(4) Collateral requirements. A security-based swap dealer or a
major security-based swap participant when calculating the amounts
under paragraphs (c)(1) and (2) of this section may take into account
the fair market value of collateral delivered by a counterparty
provided:
    (i) The collateral:
    (A) Has a ready market;
    (B) Is readily transferable;
    (C) Consists of cash, securities, money market instruments, a major
foreign currency, the settlement currency of the non-cleared security-
based swap, or gold;
    (D) Does not consist of securities and/or money market instruments
issued by the counterparty or a party related to the security-based
swap dealer, the major security-based swap participant, or the
counterparty; and
    (E) Is subject to an agreement between the security-based swap
dealer or the major security-based swap participant and the
counterparty that is legally enforceable by the security-based swap
dealer or the major security-based swap participant against the
counterparty and any other parties to the agreement; and
    (ii) The collateral is either:
    (A) Subject to the physical possession or control of the security-
based swap dealer or the major security-based swap participant and may
be liquidated promptly by the security-based swap dealer or the major
security-based swap participant without intervention by any other
party; or
    (B) The collateral is carried by an independent third-party
custodian that is a bank as defined in section 3(a)(6) of the Act or a
registered U.S. clearing organization or depository that is not
affiliated with the counterparty or, if the collateral consists of
foreign securities or currencies, a supervised foreign bank, clearing
organization, or depository that is not affiliated with the
counterparty and that customarily maintains custody of such foreign
securities or currencies.
    (5) Qualified netting agreements. A security-based swap dealer or
major security-based swap participant may include the effect of a
netting agreement that allows the security-based swap dealer or major
security-based swap participant to net gross receivables from and gross
payables to a counterparty upon the default of the counterparty, for
the purposes of the calculations required pursuant to paragraphs
(c)(1)(i) and (c)(2)(i) of this section, if:
    (i) The netting agreement is legally enforceable in each relevant
jurisdiction, including in insolvency proceedings;
    (ii) The gross receivables and gross payables that are subject to
the netting agreement with a counterparty can be determined at any
time; and
    (iii) For internal risk management purposes, the security-based
swap dealer or major security-based swap participant monitors and
controls its exposure to the counterparty on a net basis.
    (6) Frequency of calculations increased. The calculations required
pursuant to paragraphs (c)(1)(i) and (c)(2)(i) of this section must be
made more frequently than the close of each business day during periods
of extreme volatility and for accounts with concentrated positions.
    (7) Liquidation. A security-based swap dealer or major security-
based swap participant must take prompt steps to liquidate positions in
an account that does not meet the margin requirements of this section
to the extent necessary to eliminate the margin deficiency.
    (d) Calculating initial margin amount. A security-based swap dealer
must calculate the initial margin amount required by paragraph
(c)(1)(i)(B) of this section for non-cleared security-based swaps as
follows:
    (1) Standardized approach--(i) Credit default swaps. For credit
default swaps, the security-based swap dealer must use the method
specified in Sec.  240.18a-1(c)(1)(vi)(B)(1) or, if the security-based
swap dealer is registered with the Commission as a broker or dealer,
the method specified in Sec.  240.15c3-1(c)(2)(vi)(P)(1).
    (ii) All other security-based swaps. For security-based swaps other
than credit default swaps, the security-based swap dealer must use the
method specified in Sec.  240.18a-1(c)(1)(vi)(B)(2) or, if the
security-based swap dealer is registered with the Commission as a
broker or dealer, the method specified in Sec.  240.15c3-
1(c)(2)(vi)(P)(2).
    (2) Model approach. (i) For security-based swaps other than equity
security-based swaps, a security-based swap dealer may apply to the
Commission for authorization to use and be responsible for a model to
calculate the initial margin amount required by paragraph (c)(1)(i)(B)
of this section subject to the application process in Sec.  240.15c3-1e
or Sec.  240.18a-1(d), as applicable. The model must use a 99 percent,
one-tailed confidence level with price changes equivalent to a ten
business-day movement in rates and prices, and must use risk factors
sufficient to cover all the material price risks inherent in the
positions for which the initial margin amount is being calculated,
including foreign exchange or interest rate risk, credit risk, equity
risk, and commodity risk, as appropriate. Empirical correlations may be
recognized by the model within each broad risk category, but not across
broad risk categories.
    (ii) Notwithstanding paragraph (d)(2)(i) of this section, a
security-based swap dealer that is not registered as a broker or dealer
pursuant to Section 15(b) of the Act (15 U.S.C. 78o(b)), other than as
an OTC derivatives dealer, may apply to the Commission for
authorization to use a model to calculate the initial margin amount
required by paragraph (c)(1)(i)(B) of this section for equity security-
based swaps, subject to the application process and model requirements
of paragraph (d)(2)(i) of this section; provided, however, the account
of the counterparty subject to the requirements of this paragraph may
not hold equity security positions other than equity security-based
swaps and equity swaps.
    (e) Risk monitoring and procedures. A security-based swap dealer
must monitor the risk of each account and establish, maintain, and
document procedures and guidelines for monitoring the risk of accounts
as part of the risk management control system required by Sec.
240.15c3-4. The security-based swap dealer must review, in accordance
with written procedures, at reasonable periodic intervals, its non-
cleared security-based swap activities for consistency with the risk
monitoring procedures and guidelines required by this section. The
security-based swap dealer also must determine whether information and
data necessary to apply the risk monitoring procedures and guidelines
required by this section are accessible on a timely basis and whether
information systems are available to adequately capture, monitor,
analyze, and report relevant data and information. The risk monitoring
procedures and guidelines must include, at a minimum, procedures and
guidelines for:
    (1) Obtaining and reviewing account documentation and financial
information necessary for assessing the amount of current and potential
future exposure to a given counterparty

permitted by the security-based swap dealer;
    (2) Determining, approving, and periodically reviewing credit
limits for each counterparty, and across all counterparties;
    (3) Monitoring credit risk exposure to the security-based swap
dealer from non-cleared security-based swaps, including the type,
scope, and frequency of reporting to senior management;
    (4) Using stress tests to monitor potential future exposure to a
single counterparty and across all counterparties over a specified
range of possible market movements over a specified time period;
    (5) Managing the impact of credit exposure related to non-cleared
security-based swaps on the security-based swap dealer's overall risk
exposure;
    (6) Determining the need to collect collateral from a particular
counterparty, including whether that determination was based upon the
creditworthiness of the counterparty and/or the risk of the specific
non-cleared security-based swap contracts with the counterparty;
    (7) Monitoring the credit exposure resulting from concentrated
positions with a single counterparty and across all counterparties, and
during periods of extreme volatility; and
    (8) Maintaining sufficient equity in the account of each
counterparty to protect against the largest individual potential future
exposure of a non-cleared security-based swap carried in the account of
the counterparty as measured by computing the largest maximum possible
loss that could result from the exposure.

0
19. Section 240.18a-4 is added to read as follows:

Sec.  240.18a-4  Segregation requirements for security-based swap
dealers and major security-based swap participants.

    Section 240.18a-4 applies to a security-based swap dealer or major
security-based swap participant registered under section 15F(b) of the
Act (15 U.S.C. 78o-10(b)), including a security-based swap dealer that
is an OTC derivatives dealer as that term is defined in Sec.  240.3b-
12. A security-based swap dealer registered under section 15F of the
Act (15 U.S.C. 78o-10) that is also a broker or dealer registered under
section 15 of the Act (15 U.S.C. 78o), other than an OTC derivatives
dealer, is subject to the customer protection requirements under Sec.
240.15c3-3, including paragraph (p) of that rule with respect to its
security-based swap activity.
    (a) Definitions. For the purposes of this section:
    (1) The term cleared security-based swap means a security-based
swap that is, directly or indirectly, submitted to and cleared by a
clearing agency registered with the Commission pursuant to section 17A
of the Act (15 U.S.C. 78q-1);
    (2) The term excess securities collateral means securities and
money market instruments carried for the account of a security-based
swap customer that have a market value in excess of the current
exposure of the security-based swap dealer (after reducing the current
exposure by the amount of cash in the account) to the security-based
swap customer, excluding:
    (i) Securities and money market instruments held in a qualified
clearing agency account but only to the extent the securities and money
market instruments are being used to meet a margin requirement of the
clearing agency resulting from a security-based swap transaction of the
security-based swap customer; and
    (ii) Securities and money market instruments held in a qualified
registered security-based swap dealer account or in a third-party
custodial account but only to the extent the securities and money
market instruments are being used to meet a regulatory margin
requirement of another security-based swap dealer resulting from the
security-based swap dealer entering into a non-cleared security-based
swap transaction with the other security-based swap dealer to offset
the risk of a non-cleared security-based swap transaction between the
security-based swap dealer and the security-based swap customer.
    (3) The term foreign major security-based swap participant has the
meaning set forth in Sec.  240.3a67-10(a)(6).
    (4) The term foreign security-based swap dealer has the meaning set
forth in Sec.  240.3a71-3(a)(7).
    (5) The term qualified clearing agency account means an account of
a security-based swap dealer at a clearing agency registered with the
Commission pursuant to section 17A of the Act (15 U.S.C. 78q-1) that
holds funds and other property in order to margin, guarantee, or secure
cleared security-based swap transactions for the security-based swap
customers of the security-based swap dealer that meets the following
conditions:
    (i) The account is designated ``Special Clearing Account for the
Exclusive Benefit of the Cleared Security-Based Swap Customers of [name
of security-based swap dealer]'';
    (ii) The clearing agency has acknowledged in a written notice
provided to and retained by the security-based swap dealer that the
funds and other property in the account are being held by the clearing
agency for the exclusive benefit of the security-based swap customers
of the security-based swap dealer in accordance with the regulations of
the Commission and are being kept separate from any other accounts
maintained by the security-based swap dealer with the clearing agency;
and
    (iii) The account is subject to a written contract between the
security-based swap dealer and the clearing agency which provides that
the funds and other property in the account shall be subject to no
right, charge, security interest, lien, or claim of any kind in favor
of the clearing agency or any person claiming through the clearing
agency, except a right, charge, security interest, lien, or claim
resulting from a cleared security-based swap transaction effected in
the account.
    (6) The term qualified registered security-based swap dealer
account means an account at another security-based swap dealer
registered with the Commission pursuant to section 15F of the Act that
meets the following conditions:
    (i) The account is designated ``Special Reserve Account for the
Exclusive Benefit of the Security-Based Swap Customers of [name of
security-based swap dealer]'';
    (ii) The other security-based swap dealer has acknowledged in a
written notice provided to and retained by the security-based swap
dealer that the funds and other property held in the account are being
held by the other security-based swap dealer for the exclusive benefit
of the security-based swap customers of the security-based swap dealer
in accordance with the regulations of the Commission and are being kept
separate from any other accounts maintained by the security-based swap
dealer with the other security-based swap dealer;
    (iii) The account is subject to a written contract between the
security-based swap dealer and the other security-based swap dealer
which provides that the funds and other property in the account shall
be subject to no right, charge, security interest, lien, or claim of
any kind in favor of the other security-based swap dealer or any person
claiming through the other security-based swap dealer, except a right,
charge, security interest, lien, or claim resulting from a non-cleared
security-based swap transaction effected in the account; and

    (iv) The account and the assets in the account are not subject to
any type of subordination agreement between the security-based swap
dealer and the other security-based swap dealer.
    (7) The term qualified security means:
    (i) Obligations of the United States;
    (ii) Obligations fully guaranteed as to principal and interest by
the United States; and
    (iii) General obligations of any State or a political subdivision
of a State that:
    (A) Are not traded flat and are not in default;
    (B) Were part of an initial offering of $500 million or greater;
and
    (C) Were issued by an issuer that has published audited financial
statements within 120 days of its most recent fiscal year end.
    (8) The term security-based swap customer means any person from
whom or on whose behalf the security-based swap dealer has received or
acquired or holds funds or other property for the account of the person
with respect to a cleared or non-cleared security-based swap
transaction. The term does not include a person to the extent that
person has a claim for funds or other property which by contract,
agreement or understanding, or by operation of law, is part of the
capital of the security-based swap dealer or is subordinated to all
claims of security-based swap customers of the security-based swap
dealer.
    (9) The term special reserve account for the exclusive benefit of
security-based swap customers means an account at a bank that meets the
following conditions:
    (i) The account is designated ``Special Reserve Account for the
Exclusive Benefit of the Security-Based Swap Customers of [name of
security-based swap dealer]'';
    (ii) The account is subject to a written acknowledgement by the
bank provided to and retained by the security-based swap dealer that
the funds and other property held in the account are being held by the
bank for the exclusive benefit of the security-based swap customers of
the security-based swap dealer in accordance with the regulations of
the Commission and are being kept separate from any other accounts
maintained by the security-based swap dealer with the bank; and
    (iii) The account is subject to a written contract between the
security-based swap dealer and the bank which provides that the funds
and other property in the account shall at no time be used directly or
indirectly as security for a loan or other extension of credit to the
security-based swap dealer by the bank and, shall be subject to no
right, charge, security interest, lien, or claim of any kind in favor
of the bank or any person claiming through the bank.
    (10) The term third-party custodial account means an account
carried by an independent third-party custodian that meets the
following conditions:
    (i) The account is established for the purposes of meeting
regulatory margin requirements of another security-based swap dealer;
    (ii) The account is carried by a bank as defined in section 3(a)(6)
of the Act or a registered U.S. clearing organization or depository or,
if the collateral to be held in the account consists of foreign
securities or currencies, a supervised foreign bank, clearing
organization, or depository that customarily maintains custody of such
foreign securities or currencies;
    (iii) The account is designated for and on behalf of the security-
based swap dealer for the benefit of its security-based swap customers
and the account is subject to a written acknowledgement by the bank,
clearing organization, or depository provided to and retained by the
security-based swap dealer that the funds and other property held in
the account are being held by the bank, clearing organization, or
depository for the exclusive benefit of the security-based swap
customers of the security-based swap dealer and are being kept separate
from any other accounts maintained by the security-based swap dealer
with the bank, clearing organization, or depository; and
    (iv) The account is subject to a written contract between the
security-based swap dealer and the bank, clearing organization, or
depository which provides that the funds and other property in the
account shall at no time be used directly or indirectly as security for
a loan or other extension of credit to the security-based swap dealer
by the bank, clearing organization, or depository and, shall be subject
to no right, charge, security interest, lien, or claim of any kind in
favor of the bank, clearing organization, or depository or any person
claiming through the bank, clearing organization, or depository.
    (11) The term U.S. person has the meaning set forth in Sec.
240.3a71-3(a)(4).
    (b) Physical possession or control of excess securities collateral.
(1) A security-based swap dealer must promptly obtain and thereafter
maintain physical possession or control of all excess securities
collateral carried for the security-based swap accounts of security-
based swap customers.
    (2) A security-based swap dealer has control of excess securities
collateral only if the securities and money market instruments:
    (i) Are represented by one or more certificates in the custody or
control of a clearing corporation or other subsidiary organization of
either national securities exchanges, or of a custodian bank in
accordance with a system for the central handling of securities
complying with the provisions of Sec. Sec.  240.8c-1(g) and 240.15c2-
1(g) the delivery of which certificates to the security-based swap
dealer does not require the payment of money or value, and if the books
or records of the security-based swap dealer identify the security-
based swap customers entitled to receive specified quantities or units
of the securities so held for such security-based swap customers
collectively;
    (ii) Are the subject of bona fide items of transfer; provided that
securities and money market instruments shall be deemed not to be the
subject of bona fide items of transfer if, within 40 calendar days
after they have been transmitted for transfer by the security-based
swap dealer to the issuer or its transfer agent, new certificates
conforming to the instructions of the security-based swap dealer have
not been received by the security-based swap dealer, the security-based
swap dealer has not received a written statement by the issuer or its
transfer agent acknowledging the transfer instructions and the
possession of the securities or money market instruments, or the
security-based swap dealer has not obtained a revalidation of a window
ticket from a transfer agent with respect to the certificate delivered
for transfer;
    (iii) Are in the custody or control of a bank as defined in section
3(a)(6) of the Act, the delivery of which securities or money market
instruments to the security-based swap dealer does not require the
payment of money or value and the bank having acknowledged in writing
that the securities and money market instruments in its custody or
control are not subject to any right, charge, security interest, lien
or claim of any kind in favor of a bank or any person claiming through
the bank;
    (iv)(A) Are held in or are in transit between offices of the
security-based swap dealer; or (B) Are held by a corporate subsidiary
if the security-based swap dealer owns and exercises a majority of the
voting rights of all of the voting securities of such subsidiary,
assumes or guarantees all of the subsidiary's obligations and
liabilities, operates the subsidiary as a branch office of the
security-based swap dealer, and assumes full responsibility for
compliance by the subsidiary and all of its associated persons with the
provisions of the Federal securities laws

as well as for all of the other acts of the subsidiary and such
associated persons; or
    (v) Are held in such other locations as the Commission shall upon
application from a security-based swap dealer find and designate to be
adequate for the protection of security-based swap customer securities.
    (3) Each business day the security-based swap dealer must determine
from its books and records the quantity of excess securities collateral
in its possession or control as of the close of the previous business
day and the quantity of excess securities collateral not in its
possession or control as of the previous business day. If the security-
based swap dealer did not obtain possession or control of all excess
securities collateral on the previous business day as required by this
section and there are securities or money market instruments of the
same issue and class in any of the following non-control locations:
    (i) Securities or money market instruments subject to a lien
securing an obligation of the security-based swap dealer, then the
security-based swap dealer, not later than the next business day on
which the determination is made, must issue instructions for the
release of the securities or money market instruments from the lien and
must obtain physical possession or control of the securities or money
market instruments within two business days following the date of the
instructions;
    (ii) Securities or money market instruments held in a qualified
clearing agency account, then the security-based swap dealer, not later
than the next business day on which the determination is made, must
issue instructions for the release of the securities or money market
instruments by the clearing agency and must obtain physical possession
or control of the securities or money market instruments within two
business days following the date of the instructions;
    (iii) Securities or money market instruments held in a qualified
registered security-based swap dealer account maintained by another
security-based swap dealer or in a third-party custodial account, then
the security-based swap dealer, not later than the next business day on
which the determination is made, must issue instructions for the
release of the securities or money market instruments by the other
security-based swap dealer or by the third-party custodian and must
obtain physical possession or control of the securities or money market
instruments within two business days following the date of the
instructions;
    (iv) Securities or money market instruments loaned by the security-
based swap dealer, then the security-based swap dealer, not later than
the next business day on which the determination is made, must issue
instructions for the return of the loaned securities or money market
instruments and must obtain physical possession or control of the
securities or money market instruments within five business days
following the date of the instructions;
    (v) Securities or money market instruments failed to receive for
more than 30 calendar days, then the security-based swap dealer, not
later than the next business day on which the determination is made,
must take prompt steps to obtain physical possession or control of the
securities or money market instruments through a buy-in procedure or
otherwise;
    (vi) Securities or money market instruments receivable by the
security-based swap dealer as a security dividend, stock split or
similar distribution for more than 45 calendar days, then the security-
based swap dealer, not later than the next business day on which the
determination is made, must take prompt steps to obtain physical
possession or control of the securities or money market instruments
through a buy-in procedure or otherwise; or
    (vii) Securities or money market instruments included on the
security-based swap dealer's books or records that allocate to a short
position of the security-based swap dealer or a short position for
another person, for more than 30 calendar days, then the security-based
swap dealer must, not later than the business day following the day on
which the determination is made, take prompt steps to obtain physical
possession or control of such securities or money market instruments.
    (c) Deposit requirement for special reserve account for the
exclusive benefit of security-based swap customers. (1) A security-
based swap dealer must maintain a special reserve account for the
exclusive benefit of security-based swap customers that is separate
from any other bank account of the security-based swap dealer. The
security-based swap dealer must at all times maintain in the special
reserve account for the exclusive benefit of security-based swap
customers, through deposits into the account, cash and/or qualified
securities in amounts computed in accordance with the formula set forth
in Sec.  240.18a-4a.
    (i) In determining the amount maintained in a special reserve
account for the exclusive benefit of security-based swap customers, the
security-based swap dealer must deduct:
    (A) The percentage of the value of a general obligation of a State
or a political subdivision of a State specified in Sec.  240.15c3-
1(c)(2)(vi);
    (B) The aggregate value of general obligations of a State or a
political subdivision of a State to the extent the amount of the
obligations of a single issuer (after applying the deduction in
paragraph (c)(1)(i)(A) of this section) exceeds two percent of the
amount required to be maintained in the special reserve account for the
exclusive benefit of security-based swap customers;
    (C) The aggregate value of all general obligations of States or
political subdivisions of States to the extent the amount of the
obligations (after applying the deduction in paragraph (c)(1)(i)(A) of
this section) exceeds 10 percent of the amount required to be
maintained in the special reserve account for the exclusive benefit of
security-based swap customers;
    (D) The amount of cash deposited with a single non-affiliated bank
to the extent the amount exceeds 15 percent of the equity capital of
the bank as reported by the bank in its most recent Call Report or any
successor form the bank is required to file by its appropriate federal
banking agency (as defined by section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813)); and
    (E) The total amount of cash deposited with an affiliated bank.
    (ii) Exception. A security-based swap dealer for which there is a
prudential regulator need not take the deduction specified in paragraph
(c)(1)(i)(D) of this section if it maintains the special reserve
account for the exclusive benefit of security-based swap customers
itself rather than at an affiliated or non-affiliated bank.
    (2) A security-based swap dealer must not accept or use credits
identified in the items of the formula set forth in Sec.  240.18a-4a
except for the specified purposes indicated under items comprising
Total Debits under the formula, and, to the extent Total Credits exceed
Total Debits, at least the net amount thereof must be maintained in the
Special Reserve Account pursuant to paragraph (c)(1) of this section.
    (3)(i) The computations necessary to determine the amount required
to be maintained in the special reserve account for the exclusive
benefit of security-based swap customers must be made weekly as of the
close of the last business day of the week and any

deposit required to be made into the account must be made no later than
one hour after the opening of banking business on the second following
business day. The security-based swap dealer may make a withdrawal from
the special reserve account for the exclusive benefit of security-based
swap customers only if the amount remaining in the account after the
withdrawal is equal to or exceeds the amount required to be maintained
in the account pursuant to paragraph (c)(1) of this section.
    (ii) Computations in addition to the computations required pursuant
to paragraph (c)(3)(i) of this section may be made as of the close of
any business day, and deposits so computed must be made no later than
one hour after the open of banking business on the second following
business day.
    (4) A security-based swap dealer must promptly deposit into a
special reserve account for the exclusive benefit of security-based
swap customers cash and/or qualified securities of the security-based
swap dealer if the amount of cash and/or qualified securities in one or
more special reserve accounts for the exclusive benefit of security-
based swap customers falls below the amount required to be maintained
pursuant to this section.
    (d) Requirements for non-cleared security-based swaps--(1) Notice.
A security-based swap dealer and a major security-based swap
participant must provide the notice required pursuant to section
3E(f)(1)(A) of the Act (15 U.S.C. 78c-5(f)) in writing to a duly
authorized individual prior to the execution of the first non-cleared
security-based swap transaction with the counterparty occurring after
the compliance date of this section.
    (2) Subordination--(i) Counterparty that elects to have individual
segregation at an independent third-party custodian. A security-based
swap dealer must obtain an agreement from a counterparty whose funds or
other property to meet a margin requirement of the security-based swap
dealer are held at a third-party custodian in which the counterparty
agrees to subordinate its claims against the security-based swap dealer
for the funds or other property held at the third-party custodian to
the claims of security-based swap customers of the security-based swap
dealer but only to the extent that funds or other property provided by
the counterparty to the third-party custodian are not treated as
customer property as that term is defined in 11 U.S.C. 741 in a
liquidation of the security-based swap dealer.
    (ii) Counterparty that elects to have no segregation. A security-
based swap dealer must obtain an agreement from a counterparty that
affirmatively chooses not to require segregation of funds or other
property pursuant to section 3E(f) of the Act (15 U.S.C. 78c-5(f)) in
which the counterparty agrees to subordinate all of its claims against
the security-based swap dealer to the claims of security-based swap
customers of the security-based swap dealer.
    (e) Segregation and disclosure requirements for foreign security-
based swap dealers and foreign major security-based swap participants--
(1) Segregation requirements for foreign security-based swap dealers--
(i) Foreign bank. Section 3E of the Act (15 U.S.C. 78c-5) and this
section thereunder apply to a foreign security-based swap dealer
registered under section 15F of the Act (15 U.S.C. 78o-10) that is a
foreign bank, foreign savings bank, foreign cooperative bank, foreign
savings and loan association, foreign building and loan association, or
foreign credit union:
    (A) With respect to a security-based swap customer that is a U.S.
person, and
    (B) With respect to a security-based swap customer that is not a
U.S. person if the foreign security-based swap dealer holds funds or
other property arising out of a transaction had by such person with a
branch or agency (as defined in section 1(b) of the International
Banking Act of 1978) in the United States of such foreign security-
based swap dealer.
    (ii) Not a foreign bank. Section 3E of the Act (15 U.S.C. 78c-5)
and this section thereunder apply to a foreign security-based swap
dealer registered under section 15F of the Act (15 U.S.C. 78o-10) that
is not a foreign bank, foreign savings bank, foreign cooperative bank,
foreign savings and loan association, foreign building and loan
association, or foreign credit union:
    (A) Cleared security-based swaps. With respect to all cleared
security-based swap transactions, if such foreign security-based swap
dealer has received or acquired or holds funds or other property for at
least one security-based swap customer that is a U.S. person with
respect to a cleared security-based swap transaction with such U.S.
person, and
    (B) Non-cleared security-based swaps. With respect to funds or
other property such foreign security-based swap dealer has received or
acquired or holds for a security-based swap customer that is a U.S.
person with respect to a non-cleared security-based swap transaction
with such U.S. person.
    (2) Segregation requirements for foreign major security-based swap
participants. Section 3E of the Act (15 U.S.C. 78c-5) and this section
thereunder apply to a foreign major security-based swap participant
registered under section 15F of the Act (15 U.S.C. 78o-10), with
respect to a counterparty that is a U.S. person.
    (3) Disclosure requirements for foreign security-based swap
dealers. A foreign security-based swap dealer registered under section
15F of the Act (15 U.S.C. 78o-10) must disclose in writing to a
security-based swap customer that is a U.S. person, prior to receiving,
acquiring, or holding funds or other property for such security-based
swap customer with respect to a security-based swap transaction, the
potential treatment of the funds or other property segregated by such
foreign security-based swap dealer pursuant to section 3E of the Act
(15 U.S.C. 78c-5), and the rules and regulations thereunder, in
insolvency proceedings under U.S. bankruptcy law and any applicable
foreign insolvency laws. Such disclosure must include whether the
foreign security-based swap dealer is subject to the segregation
requirement set forth in section 3E of the Act (15 U.S.C. 78c-5), and
the rules and regulations thereunder, with respect to the funds or
other property received, acquired, or held for the security-based swap
customer that will receive the disclosure, whether the foreign
security-based swap dealer could be subject to the stockbroker
liquidation provisions in the U.S. Bankruptcy Code, whether the
segregated funds or other property could be afforded customer property
treatment under U.S. bankruptcy law, and any other relevant
considerations that may affect the treatment of the funds or other
property segregated under section 3E of the Act (15 U.S.C. 78c-5), and
the rules and regulations thereunder, in insolvency proceedings of the
foreign security-based swap dealer.
    (f) Exemption. The requirements of this section do not apply if the
following conditions are met:
    (1) The security-based swap dealer does not:
    (i) Effect transactions in cleared security-based swaps for or on
behalf of another person;
    (ii) Have any open transactions in cleared security-based swaps
executed for or on behalf of another person; and
    (iii) Hold or control any money, securities, or other property to
margin, guarantee, or secure a cleared security-based swap transaction
executed for or on behalf of another person (including money,
securities, or other property accruing to another person as a result of

a cleared security-based swap transaction);
    (2) The security-based swap dealer provides the notice required
pursuant to section 3E(f)(1)(A) of the Act (15 U.S.C. 78c-5(f)(1)(A))
in writing to a duly authorized individual prior to the execution of
the first non-cleared security-based swap transaction with the
counterparty occurring after the compliance date of this section; and
    (3) The security-based swap dealer discloses in writing to a
counterparty before engaging in the first non-cleared security-based
swap transaction with the counterparty that any margin collateral
received and held by the security-based swap dealer will not be subject
to a segregation requirement and how a claim of a counterparty for the
collateral would be treated in a bankruptcy or other formal liquidation
proceeding of the security-based swap dealer.

0
20. Section 240.18a-4a is added to read as follows:

Sec.  240.18a-4a  Exhibit A--Formula for determination of security-
based swap customer reserve requirements under Sec.  240.18a-4.

------------------------------------------------------------------------
                                              Credits         Debits
------------------------------------------------------------------------
1. Free credit balances and other credit            $___  ..............
 balances in the accounts carried for
 security-based swap customers (See Note
 A).....................................
2. Monies borrowed collateralized by                $___  ..............
 securities in accounts carried for
 security-based swap customers (See Note
 B).....................................
3. Security-based swap customers'                   $___  ..............
 securities failed to receive (See Note
 C).....................................
4. Credit balances in firm accounts                 $___  ..............
 which are attributable to principal
 sales to security-based swap customers.
5. Market value of stock dividends,                 $___  ..............
 stock splits and similar distributions
 receivable outstanding over 30 calendar
 days...................................
6. Market value of short security count             $___  ..............
 differences over 30 calendar days old..
7. Market value of short securities and             $___  ..............
 credits (not to be offset by longs or
 by debits) in all suspense accounts
 over 30 calendar days..................
8. Market value of securities which are   ..............            $___
 in transfer in excess of 40 calendar
 days and have not been confirmed to be
 in transfer by the transfer agent or
 the issuer during the 40 days..........
9. Securities borrowed to effectuate      ..............            $___
 short sales by security-based swap
 customers and securities borrowed to
 make delivery on security-based swap
 customers' securities failed to deliver
10. Failed to deliver of security-based   ..............            $___
 swap customers' securities not older
 than 30 calendar days..................
11. Margin required and on deposit with   ..............            $___
 the Options Clearing Corporation for
 all option contracts written or
 purchased in accounts carried for
 security-based swap customers (See Note
 D).....................................
12. Margin related to security futures    ..............            $___
 products written, purchased or sold in
 accounts carried for security-based
 swap customers required and on deposit
 in a qualified clearing agency account
 at a clearing agency registered with
 the Commission under section 17A of the
 Act (15 U.S.C. 78q-1) or a derivatives
 clearing organization registered with
 the Commodity Futures Trading
 Commission under section 5b of the
 Commodity Exchange Act (7 U.S.C. 7a-1)
 (See Note E)...........................
13. Margin related to cleared security-   ..............            $___
 based swap transactions in accounts
 carried for security-based swap
 customers required and on deposit in a
 qualified clearing agency account at a
 clearing agency registered with the
 Commission pursuant to section 17A of
 the Act (15 U.S.C. 78q-1)..............
14. Margin related to non-cleared         ..............            $___
 security-based swap transactions in
 accounts carried for security-based
 swap customers required and held in a
 qualified registered security-based
 swap dealer account at another security-
 based swap dealer or at a third-party
 custodial account......................
                                         -------------------------------
    Total Credits.......................            $___  ..............
                                         -------------------------------
    Total Debits........................  ..............            $___
                                         -------------------------------
    Excess of Credits over Debits.......            $___  ..............
------------------------------------------------------------------------
Note A. Item 1 must include all outstanding drafts payable to security-
  based swap customers which have been applied against free credit
  balances or other credit balances and must also include checks drawn
  in excess of bank balances per the records of the security-based swap
  dealer.
Note B. Item 2 shall include the amount of options-related or security
  futures product-related Letters of Credit obtained by a member of a
  registered clearing agency or a derivatives clearing organization
  which are collateralized by security-based swap customers' securities,
  to the extent of the member's margin requirement at the registered
  clearing agency or derivatives clearing organization.
Note C. Item 3 must include in addition to security-based swap
  customers' securities failed to receive the amount by which the market
  value of securities failed to receive and outstanding more than thirty
  (30) calendar days exceeds their contract value.
Note D. Item 11 must include the amount of margin required and on
  deposit with Options Clearing Corporation to the extent such margin is
  represented by cash, proprietary qualified securities, and letters of
  credit collateralized by security-based swap customers' securities.
Note E. (a) Item 12 must include the amount of margin required and on
  deposit with a clearing agency registered with the Commission under
  section 17A of the Act (15 U.S.C. 78q-1) or a derivatives clearing
  organization registered with the Commodity Futures Trading Commission
  under section 5b of the Commodity Exchange Act (7 U.S.C. 7a-1) for
  security-based swap customer accounts to the extent that the margin is
  represented by cash, proprietary qualified securities, and letters of
  credit collateralized by security-based swap customers' securities.
(b) Item 12 will apply only if the security-based swap dealer has the
  margin related to security futures products on deposit with:
(1) A registered clearing agency or derivatives clearing organization
  that:
(i) Maintains security deposits from clearing members in connection with
  regulated options or futures transactions and assessment power over
  member firms that equal a combined total of at least $2 billion, at
  least $500 million of which must be in the form of security deposits.
  For purposes of this Note E the term ``security deposits'' refers to a
  general fund, other than margin deposits or their equivalent, that
  consists of cash or securities held by a registered clearing agency or
  derivative clearing organization;
(ii) Maintains at least $3 billion in margin deposits; or
(iii) Does not meet the requirements of paragraphs (b)(1)(i) through
  (b)(1)(ii) of this Note E, if the Commission has determined, upon a
  written request for exemption by or for the benefit of the security-
  based swap dealer, that the security-based swap dealer may utilize
  such a registered clearing agency or derivatives clearing
  organization. The Commission may, in its sole discretion, grant such
  an exemption subject to such conditions as are appropriate under the
  circumstances, if the Commission determines that such conditional or
  unconditional exemption is necessary or appropriate in the public
  interest, and is consistent with the protection of investors; and

(2) A registered clearing agency or derivatives clearing organization
  that, if it holds funds or securities deposited as margin for security
  futures products in a bank, as defined in section 3(a)(6) of the Act
  (15 U.S.C. 78c(a)(6)), obtains and preserves written notification from
  the bank at which it holds such funds and securities or at which such
  funds and securities are held on its behalf. The written notification
  will state that all funds and/or securities deposited with the bank as
  margin (including security-based swap customer security futures
  products margin), or held by the bank and pledged to such registered
  clearing agency or derivatives clearing agency as margin, are being
  held by the bank for the exclusive benefit of clearing members of the
  registered clearing agency or derivatives clearing organization
  (subject to the interest of such registered clearing agency or
  derivatives clearing organization therein), and are being kept
  separate from any other accounts maintained by the registered clearing
  agency or derivatives clearing organization with the bank. The written
  notification also will provide that such funds and/or securities will
  at no time be used directly or indirectly as security for a loan to
  the registered clearing agency or derivatives clearing organization by
  the bank, and will be subject to no right, charge, security interest,
  lien, or claim of any kind in favor of the bank or any person claiming
  through the bank. This provision, however, will not prohibit a
  registered clearing agency or derivatives clearing organization from
  pledging security-based swap customer funds or securities as
  collateral to a bank for any purpose that the rules of the Commission
  or the registered clearing agency or derivatives clearing organization
  otherwise permit; and
(3) A registered clearing agency or derivatives clearing organization
  that establishes, documents, and maintains:
(i) Safeguards in the handling, transfer, and delivery of cash and
  securities;
(ii) Fidelity bond coverage for its employees and agents who handle
  security-based swap customer funds or securities. In the case of
  agents of a registered clearing agency or derivatives clearing
  organization, the agent may provide the fidelity bond coverage; and
(iii) Provisions for periodic examination by independent public
  accountants; and
(4) A derivatives clearing organization that, if it is not otherwise
  registered with the Commission, has provided the Commission with a
  written undertaking, in a form acceptable to the Commission, executed
  by a duly authorized person at the derivatives clearing organization,
  to the effect that, with respect to the clearance and settlement of
  the security-based swap customer security futures products of the
  security-based swap dealer, the derivatives clearing organization will
  permit the Commission to examine the books and records of the
  derivatives clearing organization for compliance with the requirements
  set forth in Sec.   240.15c3-3a, Note E. (b)(1) through (3).
(c) Item 12 will apply only if a security-based swap dealer determines,
  at least annually, that the registered clearing agency or derivatives
  clearing organization with which the security-based swap dealer has on
  deposit margin related to security futures products meets the
  conditions of this Note E.

0
21. Section 240.18a-10 is added to read as follows:

Sec.  240.18a-10  Alternative compliance mechanism for security-based
swap dealers that are registered as swap dealers and have limited
security-based swap activities.

    (a) A security-based swap dealer may comply with capital, margin,
and segregation requirements of the Commodity Exchange Act and chapter
I of title 17 of the Code of Federal Regulations applicable to swap
dealers in lieu of complying with Sec. Sec.  240.18a-1, 240.18a-3, and
240.18a-4 if:
    (1) The security-based swap dealer is registered as such pursuant
to section 15F(b) of the Act and the rules thereunder;
    (2) The security-based swap dealer is registered as a swap dealer
pursuant to section 4s of the Commodity Exchange Act and the rules
thereunder;
    (3) The security-based swap dealer is not registered as a broker or
dealer pursuant to section 15 of the Act or the rules thereunder;
    (4) The security-based swap dealer meets the conditions to be
exempt from Sec.  240.18a-4 specified in paragraph (f) of that section;
and
    (5) As of the most recently ended quarter of the fiscal year of the
security-based swap dealer, the aggregate gross notional amount of the
outstanding security-based swap positions of the security-based swap
dealer did not exceed the lesser of the maximum fixed-dollar amount
specified in paragraph (f) of this section or 10 percent of the
combined aggregate gross notional amount of the security-based swap and
swap positions of the security-based swap dealer.
    (b) A security-based swap dealer operating under this section must:
    (1) Comply with the capital, margin, and segregation requirements
of the Commodity Exchange Act and chapter I of title 17 of the Code of
Federal Regulations applicable to swap dealers and treat security-based
swaps and related collateral pursuant to those requirements to the
extent the requirements do not specifically address security-based
swaps and related collateral;
    (2) Disclose in writing to each counterparty to a security-based
swap before entering into the first transaction with the counterparty
after the date the security-based swap dealer begins operating under
this section that the security-based swap dealer is operating under
this section and is therefore complying with the applicable capital,
margin, and segregation requirements of the Commodity Exchange Act and
the rules promulgated by the Commodity Futures Trading Commission
thereunder in lieu of complying with the capital, margin, and
segregation requirements promulgated by the Commission in Sec. Sec.
240.18a-1, 240.18a-3, and 240.18a-4; and
    (3) Immediately notify the Commission and the Commodity Futures
Trading Commission in writing if the security-based swap dealer fails
to meet a condition specified in paragraph (a) of this section.
    (c) A security-based swap dealer that fails to meet one or more of
the conditions specified in paragraph (a) of this section must begin
complying with Sec. Sec.  240.18a-1, 240.18a-3, and 240.18a-4 no later
than:
    (1) Two months after the end of the month in which the security-
based swap dealer fails to meet a condition in paragraph (a) of this
section; or
    (2) A longer period of time as granted by the Commission by order
subject to any conditions imposed by the Commission.
    (d)(1) A person applying to register as a security-based swap
dealer that intends to operate under this section beginning on the date
of its registration must provide prior written notice to the Commission
and the Commodity Futures Trading Commission of its intent to operate
under the conditions of this section.
    (2) A security-based swap dealer that elects to operate under this
section beginning on a date after the date of its registration as a
security-based swap dealer must:
    (i) Provide prior written notice to the Commission and the
Commodity Futures Trading Commission of its intent to operate under the
conditions of this section; and
    (ii) Continue to comply with Sec. Sec.  240.18a-1, 240.18a-3, and
240.18a-4 for at least:
    (A) Two months after the end of the month in which the security-
based swap dealer provides the notice; or
    (B) A shorter period of time as granted by the Commission by order
subject to any conditions imposed by the Commission.
    (e) The notices required by this section must be sent by facsimile
transmission to the principal office of the Commission and the regional
office of the Commission for the region in which the security-based
swap dealer has its principal place of business or to an email address
to be specified separately, and to the principal office of the
Commodity Futures Trading Commission in a manner consistent with the
notification requirements of the Commodity Futures Trading

Commission. The notice must include a brief summary of the reason for
the notice and the contact information of an individual who can provide
further information about the matter that is the subject of the notice.
    (f)(1) The maximum fixed-dollar amount is $250 billion until the
three-year anniversary of the compliance date of this section at which
time the maximum fixed-dollar amount is $50 billion unless the
Commission issues an order to:
    (i) Maintain the maximum fixed-dollar amount at $250 billion for an
additional period of time or indefinitely; or
    (ii) Lower the maximum fixed-dollar amount to an amount that is
less than $250 billion but greater than $50 billion.
    (2) If, after considering the levels of security-based swap
activity of security-based swap dealers operating under this section,
the Commission determines that it may be appropriate to change the
maximum fixed-dollar amount pursuant paragraph (f)(1)(i) or (ii) of
this section, the Commission will publish a notice of the potential
change and subsequently will issue an order regarding any such change.

    By the Commission.

    Dated: June 21, 2019.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-13609 Filed 8-21-19; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 210 (Tuesday, October 30, 2012)]
[Rules and Regulations]
[Pages 65627-65630]
[FR Doc No: 2012-26539]

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

ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R03-OAR-2012-0169; FRL-9745-5]

Approval and Promulgation of Air Quality Implementation Plans;
Virginia; Deferral for CO2 Emissions From Bioenergy and other Biogenic
Sources Under the Prevention of Significant Deterioration Program

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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

SUMMARY: EPA is approving a State Implementation Plan (SIP) revision
submitted by the Virginia Department of Environmental Quality (VADEQ)
on December 14, 2011. This revision defers until July 21, 2014 the
application of the Prevention of Significant Deterioration (PSD)
permitting requirements to biogenic carbon dioxide (CO2)
emissions from bioenergy and other biogenic stationary sources in the
Commonwealth of Virginia. This action is being taken under the Clean
Air Act (CAA).

DATES: This final rule is effective on November 29, 2012.

ADDRESSES: EPA has established a docket for this action under Docket ID
Number EPA-R03-OAR-2012-0169. All documents in the docket are listed in
the www.regulations.gov Web site. Although listed in the electronic
docket, 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 electronically through www.regulations.gov or in hard
copy for public inspection during normal business hours at the Air
Protection Division, U.S. Environmental Protection Agency, Region III,
1650 Arch Street, Philadelphia, Pennsylvania 19103. Copies of the State
submittal are available at the Virginia Department of Environmental
Quality, 629 East Main Street, Richmond, Virginia 23219.

FOR FURTHER INFORMATION CONTACT: David Talley,<PHONE_NUMBER>, or by
email at<EMAIL_ADDRESS>

SUPPLEMENTARY INFORMATION:

I. Background

    Throughout this document, whenever ``we,'' ``us,'' or ``our'' is
used, we mean EPA. On April 18, 2012, (77 FR 23178), EPA published a
notice of proposed rulemaking (NPR) for the Commonwealth of Virginia.
The NPR proposed approval of a revision to the Virginia SIP which would
defer until July 21, 2014 the application of PSD permitting
requirements to biogenic CO2 emissions from bioenergy and
other biogenic stationary sources in the commonwealth of Virginia.
Other specific requirements of Virginia's SIP revision and the
rationale for EPA's proposed action are explained in the NPR and will
not be restated here. The formal SIP revision was submitted by VADEQ on
December 14, 2011.

II. Summary of SIP Revision

    EPA incorporated the biomass deferral into the regulations
governing state programs and into the Federal PSD program by amending
the definition of ``subject to regulation'' under 40 CFR 51.166 and
52.21 respectively. Virginia has adopted this same approach. The SIP
revision incorporates the Biomass Deferral into Virginia's PSD program
by amending the definition of ``subject to regulation'' under 9VAC5-85-
50C. The language adopted by Virginia mirrors the language in the
Federal regulations. EPA last took action on these provisions on May
13, 2011 (76 FR 27898). In addition to the incorporation of the Biomass
Deferral, the SIP revision makes a minor, clarifying revision to 9VAC5-
85-50B.

III. General Information Pertaining to SIP Submittals From the
Commonwealth of Virginia

    In 1995, Virginia adopted legislation that provides, subject to
certain conditions, for an environmental assessment (audit)
``privilege'' for voluntary compliance evaluations performed by a
regulated entity. The legislation further addresses the relative burden
of proof for parties either asserting the privilege or seeking
disclosure of documents for which the privilege is claimed. Virginia's
legislation also provides, subject to certain conditions, for a penalty
waiver for violations of environmental laws when a regulated entity
discovers such violations pursuant to a voluntary compliance evaluation
and voluntarily discloses such violations to the Commonwealth and takes
prompt and appropriate measures to remedy the violations. Virginia's
Voluntary Environmental Assessment Privilege Law, Va. Code Sec. 10.1-
1198, provides a privilege that protects from disclosure documents and
information about the content of those documents that are the product
of a voluntary environmental assessment. The Privilege Law does not
extend to documents or information that: (1) Are generated or developed
before the commencement of a voluntary environmental assessment; (2)
are prepared independently of the assessment process; (3) demonstrate a
clear, imminent and substantial danger to the public health or
environment; or (4) are required by law. On January 12, 1998, the
Commonwealth of Virginia Office of the Attorney General provided a
legal opinion that states that the Privilege law, Va. Code Sec. 10.1-
1198, precludes granting a privilege to documents and information
``required by law,'' including documents and information ``required by
Federal law to maintain program delegation, authorization or
approval,'' since Virginia must ``enforce Federally authorized
environmental programs in a manner that is no less stringent than their
Federal counterparts * * *.'' The opinion concludes that ``[r]egarding
Sec.  10.1-1198, therefore, documents or other information needed for
civil or criminal enforcement under one of these programs could not be
privileged because such documents and information are essential to
pursuing enforcement in a manner required by Federal law to maintain
program delegation, authorization or approval.''
    Virginia's Immunity law, Va. Code Sec. 10.1-1199, provides that
``[t]o the extent consistent with requirements imposed by Federal
law,'' any person making a voluntary disclosure of information to a
state agency regarding a violation of an environmental statute,
regulation, permit, or administrative order is granted immunity from
administrative or civil penalty. The Attorney General's January 12,
1998 opinion states that the quoted language renders this statute
inapplicable to enforcement of any Federally authorized programs, since
``no immunity could be afforded from administrative, civil, or criminal
penalties because granting such immunity would not be consistent with
Federal law, which is one of the criteria for immunity.'' Therefore,
EPA has determined that Virginia's Privilege and Immunity statutes will
not preclude the Commonwealth from enforcing its PSD program consistent
with the Federal requirements. In any event, because EPA has also
determined that a state audit privilege and immunity law can affect
only state enforcement and cannot have any impact on Federal
enforcement authorities, EPA may at any time invoke its authority under
the CAA, including, for example, sections 113, 167, 205, 211 or 213, to
enforce the requirements or prohibitions of the state plan,
independently of any state enforcement effort. In addition, citizen
enforcement under section 304 of the CAA is likewise unaffected by
this, or any, state audit privilege or immunity law.

IV. EPA's Response to Comments Received on the Proposed Action

    EPA received two sets of timely public comments. Both sets were
supportive of our proposed action, and are included in the docket.
While it is not generally our practice to respond to specific comments
when those comments are in support of a proposed action, one of the
submitted comments contained some factual inaccuracies which we feel
should be addressed and corrected for the record. One commenter wrote
in closing: ``Because the PSD provisions of the Biomass Deferral have
already been incorporated into Virginia's SIP and approved by EPA in
2011, the current 2012 proposed SIP revisions incorporate the Title V
provisions of the Biomass Deferral through (sic) amendments to 9VAC5
Chapter 85, Permits For Stationary Sources of Pollutants Subject to
Regulation, Part II--Federal (Title V) Operating Permit Actions. We
agree with EPA's conclusion that the proposed Title V amendments to
Virginia's SIP are consistent with federal requirements and should
therefore be approved as proposed.'' EPA did not ``incorporate the PSD
provisions of the Biomass Deferral into Virginia's SIP in 2011.''
Indeed, as we stated in our notice of proposed rulemaking and
reiterated earlier, the purpose of the present rulemaking action is to
incorporate the Biomass Deferral provisions into the Virginia SIP. It
is not clear to which 2011 action the commenter is referring. On May
13, 2011, EPA took final action to approve the Tailoring Rule
provisions into the Virginia SIP (76 FR 27898). However, the Biomass
Deferral is a separate rulemaking action and was not addressed at that
time. Furthermore, as we stated in our notice of proposed rulemaking,
the present rulemaking action does not address the title V provisions
of the Biomass Deferral, and addresses only Virginia's PSD program
(See, 77 FR 23179, Footnote No. 1).

V. Final Action

    EPA is approving the revisions to 9VAC5-85-50 into the Virginia
SIP.

VI. Statutory and Executive Order Reviews

A. General Requirements

    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 Order
12866 (58 FR 51735, October 4, 1993);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the 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, this rule does not have tribal implications as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000),
because the SIP is not approved to apply in Indian country located in
the state, and EPA notes that it will not impose substantial direct
costs on tribal governments or preempt tribal law.

B. Submission to Congress and the Comptroller General

    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).

C. Petitions for Judicial Review

    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 December 31, 2012. 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 pertaining to GHG permitting under Virginia's PSD
program may not be challenged later in proceedings to enforce its
requirements (See section 307(b)(2)).

List of Subjects in 40 CFR part 52

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

    Dated: October 10, 2012.
 W.C. Early,
Acting Regional Administrator, Region III.

    40 CFR Part 52 is amended as follows:

PART 52--[AMENDED]

0
1. The authority citation for 40 CFR part 52 continues to read as
follows:

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

Subpart VV--Virginia

0
2. In Sec.  52.2420, the table in paragraph (c) is amended by revising
the entry for Chapter 85, Section 5-85-50 to read as follows:

Sec.  52.2420  Identification of plan.

* * * * *
    (c) * * *

                                 EPA-Approved Virginia Regulations and Statutes
----------------------------------------------------------------------------------------------------------------
                                                            State
          State citation               Title/subject      effective     EPA approval date    Explanation [former
                                                             date                               SIP citation]
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
9 VAC 5, Chapter 85..............        Permits for Stationary Sources of Pollutants Subject to Regulation

                                                  * * * * * * *
Part III.........................              Prevention of Significant Deterioration Permit Actions

                                                  * * * * * * *
5-85-50..........................  Definitions.........      11/9/11  10/30/12 [Insert      Revised definition
                                                                       page number where     of ``subject to
                                                                       the document          regulation.''
                                                                       begins].

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

* * * * *

[FR Doc. 2012-26539 Filed 10-29-12; 8:45 am]
BILLING CODE 6560-50-P


Quantegy Inc.  Opelika, AL 1999 NEI Facility/ 2000 TRI Stack and fugitive emissions Stack and fugitive emissions 1999 emissions = 164 tpy 2000 emissions = 48 tpy ( consistent with large reduction in toluene and MEK emissions between 1999 and 2000 according to TRI)

3 stack emission points  2 with actual parameter values  1 with SIC default stack parameter values  All 3 have stack flow and temperature data 6 stack emission points ( all 6 comparable to 1 of the NEI stack emission points)  All with actual parameter values  No stack flow or temperature data 2 fugitive emission points  Both with national default stack parameter values; not useful for fugitives modeling  Facility has said that 1 of these fugitive emission points shut down in July 2000. 12 fugitive emission points ( all 12 comparable to 1 of the NEI fugitive emission points)  All with room dimensions; useful for fugitives modeling  Includes fugitive cobalt emissions not in NEI Recommendations:

1. Use 2000 TRI emissions data ( more up to date), with equal distribution of emissions assumed between emission points. 2. Supplement facility reported stack parameter data with NEI data. 3. Use facility reported fugitive parameter data ( more useful). 4. Eliminate fugitive emission point which emits styrene ( shut down). 2 JVC Magnetics America Co.  Tuscaloosa, AL 1999 NEI Facility/ 2000 TRI All fugitive emissions All fugitive emissions 1999 emissions = 162 tpy 2000 emissions = 139 tpy ( consistent with reduction in MEK emissions between 1999 and 2000, according to TRI)

2 fugitive emission points  Both with national default stack parameter values; not useful for fugitives modeling 4 emission points  All with room dimensions; useful for fugitives modeling  Facility reported percent of emissions for each emission point.

Recommendations:

1. Use 2000 TRI emissions data ( more up to date) and apply facility reported percentages. 2. Use facility reported fugitive parameter data ( more useful). 3 Sony Magnetics Products Inc. of America  Dothan, AL 1999 NEI Facility/ 2000 TRI All fugitive emissions Mostly fugitive emissions; TRI reported some stack emissions 1999 emissions = 258 tpy 2000 emissions = 237 tpy ( consistent with reduction in toluene emissions between 1999 and 2000 according to TRI)

4 fugitive emission points  All with national default stack parameter values; not useful for fugitives modeling 5 fugitive emission points; facility reported no stack emission points  Have diagram of facility, but need to determine which room corresponds to which emission point for purposes of determining room dimensions, which would be useful for fugitives modeling  Facility reported percent of emissions for each emission point.

Recommendations:

1. Use 2000 TRI emissions data ( more up to date) and apply facility reported percentages. 2. If possible, use facility diagram for determining room dimensions ( more useful). 4 3M Magnetic Tape Manufacturing Division  Hutchinson, MN 1999 NEI Facility/ 2000 TRI The only data in NEI corresponding to 3MHutchinson Tape Manufacturing Plant are associated with lead emissions; however, there have to be more ( based on the facility reported percentage of emissions from magnetic tape). Facility has indicated up to 30 percent of emissions from magnetic tape; applied 30 percent factor to TRI emissions.

Unable to tell what other data in the NEI might be applicable: Hutchinson Manufacturing Inc.? Hutchinson Technology Inc.? None of these have the same ID number as 3M, however. No parameter data from the facility We have tried unsuccessfully in the past to obtain emissions and parameter data from the facility that they used in their own risk modeling.

Recommendations:

1. Try again to obtain risk modeling data from the facility. 2. Failing that, try to determine what other data in the NEI might be applicable. 3. Failing that, fall back on the existing TRI data ( with the 30 percent factor) and use default parameters. 5 Eastman Kodak Co. ( Kodak Park)  Rochester, NY 1999 NEI Facility Includes a very large amount of data for this facility, and it is impossible to determine which portion applies to magnetic tape ( no difference in SIC code) Emissions data from the facility are from 2001 and are specific to the magnetic tape process line.

Stack parameter data from the facility are very complete and specific to the magnetic tape process line.

Recommendations:

1. Use facility reported emissions data ( up to date and specific to the process). 2. Use facility reported parameter data ( specific to the process). 6 Imation Enterprises Corp.  Weatherford, OK  Based on cumulative emissions through November 14, 2001, the facility estimated that the total VOC emissions associated with magnetic tape manufacturing operations were 6.1 out of 68.8 tons, which is approximately 8.9 percent of total VOC emissions.

 The facility has two primary divisions: Color Technologies and Data Storage.  The Color Technologies Division involves graphic arts products, and the entire division ( including the building( s), process equipment, and process technology) was recently purchased by Kodak Polychrome Graphics, Ltd. ( a joint venture between Eastman Kodak and Sun Chemical Corporation).  The Data Storage Division is owned by Imation and is located in a separate building with separate control device( s) and involves magnetic coatings applied to polyester film via a web coating process to produce flexible media used in diskettes.

 Based on a review of the NEI data, the processes related to SIC code 3861 ( Photographic Equipment and Supplies) most likely are associated with the Color Technologies Division, while the processes related to SIC code 3695 ( Magnetic and Optical Recording Media) most likely are associated with the Data Storage Division.

 Therefore, only the NEI data for SIC code 3695 were compared to the data reported by the facility for their magnetic tape operation. This approach is supported by the fraction of NEI emissions associated with SIC code 3695 ( 13 percent of the total), which is comparable to the 8.9 percent estimated from the facility reported data.

1999 NEI Facility/ 2000 TRI Operations associated with SIC code 3695 at the facility have mostly stack emissions. The TRI indicates a mix of stack and fugitive emissions for the entire facility.

Emissions = 5.8 tpy ( for SIC code 3695) Emissions = 6.4 tpy ( determined by applying 8.9 percent to TRI emissions); total emissions very similar to NEI 4 stack emission points  3 with actual stack parameters  1 with SIC default stack parameters  No actual stack diameters or operating hours 1 stack emission point  Stack parameters comparable to those for 2 of the NEI stack emission points  Have actual stack diameters and operating hours 1 fugitive emission point  With national default stack parameters; not useful for fugitives modeling 7 Recommendation:

Because it is possible to segregate the magnetic tape NEI data from the rest of the NEI data for this plant and because the NEI and TRI emissions data are so similar, recommend using the NEI data, supplemented with actual stack diameter and operating hour data reported by the plant.


[Federal Register Volume 84, Number 172 (Thursday, September 5, 2019)]
[Rules and Regulations]
[Pages 46684-46685]
[FR Doc No: 2019-19175]

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

40 CFR Part 300

EPA-HQ-SFUND-1989-0008; FRL-9999-36-Region 3]

National Oil and Hazardous Substances Pollution Contingency Plan;
National Priorities List: Deletion of the Strasburg Landfill Superfund
Site

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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

SUMMARY: The Environmental Protection Agency (EPA) Region 3 announces
the deletion of the Strasburg Landfill Superfund Site (Site) located
south and slightly east of Strasburg Road in Newlin Township, Chester
County, Pennsylvania from the National Priorities List (NPL). The NPL,
promulgated pursuant to section 105 of the Comprehensive Environmental
Response, Compensation, and Liability Act (CERCLA) of 1980, as amended,
is an appendix of the National Oil and Hazardous Substances Pollution
Contingency Plan (NCP). The EPA and the Commonwealth of Pennsylvania,
through the Pennsylvania Department of Environment (PADEP, Southeast
Region), have determined that all appropriate response actions under
CERCLA, other than operation and maintenance (O&M), monitoring, and
Five-Year Reviews, have been completed. However, this deletion does not
preclude future actions under Superfund.

DATES: This action is effective September 5, 2019.

ADDRESSES:
    Docket: EPA has established a docket for this action under Docket
Identification No. EPA-HQ-SFUND-1989-0008. All documents in the docket
are listed on the https://www.regulations.gov website. Although listed
in the index, some information is not publicly available, i.e.,
Confidential Business Information 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 electronically through https://www.regulations.gov or
in hard copy at the site information repositories. Locations, contacts,
phone numbers and viewing hours are:
USEPA Region III Administrative Records Room, 1650 Arch Street--6th
Floor, Philadelphia, PA 19103-2029,<PHONE_NUMBER>, Business Hours:
Monday through Friday, 8:00 a.m.-4:30 p.m.; by appointment only.
Local Repository, Bayard Taylor Memorial Library, 216 East State
Street, Kennett Square, PA. 19358, Business Hours: Monday through
Friday, 9:00 a.m.-8:00 p.m.

FOR FURTHER INFORMATION CONTACT: David Greaves, Remedial Project
Manager, U.S. Environmental Protection Agency, Region III, 3HS21 1650
Arch St. Philadelphia, PA. 19103,<PHONE_NUMBER>, email
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The site to be deleted from the NPL is:
Strasburg Landfill Superfund Site, Strasburg Road, Newlin Township,
Chester County, Pennsylvania. A Notice of Intent to Delete for this
Site was published in the Federal Register (84 FR 31826) on July 3,
2019.
    The closing date for comments on the Notice of Intent to Delete was
August 2, 2019. One public comment was received. The comment received
was a request for EPA to make publicly available information on Site
cleanup activities, estimates of future costs related to Site cleanup,
and the actual costs when cleanup activities are completed. Since the
comment is an informational request and is not an adverse comment
regarding the deletion of this Site, EPA still believes this deletion
action is appropriate. A responsiveness summary was prepared and placed
in both the docket, EPA-HQ-SFUND-1989-0008, on www.regulations.gov, and
in the local repositories listed above.
    EPA maintains the NPL as the list of sites that appear to present a
significant risk to public health, welfare, or the environment.
Deletion from the NPL does not preclude further remedial action.
Whenever there is a significant release from a site deleted from the
NPL, the deleted site may be restored to the NPL without application of
the hazard ranking system. Deletion of a site from the NPL does not
affect responsible party liability in the unlikely event that future
conditions warrant further actions.

List of Subjects in 40 CFR Part 300

    Environmental protection, Air pollution control, Chemicals,
Hazardous waste, Hazardous substances, Intergovernmental relations,
Penalties, Reporting and recordkeeping requirements, Superfund, Water
pollution control, Water supply.

    Dated: August 13, 2019.
Cosmo Servidio,
 Regional Administrator, Region III.

    For reasons set out in the preamble, 40 CFR part 300 is amended as
follows:

PART 300--NATIONAL OIL AND HAZARDOUS SUBSTANCES POLLUTION
CONTINGENCY PLAN

0
1. The authority citation for part 300 continues to read as follows:

    Authority: 33 U.S.C. 1321(d); 42 U.S.C. 9601-9657; E.O. 13626,
77 FR 56749, 3 CFR, 2013 Comp., p. 306; E.O. 12777, 56 FR 54757, 3
CFR, 1991 Comp., p. 351; E.O. 12580, 52 FR 2923, 3 CFR, 1987 Comp.,
p. 193.

Appendix B to Part 300--[Amended]

0
2. Table 1 of appendix B to part 300 is amended by removing ``PA'',

``Strasburg Landfill'', ``Newlin Township''.

[FR Doc. 2019-19175 Filed 9-4-19; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 82, Number 183 (Friday, September 22, 2017)]
[Notices]
[Pages 44474-44475]
[FR Doc No: 2017-20177]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 32821; File No. 812-14741]

AQR Funds, et al.

September 18, 2017.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice.

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

    Notice of an application for an order pursuant to: (a) Section 6(c)
of the Investment Company Act of 1940 (``Act'') granting an exemption
from sections 18(f) and 21(b) of the Act; (b) section 12(d)(1)(J) of
the Act granting an exemption from section 12(d)(1) of the Act; (c)
sections 6(c) and 17(b) of the Act granting an exemption from sections
17(a)(1), 17(a)(2) and 17(a)(3) of the Act; and (d) section 17(d) of
the Act and rule 17d-1 under the Act to permit certain joint
arrangements and transactions. Applicants request an order that would
permit certain registered open-end management investment companies to
participate in a joint lending and borrowing facility.
    Applicants: AQR Funds (the ``Trust''), registered under the Act as
an open-end management investment company, and AQR Capital Management,
LLC (``AQR''), registered as an investment adviser under the Investment
Advisers Act of 1940.
    Filing Dates: The application was filed on February 2, 2017 and
amended on July 6, 2017.
    Hearing or Notification of Hearing: An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on October 13, 2017 and should be accompanied by proof of
service on the applicants, in the form of an affidavit, or, for
lawyers, a certificate of service. Pursuant to Rule 0-5 under the Act,
hearing requests should state the nature of the writer's interest, any
facts bearing upon the desirability of a hearing on the matter, the
reason for the request, and the issues contested. Persons who wish to
be notified of a hearing may request notification by writing to the
Commission's Secretary.

ADDRESSES:  Secretary, U.S. Securities and Exchange Commission, 100 F
Street NE., Washington, DC 20549-1090; Applicants: AQR Capital
Management, LLC, Two Greenwich Plaza, 4th Floor, Greenwich, CT 06830.

FOR FURTHER INFORMATION CONTACT:  James Maclean, Senior Counsel, at
(202) 551-7794, or Robert Shapiro, Branch Chief, at<PHONE_NUMBER>
(Division of Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION:  The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site by searching for the file number, or an applicant
using the Company name box, at http://

www.sec.gov/search/search.htm or by calling<PHONE_NUMBER>.

Summary of the Application

    1. Applicants request an order that would permit the applicants to
participate in an interfund lending facility where each Fund could lend
money directly to and borrow money directly from other Funds to cover
unanticipated cash shortfalls, such as unanticipated redemptions or
trade fails.\1\ The Funds will not borrow under the facility for
leverage purposes and the loans' duration will be no more than 7
days.\2\
---------------------------------------------------------------------------

    \1\ Applicants request that the order apply to the applicants
and to any existing or future series of the Trust and any existing
or future registered open-end management investment company or
series thereof (each a ``Fund'') for which AQR, or an entity
controlling, controlled by, or under common control with AQR or any
successor thereto serves as investment adviser (with AQR, each an
``Adviser''). For purposes of the requested order, ``successor'' is
limited to any entity that results from a reorganization into
another jurisdiction or a change in the type of a business
organization. Although the applicants do not currently operate any
money market funds, applicants request that the order also apply to
any future Fund that is a money market fund that complies with rule
2a-7 of the Act (each a ``Money Market Fund''). Money Market Funds
will not participate as borrowers under the interfund lending
facility because such funds rarely need to borrow cash to meet
redemptions.
    \2\ Any Fund, however, will be able to call a loan on one
business day's notice.
---------------------------------------------------------------------------

    2. Applicants anticipate that the proposed facility would provide a
borrowing Fund with a source of liquidity at a rate lower than the bank
borrowing rate at times when the cash position of the Fund is
insufficient to meet temporary cash requirements. In addition, Funds
making short-term cash loans directly to other Funds would earn
interest at a rate higher than they otherwise could obtain from
investing their cash in U.S. Treasury bills or certain other short-term
money market instruments. Thus, applicants assert that the facility
would benefit both borrowing and lending Funds.
    3. Applicants agree that any order granting the requested relief
will be subject to the terms and conditions stated in the application.
Among others, an Adviser, through a designated committee, would
administer the facility as a disinterested fiduciary as part of its
duties under the investment management agreements with the Funds and
would receive no additional fee as compensation for its services in
connection with the administration of the facility. The facility would
be subject to oversight and certain approvals by the Funds' Board,
including, among others, approval of the interest rate formula and of
the method for allocating loans across Funds, as well as review of the
process in place to evaluate the liquidity implications for the Funds.
A Fund's aggregate outstanding interfund loans will not exceed 15% of
its net assets, and the Fund's loans to any one Fund will not exceed 5%
of the lending Fund's net assets.\3\
---------------------------------------------------------------------------

    \3\ Under certain circumstances, a borrowing Fund will be
required to pledge collateral to secure the loan.
---------------------------------------------------------------------------

    4. Applicants assert that the facility does not raise the concerns
underlying section 12(d)(1) of the Act given that the Funds are part of
the same group of investment companies and there will be no duplicative
costs or fees to the Funds.\4\ Applicants also assert that the proposed
transactions do not raise the concerns underlying sections 17(a)(1),
17(a)(3), 17(d) and 21(b) of the Act as the Funds would not engage in
lending transactions that unfairly benefit insiders or are detrimental
to the Funds. Applicants state that the facility will offer both
reduced borrowing costs and enhanced returns on loaned funds to all
participating Funds and each Fund would have an equal opportunity to
borrow and lend on equal terms based on an interest rate formula that
is objective and verifiable. With respect to the relief from section
17(a)(2) of the Act, applicants note that any collateral pledged to
secure an interfund loan would be subject to the same conditions
imposed by any other lender to a Fund that imposes conditions on the
quality of or access to collateral for a borrowing (if the lender is
another Fund) or the same or better conditions (in any other
circumstance).\5\
---------------------------------------------------------------------------

    \4\ Applicants state that the obligation to repay an interfund
loan could be deemed to constitute a security for the purposes of
sections 17(a)(1) and 12(d)(1) of the Act.
    \5\ Applicants state that any pledge of securities to secure an
interfund loan could constitute a purchase of securities for
purposes of section 17(a)(2) of the Act.
---------------------------------------------------------------------------

    5. Applicants also believe that the limited relief from section
18(f)(1) of the Act that is necessary to implement the facility
(because the lending Funds are not banks) is appropriate in light of
the conditions and safeguards described in the application and because
the Funds would remain subject to the requirement of section 18(f)(1)
that all borrowings of a Fund, including combined interfund loans and
bank borrowings, have at least 300% asset coverage.
    6. Section 6(c) of the Act permits the Commission to exempt any
persons or transactions from any provision of the Act if such exemption
is necessary or appropriate in the public interest and consistent with
the protection of investors and the purposes fairly intended by the
policy and provisions of the Act. Section 12(d)(1)(J) of the Act
provides that the Commission may exempt any person, security, or
transaction, or any class or classes of persons, securities, or
transactions, from any provision of section 12(d)(1) if the exemption
is consistent with the public interest and the protection of investors.
Section 17(b) of the Act authorizes the Commission to grant an order
permitting a transaction otherwise prohibited by section 17(a) if it
finds that (a) the terms of the proposed transaction are fair and
reasonable and do not involve overreaching on the part of any person
concerned; (b) the proposed transaction is consistent with the policies
of each registered investment company involved; and (c) the proposed
transaction is consistent with the general purposes of the Act. Rule
17d-1(b) under the Act provides that in passing upon an application
filed under the rule, the Commission will consider whether the
participation of the registered investment company in a joint
enterprise, joint arrangement or profit sharing plan on the basis
proposed is consistent with the provisions, policies and purposes of
the Act and the extent to which such participation is on a basis
different from or less advantageous than that of the other
participants.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-20177 Filed 9-21-17; 8:45 am]
BILLING CODE 8011-01-P