[Federal Register Volume 87, Number 205 (Tuesday, October 25, 2022)]
[Notices]
[Page 64497]
[FR Doc No: 2022-23127]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4669-DR; Docket ID FEMA-2022-0001]

American Samoa; Major Disaster and Related Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This is a notice of the Presidential declaration of a major
disaster for the territory of American Samoa (FEMA-4669-DR), dated
September 15, 2022, and related determinations.

DATES: The declaration was issued September 15, 2022.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice is hereby given that, in a letter
dated September 15, 2022, the President issued a major disaster
declaration under the authority of the Robert T. Stafford Disaster
Relief and Emergency Assistance Act, 42 U.S.C. 5121 et seq. (the
``Stafford Act''), as follows:

    I have determined that the damage in certain areas of the
territory of American Samoa resulting from high surf, high winds,
and flooding during the period of July 12 to July 15, 2022, is of
sufficient severity and magnitude to warrant a major disaster
declaration under the Robert T. Stafford Disaster Relief and
Emergency Assistance Act, 42 U.S.C. 5121 et seq. (the ``Stafford
Act''). Therefore, I declare that such a major disaster exists in
the territory of American Samoa.
    In order to provide Federal assistance, you are hereby
authorized to allocate from funds available for these purposes such
amounts as you find necessary for Federal disaster assistance and
administrative expenses.
    You are authorized to provide Public Assistance in the
designated areas and Hazard Mitigation throughout the territory.
Consistent with the requirement that Federal assistance be
supplemental, any Federal funds provided under the Stafford Act for
Public Assistance and Hazard Mitigation will be limited to 75
percent of the total eligible costs.
    Further, you are authorized to make changes to this declaration
for the approved assistance to the extent allowable under the
Stafford Act.

    The Federal Emergency Management Agency (FEMA) hereby gives notice
that pursuant to the authority vested in the Administrator, under
Executive Order 12148, as amended, Benigno B. Ruiz, of FEMA is
appointed to act as the Federal Coordinating Officer for this major
disaster.
    The following areas of the territory of American Samoa have been
designated as adversely affected by this major disaster:

    All areas in the territory of American Samoa are eligible for
assistance under the Public Assistance Program.
    All areas in the territory of American Samoa are eligible for
assistance under the Hazard Mitigation Grant Program.

    The following Catalog of Federal Domestic Assistance Numbers
(CFDA) are to be used for reporting and drawing funds: 97.030,
Community Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis
Counseling; 97.033, Disaster Legal Services; 97.034, Disaster
Unemployment Assistance (DUA); 97.046, Fire Management Assistance
Grant; 97.048, Disaster Housing Assistance to Individuals and
Households In Presidentially Declared Disaster Areas; 97.049,
Presidentially Declared Disaster Assistance--Disaster Housing
Operations for Individuals and Households; 97.050, Presidentially
Declared Disaster Assistance to Individuals and Households--Other
Needs; 97.036, Disaster Grants--Public Assistance (Presidentially
Declared Disasters); 97.039, Hazard Mitigation Grant.

Deanne Criswell,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2022-23127 Filed 10-24-22; 8:45 am]
BILLING CODE 9111-23-P


[Federal Register Volume 76, Number 200 (Monday, October 17, 2011)]
[Notices]
[Pages 64142-64144]
[FR Doc No: 2011-26675]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65528; File No. SR-NASDAQ-2011-138]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing of Proposed Rule Change Regarding Expansion of the
Short Term Option Series Program

October 11, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on September 28, 2011, The NASDAQ Stock Market LLC (``NASDAQ'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by NASDAQ. 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\ 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

    NASDAQ is filing with the Commission a proposal for the NASDAQ
Options Market (``NOM'' or ``Exchange'') to expand the Short Term
Option Series Program (``STO Program'' or ``Program'') \3\ so that the
Exchange may select thirty option classes on which Short Term Option
Series \4\ may be opened; and may open certain Short Term Option Series
that are opened by other securities exchanges.
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    \3\ See Securities Exchange Act Release No. 62297 (June 15,
2010), 75 FR 35111 (June 21, 2010) (SR-NASDAQ-2010-073) (notice of
filing and immediate effectiveness permanently establishing Short
Term Option Series Program on NASDAQ). Short term options are
generally known as ``STOs'' or ``weeklies.'' The Exchange's STO
program was last expanded in 2011, following the lead of other
markets that have STO programs. See Securities Exchange Act Release
No. 64826 (July 6, 2011), 76 FR 40969 (July 12, 2011) (SR-NASDAQ-
2011-090) (notice of filing and immediate effectiveness regarding
expansion of STO Program).
    \4\ Short Term Option Series are series in an option class that
is approved for listing and trading on the Exchange in which the
series is opened for trading on any Thursday or Friday that is a
business day and that expires on the Friday of the next business
week. If a Thursday or Friday is not a business day, the series may
be opened (or shall expire) on the first business day immediately
prior to that Thursday or Friday, respectively. NOM chapter 1,
Section 1(a)(59) and Chapter XIV, Section 2(n).
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    The Exchange requests that the proposal be approved on an
accelerated basis.
    The text of the proposed rule change is available from NASDAQ's Web
site at http://nasdaq.cchwallstreet.com/

Filings/, at NASDAQ's principal office, 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, NASDAQ 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 these statements may be examined at the places specified in
Item IV below. NASDAQ has prepared summaries, set forth in sections A,
B, and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this proposed rule change is to amend chapter IV,
section 6 and chapter XIV, Section 11 to expand the STO Program so that
the Exchange may select thirty option classes on which Short Term
Option Series may be opened; and may open Short Term Option Series that
are opened by other securities exchanges (the ``STO Exchanges'') in
option classes selected by such exchanges under their respective short
term option rules.\5\
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    \5\ For the filings of STO Exchanges regarding permanent
approval of STO programs, see Securities Exchange Act Release Nos.
59824 (April 27, 2009), 74 FR 20518 (May 4, 2009) (SR-CBOE-2009-018)
(approval order); 62444 (July 2, 2010), 75 FR 39595 (July 9, 2010)
(SR-ISE-2010-72) (approval order); 62297 (June 15, 2010), 75 FR
35111 (June 21, 2010) (SR-NASDAQ-2010-073) (notice of filing and
immediate effectiveness); 62296 (June 15, 2010), 75 FR 35111 (June
21, 2010) (SR-Arca-2010-059) (notice of filing and immediate
effectiveness); 62296 (June 15, 2010), 75 FR 35111 (June 21, 2010)
(SR-Amex-2010-062) (notice of filing and immediate effectiveness);
62505(July 15, 2010), 75 FR 42792 (July 22, 2010) (SR-BX-2010-
047)(approval order); and 62597 (July 29, 2010), 75 FR 47335 (August
5, 2010) (SR-BATS-2010-020) (notice of filing and immediate
effectiveness).
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    The STO Program is codified in NOM Chapter IV, Supplementary
Material .07 to Section 6 and Chapter XIV, Section 11(h). These
sections state that after an option class has been approved for listing
and trading on the Exchange, the Exchange may open for trading on any
Thursday or Friday that is a business day series of options on no more
than fifteen option classes that expire on the Friday of the following
business week that is a business day. In addition to the fifteen-option
class limitation, there is also a limitation that no more than twenty
series for each expiration date in those classes that may be opened for
trading.\6\ Furthermore, the strike price of each short term option has
to be fixed with approximately the same number of strike prices being
opened above and below the value of the underlying security at about
the time that the short term options are initially opened for trading
on the Exchange, and with strike prices being within thirty percent
(30%) above or below the closing price of the underlying security from
the preceding day. The Exchange does not propose any changes to these
additional Program limitations. The Exchange proposes only to increase
from fifteen to thirty the number of option classes that may be opened
pursuant to the Program and to give the Exchange the ability to open
STO Series that are opened by STO Exchanges that, like the Exchange,
have short term option programs.\7\
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    \6\ However, if the Exchange opens less than twenty (20) short
term options for a Short Term Option Expiration Date, additional
series may be opened for trading on the Exchange when the Exchange
deems it necessary to maintain an orderly market, to meet customer
demand or when the market price of the underlying security moves
substantially from the exercise price or prices of the series
already opened. Any additional strike prices listed by the Exchange
shall be within thirty percent (30%) above or below the current
price of the underlying security. The Exchange may also open
additional strike prices of Short Term Option Series that are more
than 30% above or below the current price of the underlying security
provided that demonstrated customer interest exists for such series,
as expressed by institutional, corporate or individual customers or
their brokers (market-makers trading for their own account shall not
be considered when determining customer interest under this
provision). Chapter IV, Supplementary Material .07(c) to Section 6
and Chapter XIV, Section 11(h)(iii).
    \7\ See supra note 5. The Exchange notes that the provision
allowing the Exchange to open weeklies series that are opened by STO
Exchanges is parallel to the provision that allows the Exchange to
open weeklies classes that are opened by STO Exchanges.
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    The principal reason for the proposed expansion is market demand
for additional STO classes and series. There is continuing strong
customer demand for having the ability to execute hedging and trading
strategies via STOs,\8\ particularly in the current fast and volatile
multi-faceted trading and investing environment that extends across
numerous markets and platforms.\9\ The Exchange has observed increased
demand for STO classes and/or series, particularly when market moving
events such as significant market volatility, corporate events, or
large market, sector, or individual issue price swings have occurred.
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    \8\ The Exchange noted, in its last STO Program filing, that a
retail investor had recently requested another exchange (Phlx) to
reinstate a short term option class that the exchange had to remove
from trading because of the five-class option limit within the
Program. The investor told Phlx that he had used the removed class
as a powerful tool for hedging a market sector, and that various
strategies that the investor put into play were disrupted and
eliminated when the class was removed. See Securities Exchange Act
Release No. 64826 (July 6, 2011), 76 FR 40969 (July 12, 2011) (SR-
NASDAQ-2011-090) (notice of filing and immediate effectiveness).
    \9\ These include, without limitation, options, equities,
futures, derivatives, indexes, exchange traded funds, exchange
traded notes, currencies, and over the counter instruments.
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    In order that the Exchange not exceed the fifteen option class and
twenty option series restriction, the Exchange has had to turn away STO
customers (traders and investors) because it could not list, or had to
delist, STOs or could not open adequate STO Series because of
restrictions in the STO Program. This has negatively impacted investors
and traders, particularly retail public customers, who have on several
occasions requested the Exchange not to remove short term option
classes or add short term option classes, or have requested the
Exchange to open STO series so that they could execute trading/hedging
strategies.
    Following is an example of the impact of inadequate STO
opportunities. An investor or trader executing a hedging or trading
strategy using STOs may need to close his NFLX 240 strike STOs on the
Exchange to roll into the 120 strike options. The 120 strike is not
offered on the Exchange because of STO Program restrictions; however,
it is offered on another exchange. If the trader wants to execute the
strategy on the Exchange, he could not do so because the 120 strike
order could not be opened on the Exchange and would be rejected. To
execute the strategy, the investor would have to close his 240 strike
position on the Exchange and then open a 120 strike position on the
other exchange that offers the strike. This could ostensibly increase
the cost and ``legging risk'' \10\ of executing the roll strategy, and
negatively impact the time advantage of executing one complex order to
roll the position on the Exchange.\11\
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    \10\ The risk of not being able to fulfill a particular leg of a
strategy or spread at the price required.
    \11\ Such roll strategies are often executed toward the end of
the lifecycle of a weekly option, when theta (time value) decay is
increasingly significant and price movement may be accelerated.
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    Furthermore, the STO option fragmentation may cause confusion for
retail customers and discourage them from using complex STO orders when
they could be the most advantageous for effective execution of trading
and hedging strategies. The Exchange feels that it is essential that
such negative, potentially costly and time-consuming impacts on retail
investors are eliminated by modestly expanding the

Program to enable additional classes and series to be traded. The
change proposed by the Exchange should greatly minimize the potential
fragmented nature of the short term options program and allow execution
of more trading and hedging strategies on the Exchange.\12\
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    \12\ In addition to the noted cost and time-value impact, there
is also a competitive impact. First, the proposal would enable the
Exchange to provide market participants with an opportunity to
execute their strategy wholly on their preferred market, namely the
Exchange. And second, the proposal would diminish the potential for
foregone market opportunity on the Exchange caused by being forced
to delist one STO Series in order to list another or to meet market
demand.
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    With regard to the impact of this proposal on system capacity, the
Exchange has analyzed its capacity and represents that it and the
Options Price Reporting Authority (``OPRA'') have the necessary systems
capacity to handle the potential additional traffic associated with
trading of an expanded number of classes in the Program.
    The Exchange believes that the STO Program has provided investors
with greater trading opportunities and flexibility and the ability to
more closely tailor their investment and risk management strategies and
decisions. Furthermore, the Exchange has had to eliminate option
classes and reject trading requests on numerous occasions because of
the limitations imposed by the Program. For these reasons, the Exchange
requests an expansion of the current Program and the opportunity to
provide investors with additional short term option classes and series
for investment, trading, and risk management purposes.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \13\ in general, and furthers the objectives of Section
6(b)(5) of the Act \14\ in particular, in that it is designed to
promote just and equitable principles of trade, 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. The Exchange believes that expanding the current STO Program
will result in a continuing benefit to investors by giving them more
flexibility to closely tailor their investment and hedging decisions in
greater number of securities.
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    \13\ 15 U.S.C. 78f(b).
    \14\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    NASDAQ does not believe that the proposed rule change will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.

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

    Written comments were neither solicited nor received.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) As the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission shall: (a) By order approve
or disapprove such proposed rule change, or (b) institute proceedings
to determine whether the proposed rule change should be disapproved.

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 e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2011-138 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2011-138. This
file number should be included on the subject line if e-mail 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 Web site (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 Web site
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 a.m. and 3 p.m. Copies of such filing also will be
available for inspection and copying at the principal office of the
Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
publicly available. All submissions should refer to File Number SR-
NASDAQ-2011-138 and should be submitted on or before November 7, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-26675 Filed 10-14-11; 8:45 am]
BILLING CODE 8011-01-P