35938 Federal Register / Vol. 87, No. 114 / Tuesday, June 14, 2022 / Proposed Rules 

1 15 U.S.C. 78a et seq. 

2See Listing Standards for Recovery of 

Erroneously Awarded Compensation, Release No. 

34–75342 (Jul. 1, 2015) [80 FR 41144 (Jul. 14, 

2015)]. 

3See Reopening of Comment Period for Listing 

Standards for Recovery of Erroneously Awarded 

Compensation, Release No. 34–93311 (Oct. 14, 

2021) [86 FR 58232 (Oct. 21, 2021] (‘‘Re-opening 

Release’’). 

Deputy Assistant Secretary for Energy 

Efficiency and Renewable Energy, 

pursuant to delegated authority from the 

Secretary of Energy. That document 

with the original signature and date is 

maintained by DOE. For administrative 

purposes only, and in compliance with 

requirements of the Office of the Federal 

Register, the undersigned DOE Federal 

Register Liaison Officer has been 

authorized to sign and submit the 

document in electronic format for 

publication, as an official document of 

the Department of Energy. This 

administrative process in no way alters 

the legal effect of this document upon 

publication in the Federal Register. 

Signed in Washington, DC, on June 9, 

2022. 

Treena V. Garrett, 

Federal Register Liaison Officer, U.S. 

Department of Energy. 

[FR Doc. 2022–12786 Filed 6–13–22; 8:45 am] 

BILLING CODE 6450–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

17 CFR Parts 229, 240, 249, and 274 

[Release No. 33–11071; 34–95057; IC– 

34610; File No. S7–12–15] 

RIN 3235–AK99 

Reopening of Comment Period for 

Listing Standards for Recovery of 

Erroneously Awarded Compensation 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Proposed rule; reopening of 

comment period. 

SUMMARY: The Securities and Exchange 

Commission (‘‘Commission’’) is 

reopening the comment period for its 

proposal for Listing Standards for 

Recovery of Erroneously Awarded 

Compensation, Exchange Act Release 

No. 34–75342 (July 1, 2015) (the 

‘‘Proposing Release’’). The proposed 

rules would direct the national 

securities exchanges and national 

securities associations to establish 

listing standards that would require 

each issuer to develop and implement a 

policy providing for the recovery, under 

certain circumstances, of incentivebased compensation based on financial 

information required to be reported 

under the securities laws that is 

received by current or former executive 

officers, and require disclosure of the 

policy. The Commission reopened the 

comment period for Proposing Release 

in the Reopening of Comment Period for 

Listing Standards for Recovery of 

Erroneously Awarded Compensation 

Release, Exchange Act Release No. 

Release No. 34–93311 (Oct. 14, 2021) 

(the ‘‘Reopening Release’’). The 

Commission is re-opening the comment 

period to allow interested persons to 

analyze and comment on the additional 

analysis and data on compensation 

recovery policies and accounting 

restatements contained in a staff 

memorandum that was added to the 

public comment file on June 8, 2022. 

DATES: The comment period for the 

proposed rule published July 14, 2015, 

at 80 FR 41144, which was initially 

reopened on October 21, 2021, at 86 FR 

58232, is again reopened. Comments 

should be received on or before July 14, 

2022. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/submitcomments.htm). 

Paper Comments 

• Send paper comments to Vanessa 

A. Countryman, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE, Washington, DC 20549–1090. 

All submissions should refer to File 

Number S7–12–15. This file number 

should be included on the subject line 

if email is used. To help us process and 

review your comments more efficiently, 

please use only one method. The 

Commission will post all comments on 

the Commission’s website (https://

www.sec.gov/rules/proposed.shtml). 

Comments also are available for website 

viewing and printing in the 

Commission’s Public Reference Room, 

100 F Street NE, Washington, DC 

20549–1090 on official business days 

between the hours of 10 a.m. and 3 p.m. 

Operating conditions may limit access 

to the Commission’s public reference 

room. 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. 

Studies, memoranda, or other 

substantive items may be added by the 

Commission or staff to the comment file 

during this rulemaking. A notification of 

the inclusion in the comment file of any 

such materials will be made available 

on our website. To ensure direct 

electronic receipt of such notifications, 

sign up through the ‘‘Stay Connected’’ 

option at www.sec.gov to receive 

notifications by email. 

FOR FURTHER INFORMATION CONTACT: 

Steven G. Hearne, Senior Special 

Counsel, in the Office of Rulemaking, at 

(202) 551–3430, Division of Corporation 

Finance, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

SUPPLEMENTARY INFORMATION: Section 

954 of the Dodd-Frank Act added 

Section 10D to the Securities Exchange 

Act of 1934 1 (‘‘Exchange Act’’), which 

provides that the Commission require 

national securities exchanges and 

national securities associations to 

prohibit the listing of any security of an 

issuer that does not develop and 

implement a policy providing for the 

recovery of erroneously awarded 

compensation and for disclosure of that 

policy. As described more fully in the 

Proposing Release,2 under the proposed 

rules, an issuer would be subject to 

delisting if it does not adopt a 

compensation recovery policy that 

complies with the applicable listing 

standard, disclose the policy in 

accordance with Commission rules, and 

comply with the policy’s recovery 

provisions. The Commission previously 

reopened the comment period for the 

Proposing Release to allow interested 

persons further opportunity to analyze 

and comment upon the proposed rules 

in light of developments since the 

publication of the Proposing Release 

and our further consideration of the 

Section 954 mandate.3 The Reopening 

Release put forth additional requests for 

comment on potential revisions to the 

proposal and sought additional 

comment on the proposal. The 

Reopening Release was published for 

comment in the Federal Register on 

October 21, 2021, and the comment 

period closed on November 22, 2021. 

The staff of the Division of Economic 

and Risk Analysis has prepared a 

memorandum that provides additional 

analysis and data on compensation 

recovery policies and accounting 

restatements. Specifically, the staff 

memorandum (i) discusses the increase 

in voluntary adoption of compensation 

recovery policies by issuers; (ii) 

provides estimates of the number of 

additional restatements that would 

trigger a compensation recovery analysis 

if, as the Commission described in the 

Reopening Release, the rules were 


lotter on DSK11XQN23PROD with PROPOSALS1
Federal Register / Vol. 87, No. 114 / Tuesday, June 14, 2022 / Proposed Rules 35939 

extended to include all required 

restatements made to correct an error in 

previously issued financial statements; 

and (iii) briefly discusses some potential 

implications for the costs and benefits of 

the proposed rules. 

We believe that the information 

presented in the memorandum has the 

potential to be informative for 

evaluating the proposed rules. We are, 

therefore, reopening the comment 

period for an additional 30 days to 

permit interested parties to comment on 

the staff memorandum, which has been 

included in the comment file. 

By the Commission. 

Dated: June 8, 2022. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2022–12792 Filed 6–13–22; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[Docket No. USCG–2022–0226] 

RIN 1625–AA09 

Drawbridge Operation Regulation; 

Milford Haven, Hudgins, VA 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of proposed rulemaking. 

SUMMARY: The Coast Guard proposes to 

modify the operating schedule that 

governs the SR223 (Gwynn’s Island) 

Bridge, across Milford Haven, mile 0.1, 

at Hudgins, Virginia. This proposed 

temporary modification will allow the 

drawbridge to be maintained in the 

closed-to-navigation position and is 

necessary to accommodate bridge 

maintenance. We invite your comments 

on this proposed rulemaking. 

DATES: Comments and related material 

must reach the Coast Guard on or before 

July 1, 2022. The Coast Guard 

anticipates that this proposed rule will 

be effective from 2 a.m. on August 19, 

2022, through 11 p.m. on April 15, 

2023. 

ADDRESSES: You may submit comments 

identified by docket number USCG– 

2022–2026 using Federal Decision 

Making Portal at https://

www.regulations.gov. 

See the ‘‘Public Participation and 

Request for Comments’’ portion of the 

SUPPLEMENTARY INFORMATION section 

below for instructions on submitting 

comments. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this proposed 

rule, call or email Ms. Crystal Tucker, 

Bridge Administration Branch Fifth 

District, Coast Guard telephone 757– 

398–6422, email Crystal.k.tucker@

uscg.mil. 

SUPPLEMENTARY INFORMATION: 

I. Table of Abbreviations 

CFR Code of Federal Regulations 

DHS Department of Homeland Security 

FR Federal Register 

OMB Office of Management and Budget 

NPRM Notice of Proposed Rulemaking 

(Advance, Supplemental) 

§ Section 

U.S.C. United States Code 

II. Background, Purpose and Legal 

Basis 

The Virginian Department of 

Transportation, who owns and operates 

the SR223 (Gwynn’s Island) Bridge, 

across Milford Haven, mile 0.1, at 

Hudgins, Virginia, has requested this 

modification to allow the drawbridge to 

be maintained in the closed-tonavigation position to facilitate 

maintenance of the drawbridge. 

The SR223 (Gwynn’s Island) Bridge, 

across Milford Haven, mile 0.1, at 

Hudgins, Virginia has a vertical 

clearance of 12 feet above mean high 

water in the closed position and 

unlimited vertical clearance above mean 

high water in the open position. The 

current operating schedule for the 

drawbridge is published in 33 CFR 

117.5. 

This proposed rule is necessary to 

facilitate safe and effective bridge 

maintenance of the drawbridge, while 

providing for the reasonable needs of 

navigation. Vessels that can safely 

transit through the bridge in the closed 

position with the reduced clearance 

may do so, if at least a thirty-minute 

notice is given, to allow for navigation 

safety. The SR223 (Gwynn’s Island) 

Bridge is the only land-based method 

for access on and off Gwynn’s Island, 

therefore, placing the bridge in the open 

position to perform extensive bridge 

maintenance would adversely affect 

residents on the island. 

III. Discussion of Proposed Rule 

Under this proposed rule, the 

drawbridge will be maintained in the 

closed-to-navigation position twentyfour hours a day, seven days a week 

from 2 a.m. on August 19, 2022, through 

11 p.m. on April 15, 2023. This 

proposed rule is necessary to 

accommodate extensive maintenance on 

the SR223 (Gwynn’s Island) Bridge. 

The bridge will not be able to open for 

emergencies and there is no immediate 

alternative route for vessels unable to 

pass through the bridge in the closed 

position. Vessels that can safely transit 

through the bridge in the closed 

position with the reduced vertical 

clearance may do so, if at least a thirtyminute notice is given, to allow for 

navigation safety. 

IV. Regulatory Analyses 

We developed this proposed rule after 

considering numerous statutes and 

Executive Orders related to rulemaking. 

Below we summarize our analyses 

based on these statutes and Executive 

Orders and we discuss First 

Amendment rights of protestors. 

A. Regulatory Planning and Review 

Executive Orders 12866 and 13563 

direct agencies to assess the costs and 

benefits of available regulatory 

alternatives and, if regulation is 

necessary, to select regulatory 

approaches that maximize net benefits. 

This NPRM has not been designated a 

‘‘significant regulatory action,’’ under 

Executive Order 12866. Accordingly, 

the NPRM has not been reviewed by the 

Office of Management and Budget 

(OMB). 

This regulatory action determination 

is a result of pre rulemaking 

coordination with maritime 

stakeholders including federal agencies. 

This proposed rule effectively balances 

the competing interests of land and 

maritime transportation. 

B. Impact on Small Entities 

The Regulatory Flexibility Act of 1980 

(RFA), 5 U.S.C. 601–612, as amended, 

requires Federal agencies to consider 

the potential impact of regulations on 

small entities during rulemaking. The 

term ‘‘small entities’’ comprises small 

businesses, not-for-profit organizations 

that are independently owned and 

operated and are not dominant in their 

fields, and governmental jurisdictions 

with populations of less than 50,000. 

The Coast Guard certifies under 5 U.S.C. 

605(b) that this proposed rule would not 

have a significant economic impact on 

a substantial number of small entities. 

While some owners or operators of 

vessels intending to transit the bridge 

may be small entities, for the reasons 

stated in section IV, A above this 

proposed rule would not have a 

significant economic impact on any 

vessel owner or operator. 

If you think that your business, 

organization, or governmental 

jurisdiction qualifies as a small entity 

and that this rule would have a 

significant economic impact on it, 

please submit a comment (see 

ADDRESSES) explaining why you think it 


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