PAGE NUMBER] 2/8/
                               Dongyuan Road,        2022.
                               Jinting Town,
                               Wuzhong District,
                               Suzhou, Jiangsu,
                               China.
                              Suzhou Gyz            87 FR [INSERT
                               Electronic            FEDERAL REGISTER
                               Technology Co.,       PAGE NUMBER] 2/8/
                               Ltd., No. 629         2022.
                               Songjiagang Road,
                               Zhoushi Town,
                               Kunshan City,
                               Jiangsu Province
                               215314, China.
                              Suzhou Lylap Mould    87 FR [INSERT
                               Technology Co.,       FEDERAL REGISTER
                               Ltd., No. 66-26       PAGE NUMBER] 2/8/
                               Linggang Road,        2022.
                               Luzhi Town, Wuzhong
                               District, Suzhou,
                               Jiangsu Province,
                               China.
                                               * * * * *
                              Wuxi Biologics Co.,   87 FR [INSERT
                               Ltd., No. 108,        FEDERAL REGISTER
                               Warehouse, Meiliang   PAGE NUMBER] 2/8/
                               Road, Mashan          2022.
                               Binghu, Wuxi,
                               China, and No. 178
                               West Meiliang Road,
                               Mashan Binghu
                               District, Wuxi,
                               China, and No. 200
                               Meiling Road,
                               Mashan Town, Binhu
                               District, Wuxi
                               City, China.
                              Wuxi Biologics        87 FR [INSERT
                               (Shanghai) Co.,       FEDERAL REGISTER
                               Ltd., Room 701, 7F,   PAGE NUMBER] 2/8/
                               No. 02 Huajing        2022.
                               Road, Waigaoqiao
                               Free Trade Zone,
                               Shanghai, China,
                               and Bldg. 71-B, 96
                               Yiwei Road,
                               Waigaoqiao Free
                               Trade Zone,
                               Shanghai, China.
                              Wuxi Turbine Blade    87 FR [INSERT
                               Co., Ltd., 1800       FEDERAL REGISTER
                               Huishan Avenue,       PAGE NUMBER] 2/8/
                               Huishan Economic      2022.
                               Development
                               District, Wuxi,
                               Jiangsu Province,
                               China.
                                               * * * * *
                              Yunnan Fs Optics      87 FR [INSERT
                               Co., Ltd., Hongta     FEDERAL REGISTER
                               Industrial Zone,      PAGE NUMBER] 2/8/
                               Hongta District,      2022.
                               Yuxi, Yunnan
                               Province, China.
                              Yunnan Tianhe         87 FR [INSERT
                               Optoelectronic Co.,   FEDERAL REGISTER
                               Ltd., Longquan        PAGE NUMBER] 2/8/
                               Avenue, Longquan      2022.
                               Industrial Zone,
                               Jiangchuan, Yuxi
                               City, Yunnan
                               Province, China.
                                               * * * * *
                              Zhengzhou Baiwai      87 FR [INSERT
                               Intelligent           FEDERAL REGISTER
                               Automation,           PAGE NUMBER] 2/8/
                               National University   2022.
                               Tech Park,
                               Changchun Road #11
                               Hi-Tech District,
                               Zhengzhou City,
                               Henan Province,
                               China.
                                               * * * * *
                              Zhuzhou CRRC Special  87 FR [INSERT
                               Equipment             FEDERAL REGISTER
                               Technology Co., No.   PAGE NUMBER] 2/8/
                               79 Liancheng Road,    2022.
                               Shifeng District,
                               Zhuzhou City, Hunan
                               Province 412001,
                               China.
------------------------------------------------------------------------

                              * * * * * * *
------------------------------------------------------------------------

Thea D. Rozman Kendler,
Assistant Secretary for Export Administration.
[FR Doc. 2022-02536 Filed 2-7-22; 8:45 am]
BILLING CODE 3510-33-P


[Federal Register Volume 86, Number 114 (Wednesday, June 16, 2021)]
[Rules and Regulations]
[Pages 31920-31922]
[FR Doc No: 2021-12553]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R05-OAR-2020-0542; FRL-10024-89-Region 5]

Air Plan Approval; Illinois; Volatile Organic Material Definition
Update

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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

SUMMARY: The Environmental Protection Agency (EPA) is approving a
revision to the Illinois State Implementation Plan (SIP). The revision
is amending the Illinois Administrative Code (IAC) by updating the
definition of volatile organic material (VOM) and volatile organic
compounds (VOC) to exclude (Z) -1,1,1,4,4,4-hexafluorobut-2-ene. This
revision is consistent with an EPA rulemaking in 2018, which exempted
this compound from the Federal definition of VOC on the basis that the
compound makes a negligible contribution to tropospheric ozone
formation. EPA proposed to approve this action on February 11, 2021 and
received no adverse comments.

DATES: This final rule is effective on July 16, 2021.

ADDRESSES: EPA has established a docket for this action under Docket ID
No. EPA-R05-OAR-2020-0542. All documents in the docket are listed on
the www.regulations.gov website. Although listed in the index, some
information is not publicly available, i.e., Confidential Business
Information (CBI) or other information whose disclosure is restricted
by statute. Certain other material, such as copyrighted material, is
not placed on the internet and will be publicly available only in hard
copy form. Publicly available docket materials are available either
through www.regulations.gov or at the Environmental Protection Agency,
Region 5, Air and Radiation Division, 77 West Jackson Boulevard,
Chicago, Illinois 60604. This facility is open from 8:30 a.m. to 4:30
p.m., Monday through Friday, excluding Federal holidays and facility
closures due to COVID-19. We recommend that you telephone Andrew Lee,
Physical Scientist, at<PHONE_NUMBER> before visiting the Region 5
office.

FOR FURTHER INFORMATION CONTACT: Andrew Lee, Physical Scientist,
Attainment Planning and Maintenance Section, Air Programs Branch (AR-
18J), Environmental Protection Agency, Region 5, 77 West Jackson
Boulevard, Chicago, Illinois 60604,<PHONE_NUMBER>,
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document whenever ``we,''
``us,'' or ``our'' is used, we mean EPA.

I. Background Information

    On February 11, 2021, EPA proposed to approve a revision to the
Illinois SIP by updating the definition of volatile organic material or
volatile organic compound at 35 IAC 211.7150 to exclude (Z)-
1,1,1,4,4,4-hexafluorobut-2-ene. See 86 FR 9307. This revision is
consistent with an EPA rulemaking exempting this compound from the
Federal definition of VOC at 40 CFR 51.100(s) due to its negligible
contribution to tropospheric ozone formation. See 83 FR 61127 (Nov. 28,
2018). An explanation of the Clean Air Act (CAA) requirements, a
detailed

analysis of the revisions, and EPA's reasons for proposing approval
were provided in the notice of proposed rulemaking (NPRM) and will not
be restated here. The public comment period for this proposed rule
ended on March 15, 2021. All the comments received are included in the
docket for this action.
    During the comment period, EPA received one comment that requested
EPA to consider the global warming potential of chemicals for future
actions of this type. We do not consider the comment to be germane or
relevant to this action and therefore not adverse to this action. The
comment lacks the required specificity to the proposed SIP revision and
the relevant requirements of CAA section 110. Moreover, the comment
does not address a specific regulation or provision, nor does it
suggest a change in, or recommend a different action on, the SIP
submission from what EPA proposed. Therefore, the comment requires no
further response, and we are finalizing our action as proposed.

II. Final Action

    EPA is approving the revision to the Illinois SIP at 35 IAC
211.7150 by removing 1,1,1,4,4,4-hexafluorobut-2-ene from the
definition of VOM and VOC in accordance with the Illinois submittal on
October 20, 2020.

III. Incorporation by Reference

    In this rule, EPA is finalizing regulatory text that includes
incorporation by reference. In accordance with requirements of 1 CFR
51.5, EPA is finalizing the incorporation by reference of the Illinois
Regulations described in the amendments to 40 CFR part 52 set forth
below. EPA has made, and will continue to make, these documents
generally available through www.regulations.gov, and at the EPA Region
5 Office (please contact the person identified in the FOR FURTHER
INFORMATION CONTACT section of this preamble for more information).
Therefore, these materials have been approved by EPA for inclusion in
the State implementation plan, have been incorporated by reference by
EPA into that plan, are fully federally enforceable under sections 110
and 113 of the CAA as of the effective date of the final rulemaking of
EPA's approval, and will be incorporated by reference in the next
update to the SIP compilation.\1\
---------------------------------------------------------------------------

    \1\ 62 FR 27968 (May 22, 1997).
---------------------------------------------------------------------------

IV. Statutory and Executive Order Reviews

    Under the CAA, the Administrator is required to approve a SIP
submission that complies with the provisions of the CAA and applicable
Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a). Thus, in
reviewing SIP submissions, EPA's role is to approve state choices,
provided that they meet the criteria of the CAA. Accordingly, this
action merely approves state law as meeting Federal requirements and
does not impose additional requirements beyond those imposed by state
law. For that reason, this action:
     Is not a significant regulatory action subject to review
by the Office of Management and Budget under Executive Orders 12866 (58
FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21, 2011);
     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 CAA; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).
    In addition, the SIP is not approved to apply on any Indian
reservation land or in any other area where EPA or an Indian tribe has
demonstrated that a tribe has jurisdiction. In those areas of Indian
country, the rule does not have tribal implications and will not impose
substantial direct costs on tribal governments or preempt tribal law as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000).
    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 CAA, petitions for judicial review
of this action must be filed in the United States Court of Appeals for
the appropriate circuit by August 16, 2021. 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, Ozone, Reporting and
recordkeeping requirements, Volatile organic compounds.

    Dated: June 9, 2021.
Cheryl Newton,
Acting Regional Administrator, Region 5.

    For the reasons stated in the preamble, EPA amends title 40 CFR
part 52 as follows:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

0
1. The authority citation for part 52 continues to read as follows:

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

0
2. In Sec.  52.720, the table in paragraph (c) is amended by revising
the entry ``211.7150'' to read as follows:

Sec.  52.720  Identification of plan.

* * * * *
    (c) * * *

                                 EPA-Approved Illinois Regulations and Statutes
----------------------------------------------------------------------------------------------------------------
                                                         State
     Illinois citation            Title/subject        effective      EPA approval date           Comments
                                                         date
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------
                                  Part 211: Definitions and General Provisions
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------
                                             Subpart B: Definitions
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
211.7150...................  Volatile Organic         10/20/2020   6/16/2021, [INSERT      .....................
                              Material (VOM) or                     Federal Register
                              Volatile Organic                      CITATION].
                              Compound (VOC).

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------

* * * * *
[FR Doc. 2021-12553 Filed 6-15-21; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 83, Number 165 (Friday, August 24, 2018)]
[Notices]
[Pages 42959-42961]
[FR Doc No: 2018-18293]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83890; File No. SR-NYSEAMER-2018-42]

Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend the
Independence Policy of the Board of Directors of the Exchange

August 20, 2018.
    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 August 15, 2018, NYSE American LLC (the ``Exchange'' or ``NYSE
American'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III, below, which Items have been prepared by the 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\ 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 the Independence Policy of the Board
of Directors of the Exchange (``Independence Policy'') by (a)
streamlining references to Intercontinental Exchange, Inc. (``ICE'')
subsidiaries that are national securities exchanges, (b) removing
obsolete references, and (c) adding references to national securities
exchange affiliates of the Exchange. 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend the Independence Policy by (a)
streamlining references to ICE subsidiaries that are national
securities exchanges, (b) removing obsolete references, and (c) adding
references to national securities exchange affiliates of the Exchange.
Definition of ``Exchange''
    The Independence Policy includes references to the Exchange and its
national securities exchange affiliates New York Stock Exchange LLC
(``NYSE'') and NYSE Arca, Inc. (``NYSE Arca'').\3\ It does not include
references to the Exchange's newest national securities exchange
affiliates, NYSE National, Inc. (``NYSE National'') and Chicago Stock
Exchange, Inc. (``CHX''). The Exchange proposes to replace lists of
individual national securities exchange affiliates in the Independence
Policy with the term ``Exchange,'' defined as any national securities
exchange registered under Section 6 of the Exchange Act \4\ and
controlled, directly or indirectly, by ICE. The definition would
encompass the Exchange, NYSE, NYSE Arca, NYSE National, and CHX
(collectively, the ``SRO Affiliates'').
---------------------------------------------------------------------------

    \3\ The independence policy of the board of directors of the
Exchange's affiliate NYSE is substantially the same as the
Independence Policy. NYSE has submitted substantially the same
proposed rule change to its independence policy as described herein.
See SR-NYSE-2018-38.
    \4\ 15 U.S.C. 78f.
---------------------------------------------------------------------------

    Specifically, the Exchange proposes to add a second paragraph under
``Purpose'' with the definition of ``Exchange.'' \5\ In addition, the
Exchange proposes to make the following changes in the section under
``Independence Qualifications'':
---------------------------------------------------------------------------

    \5\ The proposed text would include the definition of ``ICE.''
Accordingly, the Exchange proposes to delete the definition of ICE
in ``Independence Requirements,'' category 1.
---------------------------------------------------------------------------

     Replace ``New York Stock Exchange LLC, NYSE Arca, Inc. and
NYSE American LLC'' with ``an Exchange'' in category 1(b) and (c);
     Replace ``New York Stock Exchange LLC, on NYSE Arca, Inc.
or on NYSE American LLC'' with ``an Exchange'' in category 1(d) and
category 4;
     Replace ``New York Stock Exchange LLC, and NYSE Arca, Inc.
and NYSE American LLC exercise'' with ``each Exchange exercises'' in
the final paragraph of category 1;
     Replace ``New York Stock Exchange LLC, NYSE Arca, Inc.,
NYSE Arca

Equities, Inc. and NYSE American LLC'' with ``each Exchange'' in
category 2; and
     Replace ``New York Stock Exchange LLC, NYSE Arca, Inc. or
NYSE American LLC'' with ``an Exchange'' under ``Listed Companies.''
    The proposed changes would make the requirements under
``Independence Qualifications'' and ``Listed Companies'' apply to all
of the Affiliate SROs, and not just those specifically listed in the
Independence Policy. In addition, it would make the Independence Policy
consistent with the governing documents of ICE and the intermediate
holding companies between the Exchange and ICE, which use the term
``Exchange.'' \6\
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 82082 (November 15,
2017), 82 FR 55471 (November 21, 2017) (SR-NYSEAMER-2017-29). NYSE
Group, Inc. (``NYSE Group'') owns all of the equity interest in the
Exchange. In turn, NYSE Group is a wholly-owned subsidiary of NYSE
Holdings LLC, which is wholly owned by Intercontinental Exchange
Holdings, Inc., which is wholly owned by ICE. ICE is a public
company listed on the NYSE.
---------------------------------------------------------------------------

Removal of Obsolete References
    The NYSE no longer has allied members.\7\ Accordingly, the Exchange
proposes to delete the text ``paragraph (c) of Rule 2 of the New York
Stock Exchange LLC and'' from category 1(b) of ``Independence
Qualifications.''
---------------------------------------------------------------------------

    \7\ See Securities Exchange Act Release No. 58549 (September 15,
2008), 73 FR 54444 (September 19, 2008) (SR-NYSE-2008-80) (notice of
filing and immediate effectiveness of proposed rule change and
Amendment No. 1 thereto conforming certain NYSE rules to changes to
NYSE incorporated rules recently filed by the Financial Industry
Regulatory Authority, Inc.).
---------------------------------------------------------------------------

    NYSE Arca Equities, Inc. merged with NYSE Arca, Inc., and therefore
no longer exists.\8\ Accordingly, under ``Independence
Qualifications,'' the text ``Rule 1.1(c) of NYSE Arca Equities, Inc.''
in category 1(b) and references to NYSE Arca Equities, Inc. in category
5 would be deleted.\9\
---------------------------------------------------------------------------

    \8\ See Securities Exchange Act Release No. 81419 (August 17,
2017), 82 FR 40044 (August 23, 2017) (SR-NYSEArca-2017-40).
    \9\ The reference to NYSE Arca Equities, Inc. in category 2
would be deleted and replaced with ``each Exchange,'' as proposed
above.
---------------------------------------------------------------------------

    The proposed removal of obsolete references would be consistent
with changes made to the independence policy of the board of directors
of ICE.\10\
---------------------------------------------------------------------------

    \10\ See Securities Exchange Act Release No. 83347 (May 30,
2018), 83 FR 26131 (June 5, 2018) (SR-NYSEAMER-2018-17).
---------------------------------------------------------------------------

References to SRO Affiliates
    NYSE National became an Affiliate SRO in 2017. Accordingly, the
Exchange proposes to add ``Person Associated with an ETP Holder'' (as
defined in Rule 1.5 of NYSE National, Inc.);'' in category 1(b), and
add NYSE National to category 5 under ``Independence Qualifications.''
The changes would be consistent with changes made to the independence
policy of the board of directors of ICE.\11\
---------------------------------------------------------------------------

    \11\ See Securities Exchange Act Release No. 79901 (January 30,
2017), 82 FR 9251 (February 3, 2017) (SR-NYSE-2016-90; SR-NYSEArca-
2016-167; SR-NYSEMKT-2016-122).
---------------------------------------------------------------------------

    CHX became an Affiliate SRO in 2018.\12\ The Exchange proposes to
add a reference to CHX to category 5 under ``Independence
Qualifications.'' As CHX does not have terms equivalent to ``allied
members'' or ``approved persons,'' the Exchange does not propose to add
references to CHX to the clause following ``(collectively, `Members')''
in category (1)(b). The changes would be consistent with changes made
to the independence policy of the board of directors of ICE.\13\
---------------------------------------------------------------------------

    \12\ See Securities Exchange Act Release No. 83635 (July 13,
2018), 83 FR 34182 (July 17, 2017) (SR-CHX-2018-004).
    \13\ See 83 FR 26131, supra note 10.
---------------------------------------------------------------------------

    The Exchange proposes to update the link included in footnote 2 and
make conforming changes to delete and replace connectors.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Exchange Act \14\ in general, and with Section
6(b)(1) \15\ in particular, in that it enables the Exchange to be so
organized as to have the capacity to be able to carry out the purposes
of the Exchange Act and to comply, and to enforce compliance by its
exchange members and persons associated with its exchange members, with
the provisions of the Exchange Act, the rules and regulations
thereunder, and the rules of the Exchange. The Exchange also believes
that the proposed rule change is consistent with Section 6(b)(5) of the
Exchange Act,\16\ 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, 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.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(1).
    \16\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed replacement of lists of
individual SRO Affiliates in the Independence Policy with the term
``Exchange'' would contribute to the orderly operation of the Exchange,
because use of the term would make the requirements under
``Independence Qualifications'' and ``Listed Companies'' apply to all
of the Affiliate SROs, and not just those specifically listed in the
Independence Policy. The Exchange Act definition of ``exchange'' states
that ``exchange'' ``includes the market place and the market facilities
maintained by such exchange.'' \17\ Accordingly, all market places and
market facilities maintained by an Exchange would fall within the
definition of Exchange and therefore would fall within the scope of the
Independence Policy. In addition, the Exchange notes that the proposed
change would make the Independence Policy consistent with the governing
documents of ICE and the intermediate holding companies between the
Exchange and ICE, which use the term ``Exchange.'' Making the
terminology used in the governing documents and the Independence Policy
more consistent would add clarity and transparency to the Exchange
Rules.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78c(a)(1).
---------------------------------------------------------------------------

    For the same reason, the Exchange believes that the proposed
replacement of lists of individual SRO Affiliates in the Independence
Policy with the term ``Exchange'' would remove impediments to and
perfect the mechanism of a free and open market. The changes would
simplify and streamline the Exchange's rules while making them more
consistent, thereby ensuring that persons subject to the Exchange's
jurisdiction, regulators, and the investing public can more easily
navigate and understand the Independence Policy and the Exchange Rules.
    The Exchange believes that the proposed change would remove
impediments to, and perfect the mechanism of a free and open market and
a national market system and, in general, protect investors and the
public interest by (a) removing obsolete references to NYSE allied
members and NYSE Arca Equities, Inc., and (b) incorporating NYSE
National and CHX into the text of the Independence Policy. The Exchange
believes that such changes would add clarity and transparency to the
Exchange Rules by removing any confusion that may result if the
Independence Policy retained obsolete references or did not encompass
all of the Affiliate SROs. For the same reason, the Exchange believes
that the proposed amendments to the Independence Policy would remove
impediments to and perfect the mechanism of a free and open market and
a national market system by removing confusion that may result if the
Independence Policy retained

obsolete references or did not include all of the Affiliate SROs.
    The Exchange notes that the proposed change would be consistent
with changes made to the independence policy of the board of directors
of ICE, and believes that making the Independence Policy more
consistent with the ICE policy would add clarity and transparency to
the Exchange Rules, allowing persons subject to the Exchange's
jurisdiction, regulators, and investors to more easily navigate and
understand the Exchange Rules, contributing to the orderly operation of
the Exchange. The Exchange further believes that the proposed changes
would not be inconsistent with the public interest and the protection
of investors because investors will not be harmed and in fact would
benefit from increased clarity, thereby reducing potential confusion.

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 Exchange Act. The proposed rule
change is not intended to address competitive issues but rather is
concerned solely with updating the Independence Policy to (a)
streamline references to ICE subsidiaries that are national securities
exchanges, (b) remove obsolete references, and (c) add references to
NYSE National and CHX.

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \18\ and Rule 19b-4(f)(6) thereunder.\19\
Because the 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 prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \19\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \20\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\21\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest.
---------------------------------------------------------------------------

    \20\ 17 CFR 240.19b-4(f)(6).
    \21\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such 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 under
Section 19(b)(2)(B) \22\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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 protected]. Please include
File Number SR-NYSEAMER-2018-42 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-NYSEAMER-2018-42. 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-NYSEAMER-2018-42 and should be submitted
on or before September 14, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-18293 Filed 8-23-18; 8:45 am]
 BILLING CODE 8011-01-P


Comments on U.S. Environmental Protection Agency Proposed Rule, "Control of Air Pollution from Motor Vehicles: Tier 3 Motor Vehicle Emission and Fuel Standards," RIN 2060-AQ86

   1) Preamble, Table I-1  -  Please explain the rationale for choosing the NMOG+NOx levels for each year?  Are these the limits and years that CA finalized in their LEV III program?   What cost/benefit analysis did EPA conduct to compare the various compliance options such as:

         a. setting the standards every 3 or 5 years apart
         b. more gradually reducing the emissions over time as opposed to requiring a 46% reduction in the first year of the program.

   2) PM standards  -  Will EPA explain the rationale for making PM standards apply on a vehicle-by-vehicle basis?  Did EPA conduct an analysis to compare the costs/benefits of using a fleet average PM standard versus an individual vehicle standard?
         a. Is this also what California used?
         b. Did EPA apply the same individual vehicle standards in Tier 2?
         c. What is the increment cost/benefit of obtaining additional PM reductions from vehicles going from Tier 2 to Tier 3?  How many tons of PM emissions reductions would be achieved on an annual basis through the vehicle PM standards compared to the fuel standards?

   3) What's the rational for making early reduction credits expire after 5 years?  This policy would seem to limit the amount of early reductions that manufacturers would try to make and therefore reduce the overall air quality and health benefits of the program?  Did EPA run any sensitivity analyses on different lengths of time for the expiration of early reduction credits such as 10 years, 15 years, or no limit?

   4) What are the CO and formaldehyde benefits for HDVs?  What are the air quality benefits in terms of bringing into attainment any areas with the CO NAAQS?

RIA Questions
   * What would be the effect of including LD 2017 -- 2025 and HD GHG rules in the baseline for this rule?
Executive Summary
   * How are the average fleet standards determined (referred to in Table ES-2)?
Chapter 2
   * What is the source for projected vehicle sales presented in table 2-26 (Page 2-24)?
   * It would be useful to revise or reorganize the discussion of industry learning-by-doing in Section 2.1.3.  As currently drafted, it is difficult to follow.
Chapter 3
   * Pg 3-2, According to AAM summer fuel surveys, the average octane of finished gasoline has remained constant around 89-90 (R+M)/2 over the past decade (refer to Figure 3-2). The reported octane is higher than expected because AAM takes roughly an equal number of regular and premium gasoline samples as part of their North American Fuel Survey. In reality, the majority of consumers fill up on 87 octane regular-grade gasoline based on price and other factors. According to EIA's Petroleum Marketing Annual, regular-grade gasoline represents over 85 percent of U.S. sales.2 Accordingly, we believe our proposed 87-88.4 R+M/2 specification for test fuel is representative of in-use gasoline. However, the AAM survey does tell us one important thing about octane  -  refiners are doing their best not to give it away. We anticipate that this trend will continue into the future as E15 replaces E10.
         o Comment:  There is still large percentage of octane given in the mid-continent because of the operating practices of the pipeline system (Megallan) in the region, although they are attempting to changes this starting this year.
   * Pg 3-17, Shifting to E15 test fuel will result in a T50 range that's about 15 percent lower than today's E0 test fuel and about 10 percent lower than today's in-use E10. The proposed 170-190°F T50 range for E15 test fuel was determined by interpolating between the T50 of current 9-psi E10 market fuel which averages around 195°F (according to AAMB) and the estimated T50 of E20 which spans a narrow range of plus or minus several degrees Fahrenheit centered around165°F (according to our EPAct test program5). We believe the proposed T50 range adequately characterizes future 9-psi E15 market fuel.
         o Comment:  EPA should seek comment on the applicability of this assumption.  This assumption presumes that another grade of CBOB and RBOB will and can be economically transported and stored in the existing infrastructure for an initially small volume of E15 sales
   * Pg 3-18, We expect that refiners will continue to back off on octane production once the transition from E10 to E15 has occurred.
         o Comment:  An full explanation of why this would occur needs to be presented.  This assumes that the transportation, storage and retail infrastructure could cost effectively accommodate multiple octane grades and RVP types where E10 RFG, 9psi, and 10psi Rvp CBOB exist.
Chapter 4
   * Pg 4-4, The average amount of sulfur in crude oil refined in the U.S. is about 10,000 ppm.
         o Comment:  EIA data indicates that the average crude sulfur content run in U.S. refineries is about 14,000 ppm.  See link: http://www.eia.gov/dnav/pet/pet_pnp_crq_dcu_nus_a.htm
   * Please provide fuller discussion on the permitting analysis (4-31).
   * We suggest changing the title of the section 4.3.3 to distinguish from Chapter 9 and be consistent in using person-hour.

Chapter 5
   * The first part of the task is to attempt to determine how the refinery is meeting the 30 ppm sulfur gasoline limit as a basis for what needs to change.  Major portions of the data needed to accurately determine the current operation of a refinery is not publicly available and even with some information available to EPA from company-confidential EIA data there remains much data that must be estimated or obtained from refiners willing to cooperate.  The quality of the data estimations have a critical impact on the cost results developed.  It is suggested that EPA explicitly seek comment from refiner's where data was not available and assumptions were used.
   * Pg 5-1, When used to model the cost of nationwide fuel control programs on the entire refining industry, LP models are usually used to model groups of refineries in geographic regions called Petroleum Administration for Defense Districts (PADDs).
         o Comment:  LP models are more widely used by refiner's to help them optimize a particular refinery.  Very few refinery LP models are used to model the industry in aggregate.  The handful of LP models that exist are usually used by or for government entities such as EPA and DOE or NGOs that are reviewing regulation that impact the industry.  The commenter suggests that EPA reword this sentence and the next sentence to say that the aggregate industry LP models could potentially underestimate or overestimate the cost of the program depending on the accuracy of the input data and assumptions.
   * Pg 5-6, In 2017, we estimated that approximately half the gasoline would be 10 percent ethanol and the about the other half would be 15 percent. To model the emissions impact of the different ethanol blends, we modeled two reference cases, one with 100 percent E10 and the other with 100 percent E15.
         o Comment:  Suggest that EPA discuss the analysis and assumptions made regarding these estimates.  Did EPA consider the feasibility of the existing infrastructure of accommodating another octane and RVP grade for E15 gasoline blendstock that would be needed in order to implement these policies?  Did EPA estimate the cost of this additional infrastructure?  Please explain.
   * Pg 5-24,We estimate that 66 percent of the volume of NGL and LSR are hydrotreated before being blended into gasoline and have a very low sulfur content of approximately 1 ppm.
         o Comment:  What is the basis for this estimate?  Please explain in the text.
   * Pg 5-24, For the Tier 3 control case we assumed that all of the NGLs and LSR were hydrotreated and therefore had an average sulfur content of 1 ppm.
         o Comment:  Suggest EPA seek comment on this assumption.
   * Pg 5-29, Information we received from the vendors also indicated that refiners with both a pretreater and a postreater are producing FCC naphtha that ranges from 200 to 450 ppm before being processed by the postreater.
         o Comment:  Suggest that EPA seek comment from refiner's concerning this assumption.
   * Pg 5-29, After we have calculated the sulfur level of the FCC feed we must then take into consideration the impact the FCC unit itself has on the sulfur level of the FCC naphtha. We reviewed several literature sources7,8 and found that the FCC naphtha sulfur level can be accurately determined by dividing the FCC feed sulfur level by 20 for refineries with an FCC feed pretreating unit. For refineries without an FCC feed pretreater, the FCC naphtha sulfur levels can be calculated by dividing the desulfurized FCC feed sulfur level by 10.
         o Comment:  Suggest EPA seek comment on this methodology to determine the level of variance there may be relative to the 1/20th estimate.
   * Pg 5-32, The costs for the FCC postreater revamps submitted by one of the vendors, however showed that for low (0  -  400 ppm) and...
         o Comment:  This is a key economic assumption.  How many refineries fall into this category?
   * Pg 5-32, According to this vendor these cases also had a 4 to 5 year catalyst cycle length, equivalent to the higher capital cost cases even though a second stage reactor was not required.
         o Comment:  EPA should seek comment on this assumption.  Axen's NPRA-12-08 paper indicates that adequate cycle length may not be achieved via revamp of pretreaters.
   * Pg 5-32, In our refinery-by-refinery model, however, we had multiple refineries with FCC feed sulfur levels in the 0  -  400 and >1,200 ppm categories that use this vendor's postreating technology. In order to apply this vendor's cost estimate to cases of low (0  -  400 ppm) and high (>1,200 ppm) sulfur feed categories we adjusted this vendors 400  -  1,200 ppm postreater revamp cost based on the cost differentials between the three FCC naphtha sulfur levels in the other vendors' revamp estimates.
         o Comment:  Suggest EPA seek comment on this cost adjustment approach and other alternatives.
   * Pg 5-34, Table 5-26 - It would be helpful if there was a table that translated this table (5-26) to cents per gallon.  Also it would be helpful if EPA provided the number of refineries that fell into each revamp category.
   * How did EPA arrive at the cost estimates for varying fuel scenarios (e.g., no ABT, AB but not T, ABT)?  What does this imply about the price of the sulfur credits?
   * Please discuss why EPA assumed that refineries that did not produce 30 ppm fuels to produce 30 ppm fuels?  This seems inconsistent with other assumptions invoked in characterizing the baseline for the fuels section (e.g., CA mandates 15 ppm fuel with 20 ppm cap but the average sulfur level is 10 ppm).
   * Should compliance cushion be considered in the analysis (e.g., 5 ppm compliance cushion seen in CA fuel)?
   * Do different fuel scenarios have different implications for fuel volume or did EPA assume that identical fuel volumes would be produced under the varying scenarios?
   * EPA discarded information from one of the vendors in assessing the cost to revamp FCC postreaters.  Please discuss the implications of including and excluding this information.  How much will the cost estimates vary when the excluded vendor information is included?

Chapter 7
   * Please provide the technical document on the MOVES updates.  Does this document include information on the survey of "in-use vehicles?"
   * If 80% of the vehicles and 90% of VMT have turned over by 2030, please discuss the need for conducting the analysis to 2050 (7-1).  Why not stop at 2030 especially knowing that EPA is very likely to issue another standard between now and then?
   * Please discuss the need to include CA in the analysis if the CA fuel is assumed to be 10 ppm in the baseline.  Are there differences in the vehicle standards being proposed compared to the existing CA standards?
   * How do the results of the analysis change when the mix of vehicles explicitly takes into account the LD GHG rule? (Presumably the emission profile would not change but the aggregate level of emissions should have dropped due to the LD GHG rule.)
   * How sensitive are the results to the various assumptions about fuel use (e.g., the use of E15, changes in RVP, octane loss)?
   * Pg 7-8, While E15 has only limited commercial availability currently, EPA believes it may compete favorably with E85 in the marketplace and could become a major gasoline blend in the future to meet the mandated RFS2 volumes.
         o Comment:  Suggest EPA provide additional discussion concerning the analysis that the agency has conducted and assumptions made in order to support this statement.
   * Pg 7-9, We assumed that E15 utilization for 2001 and later model year vehicles would ramp up to 50 percent by 2017, increasing to almost 100 percent utilization by 2030.
         o Comment:  Does this assume that consumers will refuel with E15 even though their owners manuals (almost all pre-2013 MY vehicles) only provide warranties for the vehicle fuel up to E10 blends not E15?  EPA should seek comment on this assumption.
   * Pg 7-9, As such, we assumed that E15 utilization in nonroad equipment would ramp up from zero percent in 2017 to almost 100 percent by 2030.
         o Comment:  Suggest EPA seek comment on this assumption.
   * Pg 7/12, Due to the additional actions needed to market E15 during the summer in CG areas, it makes sense that more E15 would be used in RFG areas, at least in the near term. Accordingly, we assumed that in 2017, 75 percent of RFG would be E15 and the balance of E15 would be used in CG (resulting in 25 percent E15 utilization and 75 percent E10 utilization in those areas).
         o Comment:  Suggest that EPA detail their analysis and assumptions made concerning how such a large penetration of E15 would occur in metropolitan areas by 2017.  There are a number of significant obstacles to E15 achieving market acceptance.  First, existing owners of MY 2001 and newer vehicles may not be receptive to E15 because manufacturer warranties are not provided for its use.  The transportation and distribution refueling infrastructure will have difficulty accommodating E15 gasoline blendstocks, octane, and RVP grades in addition to E10 octane and RVP gasoline blendstock grades.  Retail outlet owners have expressed concern about the compatibility of their equipment with E15 gasoline.  Additionally, if they do not invest in new refueling infrastructure retailers may be reluctant to forgo sales of a higher margin mid-grade and premium grade E10 gasoline for E15 with a potentially lower sales volume and margin associated with a product such as E15.
   * Please explain the error associated with the 10 ppm CA fuel baseline (7-15)?
   * What types of vehicles are in the Tier 2 Bin 2 (7-20)?
   * Please explain the cause(s) of the "sharp drop in emissions at the outset of Tier 3 phase in." (7-21, Figure 7-4).
   * Please provide the Kansas City Light duty vehicle emission study (7-32).
   * Please explain why EPA is projecting decreased lube oil consumption as a result of Tier 3 standards.
   * Please explain "prevalence of high evaporative emission vehicles in the Colorado field study." (7-34)  Does Tier 3 mandate an increase in the durability of evaporative/fuel systems?
   * What is the extent of reversible sulfur loading in Tier 2 vehicles (7-38)?
   * Please explain the 700 short ton PM increase and the conservative assumptions. (7-44).
   * How representative are the "representing counties" in assessing VMT? (7-48)
   * What is the magnitude of the difference between adjusted and unadjusted VMTs? (7-52)?
   * We suggest updating the discussion on PM NAAQS.
   * We suggest deleting "As mentioned in Section <IP_ADDRESS>.1...to attain the NO2 NAAQS." (7-93)

Chapter 8
   * Where is the projected annual consumption referred to in Section 8.1 (Page 8-2)?
   * What is assumed rate of income growth between 2000 and 2030 (Table 8-14)?  Assumed to grow linearly?
   * 8.1.4:  Will EPA provide the need for including this section in the RIA?
   * 8.2: this section is inconsistent with the guidance in A-4.  With the current framework, this type of analysis would be more useful if used to look at provision by provision effects.  We suggest using this "version" of cost effectiveness analysis to compare the fuel provision vs. vehicle exhaust provisions vs. vehicle evaporative provisions (and move the discussion to Chapter 7).

Chapter 9
   * Cost effect on auto manufacturers: since the agency is not presenting an estimate of employment effects, we suggest deleting Table 9-2 and modifying the discussion appropriately.
   * Refinery employment impacts: what is the source for the 1000 engineering jobs and 6000 construction jobs?

Chapter 10
   * What are the sources of sulfur after the refinery gate?  What are the associated costs of reducing after the refinery gate sulfur?
   * What are the reasons for restricting the use of credits to comply with Tier 2?  In section III. B. of the preamble, it states that Tier 2 vehicle program would go on indefinitely but the limitation on the use of credits should be clarified.
   * Have any of the flexibilities applicable to small businesses been considered for the large manufacturers? Implications for costs and benefits?
   * What are the costs associated with testing the recordkeeping?


[Federal Register Volume 79, Number 93 (Wednesday, May 14, 2014)]
[Notices]
[Page 27597]
[FR Doc No: 2014-11016]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project Nos. 12962-002; 12958-002]

Newburgh Hydro, LLC; Uniontown Hydro, LLC; Notice of
Teleconference

    a. Date and Time of Meeting: Wednesday, May 28, 2014 at 10:00 a.m.
(Eastern Daylight Time).
    b. FERC Contact: Brandi Sangunett, Phone:<PHONE_NUMBER>, Email:
<EMAIL_ADDRESS>    c. Purpose of Meeting: To discuss the U.S. Fish and Wildlife
Service's responses to Commission staff's determinations of effect for
federally listed species described in the Multi-Project Environmental
Assessment for Hydropower License, for the proposed Uniontown and
Newburgh Hydroelectric Projects, issued on March 6, 2014.
    d. Proposed Agenda:

1. Introduction
2. Bats
3. Mussels
4. Interior Least Tern
5. Summary

    e. All local, state, and federal agencies, Indian tribes, and other
interested parties are invited to participate by phone. Please call
Brandi Sangunett at<PHONE_NUMBER> by May 21, 2014, to RSVP and to
receive specific instructions on how to participate.

    Dated: May 7, 2014.
Kimberly D. Bose,
Secretary.
[FR Doc. 2014-11016 Filed 5-13-14; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 77, Number 122 (Monday, June 25, 2012)]
[Notices]
[Pages 37941-37942]
[FR Doc No: 2012-15410]

=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67215; File No. TP 11-07]

Order Granting a Limited Exemption From Exchange Act Rule 10b-17
to Certain Actively Managed Exchange-Traded Funds Pursuant to Exchange
Act Rule 10b-17(b)(2)

June 19, 2012.
    By letter dated June 19, 2012 (``letter''), as supplemented by
conversations with the staff of the Division of Trading and Markets
(``Staff''), counsel for PIMCO ETF Trust (``Trust'') requested on
behalf of the Trust and PIMCO Global Advantage Inflation-Linked Bond
Strategy Fund (``Fund'') that the Securities and Exchange Commission
(``Commission'') issue an exemption from Rule 10b-17 under the
Securities Exchange Act of 1934, as amended (``Exchange Act'').
Specifically, the letter requests that the Commission exempt issuers of
actively managed exchange-traded funds (``ETFs'') such as the Trust
from the requirements of Exchange Act Rule 10b-17(b)(1)(v)(a) and (b)
subject to certain conditions. The request is similar to a number of
requests from issuers of actively managed ETFs for conditional
exemptive relief from Rule 10b-17 that were granted pursuant to
delegated authority (``prior requests'').\1\
---------------------------------------------------------------------------

    \1\ See, e.g., Letter from Josephine J. Tao, Assistant Director
to W. John McGuire, Esq., Morgan Lewis & Bockius LLP regarding
AdvisorShares Trust (December 16, 2011); Letter from Josephine J.
Tao, Assistant Director to Jeremy Senderowicz, Dechert LLP regarding
PIMCO Total Return Exchange-Traded Fund (March 1, 2012) and Letter
from Josephine J. Tao, Assistant Director to Jack P. Drogin, Schiff
Hardin regarding WisdomTree Emerging Markets Corporate Bond Fund
(April 16, 2012).
---------------------------------------------------------------------------

    Rule 10b-17, with certain exceptions, requires an issuer of a class
of publicly traded securities to give timely notice of certain
specified actions (for example, a dividend distribution) relating to
such class of securities in accordance with Rule 10b-17(b). In
particular, Rule 10b-17(b)(1)(v)(a) requires that the issuer provide
notice, for a dividend or other distribution including a stock or
reverse split or rights or other subscription offering, of the amount
in cash to be paid or distributed per share.\2\ Rule 10b-17(b)(1)(v)(b)
requires that the issuer provide notice, also for a dividend or other
distribution including a stock or reverse split or rights or other
subscription offering, of the amount (in the same security) of the
security outstanding immediately prior to and immediately following the
dividend or distribution and the rate of the dividend or distribution.
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    \2\ If the exact per share cash distributions cannot be given
because of existing conversion rights which may be exercised during
the notice period and which may affect the per share cash
distribution, Rule 10b-17(b)(1)(v)(a) permits the issuer to provide
a reasonable approximation of the per share distribution so long as
the actual per share distribution is subsequently provided on the
record date.

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    In adopting Rule 10b-17, the Commission stated its concern that the
failure of an issuer to provide timely announcements of record dates
may have misleading and deceptive effects.\3\ For example, the
Commission stated that if buyers and sellers (and their brokers) do not
have knowledge that these rights may be forthcoming, they could suffer
losses.\4\ Also, the Commission found that ``some issuers made belated
declarations of stock splits or dividends with the apparent knowledge
that this action would have a manipulative effect on the market for
their securities.'' \5\ The letter represents, as had the prior
requests, that the concerns that the Commission raised in adopting Rule
10b-17 will not be implicated if exemptive relief, subject to the
conditions below, is granted to the Trust.
---------------------------------------------------------------------------

    \3\ Exchange Act Release No. 9192 (Jun. 7, 1971); 36 FR 11513
(Jun. 15, 1971).
    \4\ See id.
    \5\ Id.
---------------------------------------------------------------------------

    We find that it is appropriate in the public interest and is
consistent with the protection of investors to grant a conditional
exemption from Rule 10b-17 to any issuer of an actively managed ETF
including the Trust. Specifically, other than receiving a delayed
notice of the cash distributed and the shares outstanding, market
participants will receive timely notification of the existence and
timing of a pending distribution as the Fund will comply with all other
requirements of Rule 10b-17.\6\ Further, the provision of the
information required under Rule 10b-17(b)(1)(v)(a) and (b) the day
before the ex-dividend date should allow market participants time to
update their systems to reflect the accurate price once trading begins
on the ex-dividend date.
---------------------------------------------------------------------------

    \6\ Rule 10b-17(b)(1)(v)(a) and (b). We also note that timely
compliance with Rule 10b-17(b)(1)(v)(a) and (b) would be impractical
in light of the nature of such ETFs. This is because it is not
possible for these ETFs to accurately project ten days in advance
the composition of the dividend that would be paid on a particular
record date.
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Conclusion

    It Is Hereby Ordered, pursuant to Rule 10b-17(b)(2), that any
issuer of an actively managed ETF is exempt from the requirements of
Rule 10b-17(b)(1)(v)(a) and (b) with respect to transactions in shares
of the actively managed ETF, subject to the following conditions:
     The issuer must comply with Rule 10b-17 except for Rule
10b-17(b)(1)(v)(a) and (b); and
     The issuer must provide the information required by Rule
10b-17(b)(1)(v)(a) and (b) to the national securities exchange upon
which shares of the ETF are registered pursuant to section 12 of the
Exchange Act (``Exchange'') as soon as practicable before trading
begins on the ex-dividend date, but in no event later than the time
when the Exchange last accepts information relating to distributions on
the day before the ex-dividend date.
    This exemptive relief is subject to modification or revocation at
any time the Commission determines that such action is necessary or
appropriate in furtherance of the purposes of the Exchange Act. In
addition, persons relying on this exemption are directed to the anti-
fraud and anti-manipulation provisions of the federal securities laws,
particularly Section 10(b) of the Exchange Act, and Rule 10b-5
thereunder. Responsibility for compliance with these and any other
applicable provisions of the federal securities laws must rest with the
persons relying on this exemption. This order should not be considered
a view with respect to any other question that the transactions may
raise, including, but not limited to the adequacy of the disclosure
concerning, and the applicability of other federal or state laws to,
such transactions.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(9).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-15410 Filed 6-22-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: May 7, 2008 (Volume 73, Number 89)]
[Notices]
[Page 25758]
[DOCID:fr07my08-95]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[FEMA-1749-DR]

Missouri; Amendment No. 5 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of a major disaster declaration
for the State of Missouri (FEMA-1749-DR), dated March 19, 2008, and
related determinations.

DATES: Effective Date: April 28, 2008.

FOR FURTHER INFORMATION CONTACT: Peggy Miller, Disaster Assistance
Directorate, Federal Emergency Management Agency, 500 C Street, SW.,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The notice of a major disaster declaration
for the State of Missouri is hereby amended to include the following
areas among those areas determined to have been adversely affected by
the catastrophe declared a major disaster by the President in his
declaration of March 19, 2008.

    Dade and Vernon Counties for Public Assistance (already
designated for emergency protective measures [Category B], limited
to direct Federal assistance, under the Public Assistance program.)

(The following Catalog of Federal Domestic Assistance Numbers (CFDA)
are to be used for reporting and drawing funds: 97.030, Community
Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis Counseling;
97.033, Disaster Legal Services; 97.034, Disaster Unemployment
Assistance (DUA); 97.046, Fire Management Assistance Grant; 97.048,
Disaster Housing Assistance to Individuals and Households In
Presidential Declared Disaster Areas; 97.049, Presidential Declared
Disaster Assistance--Disaster Housing Operations for Individuals and
Households; 97.050 Presidential Declared Disaster Assistance to
Individuals and Households--Other Needs, 97.036, Disaster Grants--
Public Assistance (Presidentially Declared Disasters); 97.039,
Hazard Mitigation Grant.)

R. David Paulison,
Administrator, Federal Emergency Management Agency.
 [FR Doc. E8-10145 Filed 5-6-08; 8:45 am]

BILLING CODE 9110-10-P


[Federal Register: August 31, 2006 (Volume 71, Number 169)]
[Notices]
[Page 51877]
[DOCID:fr31au06-103]

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SECURITIES AND EXCHANGE COMMISSION

Sunshine Act Meeting

Federal Register Citation of Previous Announcement: [71 FR 50109,
August 24, 2006].

Status: Closed Meeting.

Place: 100 F Street, NW., Washington, DC.

Date and Time of Previously Announced Meeting: Tuesday, August 29, 2006
at 10 a.m.

Change in the Meeting: Deletion of Item.
    The following item will not be considered during the Closed Meeting
on Tuesday, August 29, 2006:
    Requests for information in an investigative file.
    The Commission determined that no earlier notice thereof was
possible.
    At times, changes in Commission priorities require alterations in
the scheduling of meeting items. For further information and to
ascertain what, if any, matters have been added, deleted or postponed,
please contact the Office of the Secretary at<PHONE_NUMBER>.

    Dated: August 29, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. 06-7387 Filed 8-29-06; 3:42 pm]

BILLING CODE 8010-01-P