36814 Federal Register / Vol. 83, No. 147 / Tuesday, July 31, 2018 / Proposed Rules 

(3) Further guidance on estimating 

deliverable supply, including consideration 

of whether the underlying security is readily 

available, is found in appendix C to part 38 

of this chapter. 

(b) Guidance and acceptable practices for 

setting limits on cash-settled equity index 

security futures products—(1) Guidance for 

setting limits on cash-settled equity index 

security futures products. For a security 

futures product cash settled to a narrowbased security index of equity securities, a 

designated contract market: 

(i) May set the level of a position limit to 

that of a similar equity index option listed on 

a national security exchange or association; 

or 

(ii) Should consider the deliverable supply 

of equity securities underlying the index, and 

should consider the index weighting and 

contract multiplier. 

(2) Acceptable practices for setting limits 

on cash-settled equity index security futures 

products. For a security futures product cash 

settled to a narrow-based security index of 

equity securities weighted by the number of 

shares outstanding, a designated contract 

market may set a position limit as follows: 

First, determine the limit on a security 

futures product on each underlying equity 

security pursuant to § 41.25(b)(3)(i); second, 

multiply each such limit by the ratio of the 

100-share contract size and the shares of the 

equity securities in the index; and third, 

determine the minimum level from step two 

and set the limit to that level, given a 

contract size of one U.S. dollar times the 

index, or for a larger contract size, reduce the 

level proportionately. If under these 

procedures each of the equity securities 

underlying the index is determined to be 

eligible for position accountability levels, the 

security futures product on the index itself is 

eligible for a position accountability level. 

(c) Guidance and acceptable practices for 

setting limits on debt security futures 

products—(1) Guidance for setting limits on 

debt security futures products. A designated 

contract market should set the level of a 

position limit to no greater than the 

equivalent of 12.5 percent of the par value of 

the estimated deliverable supply of the 

underlying debt security. For a security 

futures product on more than one debt 

security, the limit should be based on the 

underlying debt security with the lowest 

estimated deliverable supply. 

(2) Acceptable practices for setting limits 

on debt security futures products. 

[Reserved.] 

(d) Guidance on position accountability. A 

designated contract market may adopt a 

position accountability rule for any security 

futures product, in addition to a position 

limit rule required or adopted under this 

section. Upon request by the designated 

contract market, traders who hold positions, 

either net or on the same side of the market, 

greater than such level specified pursuant to 

the rules of the designated contract market 

must provide information to the designated 

contract market and consent to halt 

increasing their positions when so ordered by 

the designated contract market. 

(e) Guidance on exemptions from position 

limits. A designated contract market may 

approve exemptions from these position 

limits pursuant to rules that are consistent 

with § 150.5 of this chapter, or to rules that 

are consistent with rules of a national 

securities exchange or association regarding 

exemptions to securities option position 

limits or exercise limits. 

Issued in Washington, DC, on July 24, 

2018, by the Commission. 

Robert Sidman, 

Deputy Secretary of the Commission. 

Note: The following appendices will not 

appear in the Code of Federal Regulations. 

Appendices to Position Limits and 

Position Accountability for Security 

Futures Products—Commission Voting 

Summary and Commissioner’s 

Statement 

Appendix 1—Commission Voting 

Summary 

On this matter, Chairman Giancarlo and 

Commissioners Quintenz and Behnam voted 

in the affirmative. No Commissioner voted in 

the negative. 

Appendix 2—Concurring Statement of 

Commissioner Rostin Behnam 

I respectfully concur with the Commodity 

Futures Trading Commission’s approval of its 

proposed rule regarding Position Limits and 

Position Accountability for Security Futures 

Products (the ‘‘Proposal’’). I commend staff 

on their hard work in producing this 

Proposal, and for their thoughtful responses 

to my questions. I look forward to hearing 

from market participants and other 

stakeholders regarding the amendments to 

the existing position limits rules for security 

futures products. In particular, I will be 

interested in comments regarding the 

appropriateness of increasing the default 

level of equity security futures products 

position limits from 13,500 contracts to 

25,000 contracts. While today’s Proposal only 

would amend the Commission’s Part 41 rules 

regarding security futures products, I 

nonetheless encourage market participants 

and interested stakeholders to consider how 

the Proposal might impact or interplay with 

the Commission’s position limits rules in 

Part 150 and any future amendments to them. 

[FR Doc. 2018–16079 Filed 7–30–18; 8:45 am] 

BILLING CODE 6351–01–P 

DEPARTMENT OF EDUCATION 

34 CFR Chapter VI 

[Docket ID ED–2018–OPE–0076] 

Negotiated Rulemaking Committee; 

Public Hearings 

AGENCY: Office of Postsecondary 

Education, Department of Education. 

ACTION: Intent to establish negotiated 

rulemaking committee. 

SUMMARY: We announce our intention to 

establish a negotiated rulemaking 

committee to prepare proposed 

regulations for the Federal Student Aid 

programs authorized under title IV of 

the Higher Education Act of 1965, as 

amended (HEA) (title IV, HEA 

programs). We also announce our 

intention to create two subcommittees 

for this committee. In addition, we 

announce three public hearings at 

which interested parties may comment 

on the topics suggested by the 

Department and may suggest additional 

topics that should be considered for 

action by the negotiating committee. We 

will also accept written comments on 

the topics suggested by the Department 

and suggestions for additional topics 

that should be considered for action by 

the negotiating committee. The 

Department will present negotiators 

with proposed regulatory language at 

the first negotiating session. 

DATES: The dates, times, and locations 

for the public hearings are listed under 

SUPPLEMENTARY INFORMATION. We must 

receive written comments on the topics 

suggested by the Department and 

additional topics that should be 

considered for action by the negotiating 

committee on or before September 14, 

2018. 

ADDRESSES: Submit your comments 

through the Federal eRulemaking Portal 

or via postal mail, commercial delivery, 

or hand delivery. We will not accept 

comments by fax or by email. To ensure 

that we do not receive duplicate copies, 

please submit your comments only 

once. In addition, please include the 

Docket ID at the top of your comments. 

• Federal eRulemaking Portal: Go to 

www.regulations.gov to submit your 

comments electronically. Information 

on using Regulations.gov, including 

instructions for accessing agency 

documents, submitting comments, and 

viewing the docket, is available on the 

site under ‘‘Help.’’ 

• Postal Mail, Commercial Delivery, 

or Hand Delivery: The Department 

strongly encourages commenters to 

submit their comments electronically. 

However, if you mail or deliver your 

comments, address them to Aaron 

Washington, U.S. Department of 

Education, 400 Maryland Ave. SW, 

Room 294–12, Washington, DC 20202. 

Privacy Note: The Department’s 

policy is to make all comments received 

from members of the public available for 

public viewing in their entirety on the 

Federal eRulemaking Portal at 

www.regulations.gov. Therefore, 

commenters should be careful to 

include in their comments only 

information that they wish to make 

publicly available. 

FOR FURTHER INFORMATION CONTACT:


daltland on DSKBBV9HB2PROD with PROPOSALS
Federal Register / Vol. 83, No. 147 / Tuesday, July 31, 2018 / Proposed Rules 36815 

1https://www.justice.gov/opa/press-release/file/ 

1001891/download. 

For information about the public 

hearings, go to www2.ed.gov/policy/ 

highered/reg/hearulemaking/2018/ 

index.html or contact: Aaron 

Washington, U.S. Department of 

Education, 400 Maryland Ave. SW, 

Room 294–12, Washington, DC 20202. 

Telephone: (202) 453–7241. Email: 

aaron.washington@ed.gov. 

For information about negotiated 

rulemaking in general, see The 

Negotiated Rulemaking Process for Title 

IV Regulations, Frequently Asked 

Questions at www2.ed.gov/policy/ 

highered/reg/hearulemaking/hea08/negreg-faq.html or contact: Aaron 

Washington, U.S. Department of 

Education, 400 Maryland Ave. SW, 

Room 294–12, Washington, DC 20202. 

Telephone: (202) 453–7241. Email: 

aaron.washington@ed.gov. 

If you use a telecommunications 

device for the deaf (TDD) or text 

telephone (TTY), call the Federal Relay 

Service (FRS), toll free, at 1–800–877– 

8339. 

SUPPLEMENTARY INFORMATION: Section 

492 of the HEA requires that, before 

publishing any proposed regulations to 

implement programs authorized under 

title IV of the HEA, the Secretary obtain 

public involvement in the development 

of the proposed regulations. After 

obtaining advice and recommendations 

from the public, the Secretary conducts 

negotiated rulemaking to develop the 

proposed regulations. We announce our 

intent to develop proposed title IV 

regulations by following the negotiated 

rulemaking procedures in section 492 of 

the HEA. 

We intend to select participants for 

the negotiated rulemaking committee 

from nominees of organizations and 

groups that represent the interests 

significantly affected by the proposed 

regulations. In accordance with section 

492(b)(1) of the HEA, we will select 

from the nominees individual 

negotiators who reflect the diversity 

among program participants. 

Regulatory Issues 

We intend to convene a negotiated 

rulemaking committee to develop 

proposed regulations to revise the 

regulations related to the Secretary’s 

recognition of accrediting agencies in 34 

CFR part 602, and related parts as 

described below. The proposed topics 

for negotiation would include: 

• Requirements for accrediting 

agencies in their oversight of member 

institutions; 

• Requirements for accrediting 

agencies to honor institutional mission; 

• Criteria used by the Secretary to 

recognize accrediting agencies, 

emphasizing criteria that focus on 

educational quality; 

• Developing a single definition for 

purposes of measuring and reporting job 

placement rates; and 

• Simplifying the Department’s 

process for recognition and review of 

accrediting agencies. 

In addition to developing proposed 

regulations on the core functions of 

accreditation, the committee would also 

develop proposed regulations in a 

number of areas to promote greater 

access for students to high-quality, 

innovative programs by revising the 

regulations related to: 

(1) State authorization, to address the 

requirements related to programs 

offered through distance education or 

correspondence courses, including 

disclosures about such programs to 

enrolled and prospective students, and 

other State authorization issues (34 CFR 

600.9 and 668.50); 

(2) The definition of ‘‘regular and 

substantive interaction,’’ as that term is 

used in the definitions of 

‘‘correspondence course’’ and ‘‘distance 

education’’ in 34 CFR 600.2, 600.7, and 

668.10; 

(3) The definition of the term ‘‘credit 

hour’’ as it is used in 34 CFR 600.2, 

602.24, 603.24, and 668.8; 

(4) The requirement that an 

institution demonstrate a reasonable 

relationship between the length of a 

program and entry-level requirements 

for the recognized occupation for which 

the program prepares the student (34 

CFR 668.8(e)(1)(iii) and 668.14(b)(26)); 

(5) The arrangements between an 

institution and another institution or 

organization to provide a portion of an 

educational program (34 CFR 668.5); 

(6) The roles and responsibilities of 

institutions and accrediting agencies in 

the teach-out process (34 CFR 600.32(d) 

and 602.24); 

(7) The barriers to innovation and 

competition in postsecondary education 

or to student completion, graduation, or 

employment, including, but not limited 

to, those contained in the Department’s 

institutional eligibility regulations (34 

CFR part 600) and student assistance 

general provisions (34 CFR part 668); 

(8) The simplification and 

clarification of program requirements to 

minimize inadvertent grant-to-loan 

conversions and to improve outcomes 

for Teacher Education Assistance for 

College and Higher Education (TEACH) 

Grant recipients (34 CFR part 686); 

(9) Direct assessment programs and 

competency-based education (34 CFR 

668.10), focusing on the ability of 

institutions to develop, and students to 

progress through, innovative programs 

responsive to student, employer, and 

societal needs, including consideration 

of regulations that are barriers to the 

implementation of such programs, such 

as certain requirements for term-based 

academic calendars and satisfactory 

academic progress; and 

(10) In light of the recent United 

States Supreme Court decision in 

Trinity Lutheran Church of Columbia, 

Inc. v. Comer, 137 S. Ct. 2012 (2017), 

and the October 6, 2017, Memorandum 

for All Executive Departments and 

Agencies issued by the Attorney General 

of the United States pursuant to 

Executive Order No. 13798,1 the 

committee would consider revisions to 

the various provisions of the regulations 

regarding the eligibility of faith-based 

entities to participate in the title IV, 

HEA programs, including the Gaining 

Early Awareness and Readiness for 

Undergraduate Programs program, and 

the eligibility of students to obtain 

certain benefits under those programs 

(34 CFR 600.11 and parts 628, 674, 675, 

676, 682, 685, 690, 692, and 694). 

Finally, we intend to convene two 

subcommittees for this committee. One 

subcommittee would address proposed 

regulations related to direct assessment 

programs/competency-based education 

(34 CFR 668.10) focusing on the ability 

of institutions to develop, and students 

to progress through, innovative 

programs responsive to student, 

employer, and societal needs. This 

subcommittee could consider revisions 

to regulations that are barriers to the 

implementation of such programs, 

including certain requirements for termbased academic calendars and 

satisfactory academic progress, among 

other topics. The second subcommittee 

would make recommendations to the 

committee regarding revisions to the 

regulations regarding the eligibility of 

faith-based entities to participate in the 

title IV, HEA programs. Proposed 

subcommittees are formed to address 

specified issues and to make 

recommendations to the committee 

regarding proposed regulatory language. 

Subcommittees do not make decisions 

for the committee. While committee 

meetings are open to the public to 

attend in person, subcommittee 

meetings will be made available through 

a Department-provided livestream. 

We intend to provide draft proposed 

regulatory language for discussion by 

the negotiating committee and the 

subcommittees prior to the first meeting 

of the committee or subcommittees. 

After reviewing the public comments 

presented at the hearings and in the 

written submissions, we will publish a 


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36816 Federal Register / Vol. 83, No. 147 / Tuesday, July 31, 2018 / Proposed Rules 

document (or documents) in the Federal 

Register announcing the specific topics 

for which we intend to establish the 

negotiated rulemaking committee and a 

request for nominations for individual 

negotiators for the committee who 

represent the communities of interest 

that would be significantly affected by 

the proposed regulations. We will also 

announce the specific topics for which 

we intend to establish subcommittees 

and request nominations for individuals 

with pertinent expertise to participate 

on the subcommittees. This document 

will also be posted on the Department’s 

website at: www2.ed.gov/policy/ 

highered/reg/hearulemaking/2018/ 

index.html. 

Public Hearings 

We will hold three public hearings for 

interested parties to discuss the 

rulemaking agenda. The public hearings 

will be held: 

• September 6, 2018, at the U.S. 

Department of Education, 400 Maryland 

Ave. SW, Barnard Auditorium, 

Washington, DC 20202. 

• September 11, 2018, at Xavier 

University, Convocation Center Annex, 

Room 111, Building 62, 7800 

Washington Ave., New Orleans, LA 

70125. 

• September 13, 2018, at Gateway 

Technical College, SC Johnson iMET 

Center, 2320 Renaissance Blvd., 

Sturtevant, WI 53177. 

The Washington, DC public hearing 

will be held from 9:00 a.m. to 4:00 p.m., 

Eastern Daylight Time. The New 

Orleans, LA and Sturtevant, WI public 

hearings will be held from 9:00 a.m. to 

1:00 p.m., Central Daylight Time. 

Further information on the public 

hearing sites is available at 

www2.ed.gov/policy/highered/reg/ 

hearulemaking/2018/index.html. 

Individuals who would like to present 

comments at the public hearings must 

register by sending an email to 

negreghearing@ed.gov. The email 

should include the name of the 

presenter along with the public hearing 

at which the individual would like to 

speak, the general topic(s) the 

individual would like to address, and a 

general timeframe during which the 

individual would like to speak (for 

example, a presenter could indicate 

morning or afternoon, or before 11:00 

a.m. or after 3:00 p.m.). We will make 

the determination on a first-come, firstserved basis, based on the time and date 

the email was received. Each participant 

will be limited to five minutes. The 

Department will notify registrants of the 

date and time slot reserved for them. An 

individual may make only one 

presentation at the public hearings. If 

we receive more registrations than we 

are able to accommodate, the 

Department reserves the right to reject 

the registration of an entity or 

individual that is affiliated with an 

entity or individual that is already 

scheduled to present comments, and to 

select among registrants to ensure that a 

broad range of entities and individuals 

is allowed to present. We will accept 

registrations for any remaining time 

slots on a first-come, first-served basis, 

beginning at 8:30 a.m. on the day of the 

public hearing at the Department’s onsite registration table. Registration is not 

required to observe the public hearings; 

however, space may be limited. 

The Department will post transcripts 

of the hearings to www2.ed.gov/policy/ 

highered/reg/hearulemaking/2018/ 

index.html. Although the Department 

will not be video recording the hearings, 

speakers should be aware that, since 

these are public meetings, they may be 

filmed or recorded by members of the 

public. 

Speakers may submit written 

comments at the public hearings. In 

addition, the Department will accept 

written comments via the Federal 

eRulemaking portal, and by postal mail, 

commercial delivery, or hand delivery. 

(See the ADDRESSES section of this 

document for submission information.) 

Schedule for Negotiations 

We anticipate that any committee 

established after the public hearings 

will begin negotiations in January of 

2019, with the committee meeting for 

up to three sessions of three days each 

at roughly four- to eight-week intervals. 

The Department will post transcripts 

and audio of the sessions to 

www2.ed.gov/policy/highered/reg/ 

hearulemaking/2018/index.html. We 

anticipate that any subcommittees 

established will begin meeting in 

January or February, after the first 

meeting of the committee. The 

committee and subcommittees will meet 

in the Washington, DC area. The dates 

and locations of these meetings will be 

published in a subsequent notice in the 

Federal Register, and will be posted on 

the Department’s website at: 

www2.ed.gov/policy/highered/reg/ 

hearulemaking/2018/index.html. 

Accessible Format: Individuals with 

disabilities can obtain this document in 

an accessible format by contacting 

Aaron Washington, U.S. Department of 

Education, 400 Maryland Ave. SW, 

Room 281–13, Washington, DC 20202. 

Telephone: (202) 203–9155. Email: 

Aaron.Washington@ed.gov. 

Electronic Access to This Document: 

The official version of this document is 

the document published in the Federal 

Register. You may access the official 

edition of the Federal Register and the 

Code of Federal Regulations via the 

Federal Digital System at: www.gpo.gov/ 

fdsys. At this site you can view this 

document, as well as all other 

documents of this Department 

published in the Federal Register, in 

text, or Portable Document Format 

(PDF). You may also access documents 

of the Department published in the 

Federal Register by using the article 

search feature at: 

www.federalregister.gov. Specifically, 

through the advanced search feature at 

this site, you can limit your search to 

documents published by the 

Department. 

Program Authority: 20 U.S.C. 1098a. 

Diane Auer Jones, 

Principal Deputy Under Secretary Delegated 

to Perform the Duties of Under Secretary and 

Assistant Secretary, Office of Postsecondary 

Education. 

[FR Doc. 2018–15929 Filed 7–30–18; 8:45 am] 

BILLING CODE 4000–01–P 

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 52 

[EPA–R02–OAR–2018–0549; FRL–9981– 

62—Region 2] 

Approval and Promulgation of 

Implementation Plans; New Jersey; 

Elements for the 2008 8-Hour Ozone 

National Ambient Air Quality 

Standards 

AGENCY: Environmental Protection 

Agency (EPA). 

ACTION: Proposed rule. 

SUMMARY: The Environmental Protection 

Agency (EPA) is proposing to approve 

several State Implementation Plan (SIP) 

revisions submitted by the State of New 

Jersey for purposes of implementing 

Reasonably Available Control 

Technology (RACT) for the 2008 8-hour 

ozone National Ambient Air Quality 

Standard (NAAQS). The EPA is 

proposing to approve New Jersey’s SIP 

revision for the control and prohibition 

of air pollution by volatile organic 

compounds (VOCs) and control and 

prohibition of air pollution by oxides of 

nitrogen (NOX), as they are intended to 

satisfy certain control technique 

guideline (CTG) and NOX RACT 

categories. The EPA is proposing to 

approve New Jersey’s certification that 

there are no sources within the State for 

the following CTGs: Manufacture of 

Vegetable Oils; Manufacture of 

Pneumatic Rubber Tires; Aerospace 


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