process. The pairs, along with values of the matching variables (pre-
period), are shown as follows:

                                                  Table 3A--Retail Program Matched Sample CADV >500,000
                                                                     [Sep-Nov 2014]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                 Treatment stocks                                                              Control stocks
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                              Avg sprd   Avg sprd                                                    Avg sprd   Avg sprd
             Symbol                     ADV       Avg price     ($)        (bps)           Symbol              ADV       Avg price     ($)       (bps)
--------------------------------------------------------------------------------------------------------------------------------------------------------
AA..............................      19,848,728     $16.29     $0.010       6.17   ITUB...............      15,391,611     $15.06     $0.010       6.70
AG..............................       1,868,134       7.10      0.010      15.21   CUZ................       1,707,347      12.49      0.010       8.27
AINV............................       1,804,765       8.30      0.010      12.24   BVN................       1,783,634      11.21      0.011      10.10
AMBA............................       2,103,392      42.35      0.062      14.79   PLD................       2,692,357      39.81      0.011       2.90
APO.............................       1,356,506      23.15      0.021       9.23   BRX................       1,278,575      23.37      0.017       7.12
AXAS............................       2,961,152       4.58      0.010      22.80   CIG................       5,661,208       6.35      0.010      16.10
BCRX............................       1,244,583      11.27      0.021      18.89   CLI................         899,677      19.58      0.016       8.08
BUD.............................       1,367,716     110.28      0.030       2.76   TOT................       1,409,344      60.36      0.023       3.83
BX..............................       4,891,093      31.38      0.014       4.46   COG................       6,157,960      32.25      0.012       3.76
CLNE............................       1,664,000       7.39      0.012      16.09   DRH................       1,577,838      13.54      0.010       7.59
CMCM............................         892,660      20.49      0.057      27.49   MDU................       1,080,599      27.56      0.019       6.71
CSIQ............................       3,978,563      32.55      0.034      10.54   CNQ................       4,352,711      37.08      0.012       3.35
DO..............................       2,028,802      37.29      0.026       6.93   HCP................       2,538,605      42.25      0.012       2.73
DSX.............................         726,289       8.85      0.012      14.11   FNB................         879,836      12.44      0.010       8.36
F...............................      34,678,316      15.13      0.010       6.65   FOXA...............      13,032,567      34.41      0.010       2.95
FEYE............................       8,234,032      31.44      0.022       7.22   HST................       6,716,845      22.14      0.010       4.62
FNSR............................       2,320,485      16.88      0.012       7.33   TPH................       2,159,710      13.94      0.012       8.68
GME.............................       2,808,482      41.86      0.018       4.25   SNY................       2,182,012      51.81      0.018       3.45
GNW.............................       9,907,097      12.24      0.010       8.49   SAN................      10,583,634       9.09      0.010      11.05
GRPN............................      16,296,242       6.85      0.010      14.75   SLM................       4,532,083       9.17      0.010      11.09
HAIN............................         566,626     103.28      0.083       8.09   SLG................         788,370     109.07      0.057       5.28
HALO............................       1,250,394       9.12      0.011      12.49   HTA................       1,419,408      12.29      0.010       8.48
IRBT............................         712,902      33.02      0.045      13.54   LHO................         859,601      36.72      0.018       5.05
JWN.............................       1,472,964      70.84      0.025       3.49   ETR................       1,607,873      79.55      0.025       3.10
LSCC............................       1,168,221       6.88      0.011      15.53   RPAI...............       1,047,067      15.36      0.011       6.95
LYG.............................       3,517,062       4.88      0.010      20.51   GGB................       7,013,600       4.81      0.010      21.01
MMP.............................         839,403      82.37      0.094      11.51   AVB................         926,288     150.78      0.072       4.79
NOK.............................      18,264,234       8.24      0.010      12.15   BBD................      11,667,774      15.32      0.010       6.59
O...............................       2,027,017      44.15      0.014       3.16   NI.................       2,220,002      40.72      0.013       3.30
OHI.............................       1,490,422      36.76      0.013       3.43   AIV................       1,214,436      34.32      0.013       3.71
RCII............................         819,241      30.46      0.024       7.91   RLJ................         735,277      30.37      0.016       5.38
SINA............................       1,550,979      41.43      0.036       8.79   IBN................       1,251,526      54.07      0.024       4.51
SNE.............................       3,075,849      18.86      0.010       5.40   DRE................       2,595,753      18.25      0.010       5.62
SPWR............................       2,347,451      32.45      0.025       7.78   FTI................       2,360,200      54.47      0.024       4.39
STX.............................       2,989,069      59.38      0.022       3.76   NBL................       2,781,689      61.96      0.025       4.08

SYNA............................       1,066,414      71.57      0.092      12.64   CPT................         642,738      72.84      0.031       4.31
TERP............................         626,425      28.72      0.080      27.81   HR.................         601,104      25.09      0.015       6.18
UA..............................       2,678,432      67.54      0.032       4.80   EQR................       2,303,635      66.21      0.018       2.77
ULTA............................       1,061,441     116.53      0.092       7.86   BXP................         890,862     121.67      0.066       5.45
WPC.............................         525,756      66.30      0.034       5.07   KRC................         535,203      63.70      0.037       5.78
X...............................       8,326,606      37.65      0.015       4.14   EXC................       6,409,198      34.91      0.011       3.02
                                 --------------------------------------------------                     ------------------------------------------------
    Avg.........................       4,325,804      35.51      0.029      10.49   Avg................       3,329,018      38.94      0.019       6.27
--------------------------------------------------------------------------------------------------------------------------------------------------------

                                                                      Table 3B--Retail Program Matched Sample CADV >500,000
                                                                                [2017--2018]
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           Treatment stocks                                                                                Control stocks
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Avg                                                                                Avg      Avg
                   Symbol                     RMO  %   RMO  %      ADV        Avg      sprd   Avg sprd              Symbol               RMO  %   RMO  %      ADV        Avg      sprd     sprd
                                                BX      Ind                  price     ($)      (bps)                                      BX      Ind                  price     ($)     (bps)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
AA.........................................     1.30     0.04    4,075,295   $41.33   $0.022     5.27   ITUB..........................     0.04    0.001   12,139,536   $12.55   $0.010     8.11
AG.........................................     1.71     0.04    3,361,556     7.04    0.010    14.70   CUZ...........................     0.02    0.001    3,842,736     8.86    0.010    11.51
AINV.......................................     1.93     0.06      865,116     6.18    0.011    17.22   BVN...........................     0.02    0.001    1,343,091    13.68    0.012     8.61
AMBA.......................................     3.68     0.10    1,006,023    48.50    0.062    12.93   PLD...........................     0.09    0.004    2,672,000    61.33    0.018     2.88
APO........................................     1.38     0.04    1,098,761    29.62    0.030     9.93   BRX...........................     0.07    0.003    3,076,634    18.10    0.011     5.96
AXAS.......................................     1.33     0.04    1,492,938     2.15    0.010    48.85   CIG...........................     0.11    0.003    4,402,939     2.48    0.010    41.72
BCRX.......................................     1.86     0.06    1,176,068     6.02    0.013    21.42   CLI...........................     0.07    0.003      593,039    22.59    0.019     8.24
BUD........................................     1.22     0.04    1,764,121   105.16    0.032     3.12   TOT...........................     0.09    0.002    1,764,192    55.96    0.012     2.08
BX.........................................     2.61     0.05    4,550,664    32.76    0.013     3.94   COG...........................     0.10    0.003    6,100,394    24.46    0.011     4.34
CLNE.......................................     1.31     0.04    1,346,149     2.36    0.010    45.01   DRH...........................     0.01    0.000    2,300,351    11.21    0.010     9.17
CMCM.......................................     1.85     0.05    1,059,402    10.70    0.023    21.69   MDU...........................     0.06    0.003      842,527    27.03    0.014     5.05
CSIQ.......................................     4.27     0.13    1,025,349    14.98    0.021    13.76   CNQ...........................     0.11    0.003    2,808,082    32.12    0.010     3.28
DO.........................................     1.05     0.04    2,326,499    15.80    0.013     8.14   HCP...........................     0.08    0.003    3,666,607    27.46    0.011     3.94
DSX........................................     2.44     0.06      589,433     4.02    0.012    29.70   FNB...........................     0.09    0.004    2,706,799    13.63    0.010     7.60
F..........................................     1.77     0.05   40,375,950    11.11    0.010     9.11   FOXA..........................     0.13    0.003   10,396,614    35.77    0.010     3.02
FEYE.......................................     1.96     0.05    4,768,737    15.54    0.010     6.81   HST...........................     0.03    0.001    6,942,056    19.29    0.010     5.28
FNSR.......................................     2.49     0.06    3,459,073    21.85    0.015     6.74   TPH...........................     0.08    0.003    1,937,468    14.46    0.011     7.61
GME........................................     1.35     0.04    3,433,058    18.21    0.011     6.34   SNY...........................     0.05    0.001    1,609,403    44.08    0.011     2.51
GNW........................................     1.76     0.04    4,516,565     3.75    0.010    27.39   SAN...........................     0.10    0.002    6,841,859     6.04    0.010    16.83
GRPN.......................................     1.16     0.04    8,719,062     4.22    0.010    24.46   SLM...........................     0.08    0.003    3,172,237    11.18    0.010     9.37
HAIN.......................................     1.33     0.04    1,583,844    33.81    0.023     6.98   SLG...........................     0.05    0.002      803,572   100.37    0.074     7.37
HALO.......................................     1.60     0.05    1,125,888    16.21    0.021    12.87   HTA...........................     0.06    0.003    1,542,950    28.57    0.013     4.41
IRBT.......................................     2.76     0.07      906,753    79.44    0.114    14.03   LHO...........................     0.07    0.003    1,633,753    30.43    0.015     5.08
JWN........................................     1.13     0.04    2,630,160    49.12    0.029     5.96   ETR...........................     0.08    0.003    1,375,231    79.52    0.032     3.97
LSCC.......................................     1.27     0.04      983,954     6.48    0.011    16.82   RPAI..........................     0.05    0.002    1,794,420    12.83    0.010     8.10
LYG........................................     1.86     0.06    6,256,365     3.44    0.010    29.36   GGB...........................     0.09    0.002    9,702,367     3.88    0.010    26.36
MMP........................................     1.37     0.05      830,180    69.21    0.060     8.74   AVB...........................     0.08    0.003      680,029   178.52    0.138     7.73
NOK........................................     3.01     0.08   14,759,305     5.62    0.010    17.95   BBD...........................     0.03    0.001   11,438,559     9.63    0.010    10.66
O..........................................     1.09     0.04    1,910,582    56.53    0.021     3.69   NI............................     0.08    0.003    3,013,746    25.14    0.011     4.20
OHI........................................     1.17     0.04    2,090,596    30.98    0.012     3.77   AIV...........................     0.04    0.002    1,089,725    43.30    0.021     4.90
RCII.......................................     1.90     0.07    1,785,282    11.67    0.012    10.61   RLJ...........................     0.04    0.002    1,419,592    21.45    0.012     5.44
SINA.......................................     2.01     0.07      980,389    88.41    0.105    11.94   IBN...........................     0.07    0.002    7,497,988     9.05    0.010    11.20
SNE........................................     1.21     0.04      983,669    44.35    0.016     3.55   DRE...........................     0.02    0.001    2,533,025    27.60    0.011     3.89
SPWR.......................................     3.72     0.10    2,639,031     7.70    0.011    13.99   FTI...........................     0.11    0.003    3,833,234    29.62    0.010     3.52
STX........................................     1.33     0.04    4,569,307    45.84    0.017     3.69   NBL...........................     0.10    0.003    5,080,490    30.49    0.011     3.66
SYNA.......................................     1.26     0.04      798,985    45.96    0.064    14.12   CPT...........................     0.07    0.003      589,346    87.99    0.068     7.76
TERP.......................................     0.92     0.04      582,896    11.83    0.015    12.75   HR............................     0.05    0.002      835,377    30.63    0.017     5.58
UA.........................................     2.66     0.06    4,079,322    17.47    0.011     6.29   EQR...........................     0.05    0.002    1,868,111    64.58    0.023     3.62
ULTA.......................................     1.29     0.04    1,064,638   251.09    0.229     9.18   BXP...........................     0.06    0.003      731,983   124.60    0.097     7.86
WPC........................................     1.41     0.05      521,446    65.49    0.049     7.57   KRC...........................     0.04    0.002      552,027    72.00    0.060     8.31
X..........................................     2.61     0.04   13,020,309    30.64    0.012     4.06   EXC...........................     0.05    0.002    5,496,241    39.40    0.010     2.66
                                            -----------------------------------------------------------                                ---------------------------------------------------------
    Avg....................................     1.84     0.05    3,783,237    33.48    0.029    13.52   Avg...........................     0.07     0.00    3,479,764    36.88    0.022     7.64
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

IV. Less Active Stocks (CADV Between 50,000 and 500,000) and Post-
Period = 2017-2018

    For this sample, there were 49 matched pairs that emerged from the
process. The pairs, along with values of the matching variables (pre-
period), are shown as follows:

                                            Table 4A--Retail Program Matched Sample >50,000 and <500,000 CADV
                                                                     [Sep-Nov 2014]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                 Treatment stocks                                                              Control stocks
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                              Avg sprd   Avg sprd                                                    Avg sprd   Avg sprd
             Symbol                     ADV       Avg price     ($)        (bps)           Symbol              ADV       Avg price     ($)       (bps)
--------------------------------------------------------------------------------------------------------------------------------------------------------
AI..............................         380,780     $26.88     $0.020       7.45   DSL................         361,600     $21.43     $0.022      10.36
ANIK............................         240,282      39.38      0.089      22.92   WABC...............         223,670      48.09      0.083      17.22
APU.............................         310,097      45.68      0.046      10.16   WST................         306,905      46.65      0.050      10.72
AUDC............................         153,063       4.91      0.022      45.54   RVT................         191,392      14.93      0.020      13.56
BLX.............................         130,799      32.10      0.060      18.85   STC................         120,951      32.12      0.061      19.03
COHU............................         104,702      11.53      0.044      38.27   CSGS...............         157,547      26.18      0.047      18.17
DBL.............................          78,900      23.75      0.044      18.48   TRNO...............          82,554      20.20      0.053      26.35
DMB.............................          55,155      11.99      0.023      19.20   CHT................          77,541      30.23      0.032      10.48
DSM.............................         126,484       8.06      0.014      16.91   FRA................         131,349      13.84      0.013       9.68
FDUS............................          68,041      17.12      0.061      35.44   LION...............          76,072      14.50      0.082      57.41
FRSH............................         132,657       9.45      0.068      71.68   CBU................         127,820      35.74      0.063      17.62
GAIN............................         110,718       7.34      0.015      20.05   EOS................         144,318      13.72      0.015      11.22
GASS............................         155,935       8.44      0.028      33.44   CENTA..............         144,524       8.25      0.032      39.17
GBDC............................         188,201      16.89      0.029      16.92   NCI................         176,055      14.60      0.028      19.24
GLAD............................         128,184       9.02      0.026      28.43   TI.................         159,450      11.04      0.020      17.79
GMLP............................         163,282      35.15      0.146      41.52   UMBF...............         157,424      56.89      0.146      25.85
GOOD............................         112,763      17.57      0.031      17.67   CPF................         114,830      18.46      0.031      16.70
GSVC............................         139,253      10.14      0.034      33.84   NBHC...............         160,159      19.39      0.035      18.25
HTGC............................         341,319      15.10      0.019      12.93   NFBK...............         271,599      13.78      0.019      13.77
IEP.............................         129,299     105.09      0.255      24.34   LANC...............         127,008      88.16      0.207      23.53
KCAP............................         302,537       7.93      0.016      19.82   ETJ................         306,544      11.54      0.015      13.14
LRAD............................         234,963       2.87      0.020      71.58   MFG................         335,904       3.60      0.010      28.25
MAGS............................         352,530       4.58      0.052     114.83   RTRX...............         445,328      10.54      0.043      40.96
MAIN............................         202,931      31.39      0.039      12.33   MLI................         201,430      30.24      0.039      13.07
MUA.............................          52,623      13.29      0.023      17.06   GHY................         173,681      16.48      0.020      12.16
MUE.............................          65,631      13.24      0.017      13.04   ISF................          67,500      25.39      0.019       7.65
NANO............................         111,903      14.88      0.051      34.61   MG.................         120,243      18.37      0.049      26.63
NDP.............................          93,945      24.11      0.067      28.08   THR................         115,353      24.59      0.057      23.42
NEP.............................         188,649      34.86      0.185      53.54   PLXS...............         171,711      38.76      0.084      21.71
OIA.............................          93,055       6.77      0.013      19.36   AWP................         257,107       6.89      0.011      15.68
PBT.............................         145,410      12.85      0.030      23.84   DAKT...............         171,820      12.89      0.031      24.21
PCK.............................          59,924       9.45      0.024      25.50   ETV................         207,431      14.89      0.019      12.73
PFLT............................          67,807      14.02      0.045      31.98   DGRW...............          66,466      29.59      0.043      14.58
PFMT............................         311,460       8.16      0.025      30.92   FSS................         280,570      14.16      0.024      16.88
PGP.............................         131,368      23.08      0.086      37.58   EXLS...............         133,974      26.59      0.078      29.49
PMF.............................          58,501      14.07      0.025      17.56   SKYY...............          66,651      27.35      0.035      12.85
PMX.............................          73,074      10.85      0.020      18.60   CII................         136,940      14.78      0.016      11.17
SDLP............................         456,457      28.00      0.075      26.78   FUL................         468,387      42.02      0.049      11.58
SHLO............................          50,103      16.93      0.107      63.20   UFCS...............          56,599      29.25      0.125      42.48
SJT.............................          96,558      18.27      0.062      34.17   GRAM...............          92,291      14.22      0.057      40.66
SLRC............................         214,437      18.95      0.025      13.39   PFS................         201,034      17.16      0.023      13.22
SPH.............................         166,532      44.68      0.092      20.53   CNMD...............         162,637      40.04      0.086      21.35
TCPC............................         332,634      16.60      0.028      16.75   NFJ................         271,825      17.73      0.027      15.41
TOUR............................         318,343      17.36      0.073      42.30   SYKE...............         253,700      21.34      0.040      18.74
TSLX............................         138,306      16.95      0.043      25.68   FBC................         136,538      16.29      0.038      23.25
VOC.............................         132,226      11.27      0.041      38.08   CCU................         144,842      21.38      0.044      20.58
WBK.............................         174,452      29.49      0.034      11.61   IFGL...............         147,189      30.54      0.034      11.29
WLDN............................         180,819      13.99      0.061      43.65   FTGC...............         169,252      29.57      0.057      19.47
WSR.............................          98,234      14.57      0.031      21.33   SOCL...............         122,280      19.37      0.029      15.22
                                 --------------------------------------------------                     ------------------------------------------------
    Avg.........................         166,435      19.37      0.051      29.83   Avg................         179,551      23.95      0.046      19.88
--------------------------------------------------------------------------------------------------------------------------------------------------------

                                                                Table 4B--Retail Program Matched Sample CADV >50,000 and <500,000
                                                                                [2017-2018]
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           Treatment stocks                                                                                Control stocks
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                          RMO  %   RMO  %                         Avg Sprd   Avg Sprd                                RMO  %   RMO  %                         Avg Sprd   Avg Sprd
                 Symbol                     BX      Ind       ADV     Avg Price     ($)        (bps)              Symbol               BX      Ind       ADV     Avg Price     ($)       (bps)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
AI.....................................     2.45     0.06    458,637     $11.93     $0.012       9.87   DSL.......................     0.85    0.011    373,997     $20.14     $0.015       7.60
ANIK...................................     2.03     0.06    123,465      46.77      0.191      40.89   WABC......................     0.33    0.010    100,762      57.73      0.231      40.12
APU....................................     3.36     0.08    237,312      42.89      0.077      17.90   WST.......................     0.29    0.010    367,026      96.31      0.129      13.20
AUDC...................................     1.72     0.06    117,591       7.79      0.032      42.65   RVT.......................     0.55    0.008    288,150      15.18      0.017      11.22
BLX....................................     2.13     0.08    130,009      26.09      0.056      21.57   STC.......................     0.16    0.006    157,476      42.53      0.090      21.17
COHU...................................     2.33     0.09    284,253      20.78      0.049      24.11   CSGS......................     0.10    0.004    197,396      40.89      0.083      20.47
DBL....................................     4.52     0.07     74,432      22.32      0.049      21.63   TRNO......................     0.11    0.005    345,017      34.66      0.034      10.00
DMB....................................     9.72     0.07     58,671      12.71      0.021      16.46   CHT.......................     0.15    0.007    148,554      35.08      0.025       7.01
DSM....................................     5.07     0.07    113,155       7.98      0.013      16.39   FRA.......................     0.54    0.010    163,372      14.05      0.013       9.26

FDUS...................................     3.45     0.09     97,448      15.30      0.044      28.40   LION......................     0.26    0.011    109,864      23.17      0.074      32.01
FRSH...................................     3.36     0.08    110,611       5.09      0.044      86.28   CBU.......................     0.23    0.007    243,704      57.33      0.103      18.12
GAIN...................................     3.01     0.08    172,450      10.23      0.019      18.48   EOS.......................     0.66    0.009    131,800      15.50      0.022      14.38
GASS...................................     4.18     0.06     57,778       3.70      0.035      94.13   CENTA.....................     0.16    0.007    234,333      34.78      0.075      21.63
GBDC...................................     3.77     0.10    211,753      18.77      0.023      12.44   NCI.......................     0.22    0.009    296,999      21.09      0.027      13.06
GLAD...................................     2.68     0.07    134,680       9.33      0.020      21.33   TI........................     0.18    0.003    149,165       8.43      0.020      23.55
GMLP...................................     2.77     0.08    357,537      19.24      0.039      20.40   UMBF......................     0.32    0.009    222,813      73.14      0.177      24.31
GOOD...................................     2.19     0.09    152,848      19.98      0.037      18.77   CPF.......................     0.21    0.008    139,636      29.65      0.060      20.33
GSVC...................................     6.04     0.15    137,911       6.04      0.030      51.88   NBHC......................     0.13    0.005    139,900      34.36      0.070      20.52
HTGC...................................     3.95     0.10    476,844      13.11      0.012       9.55   NFBK......................     0.20    0.008     99,333      16.56      0.047      28.86
IEP....................................     8.34     0.13    100,497      59.83      0.232      38.77   LANC......................     0.33    0.010    105,903     134.53      0.506      37.19
KCAP...................................    11.65     0.18    117,403       3.41      0.017      49.08   ETJ.......................     0.43    0.008    276,325       9.37      0.013      13.59
LRAD...................................    11.15     0.13     60,046       2.17      0.032     152.85   MFG.......................     0.13    0.005    367,028       3.57      0.010      28.38
MAGS...................................     6.89     0.12     59,713       5.48      0.055     103.25   RTRX......................     0.13    0.005    334,303      23.33      0.066      28.37
MAIN...................................     4.44     0.13    245,561      38.49      0.032       8.32   MLI.......................     0.29    0.010    207,388      31.27      0.053      17.02
MUA....................................    12.42     0.07     55,118      14.03      0.027      19.28   GHY.......................     0.50    0.011    169,952      14.32      0.013       9.08
MUE....................................     5.46     0.06     63,559      12.96      0.020      15.65   ISF.......................     1.87    0.011     60,764      25.70      0.024       9.32
NANO...................................     3.12     0.11    251,457      29.99      0.067      22.73   MG........................     0.12    0.006     71,628      20.70      0.082      40.44
NDP....................................     4.23     0.07     75,449      13.12      0.051      39.75   THR.......................     0.17    0.008    123,398      21.67      0.057      25.99
NEP....................................     3.02     0.09    255,681      40.17      0.093      23.05   PLXS......................     0.30    0.010    174,481      57.60      0.125      21.74
OIA....................................    16.93     0.10     73,578       7.67      0.017      22.76   AWP.......................     0.69    0.012    402,327       6.15      0.011      17.48
PBT....................................     4.83     0.10    100,106       8.91      0.033      37.49   DAKT......................     0.20    0.010    173,399       9.13      0.023      25.10
PCK....................................    18.47     0.07     71,701       9.15      0.021      23.21   ETV.......................     0.49    0.008    205,388      15.31      0.016      10.33
PFLT...................................     3.58     0.11    197,419      13.65      0.020      14.98   DGRW......................     0.09    0.002    226,271      39.48      0.016       3.99
PFMT...................................     8.21     0.07     68,953       2.11      0.054     265.29   FSS.......................     0.24    0.008    271,757      20.34      0.032      15.75
PGP....................................     6.66     0.07     65,178      15.61      0.071      46.24   EXLS......................     0.26    0.009    149,278      56.40      0.142      24.91
PMF....................................     8.46     0.07     79,512      13.26      0.024      18.20   SKYY......................     0.42    0.008    219,272      46.15      0.032       7.24
PMX....................................    14.86     0.06     65,449      11.50      0.019      16.19   CII.......................     0.61    0.010    130,256      15.59      0.018      11.60
SDLP...................................     6.34     0.09    377,760       3.42      0.017      50.24   FUL.......................     0.31    0.012    362,459      51.90      0.062      12.11
SHLO...................................     1.77     0.06    135,927       9.68      0.058      60.99   UFCS......................     0.36    0.012     76,492      47.53      0.233      48.58
SJT....................................     5.54     0.10    186,679       6.96      0.028      40.45   GRAM......................     0.41    0.008    236,863       3.44      0.044     134.58
SLRC...................................     2.38     0.09    103,705      21.28      0.040      18.90   PFS.......................     0.18    0.007    184,245      25.94      0.043      16.64
SPH....................................     5.60     0.15    279,196      24.42      0.046      18.83   CNMD......................     0.36    0.012    154,890      58.57      0.184      31.64
TCPC...................................     4.35     0.11    227,052      15.54      0.019      11.89   NFJ.......................     0.46    0.007    264,566      12.95      0.014      10.78
TOUR...................................     1.30     0.07    200,307       7.59      0.031      43.03   SYKE......................     0.17    0.007    155,555      29.58      0.075      25.34
TSLX...................................     2.64     0.08    244,727      19.71      0.022      11.23   FBC.......................     0.23    0.008    249,281      32.55      0.052      16.08
VOC....................................    12.82     0.11     56,733       4.58      0.042      92.38   CCU.......................     0.17    0.008    182,729      26.46      0.053      19.89
WBK....................................     1.96     0.07    265,250      23.11      0.017       7.36   IFGL......................     0.04    0.001    110,807      28.91      0.028       9.67
WLDN...................................     3.13     0.10     91,458      29.62      0.155      52.79   FTGC......................     0.35    0.007     92,367      20.22      0.031      15.42
WSR....................................     1.66     0.07    363,836      12.96      0.019      15.03   SOCL......................     0.55    0.011     63,186      31.00      0.075      24.28
                                        ---------------------------------------------------------------                            -------------------------------------------------------------
    Avg................................     5.53     0.09    164,212      16.33      0.045      39.05   Avg.......................     0.34    0.008    198,201      32.45      0.070      21.82
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2. Economic Impact of the BX RPI Program on Execution Quality
    To assess the execution quality of the Program, BX focused on
symbol-day combinations when during market hours: (i) An RMO execution
occurred on BX, (ii) a non-RMO execution occurred on BX, and (iii) a
tape-eligible trade occurred on BX. Symbol day combinations are
aggregated to overall daily statistics by either a simple average or by
volume weighting by RMO executed volume during market hours.\25\ This
results in the number and identity of symbols captured in each daily
average changing from day to day. Using this data, the Exchange
examined whether the economic outcomes for RMO trades differs from non-
RMO trades and/or all trades.
---------------------------------------------------------------------------

    \25\ Both RMO and non-RMO execution quality values are weighted
by RMO volume and a very small number of extreme outlier symbol-day
stats have been removed from the analysis.
---------------------------------------------------------------------------

    When comparing average price improvement for RMO and non-RMO
executions for a subset of 100 stocks with the largest number of RMO
shares executed, the price improvement seen in RMO and non-RMO trades
is comparable over the life of the Program. When volume weighting the
average price improvement by RMO volume to emphasize those stock/day
combinations with the highest volume traded in RMO, average price
improvement on BX for both RMO and non-RMO trades appear generally
comparable over time, with RMO price improvement generally beating non-
RMO. Note that this price improvement measure does not take rebates
into account.
    In the subset of active RMO symbols, RMO volume-weighted effective
and realized spreads for RMO and all executions, which includes RMO
executions, are generally comparable throughout the duration of the
Program.
    Similar to regular, liquidity-taking orders on BX, the Program
offers inverted pricing where RMO orders receive a rebate (on top of
the price improvement they receive) when executing against RPI
liquidity, while there is a fee associated with RPI orders which post
non-displayed, price-improving liquidity. RPI orders are charged
$0.0025 per share. Retail Orders currently receive a rebate of $0.0021
per share when executing against RPI liquidity, a rebate of $0.0000 per
share when executing against other hidden, price-improvising liquidity,
and a rebate of $0.0017 per share when executing against other
displayed liquidity on the BX book.
3. Are Only Eligible Participants Accessing Program Liquidity
    Only RMOs that have been approved by BX can enter RMO orders that
access the Program liquidity, and the System does not allow non-RMO
orders to access RPI providing orders. The System

does not allow non-RMO orders to access RPI providing orders. BX Rule
4780(c) enables BX at its sole discretion to disqualify RMO members
that submit orders that fail to meet any of the requirements of the
rule.
4. Is the Program Attracting Retail Participation
    The Program has attracted some retail orders to the Exchange and
participation in the Program has continued to increase over time. The
Exchange believes that the Program provided tangible price improvement
and transparency to retail investors through a competitive pricing
process.
    Brokers route retail orders to a wide range of different trading
systems. The Program offers a transparent and well-regulated option
providing competition and price improvement. BX believes that it has
achieved its goal of attracting retail order flow to BX and, as stated
above, it has resulted in a significant price improvement to retail
investors through a competitive pricing process. The Exchange also has
not detected any negative impact to market quality or to retail
investors as the Program has continued to grow over time.
    On average, an RMO execution continues to get more price
improvement than the minimum $0.001 price improvement required of an
RPI liquidity-providing order in the Program, and over time the price
improvement seen on BX in non-RMO orders does not appear to be
negatively impacted by the introduction of the Program.
5. Net Benefits of the Program on Participants
    The Exchange believes that the Program through retail order
segmentation does create greater retail order flow competition and
thereby increases the amount of this flow to BX. This helps to ensure
that retail investors benefit from the price improvement that liquidity
providers are willing to provide. The Program promotes competition for
retail order flow by allowing Exchange members to submit RPI Orders to
interact with Retail Orders. Such competition promotes efficiency by
facilitating the price discovery process and generating additional
investor interest in trading securities, thereby promoting capital
formation.
    The Program also promotes competition for retail order flow among
execution venues, and this benefits retail investors by creating
additional price improvement opportunities for marketable retail order
flow, most of which is currently executed in the OTC markets without
ever reaching a public exchange. The Exchange believes that it has
achieved its goal of attracting retail order flow to BX, and has
resulted in price improvement to retail investors through a competitive
pricing process. The data also demonstrates that the Program has
continued to grow over time and the Exchange has not detected any
negative impact to market quality or to retail investors.
    The price improvement chart below demonstrates retail firms have
received price improvement through their use of the Program that they
otherwise may not have received. This is a net benefit to the retail
firms as well as the firms who are able to compete to interact with the
retail firms.
[GRAPHIC] [TIFF OMITTED] TN15MY19.005

6. Overall Success in Achieving Intended Benefits
    The Program has demonstrated the effectiveness of a transparent,
on-exchange retail order price improvement functionality, and while
small relative to total consolidated volume, has achieved its goals of
attracting retail order flow and providing those orders with price
improvement totaling tens of thousands of dollars each month.
    The Program provides additional competition to the handling of
retail orders. The added opportunity for price improvement provides
pressure on other more established venues to increase the price
improvement that they provide. By doing this, the

Exchange believes that the Program may have a greater positive effect
than the market share would directly indicate.
Can the Program Be Improved
    The Program provides a transparent, well-regulated, and competitive
venue for retail orders to receive price improvement. The size of the
Program is somewhat limited by the rules that prevent BX from matching
features offered by non-exchange trading venues. Nonetheless, the
Exchange believes the Program is worthwhile and it will continue to
look for ways to further innovate and improve the Program. The Exchange
believes that making the pilot permanent is appropriate and through
this filing seeks to make permanent the current operation of the
Program.
Conclusion
    In conclusion, the Exchange notes the Program provided
opportunities for retail investors to get significant price improvement
on an exchange where they otherwise would not have had the opportunity
to do so. The Exchange believes the Program did not have a negative
impact on the market quality as evidenced by the lack of consistent
statistical evidence of an impact and the small size of the Program.
    Accordingly, the Exchange believes that the pilot Program's rules,
as amended, should be made permanent. Additionally, the Exchange notes
that the proposed change is not otherwise intended to address any other
issues and the Exchange is not aware of any problems that member
organizations would have in complying with the proposed rule change.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\26\ in general, and with
Section 6(b)(5) of the Act,\27\ 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 and not to permit unfair discrimination between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \26\ 15 U.S.C. 78f.
    \27\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that making the pilot Program permanent is
consistent with these principles because the Program is reasonably
designed to attract retail order flow to the exchange environment,
while helping to ensure that retail investors benefit from the better
price that liquidity providers are willing to give their orders. During
the pilot period, BX has provided data and analysis to the Commission,
and this data and analysis, as well as the further analysis in this
filing, shows that the Program has operated as intended and is
consistent with the Act. The data and analysis provided to the
Commission staff demonstrates that the Program provided tangible price
improvement to retail investors through a competitive pricing process
unavailable in non-exchange venues and otherwise had an insignificant
impact on the marketplace. Making the Program permanent would encourage
the additional utilization of, and interaction with, the Exchange and
provide retail customers with an additional venue for price discovery,
liquidity, competitive quotes, and price improvement.
    Additionally, the Exchange believes the proposed rule change is
designed to facilitate transactions in securities and to remove
impediments to, and perfect the mechanisms of, a free and open market
and a national market system because the competition promoted by the
Program facilitates the price discovery process and potentially
generate additional investor interest in trading securities. Making the
pilot Program permanent will allow the Exchange to continue to provide
the Program's benefits to retail investors on a permanent basis and
maintain the improvements to public price discovery and the broader
market structure. The data provided by BX to the SEC staff demonstrates
that the Program provided tangible price improvement and transparency
to retail investors through a competitive pricing process.
    For the reasons stated above, the Exchange believes that making the
Program permanent would promote just and equitable principles of trade
and remove impediments to and perfect the mechanism of a free and open
market.
    As described below in BX's statement regarding the burden on
competition, the Exchange also believes that it is subject to
significant competitive forces and it would increase competition among
execution venues, encourage additional liquidity, and offer the
potential for price improvement to retail investors.
    For all of these reasons, the Exchange believes that the proposal
is consistent with the Act.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange 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, as amended. BX
believes that making the Program permanent would continue to enhance
competition for retail order flow among execution venues and contribute
to the public price discovery process.
    The Exchange believes that the data supplied to the Commission and
experience gained over the life of the pilot have demonstrated that the
Program creates price improvement opportunities for retail orders that
are equal to what would be provided under OTC internalization
arrangements, thereby benefiting retail investors and increasing
competition between execution venues. BX also believes that making the
Program permanent will promote competition between execution venues
operating their own retail liquidity programs. Such competition will
lead to innovation within the market, thereby increasing the quality of
the national market system.
    Additionally, the Exchange notes that it operates in a highly
competitive market in which market participants can easily direct their
orders to competing venues, including off-exchange venues. In such an
environment, the Exchange must continually review, and consider
adjusting the services it offers and the requirements, it imposes to
remain competitive with other U.S. equity exchanges.
    For the reasons described above, BX believes that the proposed rule
change reflects this competitive environment.

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

    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 email to<EMAIL_ADDRESS>Please include
File Number SR-BX-2019-011 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-BX-2019-011. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal offices 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-BX-2019-011, and should be submitted on
or before June 5, 2019.
---------------------------------------------------------------------------

    \28\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-09966 Filed 5-14-19; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: March 13, 2006 (Volume 71, Number 48)]
[Notices]
[Page 12744-12745]
[DOCID:fr13mr06-86]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-53430; File No. SR-Amex-2005-124]

Self-Regulatory Organizations; American Stock Exchange LLC; Order
Granting Accelerated Approval of Proposed Rule Change and Amendments
Nos. 1 and 3 Thereto Relating to Increases in the Original Listing and
Annual Fees

March 7, 2006.

I. Introduction

    On December 6, 2005, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposal to amend Sections 140 and 141 of the Amex Company Guide and
the Amex Fee Schedule to increase the original listing and the annual
issuer fees. On December 28, 2005, Amex filed Amendment No. 1 to the
proposed rule change. On January 23, 2006, Amex filed Amendment No. 2
to the proposed rule change and withdrew Amendment No. 2 on January 31,
2006. On January 27, 2006, Amex filed Amendment No. 3 to the proposed
rule change. The proposed rule change, as amended, was published for
comment in the Federal Register on February 8, 2006.\3\ The Commission
received no comments regarding the proposal.\4\ This order approves the
proposed rule change, as amended, on an accelerated basis.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 53205 (February 1,
2006), 71 FR 6528.
    \4\ The comment period expired on March 1, 2006.
---------------------------------------------------------------------------

II. Description of the Proposal

    This proposal amends Sections 140 and 141 of the Amex Company Guide
and the Amex Fee Schedule to increase the original listing and the
annual issuer fees. Amex proposes to implement the increased annual
fees as of January 2006 and the increased original listing fees upon
the Commission's approval of this proposal.
    Currently the original listing fees pursuant to Section 140 of the
Amex Company Guide for stock issues range from $35,000 to $65,000
(which includes a non-refundable application processing fee of $5,000)
depending on the number of shares to be listed. Amex proposes that the
original listing fees be increased as follows:

------------------------------------------------------------------------
          Number of shares              Current fee*      Proposed fee*
------------------------------------------------------------------------
Less than 5,000,000 shares..........           $35,000           $45,000
5,000,000 to 10,000,000 shares......            45,000            55,000
10,000,001 to 15,000,000 shares.....            55,000            60,000
In excess of 15,000,000 shares......            65,000            70,000
------------------------------------------------------------------------
* Includes the non-refundable application-processing fee of $5,000.

    In addition, the original listing fee for non-U.S. companies listed
on a foreign stock exchange is currently 50% of the fees charged to
U.S. companies. Amex proposes that the original listing fee for non-
U.S. companies be a flat fee of $40,000, which will include the one-
time, non-refundable application-processing fee of $5,000.
    The annual fees set forth in Section 141 of the Amex Company Guide
currently range from $15,000 to $30,000 depending on the number of
shares

outstanding. Amex proposes that the annual fees be increased as
follows:

------------------------------------------------------------------------
          Number of shares               Current fee      Proposed fee
------------------------------------------------------------------------
5,000,000 shares or less............           $15,000           $16,500
5,000,001 to 10,000,000 shares......            17,500            19,000
10,000,001 to 25,000,000 shares.....            20,000            21,500
25,000,001 to 50,000,000 shares.....            22,500            24,500
50,000,001 to 75,000,000 shares.....            30,000            32,500
In excess of 75,000,000 shares......            30,000            34,000
------------------------------------------------------------------------

    Amex also proposes other minor technical changes to Sections 140
and 141 of the Amex Company Guide, which will not further alter the
fees but will clarify the text of these Sections.

III. Discussion

    After careful consideration, the Commission finds that the proposed
rule change is consistent with the requirements of the Act and the
rules and regulations thereunder applicable to a national securities
exchange.\5\ In particular, the Commission believes that the proposal
is consistent with Section 6(b)(4) of the Act,\6\ in that the proposed
rule change provides for the equitable allocation of reasonable dues,
fees, and other charges among the Exchange's members and issuers and
other persons using its facilities. The Commission notes that the
Exchange has represented that the proposal is necessary to cover
increased costs it has incurred in the enhancement and development of
its trading technology and improvements in the overall level of
services provided to its members and listed companies. The Commission
also notes that the Exchange's original and annual listing fees have
not increased since 2002, and that pursuant to the proposed rule
change, companies with a fewer number of shares will continue to be
charged less than companies with a greater number of shares. The new
original listing fees and annual fees therefore are consistent with the
Exchange's stated goals of attracting and retaining the listing of
small and mid-size companies and in recognition of the greater impact
of fees on small and mid-size companies. In addition, with respect to
non-U.S. companies, the Exchange represents that the amended original
listing fee is below the lowest rate paid by U.S. companies, but is
still competitive with rates charged by other markets.
---------------------------------------------------------------------------

    \5\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange has requested accelerated approval of the proposed
rule change. The Exchange represents that its practice is to invoice
its issuers the annual fee in January, and that therefore billing of
the annual fee this year has been delayed until the Commission approved
this proposal.\7\ The Exchange represented that issuers have contacted
the Exchange regarding the delay in billing and in one instance that
they noted that they need the invoice for accrual purposes.\8\ The
Exchange believes that further delay in approving the proposal, as well
as uncertainty in knowing when invoices will be issued, will continue
to place a burden on the Exchange's issuers.\9\ The Exchange also notes
that this delay in invoicing the annual fee has resulted in at least a
two month delay in the Exchange collecting the increased revenue
generated by the annual listing fees, and that it had anticipated that
the increase in the original listing fee would be in place in January
as well.\10\ The Exchange believes that further delay in the
implementation of the increased annual listing fee and original listing
fees will negatively impact the collection of this necessary
revenue.\11\ In addition, the Commission notes that the proposed rule
change was published for a full notice and comment period and no
comments were received. Accordingly, the Commission finds good cause,
pursuant to Section 19(b)(2) of the Act,\12\ for approving the proposed
rule change prior to the thirtieth day after the date of publication of
notice in the Federal Register.
---------------------------------------------------------------------------

    \7\ See e-mail from Claire McGrath, Senior Vice President and
General Counsel, Amex, to Heather Seidel, Senior Special Counsel,
Division of Market Regulation, Commission, dated March 2, 2006.
    \8\ Id.
    \9\ Id.
    \10\ See id. The Exchange represents that based upon 2005
financial statements, the revenue generated by the annual fee
accounts for 6% of the Amex's total revenues and is used to fund the
operations and regulatory programs of the Exchange.
    \11\ Id.
    \12\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\13\ that the proposed rule change (SR-Amex-2005-124) is hereby
approved on an accelerated basis.
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    \13\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
 [FR Doc. E6-3491 Filed 3-10-06; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 77, Number 166 (Monday, August 27, 2012)]
[Notices]
[Pages 51843-51845]
[FR Doc No: 2012-20989]

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DEPARTMENT OF TRANSPORTATION

[Docket No. FRA 2012-0006-N-10]

Information Collection Requirements (ICRs) Forwarded to the
Office of Management and Budget (OMB); Request for Comments.

AGENCY: Federal Railroad Administration, DOT.

ACTION: Notice and request for comments.

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SUMMARY: In compliance with the Paperwork Reduction Act of 1995 (44
U.S.C. 3501 et seq.), this notice announces that the Information
Collection Requirements (ICRs) abstracted below have been forwarded to
the Office of Management and Budget (OMB) for review and comment. The
ICRs describes the nature of the information collection and their
expected burden. The Federal Register notice with a 60-day comment
period soliciting comments on the following collection of information
was published on June 12, 2012 (77 FR 35106).

DATES: Comments must be submitted on or before September 26, 2012.

FOR FURTHER INFORMATION CONTACT: Mr. Robert Brogan, Office of Safety,
Planning and Evaluation Division, RRS-21, Federal Railroad
Administration, 1200 New Jersey Ave. SE., Mail Stop 17, Washington, DC
20590 (telephone:<PHONE_NUMBER>), or Ms. Kimberly Toone, Office of
Information Technology, RAD-20, Federal Railroad Administration, 1200
New Jersey Ave. SE., Mail Stop 35, Washington, DC 20590 (telephone:
(202) 493-6132). (These telephone numbers are not toll-free.)

SUPPLEMENTARY INFORMATION: The Paperwork Reduction Act of 1995 (PRA),
Public Law 104-13, Section 2, 109 Stat. 163 (1995) (codified as revised
at 44 U.S.C. 3501-3520), and its implementing regulations, 5 CFR Part
1320, require Federal agencies to issue two notices seeking public
comment on information collection activities before OMB may approve
paperwork packages. 44 U.S.C. 3506, 3507; 5 CFR 1320.5, 1320.8(d)(1),
1320.12. On June 12, 2012,

FRA published a 60-day notice in the Federal Register soliciting
comment on ICRs for which the agency was seeking OMB approval. 77 FR
35106. FRA received no comments in response to this notice.
    Before OMB decides whether to approve a proposed collection of
information, it must provide 30 days for public comment. 44 U.S.C.
3507(b); 5 CFR 1320.12(d). Federal law requires OMB to approve or
disapprove paperwork packages between 30 and 60 days after the 30 day
notice is published. 44 U.S.C. 3507(b)-(c); 5 CFR 1320.12(d); see also
60 FR 44978, 44983, Aug. 29, 1995. OMB believes that the 30 day notice
informs the regulated community to file relevant comments and affords
the agency adequate time to digest public comments before it renders a
decision. 60 FR 44983, Aug. 29, 1995. Therefore, respondents should
submit their respective comments to OMB within 30 days of publication
to best ensure having their full effect. 5 CFR 1320.12(c); see also 60
FR 44983, Aug. 29, 1995.
    The summary below describes the nature of the information
collection requirements (ICRs) and the expected burden, and are being
submitted for clearance by OMB as required by the PRA.
    Title: Safety Appliance Concern Recommendation Report; Safety
Appliance Standards Guidance Checklist Forms
    OMB Control Number: 2130-0565
    Type of Request: Extension with change of a previously approved
information collection
    Affected Public: 130 Federal and State Inspectors
    Abstract: Sample car/locomotive inspections are performed as a
courtesy to the car manufacturers to ensure that the equipment is built
in accordance with all applicable Federal regulations and requirements.
Car builders that desire to have FRA review their equipment for
compliance with safety standards are to submit their safety appliance
arrangement drawings, prints, etc., to the FRA Office of Safety
Assurance and Compliance for review at least 60 days prior to
construction. The sample car inspection program is designed to provide
assurance that rolling stock equipment is compliant within the Code of
Federal Regulations for use on the general railroad system. Although a
sample car inspection is not required, most builders today request FRA
to perform the inspection. The goal of the sample car inspection
program is to reduce risk to railroad employees and improve passenger
safety for the general public by ensuring rolling stock is fully
compliant with all applicable regulations.
    In an ongoing effort to conduct more thorough and more effective
inspections of freight railroad equipment and to further enhance safe
rail operations, FRA has developed a safety concern recommendation
report form and a group of guidance checklist forms that facilitate
railroad, rail car owner, and rail equipment manufacturer compliance
with agency Railroad Safety Appliance Standards regulations. New form
FRA F 6180.EZ is designed to reduce burden on respondents. When a
request for sample car inspection incoming letter is provided by the
customer, an abundant of amount of information is submitted to FRA for
review that may require a formal on-site inspection. The information
contained in the letter includes several paragraphs to explain the
cited Code of Federal Regulations that the customer believes related to
the construction of the car. Since many cars today are considered a car
of special construction, the type of car to be reviewed, many times the
amount of details of information are supplied to support why the
customer believes the car submitted is the nearest car to construction.
An abundance of factors with justification to support the car type is
included in the request. Some examples would be a Logo, Company Name,
and signature block, specific drawings, reflectorization, engineering
information such as test or modeling of components. Also, the request
may include car reporting marks, the amount of cars that would be
constructed in the car series. In addition, the request would provide
the location of the inspection, contact person, title, and contact
information. Currently, each request is written differently, but
contains most of the information to process the request to completion.
The F6180.EZ Form provides specific blocks that contain a standardized
format to provide specific information that is in an easy to fill-in
the form arrangement. This would greatly reduce the amount of time to
complete the form instead of a long form letter and additional sample
car inspection request of similar car orders would be minimized by the
information provided previously. By having a form of this nature, the
customer will have the information visually that would be required, to
eliminate the potential of missing information that then causes
additional letters to complete the incoming package. FRA could
potentially be able to provide a cursory review of the provided
information to ensure the package is complete without having to
constantly compare the request letter to the supplied documents.
    The FRA region responsible for the sample car field sample car
inspection is obliged to formally insect the car for compliance. All
the information in the customer request is forwarded to the region for
review. Once the inspection is completed, the assigned inspector
provides his report in a memorandum to the MP&E Specialist. The MP&E
Specialist reviews the documents and provides a memo to the Regional
Administrator who sends a response by memorandum to FRA Headquarters of
the finding from the field inspection. The additional memorandums would
be eliminated by the F6180.4 EZ just by a grid sign-off, reducing the
amount of additional paperwork and filing documents.
    FRA Headquarters is responsible for gathering all the information
from the request from the customer as well as assigning and forwarding
the information to the Region. All the information is reviewed by the
MP&E Specialist at Headquarters. The MP&E Specialist prepares a grid
letter response for the MP&E Staff Director who then offers the
response letter to the Director, Office of Safety Assurance and
Compliance. The formal response letter is then sent to the customer
through the Control Correspondence Management (CCM) system. The filing
system and folders today are already large in size, and would be
reduced by having a form that is on one piece of paper with all the
information necessary to complete the process from the initial request
for sample car inspection to the formal response letter provided.
    Form Number(s): New Form FRA F 6180.4EZ; current Forms FRA
6180.4(a)-(q)
    Annual Estimated Burden Hours: 244 hours
    Addressee: Send comments regarding this information collection to
the Office of Information and Regulatory Affairs, Office of Management
and Budget, 725 Seventeenth Street NW., Washington, DC 20503,
Attention: FRA Desk Officer. Comments may also be sent electronically
via email to the Office of Information and Regulatory Affairs (OIRA) at
the following address<EMAIL_ADDRESS>    Comments are invited on the following: Whether the proposed
collection of information is necessary for the proper performance of
the functions of the Department, including whether the information will
have practical utility; the accuracy of the Department's estimate of
the burden of the proposed information collection;

ways to enhance the quality, utility, and clarity of the information to
be collected; and ways to minimize the burden of the collection of
information on respondents, including the use of automated collection
techniques or other forms of information technology.
    A comment to OMB is best assured of having its full effect if OMB
receives it within 30 days of publication of this notice in the Federal
Register.

    Authority:  44 U.S.C. 3501-3520.

    Issued in Washington, DC, on August 21, 2012.
Rebecca Pennington,
Chief Financial Officer, Federal Railroad Administration.
[FR Doc. 2012-20989 Filed 8-24-12; 8:45 am]
BILLING CODE 4910-06-P


[Federal Register Volume 79, Number 201 (Friday, October 17, 2014)]
[Rules and Regulations]
[Page 62358]
[FR Doc No: 2014-24716]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

46 CFR Part 125

[Docket No. USCG-2012-0208]
RIN 1625-AB62

Offshore Supply Vessels of at Least 6,000 GT ITC

AGENCY: Coast Guard, DHS.

ACTION: Interim rule; correction.

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SUMMARY: The Coast Guard published an interim rule in the Federal
Register on August 18, 2014, to ensure the safe carriage of oil,
hazardous substances, and individuals in addition to the crew on U.S.-
flagged OSVs of at least 6,000 gross tonnage as measured under the
Convention Measurement System. In that interim rule, we revised a
paragraph listing consensus standards incorporated by reference. In
doing so, we inadvertently duplicated two paragraphs and presented
others out of order. This correction resolves that error by removing
the doubled paragraphs and reordering the others.

DATES: This correction is effective on October 17, 2014.

FOR FURTHER INFORMATION CONTACT: If you have questions on this final
rule, call or email Justin Staples, Office of Standards Evaluation and
Development, Coast Guard; telephone<PHONE_NUMBER>, email
<EMAIL_ADDRESS>If you have questions on viewing material on
the docket, call Cheryl Collins, Program Manager, Docket Operations,
telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: On August 18, 2014, the Coast Guard
published an interim rule to ensure the safe carriage of oil, hazardous
substances, and individuals in addition to the crew on U.S.-flagged
OSVs of at least 6,000 gross tonnage as measured under the Convention
Measurement System. 79 FR 48894.
    In that rule, the Coast Guard revised 46 CFR 125.180 to include a
number of new standards to be incorporated by reference. In the
process, we inadvertently duplicated two paragraphs listing standards
published by the National Fire Protection Association (NFPA). In
addition, the standards had originally appeared in order of the year
those particular editions of the standards were published. We intended
to reorganize them by identification number instead, but left some of
them out of order. This correction deletes the redundant paragraphs and
correctly orders the remaining ones.

List of Subjects in 46 CFR Part 125

    Administrative practice and procedure, Cargo vessels, Hazardous
materials transportation, Incorporation by reference, Marine safety,
Seamen.

    For the reasons described in the preamble, 46 CFR part 125 is
amended by making the following correcting amendment:

PART 125--GENERAL

0
1. The authority citation for part 125 continues to read as follows:

    Authority: 46 U.S.C. 2103, 3306, 3307; 49 U.S.C. App. 1804; sec.
617, Pub. L. 111-281, 124 Stat. 2905; Department of Homeland
Security Delegation No. 0170.1.

0
2. In Sec.  125.180, revise paragraph (i) to read as follows:

Sec.  125.180  Incorporation by reference.

* * * * *
    (i) National Fire Protection Association (NFPA), 1 Batterymarch
Park, Quincy, MA 02269-9101,<PHONE_NUMBER>, http://www.nfpa.org:
    (1) NFPA 10--Standard for Portable Fire Extinguishers, 1994
Edition, IBR approved for Sec.  132.350.
    (2) NFPA 70--National Electrical Code, 1993 Edition, IBR approved
for Sec. Sec.  129.320, 129.340, and 129.370.
    (3) NFPA 302--Fire Protection Standard for Pleasure and Commercial
Motor Craft, 1994 Edition, IBR approved for Sec.  129.550.
    (4) NFPA 306--Control of Gas Hazards on Vessels, 1993 Edition, IBR
approved for Sec.  126.160.
    (5) NFPA 1963--Fire Hose Connections, 1993 Edition, IBR approved
for Sec.  132.130.
* * * * *

K. Cervoni,
Chief, Office of Regulations and Administrative Law, U.S. Coast Guard.
[FR Doc. 2014-24716 Filed 10-16-14; 8:45 am]
BILLING CODE 9110-04-P