Comment Info: =================

General Comment:SUPPLEMENTAL MATERIALS

Supporting Statement:  Vessel Inspection Related Forms and Reporting Requirements Under Title 46 U.S. Code


[Federal Register Volume 86, Number 181 (Wednesday, September 22, 2021)]
[Notices]
[Pages 52713-52719]
[FR Doc No: 2021-20453]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93027; File No. SR-IEX-2021-11]

Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Provide
That a Reserve Order May Have (i) an Odd Lot Sized Display Quantity and
(ii) an Optional Random Initial and Replenishment Display Quantity

September 16, 2021.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on September 14, 2021, the Investors Exchange LLC (``IEX'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Pursuant to the provisions of Section 19(b)(1) under the Act,\3\
and Rule 19b-4 thereunder,\4\ IEX is filing with the Commission a
proposed rule change to provide that a reserve order may have (i) an
odd lot sized display quantity and (ii) an optional random initial and
replenishment display quantity. The Exchange has designated this rule
change as ``non-controversial'' under Section 19(b)(3)(A) of the Act
\5\ and provided the Commission with the notice required by Rule 19b-
4(f)(6) thereunder.\6\
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    \3\ 15 U.S.C. 78s(b)(1).
    \4\ 17 CFR 240.19b-4.
    \5\ 15 U.S.C. 78s(b)(3)(A).
    \6\ 17 CFR 240.19b-4.
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    The text of the proposed rule change is available at the Exchange's
website at www.iextrading.com, at the principal office of the Exchange,
and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of and basis for the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in Sections A, B, and C below, of the
most significant aspects of such statements.

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

1. Purpose
    The purpose of the proposed rule filing is to amend IEX Rule
11.190(b)(2) to provide that a reserve order \7\ may have (i) an odd
lot \8\ size display quantity and (ii) an optional random initial and
replenishment display quantity. Specifically, as proposed, a reserve
order may have an odd lot as well as a round or mixed lot initial and
replenishment display quantity. In addition, as proposed, a Member \9\
may attach an optional random replenishment instruction to any reserve
order pursuant to which the reserve order's display quantity (both upon
initial posting to the Order Book \10\ and upon any subsequent
replenishments) would be randomly determined by the System \11\ within
a replenishment range specified by the Member. In addition, IEX
proposes to make conforming edits to IEX Rules 11.190(b)(2) and
11.220(a)(1)(C) reflecting the proposed changes to reserve order
functionality.
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    \7\ See IEX Rule 11.190(b)(2).
    \8\ An odd lot order is generally any order of less than 100
shares (the size of a round lot order). See IEX Rule 11.180(a).
    \9\ See IEX Rule 1.160(s).
    \10\ See IEX Rule 1.160(p).
    \11\ See IEX Rule 1.160(nn).
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    The proposed changes are designed to increase displayed liquidity
on the Exchange (potentially at prices better than the NBBO),\12\ to
the benefit of all market participants, by providing additional
optionality to Members in the use of odd lot size reserve order
displayed quantities, as well as helping to protect Members using
reserve orders with random replenishment from potential information
leakage.
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    \12\ See IEX Rule 1.160(u).
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Background
    IEX, like other equities exchanges,\13\ offers Members a
``reserve'' order type, which allows Members to submit a partially
displayed limit order,\14\ so that a portion of the order is displayed
(``display quantity'') and a portion of the order is non-displayed
(``reserve quantity'').\15\ As set forth in IEX Rule 11.190(b)(2), when
Users \16\ submit a reserve order, they must specify the display
quantity (which must be a round or mixed lot). Upon entry, the System
attempts to execute a reserve order as a single order of its full,
unexecuted size. If an incoming reserve order is not fully executed, it
posts to the Order Book where it is effectively

treated as two discrete orders: The User instructed display quantity
posts to the Order Book as a displayed order (``displayed portion'')
and the reserve quantity posts to the Order Book as a non-displayed
order (``non-displayed portion''). For the purposes of pricing reserve
orders on the Order Book, displayed portions are treated as displayed
orders and non-displayed portions are treated as non-displayed orders.
As described in IEX Rule 11.190(h), it is possible for the non-
displayed portion to rest at a different price than the displayed
portion, because the displayed portion is subject to display-price
sliding \17\ while the non-displayed portion is subject to the Midpoint
Price Constraint.\18\ If the displayed portion of the reserve order is
decremented such that less than one round lot would be displayed, the
displayed portion of the reserve order shall be refreshed for either
(i) the original displayed quantity, or (ii) the entire reserve
quantity, if the total number of unexecuted shares in the order is
smaller than the original Member instructed displayed quantity. Each
time the displayed portion of the order is refreshed from the reserve
quantity, that portion is prioritized behind other existing displayed
orders; the priority of the non-displayed portion, however, is
unchanged by the refresh process.
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    \13\ See, e.g., Cboe BZX Exchange, Inc. (``BZX'') Rule
11.9(c)(1); MEMX, LLC (``MEMX'') Rule 11.8(b)(4); The Nasdaq Stock
Market LLC (``Nasdaq'') Rule 4703(h); and New York Stock Exchange
LLC Rule 7.31(d)(1).
    \14\ See IEX Rule 11.190(a)(1).
    \15\ See IEX Rule 11.190(b)(2).
    \16\ See IEX Rule 1.160(qq). The text of IEX Rule 11.190(b)(2)
uses the term ``User'', so any direct references to the text of the
rule will use the term ``User.'' Otherwise, for purposes of this
rule filing, the term ``Member'' will be used synonymously with the
term ``User.''
    \17\ See IEX Rule 11.190(h)(1).
    \18\ See IEX Rule 11.190(h)(2).
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    IEX recently implemented a rule change that provides for the option
to display odd lot size orders, including allowing them to aggregate to
form a protected quotation.\19\ In connection with the implementation
of displayed odd lot size orders, IEX modified its reserve order
functionality to provide that if the display quantity of a reserve
order decrements to less than a round lot (and there are not enough
shares remaining in the reserve quantity to refresh the display
quantity to more than a round lot), the display quantity retains its
displayed status and its execution priority.\20\
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    \19\ See Securities Exchange Act Release No. 90933 (January 15,
2021), 86 FR 6687 (January 22, 2021) (SR-IEX-2021-01).
    \20\ See supra note 19.
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Proposal
    IEX proposes to amend IEX Rule 11.190(b)(2) to: (i) Allow reserve
orders to be submitted with an odd lot sized display portion; and (ii)
allow Members to elect that the initial and replenishment display
quantity for the reserve order will be randomly determined by the
System within a range specified by the Member. As described below, IEX
believes this proposal, which combines order types and functionality
previously considered by the Commission, will encourage the posting of
more displayed liquidity on the Exchange in a manner that benefits all
market participants.
1. Odd Lot Display Quantity Reserve Orders
    IEX proposes to modify its reserve order type to allow Members to
submit a reserve order with an odd lot size display quantity, in
addition to the current functionality which allows Members to submit a
reserve order with either a round or mixed lot size display quantity.
    As proposed, odd lot size display quantity reserve orders
(``Displayed Odd Lot Reserve orders'') would function much like a round
or mixed lot size display quantity reserve order, except that the
display quantity would only replenish from the reserve quantity when
the displayed portion of the order is decremented to zero shares, as
opposed to round and mixed lot size display quantity reserve orders,
which would continue to replenish the display quantity whenever they
decrement to less than a round lot. IEX believes that replenishing a
Displayed Odd Lot Reserve order only when the display quantity has been
fully exhausted is the most reasonable and workable approach. As a
threshold matter, the display quantity of a Displayed Odd Lot Reserve
order by definition will always be less than a round lot and will vary
based on the Member instructed displayed quantity and can be as low as
one share. Therefore, the trigger for replenishment cannot be a
quantity that is the same for all orders unless it is when the
displayed quantity decrements to zero.
    IEX notes that it also considered having Displayed Odd Lot Reserve
orders replenish anytime one or more share of the displayed portion was
executed, but decided against it for the following reasons. First, as a
practical matter, Displayed Odd Lot Reserve orders will be far less
useful to Members if any partial executions of the display portion
trigger a replenishment, resulting in the display portion receiving a
new time stamp and being prioritized behind all other existing
displayed orders at that price. Second, as discussed below, a Displayed
Odd Lot Reserve order would be eligible for optional random
replenishment, which means the next time the display quantity of the
order replenishes, it could be randomly set at a value lower than the
prior display quantity, and IEX seeks to avoid this confusing and
illogical outcome. Third, IEX believes that having a Displayed Odd Lot
Reserve Order replenish any time there is a partial execution of the
displayed portion of the order could increase the likelihood of adverse
selection through information leakage of the presence of a larger non-
displayed reserve portion of the order. IEX notes that the Commission
made the same determination when it approved a 2018 rule filing by the
New York Stock Exchange LLC (``NYSE'') that changed NYSE's reserve
order replenishment trigger from replenishing after any execution of a
portion of the displayed quantity to only replenishing when the display
quantity decrements to less than a round lot.\21\ Based on informal
discussions with Members, IEX believes that the proposed approach would
lead to increased use of Displayed Odd Lot Reserve orders compared to
other approaches, as discussed above. IEX also notes that this proposed
approach to Displayed Odd Lot Reserve order replenishment mirrors the
functionality of options exchanges with reserve order types that
display in odd lot quantities that replenish their display quantity
only when it is fully exhausted.\22\
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    \21\ See Securities Exchange Act Release No. 83768 (August 3,
2018), 83 FR 39488 (August 9, 2018). The fact that, until 2018, NYSE
triggered replenishment with any partial execution of the display
portion of a reserve order shows that only replenishing a reserve
order when it decrements to less than a round lot is not the only
Commission-approved replenishment trigger.
    \22\ See BZX Rule 21.1(d)(1); Cboe EDGX Exchange, Inc.
(``EDGX'') Rule 21.1(d)(1).
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    IEX believes that providing for Displayed Odd Lot Reserve orders
will incentivize the posting of more displayed liquidity on IEX, and
the corresponding opportunity for market participants to interact with
displayed liquidity. In this regard, IEX believes that the increasing
prevalence of high-priced securities (including many securities that
trade for more than $1,000 per share) \23\ makes quoting in round lot
multiples inaccessible to some market participants. As the Commission
recently noted, ``a significant proportion of quotation and trading
activity occurs in odd-lots, particularly for frequently traded, high
priced stocks.'' \24\ The Commission also noted that ``frequently
traded, high priced securities were more likely to have executions
occur in odd-lot sizes (about 34% of the share volume of the 50
securities with the highest

share prices) than lower priced securities (about 3.4% of the 50
securities with the lowest share prices).'' \25\
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    \23\ As of July 2021, there are 21 securities trading for $1,000
per share or more, and an additional 38 securities trading between
$500 and $999.99 per share.
    \24\ See Securities Exchange Act Release No. 90610 (December 9,
2020), 86 FR 18596, 18616 n. 240 (April 9, 2021) (``Market Data
Infrastructure Final Rule'').
    \25\ See supra note 24.
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    Furthermore, the Commission has noted that almost half of all on-
exchange trades are odd lot sized, and about 40% of those odd lot
trades occur at prices better than the NBBO.\26\ Thus, allowing reserve
orders to display odd lot quantities would both encourage the posting
of more displayed liquidity on the Exchange, and offer more price
improvement for high priced stocks that often trade in odd lot
quantities at better prices than the NBBO.\27\
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    \26\ See supra note 24.
    \27\ Displayed odd lot orders do not update the NBBO unless
aggregated to form a round lot size quotation, and thus can be
priced better than the NBBO.
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    Additionally, based on informal discussions with IEX Members, the
Exchange believes that use of reserve orders would increase in high
priced securities if the displayed portion of the reserve order could
be entered in an odd lot quantity.
    IEX notes that its proposal for Displayed Odd Lot Reserve orders is
not novel, in that all four of the Cboe equities exchanges allow a
reserve order to be submitted with a user instructed display quantity
of less than one round lot.\28\ Additionally, BZX's and EDGX's options
exchanges offer displayed odd lot reserve orders that replenish in the
same manner as the current proposal--when the displayed portion of the
odd lot reserve order is fully executed, the order is replenished from
the reserve quantity.\29\
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    \28\ See BZX Rule 11.9(c)(1); Cboe BYX Exchange, Inc. (``BYX'')
Rule 11.9(c)(1); Cboe EDGA Exchange, Inc. (``EDGA'') Rule 11.6(m);
EDGX Rule 11.6(m); see also Cboe US Equities FIX Specification
(Version 2.9.2) avail. at http://cdn.cboe.com/resources/membership/Cboe_US_Equities_FIX_Specification.pdf (setting no minimum value for
the user instructed display quantity for reserve orders). IEX notes
that the Cboe equity exchange rules clearly allow for the entry of
an odd lot size display quantity, but are unclear as to how much the
display quantity must decrement before it replenishes to its initial
display quantity.
    \29\ See supra note 22.
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2. Random Replenishment
    IEX proposes to offer Members the option to elect that the initial
and each replenishment display quantity for the reserve order will be
randomly determined by the System within a range specified by the
Member. IEX proposes to add the defined term of ``Max Floor'' to IEX
Rule 11.190(b)(2), to specify the base display quantity for all reserve
orders. As proposed, a Member can submit a reserve order with a Max
Floor in an odd lot quantity, as well as in a quantity equal to or
greater than a round lot as provided for under current rules. Further,
IEX proposes that if the reserve order's Max Floor is either an odd lot
or a round lot multiple, the Member may include an instruction that the
reserve order's display quantity be randomly replenished (as discussed
below, random replenishment would not be available to reserve orders
with a Max Floor of either a single round lot or a mixed lot).
    As proposed, Members may attach an optional random replenishment
instruction (the ``Display Range'') to any reserve order with a Max
Floor of either an odd lot or a round lot multiple. If the Member
includes a Display Range with a reserve order, the reserve order's
display quantities (both upon initial posting and upon any subsequent
replenishments) would be randomly determined by the System within a
replenishment range specified by the Member. Specifically, the Member
would specify a Display Range and a Max Floor. The System would then
randomly select the number of shares it will use to replenish the
display quantity in the following ways (depending upon the Max Floor of
the Order):
     If the reserve order's Max Floor equals a round lot
multiple, the Member would select a Display Range in a round lot or
multiple thereof that is less than the Max Floor. The System would then
use the Max Floor and Display Range to determine the initial and
replenishment displayed quantity each time the order is subject to
replenishment by randomly selecting a round lot number of shares that
is between the Max Floor minus the Display Range and the Max Floor plus
the Display Range.
     If the reserve order's Max Floor is less than one round
lot, the Member would select a Display Range of one or more shares that
is less than the Max Floor. The System would then use the Max Floor and
Display Range to determine the initial and replenishment displayed
quantity each time the order is subject to replenishment by randomly
selecting a number of shares that is between the Max Floor minus the
Display Range and the Max Floor plus the Display Range (provided that
if the Max Floor plus the Display Range equals a round lot or greater,
the high end of the Display Range will be one share less than a round
lot).\30\
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    \30\ Because random replenishment would not be available for
mixed lot display quantity reserve orders, the maximum value for the
random replenishment range of a Displayed Odd Lot Reserve order must
be one share less than a round lot. Therefore, if a Member submitted
a Displayed Odd Lot Reserve order with a Max Floor of 95 and a
Display Range of 10, the System would randomly select a
replenishment value between 85 and 99.
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    As proposed, Members could still elect to have their reserve orders
employ the current, fixed replenishment, functionality. In order to use
fixed replenishment, a Member would submit a reserve order with a Max
Floor, but without a Display Range. With fixed replenishment, the
display quantity will be equal to the Max Floor both when the order
first posts to the Order Book and any time the display quantity is
replenished from the reserve (i.e., when the display quantity is
decremented to zero shares if the Max Floor is less than one round lot,
or any time the display quantity decrements to less than one round lot
if the Max Floor is greater than or equal to a round lot).
    Random replenishment for reserve orders is an optional additional
tool to assist Members in achieving the general goal of reserve orders,
which is to display less than the full size of the order to avoid
leaking information regarding the presence of a large resting reserve
order.\31\ Because random replenishment results in the display quantity
of a Reserve order varying with each replenishment, this functionality
will further reduce the ability of other market participants to detect
that such order is in fact a reserve order with a potentially large
non-displayed reserve portion.
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    \31\ Identification of a large resting non-displayed order on an
exchange can provide information regarding buy or sell interest
resulting in market moving trading adverse to the resting order.
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    IEX is not proposing to offer random replenishment for reserve
orders with a Max Floor of a single round lot because the random
replenishment functionality would not work with a Max Floor of one
round lot. Specifically, as noted above, when a Member selects random
replenishment for a reserve order, the Member must submit the order
with a Display Range that is less than the Max Floor. Thus, if a
reserve order's Max Floor is one round lot, the Display Range must be
zero, so the reserve order will always replenish using only the Max
Floor, rendering random replenishment inoperable. Therefore, reserve
orders with a Max Floor equal to one round lot will only be able to use
the current fixed replenishment functionality.
    Additionally, IEX is not proposing to offer random replenishment
for reserve orders with a Max Floor that is a mixed lot because
implementation would involve technical complexity. From informal
discussions with Members, IEX determined there was little interest in
having the option of random replenishment for a displayed mixed lot

reserve order. Thus, IEX believes that offering only fixed
replenishment for displayed mixed lot reserve orders strikes the right
balance of offering enhanced reserve order functionality to Members
without introducing unnecessary technical complexity to its reserve
order functionality.
    IEX notes that the proposed random replenishment functionality for
reserve orders with a Max Floor that is a round lot multiple is
substantially similar to that of several other equity exchanges that
offer random replenishment for reserve orders.\32\ And as described
above, the proposed new random replenishment functionality for reserve
orders with a Max Floor that is less than a round lot is substantially
similar to the functionality used by options exchanges that offer
displayed odd lot reserve orders with random replenishment.\33\
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    \32\ See BZX Rule 11.9(c)(1); EDGX Rule 11.6(m); MIAX PEARL LLC
Rule 2614(c)(8)(A); MEMX Rule 11.6(k)(1)(A); Nasdaq Rule 4703(h).
    \33\ See supra note 22; see also Cboe US Options FIX
Specification (Version 2.7.37) avail. at https://cdn.cboe.com/resources/membership/US_Options_FIX_Specification.pdf (random
replenishment of an option reserve order requires a Display Range of
one or more shares, which is the same functionality IEX is proposing
for random replenishment of a Displayed Odd Lot Reserve order).
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    The following examples demonstrate the proposed odd lot fixed and
random replenishment functionality:
Example 1: Displayed Odd Lot Reserve Order With Fixed Replenishment
     Member submits a reserve order to buy 200 shares of XYZ
with a Max Floor of 20 and no Display Range.
     The order does not execute upon entry and posts to the
Order Book with a display quantity of 20 shares and a reserve quantity
of 180 shares.
     An inbound order to sell 10 shares of XYZ is entered into
the System and executes against 10 shares of the displayed quantity.
The reserve order has a displayed portion of 10 shares and a reserve
quantity of 180 shares. Because the displayed portion did not decrement
to zero shares, it does not get replenished.
     A second inbound market order to sell 10 shares of XYX is
entered into the System and executes against the remaining displayed
quantity, decrementing it zero shares.
     The System replenishes the display quantity to 20 shares
(the Max Floor), leaving a reserve quantity of 160 shares.
Example 2: Displayed Round Lot Multiple Reserve Order With Random
Replenishment
     Member submits a reserve order to buy 2000 shares of XYZ
with a Max Floor of 400 and a Display Range of 200.
     The order does not execute on entry, and the System uses
the Max Floor and the Display Range to generate a replenishment range
of either 200, 300, 400, 500, or 600 shares from which the System will
randomly select the initial replenishment quantity. The System randomly
selects 300 as the initial replenishment quantity, meaning the reserve
order's initial display quantity will be 300 shares, with a reserve
quantity of 1,700 shares.
     An incoming order to sell 250 shares matches with the
resting reserve order's display quantity, leaving 50 shares in the
display quantity (and 1,700 in the reserve quantity).
     Because the Max Floor is at least one round lot, the
reserve order replenishes when the display quantity decrements to less
than one round lot, so the System again randomly selects a
replenishment quantity from the replenishment range of either 200, 300,
400, 500, or 600 shares. The System randomly selects 600 as the next
replenishment quantity, meaning the display quantity will be
replenished to 600 shares, with 550 shares decremented from the reserve
quantity, which will now be 1,150 shares.
Example 3: Displayed Odd Lot Reserve Order With Random Replenishment
     Member submits a reserve order to buy 200 shares with a
Max Floor of 50 and a Display Range of 3.
     The order does not execute on entry, and the System
generates a replenishment range of either 47, 48, 49, 50, 51, 52, or 53
from which the System will randomly select the replenishment quantity.
The System randomly selects 48 as the initial replenishment quantity,
meaning the displayed quantity will be 48 shares, with the remaining
152 shares in the reserve quantity.
     An incoming order to sell 48 shares matches with the
resting reserve order's displayed portion, leaving 0 shares in the
display quantity (and 152 shares in the reserve quantity).
     Because the Max Floor is an odd lot, and the display
quantity decremented to zero shares, the reserve order replenishes the
display quantity, so the System again randomly selects a replenishment
quantity from the replenishment range of either 47, 48, 49, 50, 51, 52,
or 53 shares. The System randomly selects 53 as the next replenishment
quantity, meaning the display quantity will be replenished to 53
shares, with 53 shares decremented from the reserve quantity, which
will now be 99 shares.
    IEX is also proposing to make the following conforming changes to
IEX Rule 11.190(b)(2). First, IEX proposes to delete current
subparagraph (H), which describes how a displayed portion of a reserve
order retains its displayed status and priority if it decrements to an
odd lot, because it is rendered redundant by the introduction of
displayed quantity odd lot reserve orders. Second, IEX proposes to
renumber current subparagraphs (A) to (G) of the rule as subparagraphs
(B) to (H) to incorporate the addition of new introductory subparagraph
(A).\34\ Third, IEX proposes to modify Supplementary Material .01
(``Reserve Orders'') to clarify that displayed portions would be
replenished based on the replenishment options in new IEX Rule
11.190(b)(2)(A). Finally, IEX proposes to modify IEX Rule
11.220(a)(C)(v) to change the term ``refreshed'' to ``replenished'' and
to clarify that not all reserve orders replenish when the display
portion decrements to less than one round lot, but rather pursuant to
the conditions set forth in the proposed changes to IEX Rule
11.190(b)(2).
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    \34\ Because IEX is proposing to delete subparagraph (H) of the
rule, while adding a new subparagraph (A), subparagraph (I) will not
need to be renumbered.
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    The following is a list of the specific proposed changes to IEX
Rule 11.190(b)(2):
     Modify any references in the rule to a ``refresh'' of the
display quantity to the more technically accurate term ``replenish,''
which reflects the manner in which the System replenishes the displayed
portion of a reserve order with shares taken from the non-displayed
portion.
     Modify the second sentence of IEX Rule 11.190(b)(2) to add
language stating that the display quantity ``may be a fixed or random
number of shares; and an odd, mixed, or round lot quantity,'' and
delete the language stating that User provided display quantity ``must
be equal to or greater than a round lot; the System will reject a
reserve order with a User instructed display quantity less than a round
lot.''
     Modify the fourth sentence of IEX Rule 11.190(b)(2) to add
language specifying that the User instructed display quantity may be
determined by ``fixed or random replenishment.''
     Add a new seventh sentence of IEX Rule 11.190(b)(2)
stating that to enter a reserve order, a User must specify a base
display quantity (``Max Floor'') and may enter a replenishment value as
described in subparagraph (A) of IEX Rule 11.190(b).
     Modify the eighth sentence of IEX Rule 11.190(b)(2)
(formerly the seventh sentence) to add language clarifying that a
reserve order with a Max Floor of a

round lot or greater will continue to replenish its displayed portion
when the displayed portion decrements to less than one round lot. Also
modify the language about how a reserve order with a Max Floor
replenishes by removing the language about how it always replenishes to
the original displayed quantity and adding language stating that the
reserve order will replenish its displayed portion pursuant to one of
the replenishment processes set forth in the newly added subparagraph
(A) of the rule.
     Add a new ninth sentence of IEX Rule 11.190(b)(2) stating
that a reserve order with a Max Floor of less than one round lot (an
odd lot), will replenish its displayed portion when the displayed
portion is decremented to zero shares, and add language stating that
the reserve order will replenish its displayed portion pursuant to one
of the replenishment processes set forth in the newly added
subparagraph (A) of the rule.
     Add to the end of the eleventh sentence of IEX Rule
11.190(b)(2) (formerly the ninth sentence) the language that a reserve
order ``has the following attributes:'' set forth in the subsequent
subparagraphs.
     Add new subsection (A) to IEX Rule 11.190(b)(2)
(``Replenishment Options'') that reads: ``The following replenishment
options determine the size of the displayed quantity for any reserve
order that does not fully execute on entry.
     Add new subsection (A)(i) to IEX Rule 11.190(b)(2)
(``Random Replenishment'') that sets forth new the random replenishment
functionality, as detailed in this filing.
     Add new subsection (A)(i)(a) to IEX Rule 11.190(b)(2)
(``Random Replenishment'') that sets forth new the random replenishment
functionality for reserve orders with a Max Floor equal to a round lot
multiple, which is detailed in this filing.
     Add new subsection (A)(i)(b) to IEX Rule 11.190(b)(2)
(``Random Replenishment'') that sets forth new the random replenishment
functionality for reserve orders with a Max Floor equal to less than
one round lot, which is detailed in this filing.
     Add new subsection (A)(ii) to IEX Rule 11.190(b)(2)
(``Fixed Replenishment'') that sets forth retention of the current
replenishment functionality for all orders for which random
replenishment has not been selected, as detailed in this filing.
     Renumber current subparagraphs (A) to (G) of current IEX
Rule 11.190(b)(2) to subparagraphs (B) to (H).
     Remove current subparagraph (H) of current IEX Rule
11.190(b)(2).
     Modify Supplementary Material .01 (``Reserve Orders'') as
follows: (i) In the first sentence, add ``on entry'' after the words
``if a reserve order is not fully executed'' for clarity; (ii) in the
same sentence, remove the words ``for the User instructed'' that
describe the display quantity and replace them with the words ``based
on the replenishment options sets forth in paragraph (b)(2)(A) of this
IEX Rule;'' (iii) in the same sentence, add the word ``quantity'' after
the words ``non-displayed'' for clarity and consistency (matching the
earlier phrase ``displayed quantity'').
     Modify IEX Rule 11.220(a)(C)(v) to change the term
``refreshed'' to ``replenished'' and to remove the words ``after
receiving an execution that decrements the displayed portion of a
reserve order below one round lot pursuant to'' and replace them with
the words ``as set forth in [IEX Rule 11.190(b)(2)]'' to reflect that
not all reserve orders replenish when the display portion decrements to
less than one round lot, but rather pursuant to the conditions set
forth in the proposed changes to IEX Rule 11.190(b)(2).
Implementation
    The Exchange will implement the proposed rule change within 90 days
of filing, subject to the 30-day operative delay, and provide at least
ten (10) days' notice to Members and market participants of the
implementation timeline.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\35\ in general, and furthers the
objectives of Section 6(b)(5),\36\ in particular, in that it is
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in facilitating transactions in
securities, and to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest. Specifically, the Exchange
believes that the proposed rule change is consistent with the
protection of investors and the public interest because it is designed
to provide more flexibility and opportunities for Members to add
displayed liquidity to the Exchange. As noted in the Purpose section,
the proposed rule change is responsive to informal feedback from
Members indicating that they prefer the optionality to use Displayed
Odd Lot Reserve orders to post displayed liquidity, particularly for
high-priced securities. Thus, IEX believes that the proposed rule
change will attract additional displayed liquidity to the Exchange and,
to the extent it is successful in doing so, will benefit all market
participants, thereby supporting the purposes of the Act to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and in general, to protect investors and the
public interest. The Exchange also believes that, as discussed in the
Purpose section, enabling the use of Displayed Odd Lot Reserve orders
will enhance opportunities for price discovery and increase the overall
displayed liquidity profile on the Exchange to the benefit of all
market participants.
---------------------------------------------------------------------------

    \35\ 15 U.S.C. 78f(b).
    \36\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    Additionally, IEX believes that having a Displayed Odd Lot Reserve
order replenish its displayed portion when it decrements to zero shares
is consistent with the Act, because, as discussed in the Purpose
section, it is the most workable reasonable approach to protecting
investors from information leakage and potential adverse selection in a
manner responsive to Members' feedback. Accordingly, IEX believes that
this approach could incentivize the use of more reserve orders thereby
increasing the availability of displayed liquidity over fully non-
displayed orders. For all these reasons, IEX believes that replenishing
Displayed Odd Lot Reserve orders when the displayed portion decrements
to zero supports investor protection and the public interest.
    Further, IEX believes that the addition of the random replenishment
option for reserve orders is consistent with the Act as it is designed
to help to achieve the general goal of reserve orders, which is to
display less than the full size of the order to avoid leaking
information about the presence of a large resting reserve order which
can result in market movement adverse to the reserve order. Because
random replenishment results in the display quantity of a reserve order
varying with each replenishment, this functionality will further reduce
the ability of other market participants to detect that such order is
in fact a reserve order.
    Furthermore, IEX believes it is consistent with the Act to offer
only fixed replenishment for reserve orders with a Max Floor of a
single round lot or a mixed lot for the reasons discussed

in the Purpose section. IEX believes that the proposed approach
provides a reasonable approach with appropriate optionality.
    IEX also notes that, as discussed in the Purpose section, the
proposed random replenishment functionality is consistent with the
rules of several other equities \37\ and options \38\ exchanges and
thus the Exchange does not believe that this aspect of the proposed
rule change raises any new or novel issues not already considered by
the Commission.
---------------------------------------------------------------------------

    \37\ See supra note 32.
    \38\ See supra note 22.
---------------------------------------------------------------------------

    Finally, the Exchange believes that the proposed non-substantive
conforming changes to IEX Rule 11.190(b)(2) (including the
supplementary material) and IEX Rule 11.220(a)(1)(C) are consistent
with the protection of investors and the public interest because they
will have no impact on the functionality of reserve orders, but rather
simply provide consistency and clarity to how reserve orders function,
thereby reducing the potential for confusion of any market
participants.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
    The Exchange does not believe that the proposed rule change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. To the contrary,
the proposal is designed to enhance IEX's competitiveness with other
markets by enabling IEX to offer reserve order functionality
substantially similar to that offered by several other equity
exchanges. As discussed in the Purpose section, the proposal is
designed to incentivize the entry of additional liquidity providing
orders on IEX by offering Members the flexibility of using an odd lot
display quantity as well as random replenishment of the displayed
quantity of a reserve order as described in the Purpose and Statutory
Basis sections. Thus, IEX believes that the proposed rule change will
enhance its ability to compete with other exchanges that already offer
this functionality and thereby attract more reserve orders to the
Exchange, to the benefit of all market participants. Moreover, other
exchanges may adopt similar functionality subject to the Commission
rule filing process.
    The Exchange also does not believe that the proposed rule change
will impose any burden on intramarket competition that is not necessary
or appropriate in furtherance of the purposes of the Act. All Members
would be eligible to use a Displayed Odd Lot Reserve order, and all
Members would be eligible to use random or fixed replenishment for
their reserve orders in the same manner. Moreover, the proposal would
provide potential benefits to all Members to the extent that there is
more liquidity available on IEX as a result of increased use of reserve
orders.
    Further, the proposed conforming edits to IEX Rule 11.190(b)(2)
(including the supplementary material) and Rule 11.220(a)(1)(C) are not
designed to address any competitive issue, but rather to provide
additional clarity in IEX's rulebook.

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

    Written comments were neither solicited nor received.

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \39\ and Rule 19b-4(f)(6) thereunder.\40\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \41\ and Rule 19b-
4(f)(6)(iii) thereunder.\42\
---------------------------------------------------------------------------

    \39\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \40\ 17 CFR 240.19b-4(f)(6).
    \41\ 15 U.S.C. 78s(b)(3)(A).
    \42\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    At any time within 60 days of the filing of this proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-IEX-2021-11 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-IEX-2021-11. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing will also be available for inspection
and copying at the IEX's principal office and on its internet website
at www.iextrading.com. All comments received will be posted without
change. All comments received will be posted without change. Persons
submitting comments are cautioned that we do not redact or edit
personal identifying information from comment submissions. You should
submit only

information that you wish to make available publicly. All submissions
should refer to File Number SR-IEX-2021-11, and should be submitted on
or before October 13, 2021.
---------------------------------------------------------------------------

    \43\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\43\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-20453 Filed 9-21-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: May 8, 2008 (Volume 73, Number 90)]
[Proposed Rules]
[Page 26048-26049]
[DOCID:fr08my08-28]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2008-0336; Airspace Docket No. 08-ANM-4]

Proposed Establishment of Class E Airspace; Fort Collins, CO

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking.

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

SUMMARY: This action proposes to establish Class E airspace at Fort
Collins-Loveland Municipal Airport, Fort Collins, CO. Additional
controlled airspace is necessary to accommodate instrument flight rules
(IFR) operations from this airport located in mountainous terrain and
enable positive control at Fort Collins-Loveland Municipal Airport,
Fort Collins, CO. The FAA is proposing this action to enhance the
safety and management of aircraft operations at Fort Collins-Loveland
Municipal Airport, Fort Collins, CO.

DATES: Comments must be received on or before June 23, 2008.

ADDRESSES: Send comments on this proposal to the U.S. Department of
Transportation, Docket Operations, M-30, West Building Ground Floor,
Room W12-140, 1200 New Jersey Avenue, SE., Washington, DC 20590.
Telephone<PHONE_NUMBER>. You must identify FAA Docket No. FAA-2008-
0336; Airspace Docket No. 08-ANM-4, at the beginning of your comments.
You may also submit comments through the Internet at http://
www.regulations.gov.

FOR FURTHER INFORMATION CONTACT: Eldon Taylor, Federal Aviation
Administration, System Support Group, Western Service Area, 1601 Lind
Avenue, SW., Renton, WA 98057; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Comments Invited

    Interested parties are invited to participate in this proposed
rulemaking by submitting such written data, views, or arguments, as
they may desire. Comments that provide the factual basis supporting the
views and suggestions presented are particularly helpful in developing
reasoned regulatory decisions on the proposal. Comments are
specifically invited on the overall regulatory, aeronautical, economic,
environmental, and energy-related aspects of the proposal.
    Communications should identify both docket numbers (FAA Docket No.
FAA-2008-0336 and Airspace Docket No. 08-ANM-4) and be submitted in
triplicate to the Docket Management System (see ADDRESSES section for
address and phone number). You may also submit comments through the
Internet at http://www.regulations.gov.
    Commenters wishing the FAA to acknowledge receipt of their comments
on this action must submit with those comments a self-addressed stamped
postcard on which the following statement is made: ``Comments to FAA
Docket No. FAA-2008-0336 and Airspace Docket No. 08-ANM-4''. The
postcard will be date/time stamped and returned to the commenter.
    All communications received on or before the specified closing date
for comments will be considered before taking action on the proposed
rule. The proposal contained in this action may be changed in light of
comments received. All comments submitted will be available for
examination in the public docket both before and after the closing date
for comments. A report summarizing each substantive public contact with
FAA personnel concerned with this rulemaking will be filed in the
docket.

Availability of NPRMs

    An electronic copy of this document may be downloaded through the
Internet at http://www.regulations.gov. Recently published rulemaking
documents can also be accessed through the FAA's Web page at http://
www.faa.gov or the Federal Register's Web page at http://
www.gpoaccess.gov/fr/index.html.
    You may review the public docket containing the proposal, any
comments received, and any final disposition in

person in the Dockets Office (see the ADDRESSES section for the address
and phone number) between 9 a.m. and 5 p.m., Monday through Friday,
except federal holidays. An informal docket may also be examined during
normal business hours at the Northwest Mountain Regional Office of the
Federal Aviation Administration, Air Traffic Organization, Western
Service Area, System Support Group, 1601 Lind Avenue, SW., Renton, WA
98057.
    Persons interested in being placed on a mailing list for future
NPRMs should contact the FAA's Office of Rulemaking,<PHONE_NUMBER>,
for a copy of Advisory Circular No. 11-2A, Notice of Proposed
Rulemaking Distribution System, which describes the application
procedure.

The Proposal

    The FAA is proposing an amendment to Title 14 Code of Federal
Regulations (14 CFR) part 71 by establishing Class E airspace at Fort
Collins-Loveland Municipal Airport, Fort Collins, CO. Controlled
airspace is necessary to accommodate IFR aircraft at Fort Collins-
Loveland Municipal Airport, Fort Collins, CO. This action would enhance
the safety and management of aircraft operations at Fort Collins-
Loveland Municipal Airport, Fort Collins, CO.
    Class E airspace designations are published in paragraph 6005 of
FAA Order 7400.9R, signed August 15, 2007, and effective September 15,
2007, which is incorporated by reference in 14 CFR 71.1. The Class E
airspace designation listed in this document will be published
subsequently in this Order.
    The FAA has determined that this proposed regulation only involves
an established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
Therefore, this proposed regulation: (1) Is not a ``significant
regulatory action'' under Executive Order 12866; (2) is not a
``significant rule'' under DOT Regulatory Policies and Procedures (44
FR 11034; February 26, 1979); and (3) does not warrant preparation of a
regulatory evaluation as the anticipated impact is so minimal. Since
this is a routine matter that will only affect air traffic procedures
and air navigation, it is certified that this proposed rule, when
promulgated, would not have a significant economic impact on a
substantial number of small entities under the criteria of the
Regulatory Flexibility Act.
    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the U.S. Code. Subtitle 1, Section 106, describes
the authority for the FAA Administrator. Subtitle VII, Aviation
Programs, describes in more detail the scope of the agency's authority.
This rulemaking is promulgated under the authority described in
Subtitle VII, Part A, Subpart I, Section 40103. Under that section, the
FAA is charged with prescribing regulations to assign the use of the
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it establishes controlled airspace at Fort Collins-Loveland
Municipal Airport, Fort Collins, CO.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

The Proposed Amendment

    Accordingly, pursuant to the authority delegated to me, the Federal
Aviation Administration proposes to amend 14 CFR part 71 as follows:

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

    1. The authority citation for 14 CFR part 71 continues to read as
follows:

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

Sec.  71.1  [Amended]

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

Paragraph 6002 Class E Airspace Designated as Surface Areas.

* * * * *

ANM CO E2 Fort Collins, CO [New]

Fort Collins-Loveland Municipal Airport, CO
    (Lat. 40[deg]27'07'' N., long. 105[deg]00'41'' W.)

    Within a 5-mile radius of Fort Collins-Loveland Municipal
Airport.
* * * * *

    Issued in Seattle, Washington, on April 28, 2008.
Clark Desing,
Manager, System Support Group, Western Service Area.
 [FR Doc. E8-10191 Filed 5-7-08; 8:45 am]

BILLING CODE 4910-13-P


[Federal Register Volume 88, Number 63 (Monday, April 3, 2023)]
[Notices]
[Page 19636]
[FR Doc No: 2023-06852]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER23-1471-000]

MPower Energy NJ LLC, Supplemental Notice That Initial Market-
Based Rate Filing Includes Request for Blanket Section 204
Authorization

    This is a supplemental notice in the above-referenced proceeding of
MPower Energy NJ LLC's application for market-based rate authority,
with an accompanying rate tariff, noting that such application includes
a request for blanket authorization, under 18 CFR part 34, of future
issuances of securities and assumptions of liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE, Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is April 17, 2023.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically may mail similar pleadings to
the Federal Energy Regulatory Commission, 888 First Street NE,
Washington, DC 20426. Hand delivered submissions in docketed
proceedings should be delivered to Health and Human Services, 12225
Wilkins Avenue, Rockville, Maryland 20852.
    In addition to publishing the full text of this document in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
internet through the Commission's Home Page (http://www.ferc.gov) using
the ``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. At this time,
the Commission has suspended access to the Commission's Public
Reference Room, due to the proclamation declaring a National Emergency
concerning the Novel Coronavirus Disease (COVID-19), issued by the
President on March 13, 2020. For assistance, contact the Federal Energy
Regulatory Commission at [email protected] or call toll-free,
(886) 208-3676 or TYY,<PHONE_NUMBER>.

    Dated: March 28, 2023.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2023-06852 Filed 3-31-23; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 80, Number 59 (Friday, March 27, 2015)]
[Notices]
[Pages 16509-16511]
[FR Doc No: 2015-07050]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2013-0023]

Qualification of Drivers; Exemption Applications; Vision

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice of renewal of exemptions; request for comments.

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

SUMMARY: FMCSA announces its decision to renew the exemptions from the
vision requirement in the Federal Motor Carrier Safety Regulations for
3 individuals. FMCSA has statutory authority to exempt individuals from
the vision requirement if the exemptions granted will not compromise
safety. The Agency has concluded that granting these exemption renewals
will provide a level of safety that is equivalent to or greater than
the level of safety maintained

without the exemptions for these commercial motor vehicle (CMV)
drivers.

DATES: This decision is effective April 24, 2015. Comments must be
received on or before April 27, 2015.

ADDRESSES: You may submit comments bearing the Federal Docket
Management System (FDMS) numbers: Docket No. [Docket No. FMCSA-2013-
0023], using any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the on-line instructions for submitting
comments.
     Mail: Docket Management Facility; U.S. Department of
Transportation, 1200 New Jersey Avenue SE., West Building Ground Floor,
Room W12-140, Washington, DC 20590-0001.
     Hand Delivery or Courier: West Building Ground Floor, Room
W12-140, 1200 New Jersey Avenue SE., Washington, DC, between 9 a.m. and
5 p.m., Monday through Friday, except Federal Holidays.
     Fax: 1-202-493-2251.
    Instructions: Each submission must include the Agency name and the
docket number for this notice. Note that DOT posts all comments
received without change to http://www.regulations.gov, including any
personal information included in a comment. Please see the Privacy Act
heading below.
    Docket: For access to the docket to read background documents or
comments, go to http://www.regulations.gov at any time or Room W12-140
on the ground level of the West Building, 1200 New Jersey Avenue SE.,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays. The Federal Docket Management System (FDMS) is
available 24 hours each day, 365 days each year. If you want
acknowledgment that we received your comments, please include a self-
addressed, stamped envelope or postcard or print the acknowledgement
page that appears after submitting comments on-line.
    Privacy Act: In accordance with 5 U.S.C. 553(c), DOT solicits
comments from the public to better inform its rulemaking process. DOT
posts these comments, without edit, including any personal information
the commenter provides, to www.regulations.gov, as described in the
system of records notice (DOT/ALL-14 FDMS), which can be reviewed at
www.dot.gov/privacy.

FOR FURTHER INFORMATION CONTACT: Charles A. Horan, III, Director,
Carrier, Driver and Vehicle Safety Standards,<PHONE_NUMBER>,
<EMAIL_ADDRESS>FMCSA, Department of Transportation, 1200 New
Jersey Avenue SE., Room W64-224, Washington, DC 20590-0001. Office
hours are from 8:30 a.m. to 5 p.m. Monday through Friday, except
Federal holidays.

SUPPLEMENTARY INFORMATION:

I. Background

    Under 49 U.S.C. 31136(e) and 31315, FMCSA may renew an exemption
from the vision requirements in 49 CFR 391.41(b)(10), which applies to
drivers of CMVs in interstate commerce, for a two-year period if it
finds ``such exemption would likely achieve a level of safety that is
equivalent to or greater than the level that would be achieved absent
such exemption.'' The procedures for requesting an exemption (including
renewals) are set out in 49 CFR part 381.

II. Exemption Decision

    This notice addresses 3 individuals who have requested renewal of
their exemptions in accordance with FMCSA procedures. FMCSA has
evaluated these 3 applications for renewal on their merits and decided
to extend each exemption for a renewable two-year period. They are:

David Doub (IN)
Gregory S. Engleman (KY)
Gale L. Smith (PA)

    The exemptions are extended subject to the following conditions:
(1) That each individual has a physical examination every year (a) by
an ophthalmologist or optometrist who attests that the vision in the
better eye continues to meet the requirements in 49 CFR 391.41(b)(10),
and (b) by a medical examiner who attests that the individual is
otherwise physically qualified under 49 CFR 391.41; (2) that each
individual provides a copy of the ophthalmologist's or optometrist's
report to the medical examiner at the time of the annual medical
examination; and (3) that each individual provide a copy of the annual
medical certification to the employer for retention in the driver's
qualification file and retains a copy of the certification on his/her
person while driving for presentation to a duly authorized Federal,
State, or local enforcement official. Each exemption will be valid for
two years unless rescinded earlier by FMCSA. The exemption will be
rescinded if: (1) The person fails to comply with the terms and
conditions of the exemption; (2) the exemption has resulted in a lower
level of safety than was maintained before it was granted; or (3)
continuation of the exemption would not be consistent with the goals
and objectives of 49 U.S.C. 31136(e) and 31315.

III. Basis for Renewing Exemptions

    Under 49 U.S.C. 31315(b)(1), an exemption may be granted for no
longer than two years from its approval date and may be renewed upon
application for additional two year periods. In accordance with 49
U.S.C. 31136(e) and 31315, each of the 3 applicants has satisfied the
entry conditions for obtaining an exemption from the vision
requirements (78 FR 14405; 78 FR 24296). Each of these 3 applicants has
requested renewal of the exemption and has submitted evidence showing
that the vision in the better eye continues to meet the requirement
specified at 49 CFR 391.41(b)(10) and that the vision impairment is
stable. In addition, a review of each record of safety while driving
with the respective vision deficiencies over the past two years
indicates each applicant continues to meet the vision exemption
requirements.
    These factors provide an adequate basis for predicting each
driver's ability to continue to drive safely in interstate commerce.
Therefore, FMCSA concludes that extending the exemption for each
renewal applicant for a period of two years is likely to achieve a
level of safety equal to that existing without the exemption.

IV. Public Participation and Request for Comments

    FMCSA encourages you to participate by submitting comments and
related materials.

Submitting Comments

    If you submit a comment, please include the docket number for this
notice (FMCSA-2013-0023), indicate the specific section of this
document to which each comment applies, and provide a reason for each
suggestion or recommendation. You may submit your comments and material
online or by fax, mail, or hand delivery, but please use only one of
these means. FMCSA recommends that you include your name and a mailing
address, an email address, or a phone number in the body of your
document so the Agency can contact you if it has questions regarding
your submission.
    To submit your comment online, go to http://www.regulations.gov and
put the docket number, ``FMCSA-2013-0023'' in the ``Keyword'' box, and
click ``Search.'' When the new screen appears, click on ``Comment
Now!'' button and type your comment into the text box in the following
screen. Choose whether you are submitting your

comment as an individual or on behalf of a third party and then submit.
If you submit your comments by mail or hand delivery, submit them in an
unbound format, no larger than 8\1/2\ by 11 inches, suitable for
copying and electronic filing. If you submit comments by mail and would
like to know that they reached the facility, please enclose a stamped,
self-addressed postcard or envelope. FMCSA will consider all comments
and material received during the comment period and may change this
notice based on your comments.

Viewing Comments and Documents

    To view comments, as well as any documents mentioned in this
preamble as being available in the docket, go to http://www.regulations.gov and in the search box insert the docket number,
``FMCSA-2013-0023'' in the ``Keyword'' box and click ``Search.'' Next,
click ``Open Docket Folder'' button, choose the document listed to
review. If you do not have access to the Internet, you may view the
docket online by visiting the Docket Management Facility in Room W12-
140 on the ground floor of the DOT West Building, 1200 New Jersey
Avenue SE., Washington, DC 20590, between 9 a.m. and 5 p.m., E.T.,
Monday through Friday, except Federal holidays.

    Issued on: March 19, 2015.
 Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2015-07050 Filed 3-26-15; 8:45 am]
 BILLING CODE 4910-EX-P


[Federal Register: June 16, 2008 (Volume 73, Number 116)]
[Notices]
[Page 34006]
[DOCID:fr16jn08-47]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP02-229-004]

SG Resources Mississippi, L.L.C.; Notice of Application for
Amendment

June 6, 2008.
    Take notice that on May 29, 2008, SG Resources Mississippi, L.L.C.
(SGRM), 28420 Hardy Toll Road North, Suite 125, Spring, Texas 77373,
filed an application in Docket No. CP02-229-004, pursuant to section 7
of the Natural Gas Act for an order authorizing its Supplemental
Expansion Project, an amendment to its certificate issued in Docket No.
CP02-229-000 on October 10, 2002 and amended in Docket No. CP02-229-002
on January 24, 2007.
    SGRM seeks authorization to (i) increase the working gas capacity
of each of the three previously authorized Southern Pines Energy Center
storage caverns from 8 Bcf to 10 Bcf; (ii) develop a fourth 12.8 Bcf
cavern; (iii) construct, own and operate two additional brine disposal
wells; (iv) construct, own, operate, and maintain a 24-inch pipeline
loop of the existing Destin Lateral; (V) install an interconnect
pipeline that will connect the Destin Lateral Loop to the Destin
Pipeline Company, LLP and Southeast Supply Header, LLC meter stations;
(vi) install two additional 8,000 horsepower compressors; and (vii)
substitute for the required sonar surveys on each cavern every five
years a requirement to implement and maintain an enhanced cavern
integrity monitoring program. SGRM also seeks reaffirmation of its
previously authorized market based rates for its storage and hub
services.
    This filing is available for review at the Commission in the Public
Reference Room or may be viewed on the Commission's Web site at http://
www.ferc.gov using the ``eLibrary'' link. Enter the docket number
excluding the last three digits in the docket number field to access
the document. For assistance, please contact FERC Online Support at
<EMAIL_ADDRESS>or toll free at<PHONE_NUMBER>, or for TTY,
contact<PHONE_NUMBER>.
    Any questions regarding this application should be directed to
James F. Bowe, Jr., Dewey & LeBoeuf, LLP, 1101 New York Avenue, NW.,
Washington, DC 20005,<PHONE_NUMBER>, Fax<PHONE_NUMBER>, e-mail
<EMAIL_ADDRESS>    Pursuant to section 157.9 of the Commission's rules, 18 CFR 157.9,
within 90 days of this Notice the Commission staff will either:
Complete its environmental assessment (EA) and place it into the
Commission's public record (eLibrary) for this proceeding, or issue a
Notice of Schedule for Environmental Review. If a Notice of Schedule
for Environmental Review is issued, it will indicate, among other
milestones, the anticipated date for the Commission staff's issuance of
the final environmental impact statement (FEIS) or EA for this
proposal. The filing of the EA in the Commission's public record for
this proceeding or the issuance of a Notice of Schedule for
Environmental Review will serve to notify federal and state agencies of
the timing for the completion of all necessary reviews, and the
subsequent need to complete all federal authorizations within 90 days
of the date of issuance of the Commission staff's FEIS or EA.
    There are two ways to become involved in the Commission's review of
this project. First, any person wishing to obtain legal status by
becoming a party to the proceedings for this project should, on or
before the below listed comment date, file with the Federal Energy
Regulatory Commission, 888 First Street, NE., Washington, DC 20426, a
motion to intervene in accordance with the requirements of the
Commission's Rules of Practice and Procedure (18 CFR 385.214 or
385.211) and the Regulations under the NGA (18 CFR 157.10). A person
obtaining party status will be placed on the service list maintained by
the Secretary of the Commission and will receive copies of all
documents filed by the applicant and by all other parties. A party must
submit 14 copies of filings made with the Commission and must mail a
copy to the applicant and to every other party in the proceeding. Only
parties to the proceeding can ask for court review of Commission orders
in the proceeding.
    However, a person does not have to intervene in order to have
comments considered. The second way to participate is by filing with
the Secretary of the Commission, as soon as possible, an original and
two copies of comments in support of or in opposition to this project.
The Commission will consider these comments in determining the
appropriate action to be taken, but the filing of a comment alone will
not serve to make the filer a party to the proceeding. The Commission's
rules require that persons filing comments in opposition to the project
provide copies of their protests only to the party or parties directly
involved in the protest.
    Persons who wish to comment only on the environmental review of
this project should submit an original and two copies of their comments
to the Secretary of the Commission. Environmental commenters will be
placed on the Commission's environmental mailing list, will receive
copies of the environmental documents, and will be notified of meetings
associated with the Commission's environmental review process.
Environmental commenters will not be required to serve copies of filed
documents on all other parties. However, the non-party commenters will
not receive copies of all documents filed by other parties or issued by
the Commission (except for the mailing of environmental documents
issued by the Commission) and will not have the right to seek court
review of the Commission's final order.
    Motions to intervene, protests and comments may be filed
electronically via the Internet in lieu of paper; see 18 CFR
385.2001(a)(1)(iii) and the instructions on the Commission's Web site
under the ``e-Filing'' link. The Commission strongly encourages
electronic filings.
    Comment Date: June 27, 2008.

Kimberly D. Bose,
Secretary.
 [FR Doc. E8-13425 Filed 6-13-08; 8:45 am]

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[Federal Register: July 16, 2008 (Volume 73, Number 137)]
[Rules and Regulations]
[Page 40754-40756]
[DOCID:fr16jy08-17]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R09-OAR-2007-1105; FRL-8580-3]

Revisions to the California State Implementation Plan, Mojave
Desert Air Quality Management District and Ventura County Air Pollution
Control District

AGENCY: Environmental Protection Agency (EPA).

ACTION: Direct final rule.

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SUMMARY: EPA is taking direct final action to approve revisions to the
Mojave Desert Air Quality Management District (MDAQMD) and Ventura
County Air Pollution Control District (VCAPCD) portions of the
California State Implementation Plan (SIP). These revisions concern
volatile organic compound (VOC) emissions from wood products and marine
coating operations. We are approving local rules that regulate these
emission sources under the Clean Air Act as amended in 1990 (CAA or the
Act).

DATES: This rule is effective on September 15, 2008 without further
notice, unless EPA receives adverse comments by August 15, 2008. If we
receive such comments, we will publish a timely withdrawal in the
Federal Register to notify the public that this direct final rule will
not take effect.

ADDRESSES: Submit comments, identified by docket number EPA-R09-OAR-
2007-1105, by one of the following methods:
    1. Federal eRulemaking Portal: www.regulations.gov. Follow the on-
line instructions.
    2. E-mail<EMAIL_ADDRESS>    3. Mail or deliver: Andrew Steckel (Air-4), U.S. Environmental
Protection Agency Region IX, 75 Hawthorne Street, San Francisco, CA
94105-3901.
    Instructions: All comments will be included in the public docket
without change and may be made available online at www.regulations.gov,
including any personal information provided, unless the comment
includes Confidential Business Information (CBI) or other information
whose disclosure is restricted by statute. Information that you
consider CBI or otherwise protected should be clearly identified as
such and should not be submitted through www.regulations.gov or e-mail.
www.regulations.gov is an ``anonymous access'' system, and EPA will not
know your identity or contact information unless you provide it in the
body of your comment. If you send e-mail directly to EPA, your e-mail
address will be automatically captured and included as part of the
public comment. If EPA cannot read your comment due to technical
difficulties and cannot contact you for clarification, EPA may not be
able to consider your comment. Electronic files should avoid the use of
special characters, any form of encryption, and be free of any defects
or viruses.
    Docket: The index to the docket for this action is available
electronically at www.regulations.gov and in hard copy at EPA Region
IX, 75 Hawthorne Street, San Francisco, California. While all documents
in the docket are listed in the index, some information may be publicly
available only at the hard copy location (e.g., copyrighted material),
and some may not be publicly available in either location (e.g., CBI).
To inspect the hard copy materials, please schedule an appointment
during normal business hours with the contact listed in the FOR FURTHER
INFORMATION CONTACT section.

FOR FURTHER INFORMATION CONTACT: Cynthia G. Allen, EPA Region IX, (415)
947-4120<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document, ``we,'' ``us'' and
``our'' refer to EPA.

Table of Contents

I. The State's Submittal
    A. What rules did the State submit?
    B. Are there other versions of these rules?
    C. What is the purpose of the submitted rule revisions?
II. EPA's Evaluation and Action
    A. How is EPA evaluating the rules?
    B. Do the rules meet the evaluation criteria?
    C. Public Comment and Final Action
III. Statutory and Executive Order Reviews

I. The State's Submittal

A. What rules did the State submit?

    Table 1 lists the rules we are approving with the dates that they
were adopted by the local air agencies and submitted by the California
Air Resources Board.

                                            Table 1.--Submitted Rules
----------------------------------------------------------------------------------------------------------------
                Local agency                  Rule No.            Rule title              Adopted     Submitted
----------------------------------------------------------------------------------------------------------------
MDAQMD.....................................       1106  Marine Coating Operations.....     10/23/06     05/08/07
VCAPCD.....................................      74.30  Wood Products Coatings........     06/27/06     10/05/06
----------------------------------------------------------------------------------------------------------------

    On July 23, 2007, the submittal of MDAQMD Rule 1106 was found to
meet the completeness criteria in 40 CFR Part 51 Appendix V, which must
be met before formal EPA review. On October 24, 2006, the submittal of
VCAPCD Rule 74.30 was found to meet the completeness criteria in 40 CFR
Part 51 Appendix V, which must be met before formal EPA review.

B. Are there other versions of these rules?

    There is no previous version of Rule 1106 in the MDAQMD SIP,
although the MDAQMD adopted an earlier version of this rule on August
28, 2006, and CARB submitted it to us on May 8, 2007. While we can act
on only the most recently submitted version, we have reviewed materials
provided with previous submittals. A version of SCAQMD Rule 1106
adopted on November 4, 1988 and amended on August 2, 1991, was approved
into the SIP on July 14, 1995 (60 FR 36227) and

is federally enforceable for portions of the area now regulated by
MDAQMD.
    A version of VCAPCD Rule 74.30 was approved into the SIP on October
25, 2005 (70 FR 61561).

C. What is the purpose of the submitted rule revision?

    Section 110(a) of the CAA requires States to submit regulations
that control volatile organic compounds, nitrogen oxides, particulate
matter, and other air pollutants which harm human health and the
environment. These rules were developed as part of local air districts'
programs to control these pollutants.
    MDAQMD Rule 1106 reduces VOC emissions from marine coatings
operations. The provisions of this rule apply to all marine coating
operations of both commercial boats and ships, pleasure craft and their
appurtenances, and to coating of buoy and oil drilling rigs, or their
parts and components intended for the marine environment.
    VCAPCD Rule 74.30 revisions involve a reduction in reactive organic
compound (ROC) content for surface preparation and cleanup material.
Currently, the effective date of the revisions are 90 days from the
date of adoption. The revisions are required because, under the
provisions of Health and Safety Code Section 40914(b)(2), staff is
required to demonstrate that the District's plan to attain the
California ambient ozone standard provides for expeditious
implementation of `every feasible measure' to reduce ozone precursor
emission (including ROC). In addition, revisions include the removal of
obsolete language and the rewording of certain subsections for clarity.
EPA's technical support documents (TSD) have more information about
these rules.

II. EPA's Evaluation and Action

A. How is EPA evaluating the rules?

    Generally, SIP rules must be enforceable (see section 110(a) of the
Act), must require Reasonably Available Control Technology (RACT) for
each category of sources covered by a Control Techniques Guidelines
(CTG) document as well as each major source in nonattainment areas (see
sections 182(a)(2) and 182(f)), and must not relax existing
requirements (see sections 110(l) and 193). The MDAQMD and VCAPCD
regulate ozone nonattainment areas (see 40 CFR part 81), so MDAQMD Rule
1106 and VCAPCD Rule 74.30 must fulfill RACT.
    Guidance and policy documents that we use to help evaluate specific
enforceability and RACT requirements consistently include the
following:
    1. Portions of the proposed post-1987 ozone and carbon monoxide
policy that concern RACT, 52 FR 45044, November 24, 1987.
    2. ``Issues Relating to VOC Regulation Cutpoints, Deficiencies, and
Deviations,'' EPA, May 25, 1988 (the Bluebook).
    3. ``Guidance Document for Correcting Common VOC & Other Rule
Deficiencies,'' EPA Region 9, August 21, 2001 (the Little Bluebook).
    4. Alternative Control Techniques Document: Surface Coating
Operations at Shipbuilding and Ship Repair Facilities, EPA Region 9,
April 1994 (EPA 453/R-94-932).

B. Do the rules meet the evaluation criteria?

    We believe these rules are consistent with the relevant policy and
guidance regarding enforceability, RACT, and SIP relaxations. The TSDs
have more information on our evaluation.

C. Public Comment and Final Action

    As authorized in section 110(k)(3) of the Act, EPA is fully
approving the submitted rules because we believe they fulfill all
relevant requirements. We do not think anyone will object to this
approval, so we are finalizing it without proposing it in advance.
However, in the Proposed Rules section of this Federal Register, we are
simultaneously proposing approval of the same submitted rules. If we
receive adverse comments by August 15, 2008, we will publish a timely
withdrawal in the Federal Register to notify the public that the direct
final approval will not take effect and we will address the comments in
a subsequent final action based on the proposal. If we do not receive
timely adverse comments, the direct final approval will be effective
without further notice on September 15, 2008. This will incorporate
these rules into the federally enforceable SIP.
    Please note that if EPA receives adverse comment on an amendment,
paragraph, or section of this rule and if that provision may be severed
from the remainder of the rule, EPA may adopt as final those provisions
of the rule that are not the subject of an adverse comment.

III. Statutory and Executive Order Reviews

    Under Executive Order 12866 (58 FR 51735, October 4, 1993), this
action is not a ``significant regulatory action'' and therefore is not
subject to review by the Office of Management and Budget. For this
reason, this action is also not subject to Executive Order 13211,
``Actions Concerning Regulations That Significantly Affect Energy
Supply, Distribution, or Use'' (66 FR 28355, May 22, 2001). This action
merely approves state law as meeting Federal requirements and imposes
no additional requirements beyond those imposed by state law.
Accordingly, the Administrator certifies that this rule will not have a
significant economic impact on a substantial number of small entities
under the Regulatory Flexibility Act (5 U.S.C. 601 et seq.). Because
this rule approves pre-existing requirements under state law and does
not impose any additional enforceable duty beyond that required by
state law, it 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).
    This rule also does not have tribal implications because it will
not have a substantial direct effect on one or more Indian tribes, on
the relationship between the Federal Government and Indian tribes, or
on the distribution of power and responsibilities between the Federal
Government and Indian tribes, as specified by Executive Order 13175 (65
FR 67249, November 9, 2000). This action also does not have Federalism
implications because it does not have substantial direct effects on the
States, on the relationship between the national government and the
States, or on the distribution of power and responsibilities among the
various levels of government, as specified in Executive Order 13132 (64
FR 43255, August 10, 1999). This action merely approves a state rule
implementing a Federal standard, and does not alter the relationship or
the distribution of power and responsibilities established in the Clean
Air Act. This rule also is not subject to Executive Order 13045
``Protection of Children from Environmental Health Risks and Safety
Risks'' (62 FR 19885, April 23, 1997), because it approves a state rule
implementing a Federal standard.
    In reviewing SIP submissions, EPA's role is to approve state
choices, provided that they meet the criteria of the Clean Air Act. In
this context, in the absence of a prior existing requirement for the
State to use voluntary consensus standards (VCS), EPA has no authority
to disapprove a SIP submission for failure to use VCS. It would thus be
inconsistent with applicable law for EPA, when it reviews a SIP
submission; to use VCS in place of a SIP submission that otherwise
satisfies the provisions of the Clean Air Act. Thus, the requirements
of section 12(d) of the National Technology Transfer and Advancement
Act of 1995 (15 U.S.C.

272 note) do not apply. This rule does not impose an information
collection burden under the provisions of the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.).
    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 rule and other
required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the Clean Air Act, petitions for
judicial review of this action must be filed in the United States Court
of Appeals for the appropriate circuit by September 15, 2008. Filing a
petition for reconsideration by the Administrator of this final rule
does not affect the finality of this rule for the purposes of judicial
review nor does it extend the time within which a petition for judicial
review may be filed, and shall not postpone the effectiveness of such
rule or action. This action may not be challenged later in proceedings
to enforce its requirements. (See section 307(b)(2).)

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Incorporation by
reference, Intergovernmental relations, Ozone, Reporting and
recordkeeping requirements, Volatile organic compounds.

    Dated: June 3, 2008.
Wayne Nastri,
Regional Administrator, Region IX.

0
Part 52, chapter I, title 40 of the Code of Federal Regulations is
amended as follows:

PART 52--[AMENDED]

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

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

Subpart F--California

0
2. Section 52.220 is amended by adding paragraphs (c)(347)(i)(D) and
(c)(350)(i)(B)(2) to read as follows:

Sec.  52.220  Identification of plan.

* * * * *
    (c) * * *
    (347) * * *
    (i) * * *
    (D) Ventura County Air Pollution Control District.
    (1) Rule 74.30, Wood Products Coatings, adopted May 17, 1994 and
revised on June 27, 2006.
* * * * *
    (350) * * *
    (i) * * *
    (B) * * *
    (2) Rule 1106, Marine Coating Operations, adopted on August 28,
2006 and amended on October 23, 2006.
* * * * *

[FR Doc. E8-16020 Filed 7-15-08; 8:45 am]

BILLING CODE 6560-50-P