[Federal Register Volume 82, Number 188 (Friday, September 29, 2017)]
[Notices]
[Pages 45643-45647]
[FR Doc No: 2017-20896]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81686; File No. SR-NYSEArca-2017-05]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting
Approval of a Proposed Rule Change, as Modified by Amendment Nos. 2 and
3 Thereto, To List and Trade Shares of Direxion Daily Crude Oil Bull 3x
Shares and Direxion Daily Crude Oil Bear 3x Shares Under NYSE Arca
Equities Rule 8.200

September 22, 2017.

I. Introduction

    On January 23, 2017, NYSE Arca, Inc. (``Exchange'') filed with the
Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'' or
``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule
change to list and trade shares (``Shares'') of Direxion Daily Crude
Oil Bull 3x Shares and Direxion Daily Crude Oil Bear 3x Shares
(individually, ``Fund,'' and, collectively, ``Funds'') Under NYSE Arca
Equities Rule 8.200. The proposed rule change was published for comment
in the Federal Register on February 7, 2017.\3\ On March 16, 2017,
pursuant to Section 19(b)(2) of the Act,\4\ the Commission designated a
longer period within which to approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether to disapprove the proposed rule change.\5\ On May 5,
2017, the Commission instituted proceedings to determine whether to
approve or disapprove the proposed rule change.\6\ On June 23, 2017,
the Exchange filed Amendment No. 1 to the proposed rule change.\7\ On
July 27, 2017, the Commission designated a longer period for Commission
action on the proposed rule change.\8\ On August 1, 2017, the Exchange
filed Amendment No. 2 to the proposed rule change.\9\ On September 19,
2017, the Exchange filed Amendment No. 3 to the proposed rule
change.\10\ The Commission has received

no comments on the proposed rule change. This order grants approval of
the proposed rule change, as modified by Amendment Nos. 2 and 3
thereto.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 79916 (February 1,
2017), 82 FR 9608.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 80265, 82 FR 14778
(March 22, 2017).
    \6\ See Securities Exchange Act Release No. 80606, 82 FR 22042
(May 11, 2017). Specifically, the Commission instituted proceedings
to allow for additional analysis of the proposed rule change's
consistency with Section 6(b)(5) of the Act, which requires, among
other things, that the rules of a national securities exchange be
``designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade,'' and
``to protect investors and the public interest.'' See id. at 22043.
    \7\ Amendment No. 1, which amended the replaced the original
filing in its entirety, is available on the Commission's Web site
at: https://www.sec.gov/comments/sr-nysearca-2017-05/nysearca201705-1822806-154288.pdf.
    \8\ See Securities Exchange Act Release No. 81224, 82 FR 36030
(August 2, 2017).
    \9\ In Amendment No. 2, which amended and replaced the proposed
rule change, as modified by Amendment No. 1 thereto, in its
entirety, the Exchange: (1) Supplemented its descriptions of the
Funds' investments in over-the-counter transactions and Short-Term
Investments; (2) supplemented its description of the calculation of
the daily value of each Fund's net asset value (``NAV''); (3)
provided information regarding the calculation and dissemination of
the Indicative Fund Value of the Funds; (4) added a representation
regarding the dissemination of the Benchmark; (5) clarified the
information that will be made available on the Funds' Web site
regarding the Funds and their portfolio holdings; (6) supplemented
its description of the Exchange's surveillance procedures; (7)
represented that the applicability of Exchange listing rules
specified in the proposed rule change shall constitute continued
listing requirements for listing the Shares on the Exchange; (8)
clarified the type of information that will be available in the
Information Bulletin regarding the Funds' portfolio holdings; and
(9) made other technical changes. Amendment No. 2 is not subject to
notice and comment because it is a technical amendment that does not
materially alter the substance of the proposed rule change or raise
any novel regulatory issues. Amendment No. 2 to the proposed rule
change is available on the Commission's Web site at: https://www.sec.gov/comments/sr-nysearca-2017-05/nysearca201705-2161993-157780.pdf.
    \10\ In Amendment No. 3, which partially amended the proposed
rule change, as modified by Amendment No. 2 thereto, the Exchange
made representations regarding the size and liquidity of the oil
contract market. Amendment No. 3 is not subject to notice and
comment because it does not materially alter the substance of the
proposed rule change or raise any novel regulatory issues. Amendment
No. 3 to the proposed rule change is available on the Commission's
Web site at: https://www.sec.gov/comments/sr-nysearca-2017-05/nysearca201705-2583842-161105.pdf.
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II. Exchange's Description of the Proposal \11\
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    \11\ A more detailed description of the Funds, the Shares, and
the Benchmark, as well as investment risks, creation and redemption
procedures, NAV calculation, availability of values and other
information regarding the Funds' portfolio holdings, and fees, among
other things, is included in the Registration Statement (as defined
herein), as well as Amendment No. 2 to the proposed rule change, as
applicable. See infra note 13, and supra note 9, respectively.
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    The Exchange proposes to list and trade the Shares under NYSE Arca
Equities Rule 8.200, Commentary .02, which governs the listing and
trading of Trust Issued Receipts.\12\ Each Fund is a series of the
Direxion Shares ETF Trust II (``Trust''), a Delaware statutory
trust.\13\ The Trust and the Funds are managed and controlled by
Direxion Asset Management, LLC (``Sponsor''). The Sponsor is registered
as a commodity pool operator with the Commodity Futures Trading
Commission (``CFTC'') and is a member of the National Futures
Association. Bank of New York Mellon will be the custodian and transfer
agent for the Funds. U.S. Bancorp Fund Services, LLC serves as
administrator for the Funds, and Foreside Fund Services, LLC serves as
the distributor of the Funds.
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    \12\ Commentary .02 to NYSE Arca Equities Rule 8.200 applies to
Trust Issued Receipts that invest in ``Financial Instruments.'' The
term ``Financial Instruments,'' as defined in Commentary .02(b)(4)
to NYSE Arca Equities Rule 8.200, means any combination of
investments, including cash; securities; options on securities and
indices; futures contracts; options on futures contracts; forward
contracts; equity caps, collars, and floors; and swap agreements.
    \13\ The Trust is registered under the Securities Act of 1933
(``Securities Act''). According to the Exchange, on December 14,
2016, the Trust filed with the Commission a registration statement
on Form S-1 under the Securities Act relating to the Funds (File No.
333-215091) (``Registration Statement'').
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Overview of the Funds

    The investment objective of Direxion Daily Crude Oil Bull 3X Shares
is to seek, on a daily basis, investment results that correspond
(before fees and expenses) to a multiple of three times (3x) of the
daily performance of the Bloomberg WTI Crude Oil Subindex, a subindex
of the Bloomberg Commodity Index (``Benchmark'').\14\ The investment
objective of Direxion Daily Crude Oil Bear 3X Shares is to seek, on a
daily basis, investment results that correspond (before fees and
expenses) to three times (3x) the inverse of the performance of the
Benchmark. The Benchmark is intended to reflect the performance of
crude oil as measured by the price of West Texas Intermediate crude oil
futures contracts traded on the New York Mercantile Exchange
(``NYMEX''), including the impact of rolling, without regard to income
earned on cash positions. The Funds will not be directly linked to the
``spot'' price of crude oil. The Exchange states that a Fund will not
seek to achieve its investment objective over a period greater than a
single trading day.\15\
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    \14\ According to the Exchange, the Bloomberg WTI Crude Oil
Subindex is a ``rolling index,'' which means that the index does not
take physical possession of any commodities. The Exchange states
that futures contracts held by the Funds near expiration are
generally closed out and replaced by contracts with a later
expiration as required by the Bloomberg WTI Crude Oil Subindex. The
Exchange states that this process is referred to as ``rolling.'' See
Amendment No. 2, supra note 9, at 5 n.6-7.
    \15\ According to the Exchange, a single trading day is measured
from the time a Fund calculates its NAV to the time of a Fund's next
NAV calculation. The Exchange states that the return of a Fund for a
period longer than a single trading day is the result of its return
for each day compounded over the period and thus will usually differ
from a Fund's multiple times the return of the Benchmark for the
same period. See id. at 5 n.8-9.
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    In seeking to achieve the Funds' investment objectives, the Sponsor
will utilize a mathematical approach to determine the type, quantity,
and mix of investment positions that the Sponsor believes, in
combination, should produce daily returns consistent with the Funds'
respective objectives. The Sponsor will rely on a pre-determined model
to generate orders that result in repositioning the Funds' investments
in accordance with their respective investment objectives.

Investments of the Funds

    Each Fund will seek to achieve its respective investment objective
by investing, under normal market conditions,\16\ substantially all of
its assets in oil futures contracts traded in the U.S. and listed
options on such contracts (collectively, ``Futures Contracts''). The
Funds' investments in Futures Contracts will be used to produce
economically ``leveraged'' or ``inverse leveraged'' investment results
for the Funds.
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    \16\ The term ``normal market conditions'' includes, but is not
limited to, the absence of trading halts in the applicable financial
markets generally; operational issues (e.g., systems failure)
causing dissemination of inaccurate market information; or force
majeure type events such as natural or manmade disaster, act of God,
armed conflict, act of terrorism, riot or labor disruption or any
similar intervening circumstance. See id. at 6 n.10.
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    In the event position, price, or accountability limits are reached
with respect to Futures Contracts,\17\ each Fund may obtain exposure to
the Benchmark through investment in swap transactions and forward
contracts referencing such Benchmark or other benchmarks the Sponsor
believes should be closely correlated to the performance of each Fund's
benchmark such as the Energy Select Sector Index or the S&P Oil & Gas
Exploration & Production Select Industry Index (``Financial
Instruments''). To the extent that the Trust invests in Financial
Instruments, it would first make use of exchange-traded Financial
Instruments, if available. If an investment in exchange-traded
Financial Instruments is unavailable, then the Trust would invest in
Financial Instruments that clear through derivatives clearing
organizations that satisfy the Trust's criteria, if available. If an
investment in cleared Financial Instruments is unavailable, then the
Trust would invest in other Financial Instruments, including uncleared
Financial Instruments in the over-the-counter (``OTC'') market. The
Funds may also invest in Financial Instruments if the market for a
specific futures contract experiences emergencies (e.g., natural
disaster, terrorist attack, or an act of God) or disruptions (e.g., a
trading halt or a flash crash) that prevent or make it impractical for
a Fund to obtain the appropriate amount of investment exposure using
Futures Contracts.
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    \17\ According to the Exchange, U.S. futures exchanges have
established accountability levels and position limits on the maximum
net long or net short Futures Contracts in commodity interests that
any person or group of persons under common trading control (other
than as a hedge, which an investment by a Fund is not) may hold, own
or control. These levels and position limits apply to the Futures
Contracts that each Fund would invest in to meet its investment
objective. In addition to accountability levels and position limits,
U.S. futures exchanges also set daily price fluctuation limits on
Futures Contracts. The daily price fluctuation limit establishes the
maximum amount that the price of a Futures Contract may vary either
up or down from the previous day's settlement price. See id. at 7-8.
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    The Exchange represents that each Fund will enter into swap
agreements and other OTC transactions only with large, established, and
well capitalized financial institutions that meet certain credit
quality standards and monitoring policies. The Exchange states that
each Fund will use various techniques to minimize credit risk including
early termination or reset and payment, using different counterparties
and limiting the net amount due from any individual counterparty.\18\
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    \18\ See id. at 6-7.
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    Although the Funds will invest such that each Fund's exposure to
the Benchmark will consist substantially of

Futures Contracts, the Funds' remaining net assets may be invested in
cash or cash equivalents and/or U.S. Treasury securities or other high
credit quality, short-term fixed-income or similar securities (such as
shares of money market funds and collateralized repurchase agreements,
collectively, ``Short-Term Investments'') for direct investment or as
collateral for the Funds' investments.
    The Funds do not intend to hold Futures Contracts through
expiration, but instead intend to either close or ``roll'' their
respective positions. When the market for these contracts is such that
the prices are higher in the more distant delivery months than in the
nearer delivery months, the sale during the course of the ``rolling
process'' of the more nearby contract would take place at a price that
is lower than the price of the more distant contract.\19\
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    \19\ The Exchange states that the pattern of higher futures
prices for longer expiration Futures Contracts is referred to as
``contango.'' Alternatively, when the market for these contracts is
such that the prices are higher in the nearer months than in the
more distant months, the sale during the course of the ``rolling
process'' of the more nearby contract would take place at a price
that is higher than the price of the more distant contract. The
Exchange states that the pattern of higher futures prices for
shorter expiration Futures Contracts is referred to as
``backwardation.'' According to the Exchange, the presence of
contango in certain Futures Contracts at the time of rolling could
adversely affect a Fund with long positions, and positively affect a
Fund with short positions. Similarly, the Exchange states that the
presence of backwardation in certain Futures Contracts at the time
of rolling such contracts could adversely affect a Fund with short
positions and positively affect a Fund with long positions. See id.
at 7.
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    The Exchange states that the Funds do not expect to have leveraged
exposure greater than three times (3x) the Funds' net assets. Thus, the
maximum margin held at a Future Commission Merchant would not exceed
three times the margin requirement for either Fund.\20\ The Exchange
represents that not more than 10% of the net assets of a Fund in the
aggregate invested in Futures Contracts shall consist of Futures
Contracts whose principal market is not a member of the Intermarket
Surveillance Group (``ISG'') or is a market with which the Exchange
does not have a comprehensive surveillance sharing agreement
(``CSSA'').\21\
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    \20\ See id. at 8.
    \21\ See id. at 13.
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III. Discussion and Commission Findings

    After careful review, the Commission finds that the Exchange's
proposal to list and trade the Shares is consistent with the Exchange
Act and the rules and regulations thereunder applicable to a national
securities exchange.\22\ In particular, the Commission finds that the
proposed rule change, as modified by Amendment Nos. 2 and 3 thereto, is
consistent with Section 6(b)(5) of the Exchange Act,\23\ which
requires, among other things, that the Exchange's rules be designed to
promote just and equitable principles of trade, 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. The Commission also finds that the proposal to list and trade
the Shares on the Exchange is consistent with Section 11A(a)(1)(C)(iii)
of the Exchange Act,\24\ which sets forth Congress' finding that it is
in the public interest and appropriate for the protection of investors
and the maintenance of fair and orderly markets to assure the
availability to brokers, dealers and investors of information with
respect to quotations for and transactions in securities.
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    \22\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \23\ 15 U.S.C. 78f(b)(5).
    \24\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
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    According to the Exchange, quotation and last-sale information
regarding the Shares will be disseminated through the facilities of the
Consolidated Tape Association (``CTA''). Quotation information for
Short-Term Investments and OTC swaps may be obtained from brokers and
dealers who make markets in such instruments, and intra-day price
information for forward contracts will be available from major market
data vendors. Quotation information for exchange-traded swaps will be
available from the applicable exchange and major market vendors. The
intraday, closing prices, and settlement prices of the Futures
Contracts will be readily available from the applicable futures
exchange Web sites, automated quotation systems, published or other
public sources, or major market data vendors. Complete real-time data
for the Futures Contracts also is available by subscription through on-
line information services. ICE Futures U.S. and NYMEX also provide
delayed futures and options on futures information on current and past
trading sessions and market news free of charge on their respective Web
sites. The specific contract specifications for Futures Contracts would
also be available on such Web sites, as well as other financial
informational sources.
    The Funds' Web site will display the applicable end of day closing
NAV. Each Fund's total portfolio composition will be disclosed on the
Funds' Web site each business day that the Exchange is open for
trading. The Funds' Web site also will include a form of the prospectus
for the Funds that may be downloaded. The Web site will include the
Shares' ticker and CUSIP information, along with additional
quantitative information updated on a daily basis for each Fund.\25\
The Web site disclosure of portfolio holdings will be made daily and
will include, as applicable, (i) the name, quantity, value, expiration
and strike price of Futures Contracts and Financial Instruments, (ii)
the counterparty to and value of Financial Instruments, and (iii) the
aggregate net value of the Short-Term Investments held in each Fund's
portfolio, if applicable.
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    \25\ The Funds' Web site will include (1) daily trading volume,
the prior business day's reported NAV and closing price, and a
calculation of the premium and discount of the closing price or mid-
point of the bid/ask spread at the time of NAV calculation (``Bid/
Ask Price'') against the NAV; and (2) data in chart format
displaying the frequency distribution of discounts and premiums of
the daily closing price or Bid/Ask Price against the NAV, within
appropriate ranges, for at least each of the four previous calendar
quarters.
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    The Benchmark will be disseminated by one or more major market data
vendors every 15 seconds during the NYSE Arca Core Trading Session of
9:30 a.m. to 4:00 p.m. Eastern Time (``E.T.''). The Indicative Fund
Value (``IFV'') \26\ will be widely disseminated by one or more major
market data vendors during the NYSE Arca Core Trading Session Share
will be widely disseminated by one or more major market data vendors
every 15 seconds during the Exchange's Core Trading Session.\27\ Each
Fund will compute its NAV at 2:30 p.m. E.T., which is the designated
closing time of

the crude oil futures market on NYMEX,\28\ or if the New York Stock
Exchange (``NYSE'') closes earlier than 2:30 p.m. E.T., each Fund will
compute its NAV at the time the NYSE closes. The NAV for the Funds'
Shares will be disseminated daily to all market participants at the
same time.
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    \26\ The IFV will be calculated by using the prior day's closing
net assets of a Fund as a base and updating throughout the
Exchange's Core Trading Session of 9:30 a.m. E.T. to 4:00 p.m. E.T.
changes in the value of the Futures Contracts and Financial
Instruments held by a Fund based on the most recently available
prices for the Fund's investments. According to the Exchange,
circumstances may arise in which the NYSE Arca Core Trading Session
is in progress, but trading in Futures Contracts is not occurring.
Such circumstances may result from reasons including, but not
limited to, a futures exchange having a separate holiday schedule
than the NYSE Arca, a futures exchange closing prior to the close of
the NYSE Arca, price fluctuation limits being reached in a Futures
Contract, or a futures exchange, imposing any other suspension or
limitation on trading in a Futures Contract. In such instances, for
IFV calculation purposes, the price of the applicable Futures
Contracts, as well as Financial Instruments whose price is derived
from the Futures Contracts, would be static or priced by the Fund at
the applicable early cut-off time of the exchange trading the
applicable Futures Contract. See Amendment No. 2, supra note 9, at 7
n.13.
    \27\ The Exchange notes that several major market data vendors
display and/or make widely available IFVs taken from the CTA or
other data feeds. See id.
    \28\ The Exchange states that the daily value of the NAV is
calculated as of 2:30 p.m. E.T. to coincide with the designated
closing time. Futures Contracts, however, continue to trade past
2:30 p.m. E.T. and through the end of the NYSE Arca Core Trading
Session at 4:00 p.m. E.T. See id. at 8 n.12.
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    The Commission further believes that the proposal to list and trade
the Shares is reasonably designed to promote fair disclosure of
information that may be necessary to price the Shares appropriately and
to prevent trading when a reasonable degree of transparency cannot be
assured. If the Exchange becomes aware that the NAV with respect to the
Shares is not disseminated to all market participants at the same time,
it will halt trading in the Shares until such time as the NAV is
available to all market participants. Further, the Exchange may halt
trading during the day in which an interruption to the dissemination of
the IFV or the value of the Benchmark occurs. If the interruption to
the dissemination of the IFV or the value of the Benchmark persists
past the trading day in which it occurred, the Exchange will halt
trading no later than the beginning of the trading day following the
interruption. Trading in Shares of a Fund will be halted if the circuit
breaker parameters in NYSE Arca Equities Rule 7.12 have been reached.
Trading also may be halted because of market conditions or for reasons
that, in the view of the Exchange, make trading in the Shares
inadvisable. The Exchange states that it has a general policy
prohibiting the distribution of material, non-public information by its
employees.\29\ Moreover, trading of the Shares will be subject to NYSE
Arca Equities Rule 8.200, Commentary .02(e), which sets forth certain
restrictions on Equity Trading Permit (``ETP'') Holders acting as
registered market makers in Trust Issued Receipts to facilitate
surveillance.
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    \29\ See id. at 13.
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    The Commission notes that the Exchange or the Financial Industry
Regulatory Authority (``FINRA''), on behalf of the Exchange, or both,
will communicate as needed regarding trading in the Shares and certain
Futures Contracts with other markets and other entities that are
members of the ISG, and the Exchange or FINRA, on behalf of the
Exchange, or both, may obtain trading information regarding trading in
the Shares and certain Futures Contracts from such markets and other
entities. In addition, the Exchange may obtain information regarding
trading in the Shares and certain Futures Contracts from markets and
other entities that are members of ISG or with which the Exchange has
in place a CSSA.\30\ The Exchange is also able to obtain information
regarding trading in the Shares, the physical commodities underlying
Futures Contracts through ETP Holders, in connection with such ETP
Holders' proprietary or customer trades which they effect through ETP
Holders on any relevant market. The Exchange can obtain market
surveillance information, including customer identity information, with
respect to transactions (including transactions in cash-settled options
on Futures Contracts) occurring on U.S. futures exchanges, which are
members of the ISG.
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    \30\ For a list of the current members of ISG, see
www.isgportal.org. According to the Exchange, not all components of
a Fund may trade on markets that are members of ISG or with which
the Exchange has in place a CSSA. See id. at 13 n.18.
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    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. In support of this
proposal, the Exchange represented that:
    (1) The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.200.
    (2) The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions.
    (3) Trading in the Shares will be subject to the existing trading
surveillances administered by the Exchange, as well as cross-market
surveillances administered by FINRA on behalf of the Exchange, which
are designed to detect violations of Exchange rules and applicable
federal securities laws, and these procedures are adequate to properly
monitor Exchange trading of the Shares in all trading sessions and to
deter and detect violations of Exchange rules and federal securities
laws applicable to trading on the Exchange.
    (4) Prior to the commencement of trading, the Exchange will inform
its ETP Holders in an Information Bulletin of the special
characteristics and risks associated with trading the Shares.
Specifically, the Information Bulletin will discuss the following: (a)
The risks involved in trading the Shares during the Early and Late
Trading Sessions when an updated IFV will not be calculated or publicly
disseminated; (b) the procedures for purchases and redemptions of
Shares in Creation Units (and that Shares are not individually
redeemable); (c) NYSE Arca Equities Rule 9.2(a), which imposes a duty
of due diligence on its ETP Holders to learn the essential facts
relating to every customer prior to trading the Shares; (d) how
information regarding the IFV is disseminated; (e) how information
regarding portfolio holdings is disseminated; (f) that a static IFV
will be disseminated, between the close of trading on the ICE Futures
U.S. and NYMEX and the close of the NYSE Arca Core Trading Session; (g)
the requirement that ETP Holders deliver a prospectus to investors
purchasing newly issued Shares prior to or concurrently with the
confirmation of a transaction; and (h) trading information.
    (5) For initial and continued listing, each Fund will be in
compliance with Rule 10A-3 under the Act,\31\ as provided by NYSE Arca
Equities Rule 5.3.
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    \31\ 17 CFR 240.10A-3.
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    (6) Each Fund will seek to achieve its respective investment
objective by investing, under normal market conditions, substantially
all of its assets in Futures Contracts. In the event position, price or
accountability limits are reached with respect to Futures Contracts,
each Fund may obtain exposure to the Benchmark through investments in
Financial Instruments. To the extent that the Trust invests in
Financial Instruments, it would first make use of exchange-traded
Financial Instruments, if available. If an investment in exchange-
traded Financial Instruments is unavailable, then the Trust would
invest in Financial Instruments that clear through derivatives clearing
organizations that satisfy the Trust's criteria, if available. If an
investment in cleared Financial Instruments is unavailable, then the
Trust would invest in other Financial Instruments, including uncleared
Financial Instruments in the OTC market.
    (7) The oil contract market is of significant size and liquidity,
and has average daily volume of 650,000 contracts and daily open
interest of 450,000 contracts. The Sponsor is registered as a commodity
pool operator with the CFTC and is a member of the National Futures
Association, and the Information Bulletin will reference that the CFTC
has regulatory jurisdiction over the trading of Futures Contracts
traded on U.S. markets.
    (8) Not more than 10% of the net assets of a Fund in the aggregate
invested in Futures Contracts shall consist of Futures Contracts whose
principal market is not a member of the

ISG or is a market with which the Exchange does not have a CSSA.
    (9) Each Fund will enter into swap agreements and other OTC
transactions only with large, established and well capitalized
financial institutions that meet certain credit quality standards and
monitoring policies. Each Fund will use various techniques to minimize
credit risk including early termination or reset and payment, using
different counterparties and limiting the net amount due from any
individual counterparty.
    (10) A minimum of 100,000 Shares of each Fund will be outstanding
at the commencement of trading on the Exchange.

The Exchange represents that all statements and representations made in
this filing regarding (a) the description of the portfolios of the
Funds or Benchmark, (b) limitations on portfolio holdings or the
Benchmark, or (c) the applicability of Exchange listing rules specified
in this rule filing shall constitute continued listing requirements for
listing the Shares on the Exchange. The issuer has represented to the
Exchange that it will advise the Exchange of any failure by the Funds
to comply with the continued listing requirements, and, pursuant to its
obligations under Section 19(g)(1) of the Act, the Exchange will
monitor for compliance with the continued listing requirements.\32\ If
a Fund is not in compliance with the applicable listing requirements,
the Exchange will commence delisting procedures under NYSE Arca
Equities Rule 5.5(m).
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    \32\ The Commission notes that certain other proposals for the
listing and trading of Managed Fund Shares include a representation
that the exchange will ``surveil'' for compliance with the continued
listing requirements. See, e.g., Securities Exchange Act Release No.
77499 (April 1, 2016), 81 FR 20428 (April 7, 2016) (Notice of Filing
of Amendment No. 2, and Order Granting Accelerated Approval of a
Proposed Rule Change, as Modified by Amendment No. 2, to List and
Trade Shares of the SPDR DoubleLine Short Duration Total Return
Tactical ETF of the SSgA Active Trust), available at: http://www.sec.gov/rules/sro/bats/2016/34-77499.pdf. In the context of this
representation, it is the Commission's view that ``monitor'' and
``surveil'' both mean ongoing oversight of the Fund's compliance
with the continued listing requirements. Therefore, the Commission
does not view ``monitor'' as a more or less stringent obligation
than ``surveil'' with respect to the continued listing requirements.
---------------------------------------------------------------------------

    This approval order is based on all of the Exchange's
representations and description of the Funds, including those set forth
above and in Amendment No. 2 to the proposed rule change. The
Commission notes that the Shares must comply with the requirements of
NYSE Arca Equities Rule 8.200 and Commentary .02 thereto to be listed
and traded on the Exchange on an initial and continuing basis.
    For the foregoing reasons, the Commission finds that the proposed
rule change, as modified by Amendment Nos. 2 and 3 thereto, is
consistent with Section 6(b)(5) of the Act \33\ and the rules and
regulations thereunder applicable to a national securities exchange.
---------------------------------------------------------------------------

    \33\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Exchange Act,\34\ that the proposed rule change (SR-NYSEArca-2017-05),
as modified by Amendment Nos. 2 and 3 thereto, be, and it hereby is,
approved.
---------------------------------------------------------------------------

    \34\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\35\
---------------------------------------------------------------------------

    \35\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-20896 Filed 9-28-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 88, Number 191 (Wednesday, October 4, 2023)]
[Proposed Rules]
[Pages 68512-68514]
[FR Doc No: 2023-21896]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2023-1829; Airspace Docket No. 23-ASO-05]
RIN 2120-AA66

Amendment of Very High Frequency Omnidirectional Range (VOR)
Federal Airway V-9; Arkansas

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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

SUMMARY: This action proposes to amend Very High Frequency
Omnidirectional Range (VOR) Federal airway V-9 in Arkansas. V-9
currently exists as three separate route segments, and this proposed
amendment would connect two of the route segments to create a longer
contiguous airway.

DATES: Comments must be received on or before November 20, 2023.

ADDRESSES: Send comments identified by FAA Docket No. FAA-2023-1829 and
Airspace Docket No. 23-ASO-05 using any of the following methods:
    * Federal eRulemaking Portal: Go to www.regulations.gov and follow
the online instructions for sending your comments electronically.
    * Mail: Send comments to Docket Operations, M-30; U.S. Department
of Transportation, 1200 New Jersey Avenue SE, Room W12-140, West
Building Ground Floor, Washington, DC 20590-0001.
    * Hand Delivery or Courier: Take comments to Docket Operations in
Room W12-140 of the West Building Ground Floor at 1200 New Jersey
Avenue SE, Washington, DC, between 9 a.m. and 5 p.m., Monday through
Friday, except Federal holidays.
    * Fax: Fax comments to Docket Operations at<PHONE_NUMBER>.
    Docket: Background documents or comments received may be read at
www.regulations.gov at any time. Follow the online instructions for
accessing the docket or go to the Docket Operations in Room W12-140 of
the West Building Ground Floor at 1200 New Jersey Avenue SE,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.
    FAA Order JO 7400.11H, Airspace Designations and Reporting Points,
and subsequent amendments can be viewed online at www.faa.gov/air_traffic/publications/. You may also contact the Rules and
Regulations Group, Office of Policy, Federal Aviation

Administration, 800 Independence Avenue SW, Washington, DC 20591;
telephone:<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Brian Vidis, Rules and Regulations
Group, Office of Policy, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
the airspace necessary to ensure the safety of aircraft and the
efficient use of airspace. This regulation is within the scope of that
authority as it would modify the route structure as necessary to
preserve the safe and efficient flow of air traffic within the National
Airspace System.

Comments Invited

    The FAA invites interested persons to participate in this
rulemaking by submitting written comments, data, or views. Comments are
specifically invited on the overall regulatory, aeronautical, economic,
environmental, and energy-related aspects of the proposal. The most
helpful comments reference a specific portion of the proposal, explain
the reason for any recommended change, and include supporting data. To
ensure the docket does not contain duplicate comments, commenters
should submit only one time if comments are filed electronically, or
commenters should send only one copy of written comments if comments
are filed in writing.
    The FAA will file in the docket all comments it receives, as well
as a report summarizing each substantive public contact with FAA
personnel concerning this proposed rulemaking. Before acting on this
proposal, the FAA will consider all comments it receives on or before
the closing date for comments. The FAA will consider comments filed
after the comment period has closed if it is possible to do so without
incurring expense or delay. The FAA may change this proposal in light
of the comments it receives.
    Privacy: In accordance with 5 U.S.C. 553(c), DOT solicits comments
from the public to better inform its rulemaking process. DOT posts
these comments, without edit, including any personal information the
commenter provides, to www.regulations.gov, as described in the system
of records notice (DOT/ALL-14 FDMS), which can be reviewed at
www.dot.gov/privacy.

Availability of Rulemaking Documents

    An electronic copy of this document may be downloaded through the
internet at www.regulations.gov. Recently published rulemaking
documents can also be accessed through the FAA's web page at
www.faa.gov/air_traffic/publications/airspace_amendments/.
    You may review the public docket containing the proposal, any
comments received and any final disposition in person in the Dockets
Operations office (see ADDRESSES section for address, phone number, and
hours of operations). An informal docket may also be examined during
normal business hours at the office of the Eastern Service Center,
Federal Aviation Administration, Room 210, 1701 Columbia Avenue,
College Park, GA 30337.

Incorporation by Reference

    Domestic VOR Federal Airways are published in paragraph 6010(a) of
FAA Order JO 7400.11, Airspace Designations and Reporting Points, which
is incorporated by reference in 14 CFR 71.1 on an annual basis. This
document proposes to amend the current version of that order, FAA Order
JO 7400.11H, dated August 11, 2023, and effective September 15, 2023.
These updates would be published in the next update to FAA Order JO
7400.11. That order is publicly available as listed in the ADDRESSES
section of this document.
    FAA Order JO 7400.11H lists Class A, B, C, D, and E airspace areas,
air traffic service routes, and reporting points.

Background

    The FAA published a Final rule for Docket No. FAA-2022-0646 in the
Federal Register (87 FR 54878; September 8, 2022) that amended V-9 and
removed the route segments between the Marvell, AR (UJM), VOR/Distance
Measuring Equipment (VOR/DME); Gilmore, AR (GQE), VOR/DME; Malden, MO
(MAW), Tactical Air Navigation (TACAN), and the Farmington, MO (FAM),
VOR/Tactical Air Navigation (VORTAC) in support of the FAA's VOR
Minimum Operation Network (MON) project. The Gilmore VOR/DME and the
Malden TACAN are scheduled to be decommissioned in support of the FAA's
VOR MON Program. The Department of Defense subsequently requested V-9
to connect between the Marvell, AR (UJM), VOR/DME and the Farmington,
MO (FAM), VORTAC to simplify flight planning along this route segment.

The Proposal

    The FAA is proposing an amendment to 14 CFR part 71 to amend VOR
Federal airway V-9 in Arkansas. The proposed route changes are
described below.
    V-9: V-9 currently extends between the Leeville, LA (LEV), VORTAC
and the Marvell, AR (UJM), VOR/DME; between the Farmington, MO (FAM),
VORTAC to the Pontiac, IL (PNT), VOR/DME; and between the Janesville,
WI (JVL), VOR/DME to the Houghton, MI (CMX), VOR/DME. The FAA proposes
to establish V-9 between the Marvell VOR/DME and the Farmington VORTAC
to create a longer contiguous airway.

Regulatory Notices and Analyses

    The FAA has determined that this proposed regulation only involves
an established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore: (1) is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under DOT
Regulatory Policies and Procedures (44 FR 11034; February 26, 1979);
and (3) does not warrant preparation of a regulatory evaluation as the
anticipated impact is so minimal. Since this is a routine matter that
will only affect air traffic procedures and air navigation, it is
certified that this proposed rule, when promulgated, will not have a
significant economic impact on a substantial number of small entities
under the criteria of the Regulatory Flexibility Act.

Environmental Review

    This proposal will be subject to an environmental analysis in
accordance with FAA Order 1050.1F, ``Environmental Impacts: Policies
and Procedures'' prior to any FAA final regulatory action.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

The Proposed Amendment

    In consideration of the foregoing, the Federal Aviation
Administration proposes to amend 14 CFR part 71 as follows:

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

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

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

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order JO
7400.11H, Airspace Designations and Reporting Points, dated August 11,
2023, and effective September 15, 2023, is amended as follows:

Paragraph 6010(a) Domestic VOR Federal Airways.

* * * * *

V-9 [Amended]

    From Leeville, LA; McComb, MS; INT McComb 004[deg]T/001[deg]M
and Magnolia, MS 194[deg]T/195[deg]M radials; Magnolia; Sidon, MS;
Marvell, AR; INT Marvell 326[deg]T/325[deg]M and Walnut Ridge, AR
187[deg]T/183[deg]M radials; Walnut Ridge; Farmington, MO; St.
Louis, MO; Spinner, IL; to Pontiac, IL. From Janesville, WI;
Madison, WI; Oshkosh, WI; Green Bay, WI; Iron Mountain, MI; to
Houghton, MI.
* * * * *

    Issued in Washington, DC, on September 28, 2023.
Karen L. Chiodini,
Acting Manager, Airspace Rules and Regulations Group.
[FR Doc. 2023-21896 Filed 10-3-23; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 80, Number 127 (Thursday, July 2, 2015)]
[Notices]
[Pages 38186-38187]
[FR Doc No: 2015-16310]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. EL15-79-000]

TransSource, LLC v. The PJM Interconnection, LLC; Notice of
Complaint

    Take notice that on June 23, 2015, pursuant to 16 U.S.C. 824(f),
and Rule 206 of the Federal Energy Regulatory Commission's (Commission)
Rules of Practice and Procedure, 18 CFR 385.206, TransSource, LLC
(Complainant), filed a formal complaint against The PJM
Interconnection, LLC (Respondent or PJM), alleging that PJM has
repeatedly refused to provide data and a transparent process for
evaluating TransSource, LLC's Queue positions in violation section
213(b) of the Federal Power Act, as more fully explained in the
complaint.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. The Respondent's
answer and all interventions, or protests must be filed on or before
the comment date. The Respondent's answer, motions to intervene, and
protests must be served on the Complainants.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov. Persons unable to file electronically should submit an
original and 5 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for

electronic review in the Commission's Public Reference Room in
Washington, DC. There is an ``eSubscription'' link on the Web site that
enables subscribers to receive email notification when a document is
added to a subscribed docket(s). For assistance with any FERC Online
service, please email<EMAIL_ADDRESS>or call (866) 208-
3676 (toll free). For TTY, call<PHONE_NUMBER>.
    Comment Date: 5:00 p.m. Eastern Time on July 6, 2015.

 Kimberly D. Bose,
 Secretary.
[FR Doc. 2015-16310 Filed 7-1-15; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 179 (Thursday, September 15, 2011)]
[Rules and Regulations]
[Page 56982]
[FR Doc No: 2011-23523]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R06-OAR-2011-0426; FRL-9463-6]

Approval and Promulgation of Implementation Plans; Texas;
Revisions to Permits by Rule and Regulations for Control of Air
Pollution by Permits for New Construction or Modification

AGENCY: Environmental Protection Agency (EPA).

ACTION: Withdrawal of direct final rule.

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

SUMMARY: On July 25, 2011, EPA published a direct final rule approving
portions of three revisions to the Texas State Implementation Plan
(SIP) submitted on August 31, 1993; July 22, 1998; and October 5, 2010.
The revisions amend existing sections and create new sections in Title
30 of the Texas Administrative Code (TAC), Chapter 116--Control of Air
Pollution by Permits for New Construction or Modification. The August
31, 1993, revision creates two new sections at 30 TAC 116.174 and
116.175 for the use of emission reductions as offsets in new source
review permitting. The July 22, 1998, revision creates 30 TAC
116.116(f) allowing for the use of Discrete Emission Reduction Credits
(DERC) to exceed emission limits in permits (permit allowables) and
amends 30 TAC 116.174 to update internal citations to other Texas
regulations. The October 5, 2010, revision amends 30 TAC 116.116(f) to
update internal citations to other Texas regulations. The direct final
action was published without prior proposal because EPA anticipated no
adverse comments. EPA stated in the direct final rule that if we
received relevant, adverse comments by August 24, 2011, EPA would
publish a timely withdrawal in the Federal Register. EPA subsequently
received timely adverse comments on the direct final rule. Therefore,
EPA is withdrawing the direct final approval. EPA will address all
relevant, adverse comments submitted by August 24, 2011, in a
subsequent final action based on the parallel proposal also published
on July 25, 2011. As stated in the parallel proposal, EPA will not
institute a second comment period on this action.

DATES: The direct final rule published on July 25, 2011 (76 FR 44271),
is withdrawn as of September 15, 2011.

FOR FURTHER INFORMATION CONTACT: Ms. Erica Le Doux (6PD-R), Air Permits
Section, Environmental Protection Agency, Region 6, 1445 Ross Avenue
(6PD-R), Suite 1200, Dallas, TX 75202-2733. The telephone number is
(214) 665-7265. Ms. Le Doux can also be reached via electronic mail at
<EMAIL_ADDRESS>
List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Carbon monoxide,
Incorporation by reference, Intergovernmental relations, Lead, Nitrogen
dioxide, Ozone, Particulate matter, Reporting and recordkeeping
requirements, Sulfur oxides, Volatile organic compounds.

    Dated: September 6, 2011.
Al Armendariz,
Regional Administrator, EPA Region 6.
    Accordingly, the amendments to 40 CFR 52.2270 published in the
Federal Register on July 25, 2011 (76 FR 44271), which were to become
effective on September 23, 2011, are withdrawn.

[FR Doc. 2011-23523 Filed 9-14-11; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 81, Number 17 (Wednesday, January 27, 2016)]
[Rules and Regulations]
[Pages 4590-4592]
[FR Doc No: 2016-01631]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket Number USCG-2016-0016]
RIN 1625-AA00

Safety Zone; Bayou Chene Beginning at Mile 130.0 on the
Atchafalaya River Extending Through the Bayou Chene Ending at Mile 85.0
on the Intercoastal Waterway Morgan City, LA

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is establishing a temporary emergency safety
zone for all waters of the Bayou Chene beginning at mile 130.0 on the
Atchafalaya River extending north through the Bayou Chene and ending at
Mile 85.0 on the Intercoastal Waterway. The emergency safety zone is
needed to protect persons, property, and infrastructure from potential
damage and safety hazards associated with high waters. Entry of vessels
or persons into this zone is prohibited unless specifically authorized
by the Captain of the Port Morgan City (COTP). Deviation from the
safety zone may be requested and will be considered on a case-by-case

basis as specifically authorized by the COTP or a designated
representative.

DATES: This rule is effective without actual notice from January 27,
2016 until 11:59 p.m. on February 29, 2016. For the purposes of
enforcement, actual notice will be used from 8:00 a.m. on January 7,
2016 until January 27, 2016.

ADDRESSES: To view documents mentioned in this preamble as being
available in the docket, go to http://www.regulations.gov, type USCG-
2016-0016 in the ``SEARCH'' box and click ``SEARCH.'' Click on Open
Docket Folder on the line associated with this rule.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email LTJG Vanessa Taylor, Chief of Waterways, U.S. Coast
Guard; telephone<PHONE_NUMBER>, email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

BNM Broadcast Notice to Mariners
CFR Code of Federal Regulations
COTP Captain of the Port
DHS Department of Homeland Security
E.O. Executive order
FR Federal Register
NPRM Notice of proposed rulemaking
Pub. L. Public Law
Sec.  Section
U.S.C. United States Code

II. Background Information and Regulatory History

    The Coast Guard is issuing this temporary rule without prior notice
and opportunity to comment pursuant to authority under section 4(a) of
the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This
provision authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency for good cause finds that those
procedures are ``impracticable, unnecessary, or contrary to the public
interest.'' Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good
cause exists for not publishing a notice of proposed rulemaking (NPRM)
with respect to this rule because there is immediate need for
additional safety measures due to the increased safety risks caused by
high waters on the Atchafalaya River that result in back flooding
through five surrounding parishes. On January 5, 2016, the Coast Guard
determined that immediate action is necessary to establish an emergency
safety zone to protect life and property from the hazards associated
with and resulting from high waters. It is impracticable to publish an
NPRM because we must establish this safety zone by January 7, 2016.
Broadcast Notices to Mariners (BNM) and information sharing with
waterway users will update mariners of enforcement times and any
changes to the schedule during this emergency situation.
    We are issuing this rule, and under 5 U.S.C. 553(d)(3), the Coast
Guard finds that good cause exists for making it effective less than 30
days after publication in the Federal Register. Providing 30 days
notice would be contrary to public interest because immediate action is
needed to protect life and property from the hazards associated with
and resulting from high waters.

III. Legal Authority and Need for Rule

    The Coast Guard is issuing this rule under authority in 33 U.S.C.
1231. The Captain of the Port Morgan City determined that potential
hazards associated with and resulting from high waters and potential
back flooding in surrounding areas require additional safety measures.
This rule establishes a temporary emergency safety zone beginning at
mile 130.0 on the Atchafalaya River extending north through the Bayou
Chene and ending at Mile 85.0 on the Intercoastal Waterway to protect
those operating in the area and assist the Coast Guard in maintaining
navigational safety.

IV. Discussion of the Rule

    The Coast Guard is establishing a temporary emergency safety zone
prohibiting access to the Bayou Chene extending the entire length of
the waterway of the rivers beginning at 8:00 a.m. on January 7, 2016,
through February 29, 2016, or until waters recede and conditions allow
for safe navigation, whichever occurs earlier. Deviation from the
emergency safety zone may be requested and will be considered on a
case-by-case basis as specifically authorized by the COTP or a
designated representative. Deviation requests will be considered and
reviewed on a case-by-case basis. The COTP may be contacted by
telephone at<PHONE_NUMBER> or can be reached by VHF-FM channel 16.

V. Regulatory Analyses

    We developed this rule after considering numerous statutes and
executive orders (E.O.s) related to rulemaking. Below we summarize our
analyses based on a number of these statutes and E.O.s, and we discuss
First Amendment rights of protestors.

A. Regulatory Planning and Review

    E.O.s 12866 and 13563 direct agencies to assess the costs and
benefits of available regulatory alternatives and, if regulation is
necessary, to select regulatory approaches that maximize net benefits.
E.O. 13563 emphasizes the importance of quantifying both costs and
benefits, of reducing costs, of harmonizing rules, and of promoting
flexibility. This rule has not been designated a ``significant
regulatory action,'' under E.O. 12866. Accordingly, it has not been
reviewed by the Office of Management and Budget. This rule establishes
a temporary emergency safety zone placing restrictions on vessels
transiting the Bayou Chene. Notifications of enforcement times and any
changes to the schedule will be communicated to the marine community
via BNM. The impacts on navigation will be limited to ensure the safety
of mariners and vessels during hazardous conditions associated with
high waters.

B. Impact on Small Entities

    The Regulatory Flexibility Act of 1980, 5 U.S.C. 601-612, as
amended, requires Federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000. The Coast Guard certifies under 5 U.S.C. 605(b) that this rule
will not have a significant economic impact on a substantial number of
small entities.
    While some owners or operators of vessels intending to transit the
safety zone may be small entities, for the reasons stated in section
V.A. above, this rule will not have significant economic impact on any
vessel owner or operator.
    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this rule. If the rule would affect your
small business, organization, or governmental jurisdiction and you have
questions concerning its provisions or options for compliance, please
contact the person listed in the FOR FURTHER INFORMATION CONTACT
section.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you

wish to comment on actions by employees of the Coast Guard, call 1-888-
REG-FAIR (1-888-734-3247). The Coast Guard will not retaliate against
small entities that question or complain about this rule or any policy
or action of the Coast Guard.

C. Collection of Information

    This rule will not call for a new collection of information under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

D. Federalism and Indian Tribal Governments

    A rule has implications for federalism under E.O. 13132,
Federalism, if it has a substantial direct effect on the States, on the
relationship between the national government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this rule under that Order and have
determined that it is consistent with the fundamental federalism
principles and preemption requirements described in E.O. 13132.
    Also, this rule does not have tribal implications under E.O. 13175,
Consultation and Coordination with Indian Tribal Governments, because
it does not have a substantial direct effect on one or more Indian
tribes, on the relationship between the Federal Government and Indian
tribes, or on the distribution of power and responsibilities between
the Federal Government and Indian tribes. If you believe this rule has
implications for federalism or Indian tribes, please contact the person
listed in the FOR FURTHER INFORMATION CONTACT section above.

E. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this rule will not result in
such an expenditure, we do discuss the effects of this rule elsewhere
in this preamble.

F. Environment

    We have analyzed this rule under Department of Homeland Security
Management Directive 023-01 and Commandant Instruction M16475.lD, which
guide the Coast Guard in complying with the National Environmental
Policy Act of 1969 (42 U.S.C. 4321-4370f), and have determined that
this action is one of a category of actions that do not individually or
cumulatively have a significant effect on the human environment. This
rule involves an emergency safety measure limiting access to the area
described as the Bayou Chene beginning at mile 130.0 on the Atchafalaya
River extending north through the Bayou Chene and ending at Mile 85.0
of the Intercoastal Waterway. This emergency situation requires a
safety zone lasting longer than one week so a preliminary environmental
analysis checklist and a categorical exclusion determination are being
prepared and will be made available as indicated under ADDRESSES. We
seek any comments or information that may lead to the discovery of a
significant environmental impact from this rule.

G. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to contact the person listed in the FOR FURTHER
INFORMATION CONTACT section to coordinate protest activities so that
your message can be received without jeopardizing the safety or
security of people, places or vessels.

List of Subjects in 33 CFR Part 165

    Harbors, Marine safety, Navigation (water), Reporting and
recordkeeping requirements, Security measures, Waterways.

    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority:  33 U.S.C. 1231; 50 U.S.C. 191; 33 CFR 1.05-1, 6.04-
1, 6.04-6, and 160.5; Department of Homeland Security Delegation No.
0170.1.

0
2. Add Sec.  165.T08-0016 to read as follows:

Sec.  165.T08-0016  Safety Zone; Bayou Chene, beginning at mile 130.0
on the Atchafalaya River extending through the Bayou Chene ending at
Mile 85.0 on the Intercoastal Waterway Morgan City, LA.

    (a) Location. The following area is a safety zone: All waters of
the Bayou Chene beginning at mile 130.0 on the Atchafalaya River
extending north through the Bayou Chene and ending at Mile 85.0 on the
Intercoastal Waterway.
    (b) Definitions. As used in this section, designated representative
means a Coast Guard Patrol Commander, including a Coast Guard coxswain,
petty officer, or other officers operating a Coast Guard vessel and a
Federal, State, and local officer designated by or assisting the
Captain of the Port (COTP) Morgan City in the enforcement of the safety
zone.
    (c) Regulations. (1) Under the general safety zone regulations in
subpart C of this part, you may not enter the safety zone described in
paragraph (a) of this section unless authorized by the COTP or the
COTP's designated representative.
    (2) To seek permission to enter, contact the COTP or the COTP's
representative via VHF-FM channel 16, or through Coast Guard Marine
Safety Unit Morgan City at<PHONE_NUMBER>. Those in the safety zone must
comply with all lawful orders or directions given to them by the COTP
or the COTP's designated representative.
    (d) Enforcement periods. This rule is effective from 8:00 a.m. on
January 7, 2016 through 11:59 p.m. on February 29, 2016 or until waters
recede and conditions allow for safe navigation.
    (e) Informational broadcasts. The COTP or a designated
representative will inform the public through broadcasts notice to
mariners of the enforcement period for the emergency safety zone as
well as any changes in the dates and times of enforcement.

    Dated: January 6, 2016.
D.G. McClellan,
Captain, U.S. Coast Guard, Alternate Captain of the Port Morgan City.
[FR Doc. 2016-01631 Filed 1-26-16; 8:45 am]
 BILLING CODE 9110-04-P


State 2018 Hg Allocation ( tons) Alaska 0.002 Alabama 0.509 Arkansas 0.204 Arizona 0.293 California 0.016 Colorado 0.279 Connecticut 0.021 District of Columbia 0.000 Delaware 0.028 Florida 0.487 Georgia 0.485 Hawaii 0.009 Iowa 0.287 Idaho 0.000 Illinois 0.629 Indiana 0.829 Kansas 0.286 Kentucky 0.603 Louisiana 0.237 Massachusetts 0.068 Maryland 0.185 Maine 0.001 Michigan 0.515 Minnesota 0.275 Missouri 0.550 Mississippi 0.115 Montana 0.149 North Carolina 0.448 North Dakota 0.618 Nebraska 0.166 New Hampshire 0.025 New Jersey 0.060 New Mexico 0.242 Nevada 0.112 New York 0.155 Ohio 0.812 Oklahoma 0.285 Oregon 0.030 Pennsylvania 0.703 Rhode Island 0.000 South Carolina 0.229 South Dakota 0.029 Tennessee 0.373 Texas 1.839 Utah 0.224 Virginia 0.234 Vermont 0.000 Washington 0.078 Wisconsin 0.352 West Virginia 0.551 Wyoming 0.376


[Federal Register Volume 81, Number 249 (Wednesday, December 28, 2016)]
[Notices]
[Page 95584]
[FR Doc No: 2016-31345]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. NJ17-8-000]

City of Colton, California; Notice of Filing

    Take notice that on December 20, 2016, the City of Colton,
California submitted its tariff filing: City of Colton, California 2017
Transmission Revenue Balancing Account Adjustment/Existing Transmission
Contracts Update to be effective 1/1/2017.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date.
Anyone filing a motion to intervene or protest must serve a copy of
that document on the Applicant and all the parties in this proceeding.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov. Persons unable to file electronically should submit an
original and 5 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for electronic review in the
Commission's Public Reference Room in Washington, DC. There is an
``eSubscription'' link on the Web site that enables subscribers to
receive email notification when a document is added to a subscribed
docket(s). For assistance with any FERC Online service, please email
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5:00 p.m. Eastern Time on January 10, 2017.

    Dated: December 21, 2016.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2016-31345 Filed 12-27-16; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 87, Number 56 (Wednesday, March 23, 2022)]
[Rules and Regulations]
[Pages 16393-16394]
[FR Doc No: 2022-05965]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

21 CFR Part 14

[Docket No. FDA-2019-N-4203]

Advisory Committee; Bone, Reproductive and Urologic Drugs
Advisory Committee; Change of Name and Function; Technical Amendment

AGENCY: Food and Drug Administration, HHS.

ACTION: Final rule.

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SUMMARY: The Food and Drug Administration (FDA or Agency) is amending
the standing advisory committees' regulations to change the name and
function of the Bone, Reproductive and Urologic Drugs Advisory
Committee. This action is being taken to reflect changes made to the
charter for this advisory committee.

DATES: This rule is effective March 23, 2022. The changes are
applicable March 23, 2022.

FOR FURTHER INFORMATION CONTACT: Teresa Hays, Committee Management
Officer, Food and Drug Administration,

10903 New Hampshire Ave., Silver Spring, MD 20993,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: FDA is announcing that the name of the Bone,
Reproductive and Urologic Drugs Advisory Committee, which was
established on March 23, 1978, has been changed. The Agency decided
that the name ``Obstetrics, Reproductive and Urologic Drugs Advisory
Committee'' more accurately describes the subject areas for which the
committee is responsible. The committee reviews and evaluates data on
the safety and effectiveness of marketed and investigational human drug
products for use in the practice of obstetrics, gynecology, urology and
related specialties, and makes appropriate recommendations to the
Commissioner of Food and Drugs. The mandate of the committee no longer
includes osteoporosis and metabolic bone disease. As osteoporosis and
metabolic bone diseases are topics related to endocrinology and
metabolic disease, these will be discussed by the Endocrinologic and
Metabolic Drugs Advisory Committee.
    The Obstetrics, Reproductive and Urologic Drugs Advisory Committee
name was changed, and its functions changed in the charter renewal
dated March 23, 2022. In this final rule, FDA is revising 21 CFR
14.100(c)(9) to reflect these changes.
    Publication of this final rule constitutes a final action on this
change under the Administrative Procedure Act. Under 5 U.S.C. 553(b)(B)
and (d)(3) and 21 CFR 10.40(d) and (e)(1), the Agency finds good cause
to dispense with notice and public procedure and to proceed to an
immediately effective regulation. Such notice and procedures are
unnecessary and are not in the public interest because the final rule
is merely codifying the new name and the function of the advisory
committee to reflect the current committee charter.

List of Subjects in 21 CFR Part 14

    Administrative practice and procedure, Advisory committees, Color
additives, Drugs, Radiation protection.

    Therefore, under the Federal Food, Drug, and Cosmetic Act and under
the authority delegated to the Commissioner of Food and Drugs, 21 CFR
part 14 is amended as follows:

PART 14--PUBLIC HEARING BEFORE A PUBLIC ADVISORY COMMITTEE

0
1. The authority citation for part 14 continues to read as follows:

    Authority: 5 U.S.C. App. 2; 15 U.S.C. 1451-1461, 21 U.S.C. 41-
50, 141-149, 321-394, 467f, 679, 821, 1034; 28 U.S.C. 2112; 42
U.S.C. 201, 262, 263b, 264; Pub. L. 107-109; Pub. L. 108-155; Pub.
L. 113-54.

0
2. Section 14.100 is amended by revising paragraph (c)(8) heading and
paragraph (c)(8)(ii) to read as follows:

Sec.  14.100  List of standing advisory committees.

* * * * *
    (c) * * *
    (8) Obstetrics, Reproductive and Urologic Drugs Advisory Committee.
* * * * *
    (ii) Function: The committee reviews and evaluates data on the
safety and effectiveness of marketed and investigational human drug
products for use in the practice of obstetrics, gynecology, urology and
related specialties, and makes appropriate recommendations to the
Commissioner of Food and Drugs.
* * * * *

    Dated: March 16, 2022.
Andi Lipstein Fristedt,
Deputy Commissioner for Policy, Legislation, and International Affairs,
U.S. Food and Drug Administration.
[FR Doc. 2022-05965 Filed 3-22-22; 8:45 am]
BILLING CODE 4164-01-P


[Federal Register Volume 87, Number 178 (Thursday, September 15, 2022)]
[Notices]
[Page 56743]
[FR Doc No: 2022-20029]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Aviation Rulemaking Advisory Committee (ARAC); Renewal

AGENCY: Federal Aviation Administration (FAA), Department of
Transportation (DOT).

ACTION: Notice of renewal of the Aviation Rulemaking Advisory Committee
charter.

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SUMMARY: The FAA announces the charter renewal of the Aviation
Rulemaking Advisory Committee (ARAC), a Federal advisory committee that
works with industry and the public to improve the development of the
FAA's regulations. This charter renewal will take effect on September
14, 2022, and will expire after 2 years unless otherwise renewed.

FOR FURTHER INFORMATION CONTACT: Lakisha Pearson, Federal Aviation
Administration, 800 Independence Avenue SW, Washington, DC 20591,
telephone<PHONE_NUMBER>; fax<PHONE_NUMBER>; email [email protected].

SUPPLEMENTARY INFORMATION: Pursuant to section 14(a)(2)(A) of the
Federal Advisory Committee Act (Pub. L. 92-463), the FAA is giving
notice of the charter renewal for the ARAC. The ARAC was established to
provide advice and recommendations to FAA on regulatory matters. The
ARAC is composed of representatives from member organizations and
associations that represent the various aviation industry segments. The
diversity of the Committee ensures the requisite range of views and
expertise necessary to discharge its responsibilities. See the ARAC
website for details on pending tasks at https://www.faa.gov/regulations_policies/rulemaking/committees/documents/.

    Issued in Washington, DC, on September 12, 2022.
Brandon Roberts,
Executive Director, Office of Rulemaking.
[FR Doc. 2022-20029 Filed 9-13-22; 4:15 pm]
BILLING CODE 4910-13-P