[Federal Register Volume 84, Number 107 (Tuesday, June 4, 2019)]
[Notices]
[Pages 25856-25858]
[FR Doc No: 2019-11560]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85961; File No. SR-NYSE-2019-30]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Adopt a Listing Fee Schedule for Pre-Revenue Companies

May 29, 2019.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on May 16, 2019, New York Stock Exchange LLC (``NYSE'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III 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\ 15 U.S.C. 78a.
    \3\ 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

    The Exchange proposes to adopt a listing fee schedule specific to
companies that have not generated any significant revenues at the time
of their original listing. The proposed rule change is available on the
Exchange's website at www.nyse.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
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 those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts 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 Exchange's Global Market Capitalization Test (as set forth in
Section 102.01C of the Exchange's Listed Company Manual (the
``Manual'')) allows the Exchange to list companies that have not yet
recorded any significant revenues, provided the issuer has at least a
$200 million global market capitalization and meets the other
requirements for listing. These companies are typically engaged in
research and development (in many cases they are biotechnology
companies focused on developing new drug candidates) or are in the
early stages of commercialization of a product.

Generally, a company of this kind relies primarily on the proceeds from
its initial public offering to fund its operations. As such, the fees
charged by the Exchange represent a more significant expense for these
companies than they do for other newly-listed companies and in many
cases these fees are an impediment to the Exchange in competing for the
listing of these companies.
    To address the issues described above, the Exchange proposes to
amend Section 902.02 of the Manual to adopt a discounted annual fee
schedule for newly-listed companies that list on or after June 1, 2019
and have not recorded in excess of $5 million of revenue in either (i)
the most recent completed fiscal year prior to listing or (ii) during
the year of listing through the most recently completed fiscal quarter
before the listing date (``Pre-Revenue Companies'').\4\ The Annual Fees
of any company that qualifies as a Pre-Revenue Company at the time of
listing will be calculated quarterly for the fiscal quarter in which it
lists and in each of the succeeding 12 full fiscal quarters, at a rate
of one-fourth of the applicable Annual Fee rate. In addition, the total
fees (including Listing Fees and Annual Fees, but excluding Listing
Fees paid at the time of initial listing) that may be billed to such an
issuer during this period will be subject to a $25,000 cap in the
fiscal quarter in which the issuer lists and in each of the succeeding
12 full fiscal quarters. This fee cap is subject to the same exclusions
as apply in relation to the $500,000 per year fee cap described under
``Total Maximum Fee Payable in a Calendar Year.'' If there are one or
more fiscal quarters remaining in the calendar year after the
conclusion of the period described in this paragraph, the issuer will,
on a prorated basis, be billed the regular Annual Fee subject to the
$500,000 total fee cap for the remainder of that calendar year.
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    \4\ The Exchange will rely on a company's revenues as reported
in its SEC filings for purposes of determining whether it qualifies
as a Pre-Revenue Company.
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    The Exchange believes the proposed fee schedule for Pre-Revenue
Companies is reasonable, as paying the Exchange's fees is more
burdensome for these early stage companies than it is for companies
that generate significant revenues from operations. The Exchange
believes that it is reasonable to apply the reduced fee level for a
limited period, as Pre-Revenue Companies typically begin to generate
significant revenues from operations within three years from the time
of initial listing.
    The proposed rule change would not affect the Exchange's commitment
of resources to its regulatory oversight of the listing process or its
regulatory programs.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\5\ in general, and furthers the
objectives of Section 6(b)(4) \6\ of the Act, in particular, in that it
is designed to provide for the equitable allocation of reasonable dues,
fees, and other charges. The Exchange also believes that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\7\ in that
it is designed to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, 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
and is not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4).
    \7\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that it is not unfairly discriminatory and
represents an equitable allocation of reasonable fees to adopt the
proposed separate fee schedule for Pre-Revenue Companies, as those
companies have limited resources and the Exchange's fees are more
burdensome for them than they are for companies that are generating
significant revenues from operations.

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 proposed rule change is
designed to ensure that the fees charged by the Exchange accurately
reflect the services provided and benefits realized by listed
companies. The market for listing services is extremely competitive.
Each listing exchange has a different fee schedule that applies to
issuers seeking to list securities on its exchange. Issuers have the
option to list their securities on these alternative venues based on
the fees charged and the value provided by each listing. Because
issuers have a choice to list their securities on a different national
securities exchange, the Exchange does not believe that the proposed
fee changes impose a burden on competition.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \8\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \9\ thereunder, because it establishes a due, fee, or other charge
imposed by the Exchange.
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(2).
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    At any time within 60 days of the filing of such 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 shall institute proceedings under
Section 19(b)(2)(B) \10\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \10\ 15 U.S.C. 78s(b)(2)(B).
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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-NYSE-2019-30 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-NYSE-2019-30. 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 also will be available for inspection
and copying at the principal office of the Exchange. 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-NYSE-2019-30 and should be submitted on
or before June 25, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-11560 Filed 6-3-19; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 118 (Thursday, June 18, 2020)]
[Notices]
[Pages 36932-36933]
[FR Doc No: 2020-13160]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2019-0180]

Hours of Service of Drivers: Application for Exemption From the
14-Hour Rule During Independence Day Celebrations for Illumination
Fireworks Partners, LP, and ACE Pyro, LLC

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), U.S.
Department of Transportation (DOT).

ACTION: Notice of final disposition.

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SUMMARY: FMCSA announces its decision to grant Illumination Fireworks
Partners, LP, and ACE Pyro, LLC (Applicants), an exemption from the
requirements that drivers of commercial motor vehicles (CMVs) must not
drive following the 14th hour after coming on duty. The exemption will
apply solely to the drivers of 60 CMVs employed by the applicants in
conjunction with staging fireworks shows in celebration of Independence
Day during the period of June 28-July 8, for the next five years (2020-
2024) inclusive. During this period, the CMV drivers employed by the
applicants would be allowed to exclude off-duty and sleeper-berth time
of any length from the calculation of the 14 hours. These drivers will
not be allowed to drive after accumulating a total of 14 hours of on-
duty time, following 10 consecutive hours off duty, and will continue
to be subject to the 11-hour driving-time limit, and the 60 and 70-hour
on-duty limits. FMCSA has determined that the terms and conditions of
the exemption will likely achieve a level of safety equivalent to, or
greater than, the level of safety achieved without the exemption.

DATES: This exemption is effective June 18, 2020 and expires June 18,
2025.

ADDRESSES:
    Docket: For access to the docket to read background documents or
comments, go to www.regulations.gov at any time or visit Room W12-140
on the ground level of the U.S. Department of Transportation West
Building, 1200 New Jersey Avenue SE, Washington, DC 20590, between 9
a.m. and 5 p.m., ET, Monday through Friday, except federal holidays.
The on-line Federal Docket Management System (FDMS) is available 24
hours a day, 365 days a year.
    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: Ms. Pearlie Robinson, FMCSA Driver and
Carrier Operations Division; Office of Carrier, Driver, and Vehicle
Safety Standards; telephone:<PHONE_NUMBER>. Email<EMAIL_ADDRESS>If you
have questions regarding viewing or submitting material to the docket,
contact Docket Services, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Public Participation

Viewing Comments and Documents

    To view comments, as well as documents mentioned in this preamble
as being available in the docket, go to www.regulations.gov, insert the
docket number, ``FMCSA-2019-0180 in the ``Keyword'' box, and click
``Search.'' Next, click the ``Open Docket Folder'' button and choose
the document 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., ET,
Monday through Friday, except federal holidays.

II. Legal Basis

    FMCSA has authority under 49 U.S.C. 31136(e) and 31315 to grant
exemptions from certain parts of the Federal Motor Carrier Safety
Regulations. FMCSA must publish a notice of each exemption request in
the Federal Register (49 CFR 381.315(a)). The Agency must provide the
public an opportunity to inspect the information relevant to the
application, including any safety analyses that have been conducted.
The Agency must also provide an opportunity for public comment on the
request.
    The Agency reviews the safety analyses and the public comments, and
determines whether granting the exemption would likely achieve a level
of safety equivalent to, or greater than, the level that would be
achieved by the current regulation (49 CFR 381.305). The decision of
the Agency must be published in the Federal Register (49 CFR
381.315(b)) including the reason for the grant or denial; the specific
person or class of persons receiving the exemption, if granted; and the
regulatory provision or provisions from which exemption is granted. The
notice must also specify the effective period of the exemption (up to
five years), and explain the terms and conditions of the exemption. The
exemption may be renewed (49 CFR 381.300(b)).

III. Request for Exemption

    The Hours of Service (HOS) rule in 49 CFR 395.3(a)(2) prohibits a
property-carrying CMV driver from driving a CMV after the 14th hour
after coming on duty following 10 consecutive hours off duty.
Illumination Fireworks Partners, LP (USDOT 3247742), and ACE Pyro, LLC
(USDOT 1352892) (Applicants), are fireworks display companies that
employ CMV drivers who hold Commercial Driver's Licenses (CDLs) with
hazardous materials endorsements. The drivers transport Division 1.3G
and 1.4G fireworks and setup materials for fireworks shows at
Independence Day celebrations. The applicants seek an exemption from
the 14-hour rule in 49 CFR 395.3(a)(2) to permit their drivers to
exclude off-duty and sleeper-berth time of any length from the
calculation of the 14 hours. The applicants state that the basis for
the request is the existing FMCSA exemption granted to Illumination
Fireworks, LLC, and ACE Pyro, LLC, under Docket No. FMCSA-2014-0111.
They are seeking the HOS exemption because compliance with the 14-hour
rule would impose economic hardship on cities, municipalities, and
themselves. Complying with the existing regulation means that most
shows would require two drivers, significantly increasing the cost of a
fireworks display.
    The applicants assert that without this exemption safety would
decline, as fireworks drivers would be unable to return to their home
base following each show, should they have fireworks remaining after a
display. Drivers would be forced to park the CMVs carrying Division
1.3G and 1.4G products in areas less secure than the motor carrier's
home base.

IV. Method To Ensure an Equivalent or Greater Level of Safety

    To ensure an equivalent level of safety, the applicants refer to
the short distances involved in driving from the distribution point to
the site of a fireworks display, no more than 150 miles. Drivers drive
to the site of the display in the early morning during light traffic.
In addition, drivers have several hours off duty in the late afternoon
and early evening on the day of the event. Lastly, the applicants state
that they have not been involved in any reportable accidents while
operating under terms and conditions of the same exemption granted to
the previous owner of the companies.

V. Public Comments

    On October 23, 2019, FMCSA published notice of this application and
asked for public comment (84 FR 56887). The Agency did not receive any
comments.

VI. FMCSA Decision

    FMCSA has determined that granting an exemption to Illumination
Fireworks Partners, LP, and ACE Pyro, LLC, will likely achieve a level
of safety equivalent to or greater than the level that compliance with
the 14-hour rule would achieve. FMCSA ensured that these motor carriers
possess active USDOT registrations, have minimum required levels of
insurance, and were not subject to any ``imminent hazard'' or other
Out-of-Service (OOS) orders. The Agency conducted a comprehensive
review of the motor carriers' safety performance, which included a
review of the Motor Carrier Management Information System safety
records, and inspection and accident reports submitted to FMCSA by
state agencies.
    The applicants have ``satisfactory'' safety ratings and valid
Hazardous Materials Safety Permits.

VII. Terms and Conditions of the Exemption

Period of the Exemption

    The exemption from 49 CFR 395.3(a)(2) is effective from June 28
through July 8, at 11:59 p.m. local time, each year from 2020 through
2024 for the drivers employed by the applicants in this notice.

Terms and Conditions of the Exemption

    Drivers covered by this exemption may exclude off-duty and sleeper-
berth time of any length from the calculation of the 14-hour limit.
This exemption is limited to drivers employed by the applicants. The
conditions of this exemption are as follows:
     Drivers must not drive more than 11 hours in the 14-hour
period after coming on duty; and
     Drivers must have 10 consecutive hours off duty following
14 hours on duty prior to beginning a new driving period.
    The carrier and drivers must comply with all other requirements of
the Federal Motor Carrier Safety Regulations (49 CFR parts 350-399) and
Hazardous Materials Regulations (49 CFR parts 105-180).

Preemption

    In accordance with 49 U.S.C. 31315(d), as implemented by 49 CFR
381.600, during the period this exemption is in effect, no state shall
enforce any law or regulation applicable to interstate commerce that
conflicts with or is inconsistent with this exemption with respect to a
firm or person operating under the exemption. States may adopt the same
exemption with respect to operations in intrastate commerce.

FMCSA Notification

    The applicants must notify FMCSA within five business days of any
accident (as defined by 49 CFR 390.5) involving the operation of any of
their CMVs while under this exemption. The notification must be emailed
to [email protected] and include the following information:
    a. Name of the Exemption: ``Illumination Fireworks Partners or Ace
Pyro'';
    b. Date of the accident;
    c. City or town and state in which the accident occurred, or which
is closest to the scene of the accident;
    d. Driver's name and driver's license state, number, and class;
    e. Co-driver's name and driver's license state, number, and class;
    f. Vehicle company number and power unit license plate state and
number;
    g. Number of individuals suffering physical injury;
    h. Number of fatalities;
    i. The police-reported cause of the accident;
    j. Whether the driver was cited for violation of any traffic laws,
or motor carrier safety regulations; and
    k. The total driving time and the total on-duty time of the CMV
driver at the time of the accident.
    In addition, if there are any injuries or fatalities, the carrier
must forward the police accident report to [email protected] as soon as
available.

Termination

    The FMCSA does not believe the drivers covered by this exemption
will experience any deterioration of their safety record. However,
should this occur, FMCSA will take all steps necessary to protect the
public interest, including revoking the exemption. The FMCSA will
revoke the exemption immediately for failure to comply with its terms
and conditions.

James A. Mullen,
Deputy Administrator.
[FR Doc. 2020-13160 Filed 6-17-20; 8:45 am]
BILLING CODE 4910-EX-P


[Federal Register: July 16, 2008 (Volume 73, Number 137)]
[Notices]
[Page 40906-40907]
[DOCID:fr16jy08-118]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Notice of Policy; Amendments of the IACC Technical Specifications
for the World Aeronautical Chart Series

AGENCY: Federal Aviation Administration (FAA), DOT.

SUMMARY: This notice announces amendments to the technical
specification in the Interagency Air Cartographic Committee
Specifications that address the depiction of man-made obstructions 500
feet or more above ground level (AGL) on the World Aeronautical Chart
series.

DATES: This policy is effective on December 18, 2008.

FOR FURTHER INFORMATION CONTACT: George P. Sempeles, System Operations
Airspace and Aeronautical Information Management, AJR-32, FAA, 800
Independence Ave., SW., Washington, DC 20591; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Availability of Documents

    You can get an electronic copy of this document using the Internet
by--
    1. Visiting the FAA's Regulations and Policies Web page at http://
www.faa.gov/regulations_policies/; or
    2. Accessing the Government Printing Offices' Web page at http://
www.gpoaccess.gov/fr/indes.html.

Background

    The Interagency Air Cartographic Committee (IACC) is comprised of
representatives of the Department of Defense and the FAA, who develop
technical specifications for use in the preparation of the United
States Government World Aeronautical Charts (WAC) and the Operational
Navigation Charts.
    The WAC provides a standard series of aeronautical charts covering
land areas at a size and scale convenient for navigation by moderate-
speed aircraft at high altitudes within the low altitude airspace
structure. These charts are used for flight planning and in-flight
navigation by VFR pilots on extended cross country flight. Because of
their smaller scale, these charts do not depict as much detailed
information as appears on the Sectional and Terminal Area Charts. WACs
are not recommended for exclusive use by pilots of low speed, low
altitude aircraft because certain information is not depicted.
    Currently and in accordance with the IACC 3 specifications,
obstructions exceeding 200 feet AGL in height (300 feet AGL in densely
populated areas) are charted on the WAC, if the obstruction's location
is critical and space permits. Charting these low level obstructions
provides limited value to pilots during cross country flight and adds
to chart clutter reducing legibility. With the advancements in onboard
navigational databases, the aviation community has requested that
additional information be added to the WAC to support using these
database systems

Policy Change

    The FAA recognizes the need to incorporate new information on
public aeronautical charts in support of technological advancements in
air navigation techniques. The FAA also recognizes the need to reduce
clutter on public aeronautical charts in order to maintain legibility
while supporting the intended use of these products.
    In reviewing industry's request, the IACC concluded that the
addition of this new information would increase congestion on the
charts and that it is necessary to modify the technical specifications
that require the charting

of low-level obstructions to reduce chart clutter. On April 14, 2008,
the IACC amended the technical specifications in IACC 3 that govern the
construction and maintenance of WACs to depict only those man-made
obstructions equal to or greater than 500 feet AGL. The larger scale
Sectional and Terminal Area charts, which contain greater detail, will
continue to depict man-made obstructions to the maximum extent allowed
by IACC 2. The first WAC published under the new specifications will be
on December 18, 2008.
    In keeping with U.S. obligations under the Convention on
International Civil Aviation, it is FAA policy to comply with
International Civil Aviation Organization (ICAO) Standards and
Recommended Practices to the maximum extent practicable. The FAA
reviewed the corresponding ICAO Standards and Recommended Practices set
forth in ICAO Annex 4. Because the FAA shall continue to use the 300
foot obstruction height in charts with a scale of 1:500,000, it is
permissible to use the new WAC obstacle height of 500 feet while still
meeting the intent of paragraph <IP_ADDRESS> of ICAO Annex 4. Nevertheless,
the FAA will identify the following difference: On the WAC series, only
obstacles 500 feet or greater AOL will be depicted versus the ICAO SARP
of depicting obstacles 300 feet or greater AGL.

    Issued in Washington, DC, on July 3, 2008.
Richard V. Powell,
Manager, Aeronautical Information Services.
[FR Doc. E8-15956 Filed 7-15-08; 8:45 am]

BILLING CODE 4910-13-M