Federal Register / Vol. 83, No. 167 / Tuesday, August 28, 2018 / Notices 43911 

1Under section 4041A(f)(2) of ERISA, PBGC may 

prescribe reporting requirements for terminated 

multiemployer pension plans, which PBGC 

considers appropriate to protect the interests of 

plan participants and beneficiaries or to prevent 

unreasonable loss to the corporation. 

2Under section 4261(b)(1) of ERISA, PBGC 

provides financial assistance under such conditions 

as the corporation determines are equitable and are 

appropriate to prevent unreasonable loss to the 

corporation with respect to the plan. 

3Section 4008 of ERISA requires the corporation, 

as soon as practicable after the close of each fiscal 

year, to transmit a report to the President and the 

Congress, including financial statements setting 

forth the finances of the corporation at the end of 

the fiscal year and the result of its operations 

(including the source and application of its funds) 

for the fiscal year. 

Date of initial notice in Federal 

Register: August 29, 2017 (82 FR 

41072). The supplemental letters dated 

February 6, February 21, April 26, and 

August 6, 2018, provided additional 

information that clarified the 

application, did not expand the scope of 

the application as originally noticed, 

and did not change the staff’s original 

proposed no significant hazards 

consideration determination as 

published in the Federal Register. 

The Commission’s related evaluation 

of the amendments is contained in a 

Safety Evaluation dated August 10, 

2018. 

No significant hazards consideration 

comments received: No. 

Tennessee Valley Authority, Docket 

Nos. 50–327 and 50–328, Sequoyah 

Nuclear Plant (SQN), Units 1 and 2, 

Hamilton County, Tennessee 

Date of amendment request: 

September 29, 2017, as supplemented 

by letter dated March 14, 2018. 

Brief description of amendments: The 

amendments revised the SQN 

Emergency Plan to change staff 

composition and to extend staff 

augmentation times for Emergency 

Response Organization functions. 

Date of issuance: August 6, 2018. 

Effective date: As of its date of 

issuance and shall be implemented 

within 180 days from the date of 

issuance. 

Amendment Nos.: 342—Unit 1 and 

335—Unit 2. A publicly-available 

version is in ADAMS under Accession 

No. ML18159A461; documents related 

to these amendments are listed in the 

Safety Evaluation enclosed with the 

amendments. 

Renewed Facility Operating License 

Nos. DPR–77 and DPR–79. Amendments 

revised the Renewed Facility Operating 

Licenses. 

Date of initial notice in Federal 

Register: February 27, 2018 (83 FR 

8520). The supplemental letter dated 

March 14, 2018, provided additional 

information that clarified the 

application, did not expand the scope of 

the application as originally noticed, 

and did not change the staff’s original 

proposed no significant hazards 

consideration determination as 

published in the Federal Register. 

The Commission’s related evaluation 

of the amendments is contained in a 

Safety Evaluation dated August 6, 2018. 

No significant hazards consideration 

comments received: No. 

Dated at Rockville, Maryland, this 16th day 

of August 2018. 

For the Nuclear Regulatory Commission. 

Gregory F. Suber, 

Deputy Director, Division of Operating 

Reactor Licensing, Office of Nuclear Reactor 

Regulation. 

[FR Doc. 2018–18028 Filed 8–27–18; 8:45 am] 

BILLING CODE 7590–01–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

Submission of Information Collection 

for OMB Review; Comment Request; 

Survey of Multiemployer Pension Plan 

Withdrawal Liability Information 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Notice of request for OMB 

approval. 

SUMMARY: The Pension Benefit Guaranty 

Corporation (PBGC) is requesting that 

OMB approve, under the Paperwork 

Reduction Act, a survey of terminated 

and insolvent multiemployer pension 

plans to obtain withdrawal liability 

information. PBGC needs the 

withdrawal liability information to 

estimate its multiemployer program 

liabilities for purposes of its financial 

statements. This notice informs the 

public of PBGC’s request and solicits 

public comment on the collection of 

information. 

DATES: Comments must be submitted by 

September 27, 2018. 

ADDRESSES: Comments should be sent to 

the Office of Information and Regulatory 

Affairs, Office of Management and 

Budget, Attention: Desk Officer for 

Pension Benefit Guaranty Corporation, 

via electronic mail at OIRA_DOCKET@

omb.eop.gov or by fax to (202) 395– 

6974. 

A copy of the request will be posted 

on PBGC’s website at https://

www.pbgc.gov/prac/laws-andregulations/information-collectionsunder-omb-review. It may also be 

obtained without charge by writing to 

the Disclosure Division of the Office of 

the General Counsel, 1200 K Street NW, 

Washington, DC 20005–4026, faxing a 

request to 202–326–4042, or calling 

202–326–4040 during normal business 

hours (TTY users may call the Federal 

relay service toll-free at 1–800–877– 

8339 and ask to be connected to 202– 

326–4040). The Disclosure Division will 

email, fax, or mail the information to 

you, as you request. 

FOR FURTHER INFORMATION CONTACT: 

Hilary Duke (duke.hilary@pbgc.gov), 

Assistant General Counsel for 

Regulatory Affairs, Office of the General 

Counsel, Pension Benefit Guaranty 

Corporation, 1200 K Street NW, 

Washington, DC 20005–4026, 202–326– 

4400, extension 3839. (TTY users may 

call the Federal relay service toll-free at 

1–800–877–8339 and ask to be 

connected to 202–326–4400, extension 

3839.) 

SUPPLEMENTARY INFORMATION: When a 

contributing employer withdraws from 

an underfunded multiemployer pension 

plan, the plan sponsor assesses 

withdrawal liability against the 

employer. The plan sponsor is required 

to determine and collect withdrawal 

liability in accordance with section 

4219 of the Employee Retirement 

Income Security Act of 1974 (ERISA). 

The plan sponsor assesses withdrawal 

liability by issuing a notice to an 

employer, including the amount of the 

employer’s liability and a schedule of 

payments. PBGC’s regulation on Notice, 

Collection, and Redetermination of 

Withdrawal Liability (29 CFR part 4219) 

requires the plan sponsor to file with 

PBGC a certification that notices have 

been provided to employers. 

PBGC is proposing to collect 

information about withdrawal liability 

that is owed by withdrawn employers of 

terminated 1 and insolvent 2

multiemployer pension plans. PBGC 

would distribute a survey that insolvent 

plans receiving financial assistance and 

terminated plans not yet receiving 

financial assistance would be required 

to complete and return to PBGC. 

Smaller plans with less than 500 

participants would not be required to 

complete the survey. PBGC needs the 

information from the survey about 

withdrawal liability payments and 

settlements, and whether employers 

have withdrawn from the plan but have 

not yet been assessed withdrawal 

liability, to estimate with more 

precision PBGC’s multiemployer 

program liabilities for purposes of its 

financial statements.3 PBGC would also 

use the information for its 

Multiemployer Pension Insurance 

Modelling System assumptions on 


daltland on DSKBBV9HB2PROD with NOTICES
43912 Federal Register / Vol. 83, No. 167 / Tuesday, August 28, 2018 / Notices 

4As of September 30, 2017, there were 68 

terminated plans not yet receiving financial 

assistance and 72 insolvent plans that received 

financial assistance from PBGC. See PBGC FY 2017 

Annual Report, page 94 at https://www.pbgc.gov/ 

sites/default/files/pbgc-annual-report-2017.pdf. 

Approximately 65 of the plans have 500 or more 

participants. 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 82532 

(Jan 18, 2018), 83 FR 3380 (Jan. 24, 2018) 

(‘‘Notice’’). 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 82795 

(Mar. 1, 2018), 83 FR 9768 (Mar. 7, 2018). 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 83094 

(Apr. 23, 2018), 83 FR 18603 (Apr. 27, 2018) 

(‘‘Order Instituting Proceedings’’). 

8See Securities Exchange Act Release No. 83661 

(July 18, 2018), 83 FR 35040 (July 24, 2018). 

9See Letters from Steven Williams (May 17, 2018) 

(‘‘Williams Letter’’); Sharon Brown-Hruska, 

Managing Director, and Trevor Wagener, 

Consultant, NERA Economic Consulting (May 18, 

2018) (‘‘NERA Letter’’); John Galt (July 24, 2018) 

(‘‘Galt Letter’’); David (July 30, 2018) (‘‘David 

Letter’’); Sami Santos (Aug. 7, 2018) (‘‘Santos 

Letter’’); and Sam M. Ahn (Aug. 21, 2018) (‘‘Ahn 

Letter’’). All comments on the proposed rule change 

are available on the Commission’s website at: 

https://www.sec.gov/comments/sr-nysearca-2018- 

02/nysearca201802.htm. 

10See 15 U.S.C. 78f(b)(5). 

11See infra notes 32–34 and accompanying text. 

collection of withdrawal liability. 

Information provided to PBGC would be 

confidential to the extent provided in 

the Freedom of Information Act and the 

Privacy Act. 

On June 21, 2018, PBGC published (at 

83 FR 28871) a notice of its intent to 

request OMB approval of the survey of 

multiemployer pension plan withdrawal 

liability information described above. 

No comments were received on the 

proposed submission of information 

collection. 

PBGC is requesting that OMB approve 

PBGC’s use of this survey for three 

years. An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid OMB 

control number. 

The survey initially would be sent to 

approximately 65 plans.4 PBGC 

estimates that each survey would 

require approximately 20 hours to 

complete by a combination of pension 

fund office staff (50%) and outside 

professionals (attorneys and actuaries) 

(50%). PBGC estimates a total hour 

burden of 650 hours (based on pension 

fund office time). The estimated dollar 

equivalent of this hour burden, based on 

an assumed hourly rate of $75 for 

administrative, clerical, and supervisory 

time is $48,750. PBGC estimates a total 

cost burden for the withdrawal liability 

survey of $260,000 (based on 650 

attorney and actuary hours assuming an 

average hourly rate of $400). PBGC 

further estimates that the average 

burden will be 10 hours of pension fund 

office staff time and $4,000 per plan. 

After the survey is sent initially, PBGC 

expects to send the survey to fewer than 

10 newly terminated and insolvent 

plans per year. 

Issued in Washington, DC. 

Hilary Duke, 

Assistant General Counsel for Regulatory 

Affairs, Pension Benefit Guaranty 

Corporation. 

[FR Doc. 2018–18593 Filed 8–27–18; 8:45 am] 

BILLING CODE 7709–02–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83912; File No. SR– 

NYSEArca–2018–02] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Disapproving a 

Proposed Rule Change Relating to 

Listing and Trading of the Direxion 

Daily Bitcoin Bear 1X Shares, Direxion 

Daily Bitcoin 1.25X Bull Shares, 

Direxion Daily Bitcoin 1.5X Bull 

Shares, Direxion Daily Bitcoin 2X Bull 

Shares, and Direxion Daily Bitcoin 2X 

Bear Shares Under NYSE Arca Rule 

8.200–E 

August 22, 2018. 

I. Introduction 

On January 4, 2018, NYSE Arca, Inc. 

(‘‘NYSE Arca’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Exchange Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to list and trade the shares 

(‘‘Shares’’) of the following exchangetraded products under NYSE Arca Rule 

8.200–E, Commentary .02: Direxion 

Daily Bitcoin Bear 1X Shares (‘‘1X Bear 

Fund’’), Direxion Daily Bitcoin 1.25X 

Bull Shares (‘‘1.25X Bull Fund’’), 

Direxion Daily Bitcoin 1.5X Bull Shares 

(‘‘1.5X Bull Fund’’), Direxion Daily 

Bitcoin 2X Bull Shares (‘‘2X Bull 

Fund’’), and Direxion Daily Bitcoin 2X 

Bear Shares (‘‘2X Bear Fund’’) (each a 

‘‘Fund’’ and, collectively, the ‘‘Funds’’). 

The proposed rule change was 

published for comment in the Federal 

Register on January 24, 2018.3 The 

comment period for the Notice of 

Proposed Rule Change closed on 

February 14, 2018. 

On March 1, 2018, pursuant to 

Section 19(b)(2) of the Exchange Act,4

the Commission designated a longer 

period within which to approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether to 

approve or disapprove the proposed 

rule change.5 On April 23, 2018, the 

Commission instituted proceedings 

under Section 19(b)(2)(B) of the 

Exchange Act 6 to determine whether to 

approve or disapprove the proposed 

rule change.7 The comment period and 

rebuttal comment period for the Order 

Instituting Proceedings closed on May 

18, 2018, and June 1, 2018, respectively. 

Finally, on July 18, 2018, the 

Commission extended the period for 

consideration of the proposed rule 

change to September 21, 2018.8 As of 

August 21, 2018, the Commission had 

received six comments on the proposed 

rule change.9

This order disapproves the proposed 

rule change. Although the Commission 

is disapproving this proposed rule 

change, the Commission emphasizes 

that its disapproval does not rest on an 

evaluation of whether bitcoin, or 

blockchain technology more generally, 

has utility or value as an innovation or 

an investment. Rather, the Commission 

is disapproving this proposed rule 

change because, as discussed below, the 

Exchange has not met its burden under 

the Exchange Act and the Commission’s 

Rules of Practice to demonstrate that its 

proposal is consistent with the 

requirements of the Exchange Act 

Section 6(b)(5), in particular the 

requirement that a national securities 

exchange’s rules be designed to prevent 

fraudulent and manipulative acts and 

practices.10 Among other things, the 

Exchange has offered no record 

evidence to demonstrate that bitcoin 

futures markets are ‘‘markets of 

significant size.’’ That failure is critical 

because, as explained below, the 

Exchange has failed to establish that 

other means to prevent fraudulent and 

manipulative acts and practices will be 

sufficient, and therefore surveillancesharing with a regulated market of 

significant size related to bitcoin is 

necessary to satisfy the statutory 

requirement that the Exchange’s rules be 

designed to prevent fraudulent and 

manipulative acts and practices.11

II. Description of the Proposal 

The Exchange proposes to list and 

trade the Shares under NYSE Arca Rule 

8.200–E, Commentary .02, which 


daltland on DSKBBV9HB2PROD with NOTICES