This section of the FEDERAL REGISTER

contains notices to the public of the proposed

issuance of rules and regulations. The

purpose of these notices is to give interested

persons an opportunity to participate in the

rule making prior to the adoption of the final

rules.

Proposed Rules Federal Register

200 

Vol. 80, No. 2 

Monday, January 5, 2015 

1 7 U.S.C. 1 et seq. 

2See 17 CFR part 150. Part 150 of the 

Commission’s regulations establishes federal 

position limits on futures and option contracts in 

nine enumerated agricultural commodities. 

3See 17 CFR 150.2. 

4See 17 CFR 150.3. 

5See 17 CFR 150.4. 

6See Position Limits for Derivatives, 78 FR 75680 

(Dec. 12, 2013). 

7See Aggregation of Positions, 78 FR 68946 (Nov. 

15, 2013). 

COMMODITY FUTURES TRADING 

COMMISSION 

17 CFR Parts 1, 15, 17, 19, 32, 37, 38, 

140, and 150 

RIN 3038–AD99; 3038–AD82 

Position Limits for Derivatives and 

Aggregation of Positions 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Notice of proposed rulemaking; 

reopening of comment periods. 

SUMMARY: On December 12, 2013, the 

Commodity Futures Trading 

Commission (‘‘Commission’’) published 

in the Federal Register a notice of 

proposed rulemaking (the ‘‘Position 

Limits Proposal’’) to establish 

speculative position limits for 28 

exempt and agricultural commodity 

futures and options contracts and the 

physical commodity swaps that are 

economically equivalent to such 

contracts. On November 15, 2013, the 

Commission published in the Federal 

Register a notice of proposed 

rulemaking (the ‘‘Aggregation 

Proposal’’) to amend existing 

regulations setting out the Commission’s 

policy for aggregation under its position 

limits regime. On December 9, 2014, the 

Commission’s Agricultural Advisory 

Committee held a public meeting that 

considered, among other matters, 

deliverable supply and exemptions for 

bona fide hedging positions. In 

conjunction with the meeting of the 

Commission’s Agricultural Advisory 

Committee, the Commission posted 

questions and presentation materials on 

the Commission’s Web site; 

additionally, access to a video webcast 

of the meeting has been added to the 

Web site. To provide commenters with 

a sufficient period of time to respond to 

questions raised and points made at the 

Agricultural Advisory Committee 

meeting, the Commission reopened the 

comment periods for an additional 45 

days, from December 9, 2014 to January 

22, 2015. The Commission is providing 

notice and clarification that, in addition 

to commenting on the agenda issues 

noted in the December 4, 2014, Federal 

Register release providing notice of the 

re-opened comment period, comments 

may be made on the issues addressed at 

the meeting or in the associated 

materials posted to the Commission’s 

Web site, as they pertain to agricultural 

commodities. 

DATES: The comment periods for the 

Aggregation Proposal published 

November 15, 2013, at 78 FR 68946, and 

for the Position Limits Proposal 

published December 12, 2013, at 78 FR 

75680, reopened on December 9, 2014, 

and will close on January 22, 2015. 

ADDRESSES: You may submit comments, 

identified by RIN 3038–AD99 for the 

Position Limits Proposal or RIN 3038– 

AD82 for the Aggregation Proposal, by 

any of the following methods: 

• Agency Web site: http://

comments.cftc.gov; 

• Mail: Christopher Kirkpatrick, 

Secretary of the Commission, 

Commodity Futures Trading 

Commission, Three Lafayette Centre, 

1155 21st Street NW., Washington, DC 

20581; 

• Hand Delivery/Courier: Same as 

Mail, above; or 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow 

instructions for submitting comments. 

Please submit your comments using 

only one method. All comments must be 

submitted in English, or if not, 

accompanied by an English translation. 

Comments will be posted as received to 

http://www.cftc.gov. You should submit 

only information that you wish to make 

available publicly. If you wish the 

Commission to consider information 

that may be exempt from disclosure 

under the Freedom of Information Act, 

a petition for confidential treatment of 

the exempt information may be 

submitted under § 145.9 of the 

Commission’s regulations (17 CFR 

145.9). 

The Commission reserves the right, 

but shall have no obligation, to review, 

pre-screen, filter, redact, refuse or 

remove any or all of your submission 

from http://www.cftc.gov that it may 

deem to be inappropriate for 

publication, such as obscene language. 

All submissions that have been redacted 

or removed that contain comments on 

the merits of the rulemaking will be 

retained in the public comment file and 

will be considered as required under the 

Administrative Procedure Act and other 

applicable laws, and may be accessible 

under the Freedom of Information Act. 

FOR FURTHER INFORMATION CONTACT: 

Stephen Sherrod, Senior Economist, 

Division of Market Oversight, (202) 418– 

5452, ssherrod@cftc.gov; or Riva Spear 

Adriance, Senior Special Counsel, 

Division of Market Oversight, (202) 418– 

5494, radriance@cftc.gov; Commodity 

Futures Trading Commission, Three 

Lafayette Centre, 1155 21st Street NW., 

Washington, DC 20581. 

SUPPLEMENTARY INFORMATION: 

I. Background 

The Commission has long established 

and enforced speculative position limits 

for futures and options contracts on 

various agricultural commodities as 

authorized by the Commodity Exchange 

Act (‘‘CEA’’).1 The part 150 position 

limits regime 2 generally includes three 

components: (1) The level of the limits, 

which set a threshold that restricts the 

number of speculative positions that a 

person may hold in the spot-month, 

individual month, and all months 

combined,3 (2) exemptions for positions 

that constitute bona fide hedging 

transactions and certain other types of 

transactions,4 and (3) rules to determine 

which accounts and positions a person 

must aggregate for the purpose of 

determining compliance with the 

position limit levels.5 The Position 

Limits Proposal generally sets out 

proposed changes to the first and 

second components of the position 

limits regime and would establish 

speculative position limits for 28 

exempt and agricultural commodity 

futures and option contracts, and 

physical commodity swaps that are 

‘‘economically equivalent’’ to such 

contracts (as such term is used in CEA 

section 4a(a)(5)).6 The Aggregation 

Proposal generally sets out proposed 

changes to the third component of the 

position limits regime.7

mstockstill on DSK4VPTVN1PROD with PROPOSALS

Federal Register / Vol. 80, No. 2 / Monday, January 5, 2015 / Proposed Rules 201 

8See id. at 68947. 

9See 79 FR 2394 (Jan. 14, 2014). 

10Questions, presentation materials, and a video 

webcast have been made available at http://

www.cftc.gov/PressRoom/Events/opaevent_

aac120914. 

11See 79 FR 71973 (Dec. 4, 2014). 

The Commission published the 

Position Limits Proposal and the 

Aggregation Proposal separately because 

it believes that the proposed 

amendments regarding aggregation of 

positions could be appropriate 

regardless of whether the Position 

Limits Proposal is finalized.8 If the 

Aggregation Proposal is finalized first, 

the modifications would apply to the 

current position limits regime for 

futures and option contracts on nine 

enumerated agricultural commodities. If 

the Position Limits Proposal is 

subsequently finalized, the 

modifications in the Aggregation 

Proposal would apply to the position 

limits regime for 28 exempt and 

agricultural commodity futures and 

options contracts and the physical 

commodity swaps that are economically 

equivalent to such contracts. 

In order to provide interested parties 

with an opportunity to comment on the 

Aggregation Proposal during the 

comment period on the Position Limits 

Proposal, the Commission extended the 

comment period for the Aggregation 

Proposal to February 10, 2014, the same 

end date as the comment period for the 

Position Limits Proposal.9

Subsequent to publication of the 

Position Limits Proposal and the 

Aggregation Proposal, the Commission 

directed staff to schedule a June 19, 

2014, public roundtable to consider 

certain issues regarding position limits 

for physical commodity derivatives. The 

roundtable focused on hedges of a 

physical commodity by a commercial 

enterprise, including gross hedging, 

cross-commodity hedging, anticipatory 

hedging, and the process for obtaining a 

non-enumerated exemption. Discussion 

included the setting of spot month 

limits in physical-delivery and cashsettled contracts and a conditional spotmonth limit exemption. Further, the 

roundtable included discussion of: The 

aggregation exemption for certain 

ownership interests of greater than 50 

percent in an owned entity; and 

aggregation based on substantially 

identical trading strategies. As well, the 

Commission invited comment on 

whether to provide parity for wheat 

contracts in non-spot month limits. In 

conjunction with the roundtable, staff 

questions regarding these topics were 

posted on the Commission’s Web site. 

To provide commenters with a 

sufficient period of time to respond to 

questions raised and points made at the 

roundtable, the Commission published a 

document in the Federal Register on 

May 29, 2014, reopening the comment 

periods for the Position Limit Proposal 

and the Aggregation Proposal for three 

weeks, from June 12, 2014 to July 3, 

2014. The Commission published notice 

in the Federal Register on July 3, 2014, 

further extending the comment periods 

to August 4, 2014. 

Comment letters received on the 

Position Limits Proposal are available at 

http://comments.cftc.gov/

PublicComments/

CommentList.aspx?id=1436. Comment 

letters received on the Aggregation 

Proposal are available at http://

comments.cftc.gov/PublicComments/

CommentList.aspx?id=1427. 

II. Reopening of Comment Period 

The Commission’s Agricultural 

Advisory Committee met on December 

9, 2014. The agenda adopted for the 

meeting included consideration, among 

other matters, of two issues associated 

with the Position Limits rulemaking: 

Deliverable supply and exemptions for 

bona fide hedging positions. In 

conjunction with the meeting of the 

Commission’s Agricultural Advisory 

Committee, the Commission posted 

questions and presentation materials on 

the Commission’s Web site; 

additionally, access to a video webcast 

of the meeting has been added to the 

Web site.10 To provide interested 

persons with a sufficient period of time 

to respond to questions raised and 

points made at the Agricultural 

Advisory Committee meeting, the 

Commission reopened both the Position 

Limit Proposal and the Aggregation 

Proposal for an additional 45-day 

comment period.11 The Commission is 

providing notice and clarification that, 

in addition to commenting on the 

agenda issues noted in the December 4, 

2014, Federal Register release providing 

notice of the reopened comment period, 

comments may be made on the issues 

addressed at the meeting or in 

associated materials posted to the 

Commission’s Web site, as they pertain 

to agricultural commodities, including 

hedges of a physical commodity by a 

commercial enterprise; and the process 

for estimating deliverable supplies used 

in the setting of spot month limits, as 

each pertains to agricultural 

commodities. 

Both comment periods reopened on 

December 9, 2014, and will close on 

January 22, 2015. 

Issued in Washington, DC, on December 

30, 2014, by the Commission. 

Christopher J. Kirkpatrick, 

Secretary of the Commission. 

Note: The following appendix will not 

appear in the Code of Federal Regulations. 

Appendix to Position Limits for 

Derivatives and Aggregation of 

Positions Reopening of Comment 

Periods—Commission Voting Summary 

On this matter, Chairman Massad and 

Commissioners Wetjen, Bowen, and 

Giancarlo voted in the affirmative. No 

Commissioner voted in the negative. 

[FR Doc. 2014–30831 Filed 1–2–15; 8:45 am] 

BILLING CODE 6351–01–P 

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 52 

[EPA–R05–OAR–2013–0780; FRL–9921–27– 

Region–5] 

Approval and Promulgation of Air 

Quality Implementation Plans; Indiana; 

Minor NSR for Title V and FESOP 

Sources 

AGENCY: Environmental Protection 

Agency. 

ACTION: Proposed rule. 

SUMMARY: The Environmental Protection 

Agency (EPA) is proposing approval of 

revisions to Indiana’s minor new source 

review construction permit rule. The 

rule applies to construction of new units 

or modifications of existing units at 

sources subject to title V and Federal 

enforceable state operating permit 

requirements. If approved, this rule will 

replace the previous state 

implementation plan (SIP) minor source 

construction permit rule for Indiana. 

DATES: Comments must be received on 

or before February 4, 2015. 

ADDRESSES: Submit your comments, 

identified by Docket ID No. EPA–R05– 

OAR–2013–0780, by one of the 

following methods: 

1. www.regulations.gov: Follow the 

on-line instructions for submitting 

comments. 

2. Email: damico.genevieve@epa.gov. 

3. Fax: (312) 385–5501. 

4. Mail: Genevieve Damico, Chief, Air 

Permits Section, Air Programs Branch 

(AR–18J), U.S. Environmental 

Protection Agency, 77 West Jackson 

Boulevard, Chicago, Illinois 60604. 

5. Hand Delivery: Genevieve Damico, 

Chief, Air Permits Section, Air Programs 

Branch (AR–18J), U.S. Environmental 

Protection Agency, 77 West Jackson 

Boulevard, Chicago, Illinois 60604. 

mstockstill on DSK4VPTVN1PROD with PROPOSALS