[Federal Register Volume 83, Number 176 (Tuesday, September 11, 2018)]
[Notices]
[Pages 46001-46003]
[FR Doc No: 2018-19641]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84034; File No. SR-Phlx-2018-57]

Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Move the P.M.-
Settled Nasdaq-100 Index Options Expiring on the Third Friday of the
Month to the NDX Index Options Class

September 5, 2018.
    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 August 27, 2018, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``Commission'')
the proposed rule change as described in Items I, II, and III, below,
which Items have been prepared by the Exchange. 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

    The Exchange proposes to move the P.M.-settled Nasdaq-100 Index
Options expiring on the third Friday of the month (``NDXPM'') to the
NDX index options class. In connection with the move, the Exchange
proposes changing the trading symbol for these options from ``NDXPM''
to ``NDXP''.
    The text of the proposed rule change is available on the Exchange's
website at http://nasdaqphlx.cchwallstreet.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 Exchange 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. The Exchange 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 Exchange seeks to amend Exchange rules related to certain P.M.-
settled options on the NASDAQ-100 Index which have been approved by the
Commission but which have not yet been listed by the Exchange.\3\
Currently, third-Friday P.M.-settled NASDAQ-100 Index options form a
separate options class and, if listed by the Exchange, would trade
under the symbol ``NDXPM.'' The Exchange now seeks to move these third-
Friday P.M.-settled NASDAQ-100 Index options into the NASDAQ-100
(``NDX'') options class.
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    \3\ See Securities Exchange Act Release No. 81293 (August 2,
2017), 82 FR 37138 (August 8, 2017) (approving SR-Phlx-2017-04).
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    The Exchange has also recently received Commission approval to list
nonstandard expirations of P.M.-settled NASDAQ-100 Index options
trading under the symbol ``NDXP'', also on a pilot basis.\4\ NDXP
options are series of the NDX options class. These NDXP options may
expire on Mondays, Wednesdays, Fridays (other than third-Friday-of-the-
month), and the last trading day of the month.\5\ The proposed rule
change would facilitate a change to the trading symbol for P.M.-settled
NASDAQ-100 Index options that have standard third Friday-of-the-month
(``third-Friday'') expirations from ``NDXPM'' to ``NDXP.''
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    \4\ See Securities Exchange Act Release No. 82341 (December 15,
2017), 82 FR 60651 (December 21, 2017) (SR-Phlx-2017-79). In its
proposed rule change to adopt a nonstandard expirations pilot
program, the Exchange noted that it anticipated filing a proposed
rule change in the near future to move the NDXPM index options with
standard third Friday of the month expiration dates to the NDX index
option class.
    \5\ See Rule 1101A(b)(vii), Nonstandard Expirations Pilot
Program.
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    The Exchange believes moving NDXPM into the NDX options class to
trade under the NDXP symbol will have no adverse impact on the
marketplace. In fact, the Exchange believes moving NDXPM into the NDX
options class to trade under the NDXP symbol will have a positive
impact on the marketplace and retail customers in particular.
    As previously noted, in addition to end-of-the-month expirations,
NDXP options are P.M.-settled NASDAQ-100 Index options that may expire
on Mondays, Wednesdays, and Fridays (other than third-Friday-of-the-
month) (i.e., nonstandard weekly expirations pursuant to Rule
1101A(b)(vii)). Trading P.M.-settled third-Friday expirations under the
NDXP symbol will ensure market participants, particularly retail
customers, have seamless access to P.M.-settled NASDAQ-100 Index
options expiring every Friday of the month.
    Without the proposed amendments, a user of NDXP options could not
roll an existing NDXP position that expires on a first or second Friday
of a month into a NDXP position that expires on a third-Friday. Thus,
for NDXP users, there would be a gap in Friday expirations. Changing
the NDXPM symbol to NDXP would remove the gap in Friday NDXP
expirations and allow market participants, especially retail customers
that are less likely to utilize both NDXPM and NDXP options to maintain
exposure to Friday expirations, to have seamless access to P.M.-settled
NASDAQ-100 Index options expiring every Friday of the month.
    In addition, offering seamless access to P.M.-settled NASDAQ-100
Index options that expire every Friday of the month would allow market
participants to submit complex orders with options series that expire
on third-Fridays and other Friday expirations. Without the proposed
amendments, market participants would not be able to submit into the
trading system complex orders that consist of NDXPM options series and
NDXP options series because they are currently in separate classes.\6\
Although market participants would have the ability to submit separate
orders to leg into a position with third- Friday and other Friday
exposure, retail customers would be less likely to leg into a position.
Thus, changing the NDXPM symbol to NDXP would allow market
participants, especially retail customers, to submit complex orders
with options series that expire on third-Fridays and other Fridays.
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    \6\ See Rule 1098, Complex Orders on the System, Section (a)(i)
which provides that for purposes of the electronic trading of
Complex Orders, a Complex Order is an order involving the
simultaneous purchase and/or sale of two or more different options
series in the same underlying security, priced as a net debit or
credit based on the relative prices of the individual components,
for the same account, for the purpose of executing a particular
investment strategy.
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    As previously noted, the Exchange does not believe moving NDXPM
into the NDX options class and changing the NDXPM symbol to NDXP will
have any adverse impact on market participants. Because the Exchange
has not yet listed NDXPM, and because Exchange Rules and systems will
treat NDXPM and NDXP the same (other than having separate pilot
programs and listing schedules), the Exchange expects a smooth
transition of NDXPM series to the NDXP symbol.

Position Limits/Reporting Requirements
    In addition, since third-Friday P.M.-settled options trading under
the NDXP symbol will be a new type of series under the NDX options
class and not a new options class, all third-Friday P.M.-settled NDXP
options will be aggregated together with all other standard expirations
for applicable reporting and other requirements.\7\ The Exchange
therefore proposes to delete language in Rules 1079, FLEX Index, Equity
and Currency Options and 1001A, Position Limits, dealing with position
limits for NDXPM options specifically.
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    \7\ See e.g., Rule 1001A(c) which sets forth the reporting
requirements for certain broad-based indexes that do not have
position limits.
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Pilot Reports
    Third-Friday P.M.-settled NASDAQ-100 Index options are currently
approved to be listed on a pilot basis.\8\ After implementation of the
proposed amendments, the pilot would continue under the same terms that
originally established the pilot. As part of the pilot, the Exchange
would submit periodic reports and annual reports that analyze the
market impact and trading patterns of third-Friday P.M.-settled NASDAQ-
100 Index options. The reports would provide the same data and analysis
for third-Friday P.M.-settled NASDAQ-100 Index options trading under
symbol NDXP that would have been submitted for third-Friday P.M.-
settled NASDAQ-100 Index options trading under symbol NDXPM had they
been listed.
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    \8\ See Rule 1101A Commentary .05 and Securities Exchange Act
Release No. 81293 (August 2, 2017), 82 FR 37138 (August 8, 2017)
(approving SR-Phlx-2017-04).
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Implementation Date
    The Exchange intends to change the NDXPM symbol to NDXP prior to
its listing. The Exchange does not intend to list NDXPM as a separate
class. Consistent with the original NDXPM approval order, the pilot for
listing third-Friday P.M.-settled NASDAQ-100 Index options trading
under symbol NDXP would terminate on December 29, 2018.\9\
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    \9\ The NDXPM approval order provided for termination of the
pilot on the earlier to occur of (i) 12 months following the date of
the first listing of the options, or (ii) December 29, 2018. Since
fewer than 12 months now remain in 2018, the pilot will terminate on
December 29, 2018.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\10\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\11\ 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. Additionally, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \12\ requirement that the rules
of an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
    \12\ Id.
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    In particular, the Exchange believes trading P.M.-settled third-
Friday expirations under the NDXP symbol rather than the separate NDXPM
symbol will ensure market participants, particularly retail customers,
have seamless access to P.M.-settled NASDAQ-100 Index options expiring
every Friday of the month, which helps to remove impediments to and
perfect the mechanism of a free and open market. The Exchange believes
the proposed rule change will help to protect investors and the public
interest by allowing market participants to enter options positions
with the same underlying in one symbol that spans every Friday
expiration in a month, thus providing a more efficient way to gain
exposure and hedge risk.

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 not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange does not believe
the rule change will impose a burden on intramarket competition because
all market participants will continue to have access to P.M.-settled
NASDAQ-100 Index options expiring every Friday of the month and will be
able to trade them under the NDXP symbol. The proposal will not impose
a burden on intermarket competition because the options affected by
this proposal are exclusive to the Exchange.
    Additionally, the Exchange does not believe the proposal will
impose any burden on intermarket competition as market participants on
other exchanges are welcome to become members and trade at Phlx if they
determine that this proposed rule change has made Phlx more attractive
or favorable.

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

    No written comments were either solicited or received.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \13\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\14\
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    \13\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \14\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or 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 email to [email protected]. Please include
File Number SR-Phlx-2018-57 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-Phlx-2018-57. 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 a.m. and 3
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-Phlx-2018-57 and should be submitted on
or before October 2, 2018.
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    \15\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-19641 Filed 9-10-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 176 (Monday, September 12, 2011)]
[Rules and Regulations]
[Pages 56116-56117]
[FR Doc No: 2011-23145]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R09-OAR-2011-0701; FRL-9462-5]

Interim Final Determination To Stay and Defer Sanctions, San
Joaquin Valley Unified Air Pollution Control District

AGENCY: Environmental Protection Agency (EPA).

ACTION: Interim final rule.

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SUMMARY: EPA is making an interim final determination to stay the
imposition of offset sanctions and to defer the imposition of highway
sanctions based on a proposed approval of revisions to the San Joaquin
Valley Unified Air Pollution Control District (SJVUAPCD) portion of the
California State Implementation Plan (SIP) published elsewhere in this
Federal Register. The revisions concern SJVUAPCD Rules 4401 and 4605.

DATES: This interim final determination is effective on September 12,
2011. However, comments will be accepted until October 12, 2011.

ADDRESSES: Submit comments, identified by docket number EPA-R09-OAR-
2011-0701, by one of the following methods:
    1. Federal eRulemaking Portal: http://www.regulations.gov. Follow
the on-line instructions.
    2. E-mail<EMAIL_ADDRESS>    3. Mail or deliver: Andrew Steckel (Air-4), U.S. Environmental
Protection Agency Region IX, 75 Hawthorne Street, San Francisco, CA
94105-3901.
    Instructions: All comments will be included in the public docket
without change and may be made available online at http://www.regulations.gov, including any personal information provided,
unless the comment includes Confidential Business Information (CBI) or
other information whose disclosure is restricted by statute.
Information that you consider CBI or otherwise protected should be
clearly identified as such and should not be submitted through http://www.regulations.gov or e-mail. http://www.regulations.gov is an
``anonymous access'' system, and EPA will not know your identity or
contact information unless you provide it in the body of your comment.
If you send e-mail directly to EPA, your e-mail address will be
automatically captured and included as part of the public comment. If
EPA cannot read your comment due to technical difficulties and cannot
contact you for clarification, EPA may not be able to consider your
comment.
    Docket: Generally, documents in the docket for this action are
available electronically at http://www.regulations.gov and in hard copy
at EPA Region IX, 75 Hawthorne Street, San Francisco, California. While
all documents in the docket are listed at http://www.regulations.gov,
some information may be publicly available only at the hard copy
location (e.g., copyrighted material, large maps), and some may not be
publicly available in either location (e.g., CBI). To inspect the hard
copy materials, please schedule an appointment during normal business
hours with the contact listed in the FOR FURTHER INFORMATION CONTACT
section.

FOR FURTHER INFORMATION CONTACT: Adrianne Borgia, EPA Region IX, (415)
972-3576<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document, ``we,'' ``us'' and
``our'' refer to EPA.

I. Background

    On January 26, 2010 (75 FR 3996), we published a limited approval
and limited disapproval of SJVUAPCD Rules 4401 and 4605, as adopted
locally on December 14, 2006 and September 20, 2007 and submitted by
the State on May 8, 2007 and March 7, 2008 respectively. We based our
limited disapproval action on certain deficiencies in each of the
submittals. Our disapproval action started a sanctions clock for
imposition of sanctions pursuant to section 179 of the Clean Air Act
(CAA) and our regulations at 40 CFR 52.31. Under 40 CFR 52.31(d)(1),
offset sanctions apply eighteen months after the effective date of a
disapproval and highway sanctions apply six months after the offset
sanctions, unless we determine that the deficiencies forming the basis
of the disapproval have been corrected.
    On June 16, 2011, SJVUAPCD adopted revisions to Rules 4401 and 4605
that were intended to correct the deficiencies identified in our
limited disapproval action. On July 28, 2011, the State submitted these
revisions to EPA. In the Proposed Rules section of today's Federal
Register, we have proposed full approval of each of the revised rules
because we believe the revisions correct the deficiencies identified in
our January 26, 2010 limited disapproval action. Based on today's
proposed approval, we are taking this final rulemaking action,
effective on publication, to stay the imposition of the offset
sanctions and to defer the imposition of the highway sanctions
triggered by our January 26, 2010 limited disapproval. This action only
addresses SJVUAPCD Rules 4401 and 4605. SJVUAPCD Rule 4684, Polyester
Resin Operations, which was also determined to be deficient in our
January 26, 2010 limited disapproval action, and its associated
sanctions clocks, will be addressed in a separate action.
    EPA is providing the public with an opportunity to comment on this
stay/deferral of sanctions. If comments are submitted that change our
assessment described in this final determination and the proposed full
approval of revised SJVUAPCD Rules 4401 and 4605, we intend to take
subsequent final action to reimpose sanctions pursuant to 40 CFR
51.31(d). If no comments are submitted that change our assessment, then
all sanctions and sanction clocks will be permanently terminated on the
effective date of a final rule approval.

II. EPA Action

    We are making an interim final determination to stay the imposition
of the offset sanctions and to defer the imposition of the highway
sanctions associated with SJVUAPCD Rules 4401 and 4605 based on our
concurrent proposal to approve the State's SIP revisions as correcting
deficiencies that initiated sanctions.
    Because EPA has preliminarily determined that the State has
corrected the deficiencies identified in EPA's limited disapproval
action, relief from sanctions should be provided as quickly as
possible. Therefore, EPA is invoking the good cause exception under the
Administrative Procedure Act (APA) in not providing an opportunity for
comment before this action takes effect (5 U.S.C. 553(b)(3)). However,
by this action EPA is providing the public with a chance to comment on
EPA's determination after the effective date, and EPA will consider any
comments received in determining whether to reverse such action.
    EPA believes that notice-and-comment rulemaking before the
effective date of this action is impracticable and contrary to the
public interest. EPA has reviewed the State's submittal and, through
its proposed action, is indicating that it is more likely than not that
the State has corrected the deficiencies that started the sanctions
clocks. Therefore, it is not in the public interest to initially impose
sanctions or to keep applied sanctions in place when the State has most
likely done all it can to correct the deficiencies that triggered the
sanctions clocks. Moreover, it would be impracticable to go through
notice-and-comment rulemaking on a finding that the State has corrected
the deficiencies prior to the rulemaking approving the State's
submittal. Therefore, EPA believes that it is

necessary to use the interim final rulemaking process to stay and defer
sanctions while EPA completes its rulemaking process on the
approvability of the State's submittal. Moreover, with respect to the
effective date of this action, EPA is invoking the good cause exception
to the 30-day notice requirement of the APA because the purpose of this
notice is to relieve a restriction (5 U.S.C. 553(d)(1)).

III. Statutory and Executive Order Reviews

    This action stays and defers Federal sanctions and imposes no
additional requirements.
    Under Executive Order 12866 (58 FR 51735, October 4, 1993), this
action is not a ``significant regulatory action'' and therefore is not
subject to review by the Office of Management and Budget.
    This action is not subject to Executive Order 13211, ``Actions
Concerning Regulations That Significantly Affect Energy Supply,
Distribution, or Use'' (66 FR 28355, May 22, 2001) because it is not a
significant regulatory action.
    The administrator certifies that this action will not have
significant economic impact on a substantial number of small entities
under the Regulatory Flexibility Act (5 U.S.C. 601 et seq.).
    This rule does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4).
    This rule does not have Tribal implications because it will not
have a substantial direct effect on one or more Indian Tribes, on the
relationship between the Federal government and Indian Tribes, or on
the distribution of power and responsibilities between the Federal
government and Indian Tribes, as specified by Executive Order 13175 (65
FR 67249, November 9, 2000).
    This action does not have Federalism implications because it does
not have substantial direct effects on the States, on the relationship
between the national government and the States, or on the distribution
of power and responsibilities among the various levels of government,
as specified in Executive Order 13132 (64 FR 43255, August 10, 1999).
    This rule is not subject to Executive Order 13045, ``Protection of
Children from Environmental Health Risks and Safety Risks'' (62 FR
19885, April 23, 1997), because it is not economically significant.
    The requirements of section 12(d) of the National Technology
Transfer and Advancement Act of 1995 (15 U.S.C. 272) do not apply to
this rule because it imposes no standards.
    This rule does not impose an information collection burden under
the provisions of the Paperwork Reduction Act of 1995 (44 U.S.C. 3501
et seq.).
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report to Congress and the Comptroller
General. However, section 808 provides that any rule for which the
issuing agency for good cause finds that notice and public procedure
thereon are impracticable, unnecessary, or contrary to the public
interest, shall take effect at such time as the agency promulgating the
rule determines. 5 U.S.C. 808(2). EPA has made such a good cause
finding, including the reasons therefor, and established an effective
date of September 12, 2011. EPA will submit a report containing this
rule and other required information to the U.S. Senate, the U.S. House
of Representatives, and the Comptroller General of the United States
prior to publication of the rule in the Federal Register. A major rule
cannot take effect until 60 days after it is published in the Federal
Register. This rule is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the CAA, petitions for judicial review
of this action must be filed in the United States Court of Appeals for
the appropriate circuit by November 14, 2011. Filing a petition for
reconsideration by the Administrator of this final rule does not affect
the finality of this rule for the purpose of judicial review nor does
it extend the time within which petition for judicial review may be
filed, and shall not postpone the effectiveness of such rule or action.
This action may not be challenged later in proceedings to enforce its
requirements (see section 307(b)(2)).

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Incorporation by
reference, Intergovernmental regulations, Ozone, Reporting and
recordkeeping requirements, Volatile organic compounds.

    Dated: August 31, 2011.
Jared Blumenfeld,
Regional Administrator, Region IX.
[FR Doc. 2011-23145 Filed 9-9-11; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 77, Number 118 (Tuesday, June 19, 2012)]
[Rules and Regulations]
[Pages 36396-36400]
[FR Doc No: 2012-14847]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket Number USCG-2012-0477]
RIN 1625-AA00

Safety Zones; Fireworks Displays in Captain of the Port Long
Island Sound Zone

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is establishing fourteen safety zones for
fireworks displays within the Captain of the Port (COTP) Long Island
Sound Zone. This action is necessary to provide for the safety of life
on navigable waters during these events. Entry into, transit through,
mooring or anchoring within these zones is prohibited unless authorized
by the COTP Sector Long Island Sound.

DATES: This rule is effective from June 23, 2012 until July 21, 2012.
    This rule will be enforced during the specific dates and times
listed in Table of Sec.  165.T01-0477.

ADDRESSES: Documents mentioned in this preamble are part of docket
[USCG-2012-0477]. To view documents mentioned in this preamble as being
available in the docket, go to http://www.regulations.gov, type the
docket number in the ``SEARCH'' box and click ``SEARCH.'' Click on Open
Docket Folder on the line associated with this rulemaking. You may also
visit the Docket Management Facility in Room W12-140 on the ground
floor of the Department of Transportation West Building, 1200 New
Jersey Avenue SE., Washington, DC 20590, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email Petty Officer Joseph Graun, Prevention Department, U.S.
Coast Guard Sector Long Island Sound,<PHONE_NUMBER>,
<EMAIL_ADDRESS>If you have questions on viewing or submitting
material to the docket, call Renee V. Wright, Program Manager, Docket
Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Table of Acronyms

COTP Captain of the Port
DHS Department of Homeland Security
FR Federal Register
LIS Long Island Sound

A. Regulatory History and Information

    The Coast Guard is issuing this final rule without prior notice and
opportunity to comment pursuant to authority under section 4(a) of the
Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This provision
authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency for good cause finds that those
procedures are ``impracticable, unnecessary, or contrary to the public
interest.'' Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good
cause exists for not publishing a notice of proposed rulemaking (NPRM)
with respect to this rule because any delay encountered in this
regulation's effective date by publishing a NPRM would be contrary to
public interest since immediate action is needed to provide for the
safety of life and property on navigable waters from the hazardous
nature of fireworks including unexpected detonation and burning debris.
We spoke with each event sponsor and each indicated they were unable
and unwilling to move their event date to a later time for the
following reasons.
    The sponsor for North Bay Fourth of July Fireworks stated they are
unwilling to reschedule their event because it is held in conjunction
with the Independence Day holiday. Many individuals have made holiday
plans based on this fireworks event, changing the date would cause
numerous cancelations and hurt small businesses.
    Sponsors for Goren Wedding Fireworks, Goldstein Party Fireworks,
National Golf Links Fireworks and Connetquot River Boat parade
Fireworks were not aware of the requirements for submitting a marine
event application 135 days in advance resulting in a late notification
to the Coast Guard. The sponsors are now aware of this for future
events. It is not viable for the sponsors to reschedule the event due
to other activities being held in conjunction with these fireworks
displays, including a wedding and

Independence Day celebrations involving many out of town guests.
    The sponsor for Salute to Veterans Fireworks, Devon Yacht Club
Fireworks, Dolan Family Fourth Fireworks, Islip Fireworks, Madison
Fireworks, Stratford Fireworks, Rowayton Fireworks, Quarentello Wedding
Fireworks, and Niantic Bay Fireworks submitted marine event
applications with 135 day notice and on April 4, 2012 the Coast Guard
provided the public with prior notice when it published a notice of
proposed rulemaking (NPRM) entitled Special Local Regulations and
Safety Zones; Marine Events in Captain of the Port Sector Long Island
Sound Zone, in the Federal Register (77 FR 20324). The NPRM proposed
these events and advertised a public comments period. We received no
comments on the NPRM. No requests for a public meeting were received
and no public meetings were held. These events will take place in less
than 30 days and cannot be moved to a later date because many
individuals made holiday plans based on these fireworks events and
changing the dates would cause numerous cancelations and hurt small
businesses.
    For the same reasons, under 5 U.S.C. 553(d)(3), the Coast Guard
finds that good cause exists for making this rule effective less than
30 days after publication in the Federal Register.

B. Basis and Purpose

    The legal basis for this temporary rule is 33 U.S.C. 1231; 46
U.S.C. Chapter 701, 3306, 3703; 50 U.S.C. 191, 195; 33 CFR 1.05-1,
6.04-1, 6.04-6, and 160.5; Public Law 107-295, 116 Stat. 2064; and
Department of Homeland Security Delegation No. 0170.1, which
collectively authorize the Coast Guard to define regulatory safety
zones.
    This rulemaking establishes marine events involving fireworks
displays on the navigable waters of COTP Sector LIS zone. This rule is
necessary to protect waterway users from the dangers inherent to
fireworks displays.

C. Discussion of the Final Rule

    This temporary rule establishes safety zones for fourteen fireworks
displays in the COTP Sector LIS zone.

                        Fireworks Display Events
------------------------------------------------------------------------

------------------------------------------------------------------------
1. Goldstein Party Fireworks...........   Location: On Sag
                                          Harbor Cove off of Ferry Road,
                                          Sag Harbor, NY.
2. Salute to Veterans Fireworks........   Location: Waters of
                                          Reynolds Channel off
                                          Hempstead, NY.
3. Goren Wedding Fireworks.............   Location: On Bellport
                                          Bay 700 feet east of Point
                                          Road, Bellport, NY.
4. Connetquot River Boat Parade           Location: On the Great
 Fireworks.                               South Bay off Snapper Inn
                                          Restaurant, Oakdale, NY.
5. North Bay 4th of July Fireworks.....   Location: On the Great
                                          South Bay in Patchogue Bay
                                          4000 feet south east of Blue
                                          Point, NY.
6. National Golf Links Fireworks.......   Location: On the Great
                                          Peconic Bay three quarters of
                                          a mile north west of Bullhead
                                          Bay, Shinnecock, NY.
7. Devon Yacht Club Fireworks..........   Location: Waters of
                                          Napeague Bay, in Block Island
                                          Sound off Amagansett, NY.
8. Dolan Family Fourth Fireworks.......   Location: Waters of
                                          Oyster Bay Harbor in Long
                                          Island Sound off Oyster Bay,
                                          NY.
9. Islip Fireworks.....................   Location: Waters of
                                          the Great South Bay off Bay
                                          Shore Manor Park, Islip, NY.
10. Madison Fireworks..................   Location: Waters of
                                          Long Island Sound off Madison
                                          Beach in Madison, CT.
11. Stratford Fireworks................   Location: Waters of
                                          Long Island Sound surrounding
                                          Short Beach Park in Stratford,
                                          CT.
12. Rowayton Fireworks.................   Location: Waters of
                                          Long Island Sound south of
                                          Bayley Beach Park in Rowayton,
                                          CT.
13. Quarentello Wedding Fireworks......   Location: Waters of
                                          the Great South Bay southeast
                                          of Brown Point in Sayville,
                                          NY.
14. Niantic Bay Fireworks..............   Location: Waters of
                                          Niantic Bay 1,500 feet west of
                                          the Niantic River Railroad
                                          Bridge in Niantic, CT.
------------------------------------------------------------------------

    Because large numbers of spectator vessels are expected to
congregate around the location of these events, these regulated areas
are needed to protect both spectators and participants from the safety
hazards created by them including unexpected pyrotechnics detonation
and burning debris.
    This rule prevents vessels from entering, transiting, mooring or
anchoring within areas specifically designated as regulated areas
during the periods of enforcement unless authorized by the COTP or
designated representative.
    The Coast Guard has determined that these regulated areas will not
have a significant impact on vessel traffic due to their temporary
nature, limited size, and the fact that vessels are allowed to transit
the navigable waters outside of the regulated areas. The COTP will
cause public notifications to be made by all appropriate means
including but not limited to the Local Notice to Mariners and Broadcast
Notice to Mariners.

D. Regulatory Analyses

    We developed this rule after considering numerous statutes and
executive orders related to rulemaking. Below we summarize our analyses
based on several of these statutes or executive orders.

1. Regulatory Planning and Review

    This rule is not a significant regulatory action under section 3(f)
of Executive Order 12866, Regulatory Planning and Review, as
supplemented by Executive Order 13563, Improving Regulation and
Regulatory Review, and does not require an assessment of potential
costs and benefits under section 6(a)(3) of Executive Order 12866 or
under section 1 of Executive Order 13563. The Office of Management and
Budget has not reviewed it under those Orders.
    The Coast Guard determined that this rule is not a significant
regulatory action for the following reasons: The regulated areas will
be of limited duration and cover only a small portion of the navigable
waterways. Furthermore, vessels may transit the navigable waterways
outside of the regulated areas. Vessels requiring entry into the
regulated areas may be authorized to do so by the COTP or designated
representative.
    Advanced public notifications will also be made to the local
maritime

community by the Local Notice to Mariners as well as Broadcast Notice
to Mariners.

2. 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 Coast Guard
certifies under 5 U.S.C. 605(b) that this rule will not have a
significant economic impact on a substantial number of small entities.
This rule will affect the following entities, some of which may be
small entities: The owners or operators of vessels intending to transit
or anchor in the designated regulated areas during the enforcement
periods stated for each event listed below in the List of Subjects.
    The temporary safety zones will not have a significant economic
impact on a substantial number of small entities for the following
reasons: The regulated areas will be of limited size and of short
duration, and vessels that can safely do so may navigate in all other
portions of the waterways except for the areas designated as regulated
areas. Additionally, notifications will be made before the effective
period by all appropriate means, including but not limited to the Local
Notice to Mariners and Broadcast Notice to Mariners well in advance of
the events.

3. Assistance for Small Entities

    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this rule. If the rule would affect your
small business, organization, or governmental jurisdiction and you have
questions concerning its provisions or options for compliance, please
contact the person listed in the FOR FURTHER INFORMATION CONTACT,
above.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

4. Collection of Information

    This rule will not call for a new collection of information under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

5. Federalism

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on the States, on the
relationship between the national government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this rule under that Order and determined
that this rule does not have implications for federalism.

6. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to contact the person listed in the FOR FURTHER
INTFORMATION CONTACT section to coordinate protest activities so that
your message can be received without jeopardizing the safety or
security of people, places or vessels.

7. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this rule will not result in
such an expenditure, we do discuss the effects of this rule elsewhere
in this preamble.

8. Taking of Private Property

    This rule will not cause a taking of private property or otherwise
have taking implications under Executive Order 12630, Governmental
Actions and Interference with Constitutionally Protected Property
Rights.

9. Civil Justice Reform

    This rule meets applicable standards in sections 3(a) and 3(b)(2)
of Executive Order 12988, Civil Justice Reform, to minimize litigation,
eliminate ambiguity, and reduce burden.

10. Protection of Children

    We have analyzed this rule under Executive Order 13045, Protection
of Children from Environmental Health Risks and Safety Risks. This rule
is not an economically significant rule and does not create an
environmental risk to health or risk to safety that may
disproportionately affect children.

11. Indian Tribal Governments

    This rule does not have tribal implications under Executive Order
13175, Consultation and Coordination with Indian Tribal Governments,
because it does not have a substantial direct effect on one or more
Indian tribes, on the relationship between the Federal Government and
Indian tribes, or on the distribution of power and responsibilities
between the Federal Government and Indian tribes.

12. Energy Effects

    This action is not a ``significant energy action'' under Executive
Order 13211, Actions Concerning Regulations That Significantly Affect
Energy Supply, Distribution, or Use.

13. Technical Standards

    This rule does not use technical standards. Therefore, we did not
consider the use of voluntary consensus standards.

14. Environment

    We have analyzed this rule under Department of Homeland Security
Management Directive 023-01 and Commandant Instruction M16475.lD, which
guide the Coast Guard in complying with the National Environmental
Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f), and have determined
that this action is one of a category of actions that do not
individually or cumulatively have a significant effect on the human
environment. This rule involves the establishment of safety zones. This
rule is categorically excluded from further review under paragraph
34(g) of Figure 2-1 of the Commandant Instruction. An environmental
analysis checklist supporting this determination and a Categorical
Exclusion Determination are available in the docket where indicated
under ADDRESSES. We seek any comments or information that may lead to
the discovery of a significant environmental impact from this rule.

List of Subjects in 33 CFR Part 165

    Harbors, Marine safety, Navigation (water), Reporting and
recordkeeping requirements, Security measures, and Waterways.

    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority: 33 U.S.C. 1231; 46 U.S.C. Chapter 701, 3306, 3703; 50
U.S.C. 191, 195;

33 CFR 1.05-1, 6.04-1, 6.04-6, and 160.5; Pub. L. 107-295, 116 Stat.
2064; and Department of Homeland Security Delegation No. 0170.1.

0
2. Add Sec.  165.T01-0477 to read as follows:

Sec.  165.T01-0477  Safety Zones; Fireworks Displays in Captain of the
Port Long Island Sound Zone.

    (a) Regulations. The general regulations contained in 33 CFR 165.23
as well as the following regulations apply to the events listed in the
TABLE of Sec.  165.T01-0477. These regulations will be enforced for the
duration of each event.
    (b) Definitions. The following definitions apply to this section:
    (1) Designated Representative. A ``designated representative'' is
any Coast Guard commissioned, warrant or petty officer of the U.S.
Coast Guard who has been designated by the Captain of the Port (COTP),
Sector Long Island Sound, to act on his or her behalf. The designated
representative may be on an official patrol vessel or may be on shore
and will communicate with vessels via VHF-FM radio or loudhailer. In
addition, members of the Coast Guard Auxiliary may be present to inform
vessel operators of this regulation.
    (2) Official Patrol Vessels. Official patrol vessels may consist of
any Coast Guard, Coast Guard Auxiliary, state, or local law enforcement
vessels assigned or approved by the COTP.
    (3) Spectators. All persons and vessels not registered with the
event sponsor as participants or official patrol vessels.
    (c) Vessel operators desiring to enter or operate within the
regulated areas should contact the COTP or the designated
representative via VHF channel 16 or by telephone at<PHONE_NUMBER> to
obtain permission to do so.
    (d) Spectators shall not anchor, block, loiter, or impede the
transit of event participants or official patrol vessels in the
regulated areas during the effective dates and times, or dates and
times as modified through the Local Notice to Mariners, unless
authorized by COTP or designated representative.
    (e) The COTP or designated representative may delay or terminate
any marine event in this subpart at any time it is deemed necessary to
ensure the safety of life or property.
    (f) The regulated area for all fireworks displays listed in the
TABLE of Sec.  165.T01-0477 is that area of navigable waters within a
1000 foot radius of the launch platform or launch site for each
fireworks display. Fireworks barges used in these locations will also
have a sign on their port and starboard side labeled ``FIREWORKS--STAY
AWAY.'' This sign will consist of 10 inch high by 1.5 inch wide red
lettering on a white background. Shore sites used in these locations
will display a sign labeled ``FIREWORKS--STAY AWAY'' with the same
dimensions.

                      Table of Sec.   165.T01-0477
                        Fireworks Display Events
------------------------------------------------------------------------

------------------------------------------------------------------------
 1 Goldstein Party Fireworks...........   Date: June 23, 2012.
                                          Rain Date: June 24,
                                          2012.
                                          Time: 8:30 p.m. to
                                          10:30 p.m.
                                          Location: A point in
                                          Sag Harbor Cove off of Ferry
                                          Road, Sag Harbor, NY in
                                          approximate position
                                          41[deg]00'15.39'' N,
                                          072[deg]18'21.92'' W (NAD 83).
 2 Salute to Veterans Fireworks........   Date: June 23, 2012.
                                          Rain Date: June 30,
                                          2012.
                                          Location: Waters of
                                          Reynolds Channel off
                                          Hempstead, NY in approximate
                                          position 40[deg]35'36.62'' N,
                                          073[deg]35'20.72'' W (NAD 83).
 3 Goren Wedding Fireworks.............   Date: June 30, 2012.
                                          Rain Date: July 1,
                                          2012.
                                          Time: 8:30 p.m. to
                                          10:30 p.m.
                                          Location: A point in
                                          Bellport Bay 700 feet east of
                                          Point Road, Bellport, NY in
                                          approximate position
                                          40[deg]44'31.18'' N,
                                          072[deg]56'31.38'' W (NAD 83).
 4 Connetquot River Boat Parade           Date: July 3, 2012.
 Fireworks.                               Rain Date: July 5,
                                          2012.
                                          Time: 8:30 p.m. to
                                          10:30 p.m.
                                          Location: A point on
                                          the Connetquot River off
                                          Snapper Inn Restaurant,
                                          Oakdale, NY in approximate
                                          position 40[deg]43'32.38'' N,
                                          073[deg]9'2.64'' W (NAD 83).
 5 North Bay 4th of July Fireworks.....   Date: July 4, 2012.
                                          Rain Date: July 5,
                                          2012.
                                          Time: 8:30 p.m. to
                                          10:30 p.m.
                                          Location: A point on
                                          the Great South Bay in
                                          Patchogue Bay 4000 feet south
                                          east of Blue Point, NY in
                                          approximate position
                                          40[deg]44'6.28'' N,
                                          073[deg]1'2.5'' W (NAD 83).
 6 National Golf Links Fireworks.......   Date: July 6, 2012.
                                          Rain Date: July 7,
                                          2012.
                                          Time: 8:30 p.m. to
                                          10:30 p.m.
                                          Location: A point on
                                          the Great Peconic Bay \3/4\ of
                                          a mile north west of Bullhead
                                          Bay, Shinnecock, NY in
                                          approximate position
                                          40[deg]55'11.79'' N,
                                          072[deg]28'4.34'' W (NAD 83).
 7 Devon Yacht Club Fireworks..........   Date: July 7, 2012.
                                          Rain Date: July 8,
                                          2012.
                                          Location: Waters of
                                          Napeague Bay, in Block Island
                                          Sound off Amagansett, NY in
                                          approximate position
                                          40[deg]59'41.4'' N,
                                          072[deg]6'8.7'' W (NAD 83).
 8 Dolan Family Fourth Fireworks.......   Date: July 4, 2012.
                                          Rain Date: July 5,
                                          2012.

                                          Location: Waters of
                                          Oyster Bay Harbor in Long
                                          Island Sound off Oyster Bay,
                                          NY in approximate position
                                          40[deg]53'42.50'' N,
                                          073[deg]30'04.30'' W (NAD 83).
 9 Islip Fireworks.....................   Date: July 4, 2012.
                                          Rain Date: July 5,
                                          2012.
                                          Location: Waters of
                                          the Great South Bay off Bay
                                          Shore Manor Park, Islip, NY in
                                          approximate position
                                          40[deg]42'24'' N,
                                          073[deg]14'24'' W (NAD 83).
10 Madison Fireworks...................   Date: July 4, 2012.
                                          Rain Date: July 7,
                                          2012.
                                          Location: Waters of
                                          Long Island Sound off Madison
                                          Beach in Madison, CT in
                                          approximate position
                                          41[deg]16'3.93'' N,
                                          072[deg]36'15.97'' W (NAD 83).
11 Stratford Fireworks.................   Date: July 3, 2012.
                                          Rain Date: July 5,
                                          2012.
                                          Location: Waters of
                                          Long Island Sound surrounding
                                          Short Beach Park in Stratford,
                                          CT in approximate position
                                          41[deg]09'50.82'' N,
                                          073[deg]6'47.13'' W (NAD 83).
12 Rowayton Fireworks..................   Date: July 4, 2012.
                                          Rain Date: July 5,
                                          2012.
                                          Location: Waters of
                                          Long Island Sound south of
                                          Bayley Beach Park in Rowayton,
                                          CT in approximate position
                                          41[deg]03'11'' N,
                                          073[deg]26'41'' W (NAD 83).
13 Quarentello Wedding Fireworks.......   Date: July 21, 2012.
                                          Rain Date: None.
                                          Location: Waters of
                                          the Great South Bay south east
                                          of Brown Point in Sayville, NY
                                          in approximate position
                                          40[deg]43'19'' N,
                                          073[deg]03'53'' W (NAD 83).
14 Niantic Bay Fireworks...............   Date: July 6, 2012.
                                          Rain Date: July 7,
                                          2012.
                                          Location: Waters of
                                          Niantic Bay 1500 feet west of
                                          the Niantic River Railroad
                                          Bridge in Niantic, CT in
                                          approximate position
                                          41[deg]19'22.59'' N,
                                          072[deg]11'3.47'' W (NAD 83).
------------------------------------------------------------------------

    Dated: June 7, 2012.
J.M. Vojvodich,
Captain, U.S. Coast Guard, Captain of the Port Sector Long Island
Sound.
[FR Doc. 2012-14847 Filed 6-18-12; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 82, Number 24 (Tuesday, February 7, 2017)]
[Notices]
[Pages 9617-9619]
[FR Doc No: 2017-02441]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79913; File No. SR-PEARL-2017-01]

Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Establish MIAX
PEARL Top of Market (``ToM'') and MIAX PEARL Liquidity Feed (``PLF'')
Data Products

February 1, 2017.
    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 January 19, 2017, MIAX PEARL, LLC (``MIAX PEARL'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') a
proposed rule change as described in Items I, II, and III, below, which
Items have been prepared by the Exchange. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange is filing a proposal to establish certain market data
products. The text of the proposed rule change is available on the
Exchange's Web site at http://www.miaxoptions.com/rule-filings/pearl,
at MIAX PEARL'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, the Exchange 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. The Exchange 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 Exchange proposes to establish the MIAX PEARL Top of Market
(``ToM'') and MIAX PEARL Liquidity Feed (``PLF'') data products.
    ToM provides market participants with a direct data feed that
includes the Exchange's best bid and offer, with aggregate size, and
last sale information, based on order and quoting interest on the
Exchange. The ToM data feed includes data that is identical to the data
sent to the processor for the Options Price Reporting Authority
(``OPRA''). The ToM and OPRA data leave the MIAX PEARL System \3\ at
the same time, as required under Section 5.2(c)(iii)(B) of the Limited
Liability Company Agreement of the Options Price Reporting Authority
LLC (the ``OPRA Plan''), which prohibits the dissemination of
proprietary information on any more timely basis than the same
information is furnished to the OPRA system for inclusion in OPRA's
consolidated dissemination of options information. ToM will also
contain a feature that provides the number of Priority Customer \4\
contracts that are included in the size associated with the Exchange's
best bid and offer.
---------------------------------------------------------------------------

    \3\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
    \4\ The term ``Priority Customer'' means a person or entity that
(i) is not a broker or dealer insecurities, and (ii) does not place
more than 390 orders in listed options per day on average during a
calendar month for its own beneficial account(s). See Exchange Rule
100.
---------------------------------------------------------------------------

    PLF is a real-time full order book data feed that provides
information for orders on the MIAX PEARL order book. PLF will provide
real-time information to enable users to keep track of the simple order
book for all symbols listed on MIAX PEARL. PLF will provide the
following real-time data to its users with respect to each order for
the entire order book: Origin, limit price, side, size, and time-in-
force (e.g., day, GTC). It is a compilation of data for orders residing
on the Exchange's order book for options traded on the Exchange that
the Exchange provides through a real-time multi-cast data feed. The
Exchange updates the information upon receipt of each order or change
in status to any order resting on the book (e.g., routing, trading, or
cancelling of the order).
    PLF will provide subscribers with specific order book data that
should enhance their ability to analyze market conditions, and to
create and test trading models and analytical strategies. The Exchange
believes the PLF is a valuable tool that subscribers can use to gain
comprehensive insight into the limit order book in a particular option.
    The proposed data products provide valuable information that can
help subscribers make informed investment decisions, and operate in the
same manner as similar data products offered by the Miami International
Securities Exchange, LLC (``MIAX Options''), namely the MIAX Options
Top of Market data product (``MIAX ToM'') \5\ and the MIAX Options
Order Feed data product (``MOR'').\6\ Each of these proposed data
products is available to members and non-members, and to both
professional and non-professional subscribers.
---------------------------------------------------------------------------

    \5\ For a complete description of the MIAX Options ToM data
product, see Securities Exchange Act Release No. 69007 (February 28,
2013), 78 FR 14617 (March 6, 2013) (SR-MIAX-2013-05); Securities
Exchange Act Release No. 69518 (May 6, 2013), 78 FR 27462 (May 10,
2013) (SR-MIAX-2013-18); Securities Exchange Act Release No. 73395
(October 21, 2014), 79 FR 63979 (October 27, 2014) (SR-MIAX-2014-
53).
    \6\ For a complete description of the MOR data product, see
Securities Exchange Act Release No. 74759 (April 17, 2015), 80 FR
22749 (April 23, 2015) (SR-MIAX-2015-28).
---------------------------------------------------------------------------

    The Exchange represents that it will make ToM and PLF equally
available to any market participant that wishes to subscribe to it. The
Exchange will establish monthly fees for the ToM data product and the
PLF data product by way of separate proposed rule changes, which the
Exchange will submit after the ToM and PLF products are established.
2. Statutory Basis
    MIAX PEARL believes that its proposed rule change is consistent
with Section 6(b) of the Act \7\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \8\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, to remove impediments to and perfect the
mechanisms of a free and open market and a national market system and,
in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The ToM market data product is designed to promote just and
equitable principles of trade by providing all subscribers with top of
market data that includes the Exchange's best bid and offer, with
aggregate size, and last sale information, based on order and quoting
interest on the Exchange that should enable them to make informed
decisions on trading on MIAX PEARL by using the ToM data to assess
current market conditions that directly affect such decisions.
    The PLF market data product is designed to promote just and
equitable principles of trade by providing all subscribers with limit
order book data that should enable them to make informed decisions on
trading MIAX PEARL options by using the PLF data to assess current
market conditions that directly affect such decisions.
    The proposed ToM and PLF market data products facilitate
transactions in securities, remove impediments to and perfect the
mechanisms of a free and open market and a national market system by
enhancing the subscriber's ability to make decisions on trading
strategy and by providing data which should help bring about such
decisions in a timely manner to the protection of investors and the
public interest. The market data provided by both ToM and PLF removes
impediments to, and is designed to further perfect, the mechanisms of a
free and open market and a national market system by making the MIAX
PEARL market more transparent and accessible to market participants
making routing decisions concerning their options orders. The Exchange
notes that the data provided on each of these data products are similar
to and provide the same data as provided by data products of MIAX
Options with respect to options traded on that exchange.\9\ The
Exchange believes that it is in the public interest to make similar
information available with respect to options traded on MIAX PEARL.
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    \9\ See supra notes 5 and 6.
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    The proposed ToM and PLF market data products are also designated
to protect investors and the public interest by providing data to
subscribers that is already currently available on other

competing exchanges which are similar to MIAX PEARL \10\ and will
enable MIAX PEARL to compete with such other exchanges, thereby
offering market participants with additional data in order to seek the
market center with the best price and the most liquidity on which to
execute their transactions, all to the benefit of investors and the
public interest, and to the marketplace as a whole.
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    \10\ ISE Gemini, LLC (``Gemini'') is a maker-taker pricing model
exchange similar to MIAX PEARL and has similar data products to ToM
and PLF available to Gemini's users, including the ISE Gemini TOP
Quote and ISE Gemini Order Feed. See ISE Gemini Fee Schedule
Sections V.A (ISE Gemini Order Feed) and V.B (ISE Gemini TOP Quote);
see Securities Exchange Act Release No. 71087 (December 17, 2013),
78 FR 77545 (December 23, 2013) (SR-Topaz-2013-17).
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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. On the contrary, the
Exchange believes that the new market data products will enhance
competition in the U.S. options markets by providing users of MIAX
PEARL market data products that are similar to that which are currently
provided on other competing options exchanges.\11\
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    \11\ Id.
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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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \12\ and Rule 19b-4(f)(6) \13\
thereunder.
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    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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    The Exchange has asked the Commission to waive the 30-day operative
delay so that the proposal may become operative immediately upon
filing. The Exchange has noted that waiving the operative delay would
enable the Exchange to make the ToM and PLF market data products
available to subscribers at the time of the launch of trading on the
Exchange, which is scheduled for February 6, 2017. The Exchange has
further argued that this would enable the Exchange to better compete
with other exchanges by offering market participants additional data in
order to seek the market center with the best prices and the most
liquidity on which to execute their transactions. The Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest, because such waiver
will enable the Exchange to begin offering these data products at the
time of the launch of trading on the Exchange. In addition, as noted by
the Exchange, the proposal is consistent with the rules of other self-
regulatory organizations previously approved by the Commission.\14\ For
these reasons, the Commission designates the proposed rule change as
operative upon filing.\15\
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    \14\ See supra notes 5 and 6.
    \15\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    At any time within 60 days of the filing of the 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 to
determine whether the proposed rule should be approved or 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 email to<EMAIL_ADDRESS>Please include
File Number SR-PEARL-2017-01 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-PEARL-2017-01. 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 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
10:00 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; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-PEARL-2017-01 and should be
submitted on or before February 28, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-02441 Filed 2-6-17; 8:45 am]
 BILLING CODE 8011-01-P