PAPERWORK REDUCTION ACT SUBMISSION Please read the instructions before completing this form. For additional forms or assistance in completing this form, contact your agency's Paperwork Clearance Officer. Send two copies of this form, the collection instrument to be reviewed, the Supporting Statement and any additional documentation to: Office of Information and Regulatory Affairs, Office of Management and Budget, Docket Library, Room 10102, 725 17th Street NW Washington, DC 20503.

1. Agency/ Subagency originating request U. S. EPA, Office of Water, Office of Wastewater Management 2. X OMB control number b. None 2040 0068 3. Type of information collection ( check one) a. G New collection b. G Revision of a currently approved collection c. X Extension of a currently approved collection d. G Reinstatement, without change, of a previously approved collection for which approval has expired e. G Reinstatement, with change, of a previously approved collection for which approval has expired f. G Existing collection in use without an OMB control number 4. Type of review requested ( check one) a. X Regular b. G Emergency  Approval requested by: / / / c. G Delegated 5. Small entities Will this information collection have a significant economic impact on a substantial number of small entities? G Yes x No For b f, note item A2 of Supporting Statement Instructions 6. Requested expiration date a. x Three years from approval date b. G Other Specify: / /___

7. Title NPDES Modification and Variance Requests 8. Agency form number( s) ( If applicable) EPA ICR No. 0029.08 9. Keywords NPDES, Modifications, Variances 10. Abstract This ICR estimates the burden and costs associated with modifications and variances made to NPDES permits and to National Sewage Sludge Management Program permit requirements. Prior to permit issuance, a NPDES permit applicant may request a variance from the conditions that would normally be imposed on the applicant's discharge. Although any interested party may request a variance, such requests are usually made by the applicant. An applicant must submit information so the permitting authority can assess whether the facility is eligible for a variance, and what deviation is necessary. Once a NPDES or sludge  only permit is issued, a facility is subject to the permit limits and conditions for the life of the permit. However, events may occur during this period that would render the permit limits or conditions inappropriate. Responding to such events may require a modification of the NPDES or sewage sludge management permit conditions. The causes that can lead to permit modifications are established in 40 CFR 122.62 and 122.63. The regulations specify information a facility must report in order for EPA to determine whether a permit modification is warranted. Each provision requires similar information.

11. Affected public ( Mark primary with " P" and all others that apply with " X") a. Individuals or households d. Farms b. P Business or other for profit e. X Federal Government c. Not for profit institutions f. X State, Local or Tribal Government 12. Obligation to respond ( Mark primary with " P" and all others that apply with " X") a. G Voluntary b. P Required to obtain or retain benefits c. G Mandatory 13. Annual reporting and recordkeeping hour burden a. Number of respondents 13,137 b. Total annual responses 13,137 1. Percentage of these responses collected electronically 0 % c. Total hours requested 303,997 d. Current OMB inventory 293,323 e. Difference 10,674 f. Explanation of difference 1. Program Change 0 2. Adjustment 10,674 14. Annual reporting and recordkeeping cost burden ( in thousands of dollars)

a. Total annualized capital/ startup costs $ 0 b. Total annual costs ( O& M) $ 0 c. Total annualized cost requested $ 0 d. Current OMB inventory $ 0 e. Difference $ 0 f. Explanation of difference 1. Program change $ 0 2. Adjustment $ 0 15. Purpose of information collection ( Mark Primary With " P" and all others that apply with " X") a. P Application for benefits e. X Program planning or management b. X_ Program evaluation f. __ Research c. General purpose statistics g. P Regulatory or compliance d. __ Audit 16. Frequency of recordkeeping or reporting ( check all that apply) a. X Recordkeeping b. Q Third party disclosure c. X Reporting 1. X On occasion 2. Q Weekly 3. Q Monthly 4. Q Quarterly 5. Q Semi annually 6. Q Annually 7. Q Biannually 8. Q Other ( describe) 17. Statistical methods Does this information collection employ statistical methods?

Q Yes X No 18. Agency contact ( person who can best answer questions regarding the content of this submission) Name: Jack Faulk Phone: 202 564 0768 OMB 83 I 10/ 95 19. Certification for Paperwork Reduction Act Submissions On behalf of this Federal agency, 1 certify that the collection of information encompassed by this request complies with' 5 CFR 1320.9.

NOTE: The text of 5 CFR 1320.9, and the related provisions of 5 CFR 1320.8( b)( 3), appear at the end of the instructions. The certification is to be made with reference to those regulatory provisions as set forth in the instructions.

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

( a) It is necessary for the proper performance of agency functions;

( b) It avoids unnecessary duplication;

( c) It reduces burden on small entities;

( d) It uses plain, coherent, and unambiguous terminology that is understandable to respondents;

( e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

( f) It indicates the retention periods for recordkeeping requirements;

( g) It informs respondents of the information called for under 5 CFR 1320.8( b)( 3): ( I) Why the information is being collected' ( ii) Use of information; ( iii) Burden estimate; ( iv) Nature of response ( voluntary, required for a benefit, or mandatory); ( v) Nature and extent of confidentiality; and ( vi) Need to display currently valid OMB control number;

( h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected ( see note in Item 19 of the instructions);

( I) It uses effective and efficient statistical survey methodology; and ( j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item below and explain the reason in Item 18 of the Supporting Statement. Signature of Program Official James A. Hanlon, Director Office of Wastewater Management / s/ Office of Water Date Signature of Senior Official or designee Date OMB 83 I 10/ 95


[Federal Register Volume 81, Number 227 (Friday, November 25, 2016)]
[Notices]
[Page 85295]
[FR Doc No: 2016-28307]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79351; File No. SR-DTC-2016-008]

Self-Regulatory Organizations; The Depository Trust Company;
Notice of Designation of a Longer Period for Commission Action on
Proposed Rule Change Relating to Processing of Transactions in Money
Market Instruments

November 18, 2016.
    On September 23, 2016, The Depository Trust Company (``DTC'') filed
with the Securities and Exchange Commission (``Commission'') proposed
rule change SR-DTC-2016-008 pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4
thereunder,\2\ to establish a change in the processing of transactions
in money market instruments.\3\ The proposed rule change was published
for comment in the Federal Register on October 11, 2016.\4\ To date,
the Commission has not received any comments on the proposed rule
change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ On September 23, 2016, DTC also filed this proposed rule
change as an advance notice (SR-DTC-2016-802) with the Commission
pursuant to Section 806(e)(1) of the Dodd-Frank Wall Street Reform
and Consumer Protection Act entitled the Payment, Clearing, and
Settlement Supervision Act of 2010, 12 U.S.C. 5465(e)(1), and Rule
19b-4(n)(1)(i) of the Act, 17 CFR 240.19b-4(n)(1)(i). Notice of
filing of and extension of the review period of the advance notice
was published for comment in the Federal Register on November 9,
2016. Securities Exchange Act Release No. 79224 (November 3, 2016),
81 FR 78884 (November 9, 2016) (SR-DTC-2016-802). The Commission
shall have until January 21, 2017 to object or not object to the
advance notice.
    \4\ See Securities Exchange Act Release No. 79046 (October 5,
2016), 81 FR 70200 (October 11, 2016) (SR-DTC-2016-008).
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \5\ provides that, within 45 days of
the publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding, or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day after publication of the notice for this proposed rule change
is November 25, 2016. The Commission is extending this 45-day time
period.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    In order to provide the Commission with sufficient time to consider
the proposed rule change, the Commission finds that it is appropriate
to designate a longer period within which to take action on the
proposed rule change. Accordingly, the Commission, pursuant to Section
19(b)(2) of the Act,\6\ designates January 9, 2017 as the date by which
the Commission shall either approve, disapprove, or institute
proceedings to determine whether to disapprove the proposed rule change
(File No. SR-DTC-2016-008).
---------------------------------------------------------------------------

    \6\ Id.
    \7\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
Brent J. Fields,
Secretary.
[FR Doc. 2016-28307 Filed 11-23-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 1 (Wednesday, January 2, 2013)]
[Rules and Regulations]
[Pages 5-7]
[FR Doc No: 2012-30383]

=======================================================================
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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2012-0482; Directorate Identifier 2012-NE-14-AD;
Amendment 39-17290; AD 2012-25-09]
RIN 2120-AA64

Airworthiness Directives; Rolls-Royce plc Turbofan Engines

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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

SUMMARY: We are adopting a new airworthiness directive (AD) for all
Rolls-Royce plc (RR) RB211-524G2-19; RB211-524G2-T-19; RB211-524G3-19;
RB211-524G3-T-19; RB211-524H2-19; RB211-524H2-T-19; RB211-524H-36;
RB211-524H-T-36; RB211-535E4-37; RB211-535E4-B-37; RB211-535E4-B-75;
and RB211-535E4-C-37 turbofan engines. This AD was prompted by an
investigation by RR concluding that certain intermediate-pressure (IP)
turbine discs produced before 1997 by a certain supplier may contain
steel inclusions. This AD requires removal of the affected IP turbine
discs to inspect them for steel inclusions, and removal of the affected
discs from service if they fail the inspection. This AD also requires
removal from service of some IP turbine discs at reduced life limits.
We are issuing this AD to prevent uncontained IP turbine disc failure,
engine failure, and damage to the airplane.

DATES: This AD becomes effective February 6, 2013. The Director of the
Federal Register approved the incorporation by reference of certain
publications listed in this AD as of February 6, 2013.

ADDRESSES: The Docket Operations office is located at Docket Management
Facility, U.S. Department of Transportation, 1200 New Jersey Avenue
SE., West Building Ground Floor, Room W12-140, Washington, DC 20590-
0001.

FOR FURTHER INFORMATION CONTACT: Alan Strom, Aerospace Engineer, Engine
Certification Office, FAA, Engine & Propeller Directorate, 12 New
England Executive Park, Burlington, MA 01803; phone:<PHONE_NUMBER>; fax:
781-238-7199; email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Discussion

    We issued a notice of proposed rulemaking (NPRM) to amend 14 CFR
part 39 to include an AD that would apply to the specified products.
That NPRM was published in the Federal Register on July 11, 2012 (77 FR
40820). That NPRM proposed to correct an unsafe condition for the
specified products. The MCAI states:

    The inspection of several intermediate pressure (IP) turbine
discs at past engine overhauls identified the presence of steel
inclusions in these parts. Further investigation concluded that all
affected parts were manufactured from billets produced before 1997
at a certain supplier who also melted steel in the same furnaces.
Initial engineering evaluation concluded that the lives of the parts
would not be affected by the presence of the said steel inclusions.
This evaluation has been recently repeated, utilising improved
structural analysis, and it is now concluded that the currently
published lives of the components cannot be supported for some discs
with a steel inclusion.

    We are issuing this AD to prevent uncontained IP turbine disc
failure, engine failure, and damage to the airplane.

Comments

    We gave the public the opportunity to participate in developing
this AD. We considered the comments received. The following presents
the comments received on the proposal and the FAA's response to each
comment.

Request To Provide Alternative to Inspection

    One commenter, American Airlines, requested that we allow
replacement of the removed IP turbine disc with a serviceable part as
an alternative to the inspection mandated by paragraph (f) in the
proposed AD. American noted that including this alternative would allow
operators to avoid the added expense of an inspection of discs that are
being removed from service.
    We agree. We revised paragraph (f) of the Compliance section of the
AD to allow replacement of an affected disc with a part eligible for
installation.

Request To Redefine ``Shop Visit''

    One commenter, FedEx Express, requested that we redefine ``shop
visit'' as any IP turbine disc exposed at shop visit, engine Level 3
(Refurbishment), Level 4 (Overhaul), or 05 Module Level 2 (Check and
Repair). FedEx Express indicated that this change would align the AD
with the current wording in RR Alert Service Bulletin (ASB) RB.211-72-
AG493, dated October 12, 2012.
    We do not agree. The terms `Level 3' and `Level 4' are not specific
enough to be enforceable. Our definition of shop visit in the AD is
consistent with the definition in MCAI AD No. 2012-0060, dated April
18, 2012. We did not change the AD based on this comment.

Request To Remove Reference to Demagnetization

    Commenter Rolls-Royce requested that we remove the reference to
demagnetization from Compliance paragraph (f). The disc does not need
to be demagnetized as it will be magnetized as part of the
Superconductive Quantitative Inductive Device (SQUID) inspection
process required by paragraph (f).
    We agree. We changed the references in Compliance paragraphs (f)(1)
and (f)(2) from ``clean, demagnetize, and perform * * *'' to ``clean
and perform * * *''. The first sentence in paragraph (f)(1) now reads:
``If below the inspection threshold, clean and perform a
Superconductive Quantitative Inductive Device (SQUID) inspection of the
disc at the next shop visit or before the disc reaches the inspection

threshold, whichever is later.'' The first sentence in paragraph (f)(2)
now reads: ``If above the inspection threshold, clean and perform a
SQUID inspection of the disc if in the shop or, at the next shop visit,
whichever occurs first.''

Request To Allow Full Life Limit for Parts That Pass Inspection

    Commenter Rolls-Royce asked that we clarify in the AD that the new,
lower life limits in Appendix 2 of ASB RB.211-72-AG493 do not apply to
a part that has passed the SQUID inspection. Rolls-Royce noted that the
maximum life as defined in Appendix 2 only limits the disc until it has
had the SQUID inspection and been confirmed as inclusion-free. If the
disc has successfully passed the inspection, then it can be returned to
service for the remainder of its life as defined by the Time Limits
Manual.
    We agree. We changed the AD by adding the phrase ``unless it has
passed the inspection required by paragraph (f) of the AD'' to
paragraph (g)(3). This paragraph now reads: ``Do not return to service
any disc that exceeds its maximum life (in cycles), as found in
Appendix 2 of RR ASB No. RB.211-72-AG493, Revision 2, dated October 12,
2012, unless it has passed the inspection required by paragraph (f) of
the AD.''

Conclusion

    We reviewed the available data, including the comments received,
and determined that air safety and the public interest require adopting
the AD with the changes described previously. We determined that these
changes will not increase the economic burden on any operator or
increase the scope of the AD.

Costs of Compliance

    We estimate that this AD will affect about 200 engines installed on
airplanes of U.S. registry. We also estimate that it will take about
12.5 work-hours per engine to inspect an IP turbine disc. The average
labor rate is $85 per work-hour. In addition, 77 discs must be removed
earlier than the existing Airworthiness Limitation Section requires. A
prorated replacement IP turbine disc would cost about $9,925 per
engine. We also estimate the cost of replacing a disc if it fails the
inspection is $225,000. Based on these figures, we estimate the cost of
the AD on U.S. operators to be $976,725.

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. ``Subtitle VII: Aviation
Programs,'' describes in more detail the scope of the Agency's
authority.
    We are issuing this rulemaking under the authority described in
``Subtitle VII, Part A, Subpart III, Section 44701: General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    We determined that this AD will not have federalism implications
under Executive Order 13132. This AD will not have 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.
    For the reasons discussed above, I certify this AD:
    1. Is not a ``significant regulatory action'' under Executive Order
12866;
    2. Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979); and
    3. Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.
    We prepared a regulatory evaluation of the estimated costs to
comply with this AD and placed it in the AD docket.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://www.regulations.gov; or in person at the Docket Operations office
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays. The AD docket contains this AD, the regulatory evaluation,
any comments received, and other information. The street address for
the Docket Operations office (phone:<PHONE_NUMBER>) is provided in the
ADDRESSES section. Comments will be available in the AD docket shortly
after receipt.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

Adoption of the Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA amends 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority: 49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new AD:

2012-25-09 Rolls-Royce plc: Amendment 39-17290; Docket No. FAA-2012-
0482; Directorate Identifier 2012-NE-14-AD.

(a) Effective Date

    This airworthiness directive (AD) becomes effective February 6,
2013.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to all Rolls-Royce plc (RR) RB211-524G2-19; RB211-
524G2-T-19; RB211-524G3-19; RB211-524G3-T-19; RB211-524H2-19; RB211-
524H2-T-19; RB211-524H-36; RB211-524H-T-36; RB211-535E4-37; RB211-
535E4-B-37; RB211-535E4-B-75; and RB211-535E4-C-37 turbofan engines
with intermediate-pressure (IP) discs listed in Appendix 1 and Appendix
2 of RR Alert Service Bulletin (ASB) No. RB.211-72-AG493, Revision 2,
dated October 12, 2012.

(d) Reason

    This AD was prompted by an investigation by RR concluding that
certain IP turbine discs produced before 1997 by a certain supplier may
contain steel inclusions. We are issuing this AD to prevent uncontained
IP turbine disc failure, engine failure, and damage to the airplane.

(e) Actions and Compliance

    Unless already done, do the following actions.

(f) Disc Inspection

    After the effective date of this AD, use Appendix 1 and Appendix 2
of RR ASB No. RB.211-72-AG493, Revision 2, dated October 12, 2012, to
determine if the IP turbine disc is below or above the inspection
threshold.
    (1) If below the inspection threshold, clean and perform a
Superconductive Quantitative Inductive Device (SQUID) inspection of the
disc at the next shop visit or before the disc reaches the inspection
threshold, whichever is later.

Use Appendix 4 of RR ASB No. RB.211-72-AG493, Revision 2, dated October
12, 2012, to perform the SQUID inspection.
    (2) If above the inspection threshold, clean and perform a SQUID
inspection of the disc if in the shop or, at the next shop visit,
whichever occurs first. Use Appendix 4 of RR ASB No. RB.211-72-AG493,
Revision 2, dated October 12, 2012, to perform the SQUID inspection.
    (3) Do not return to service any disc that fails the inspection
required by this AD.
    (4) Instead of performing the inspection required by paragraph (f),
you may replace an affected disc with a part eligible for installation.
See Appendix 1 and Appendix 2 of RR ASB No. RB.211-72-AG493, Revision
2, dated October 12, 2012, to determine if you have an affected disc.

(g) Disc Life Intervals

    (1) After the effective date of this AD, use Appendix 2 of RR ASB
No. RB.211-72-AG493, Revision 2, dated October 12, 2012, to determine
the maximum life (in cycles) of affected IP turbine disc(s).
    (2) Remove from service any disc at the next shop visit or before
it exceeds its maximum life (in cycles), whichever is later, as found
in Appendix 2 of RR ASB No. RB.211-72-AG493, Revision 2, dated October
12, 2012.
    (3) Do not return to service any disc that exceeds its maximum life
(in cycles) as found in Appendix 2 of RR ASB No. RB.211-72-AG493,
Revision 2, dated October 12, 2012, unless it has passed the inspection
required by paragraph (f) of the AD.

(h) Definition of Shop Visit

    For purposes of this AD, a shop visit is defined as induction into
the shop where the IP and low pressure (LP) turbine module is removed
from the engine, and any casing is removed from the IP and LP turbine
module.

(i) Credit for Previous Actions

    If you performed the actions required by paragraph (f) using RR ASB
No. RB.211-72-AG493, Revision 1, dated November 11, 2011, you met the
requirements of this AD.

(j) Alternative Methods of Compliance (AMOCs)

    The Manager, Engine Certification Office, may approve AMOCs for
this AD. Use the procedures found in 14 CFR 39.19 to make your request.

(k) Related Information

    (1) For more information about this AD, contact Alan Strom,
Aerospace Engineer, Engine Certification Office, FAA, Engine &
Propeller Directorate, 12 New England Executive Park, Burlington, MA
01803; phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>    (2) European Aviation Safety Agency AD 2012-0060, dated April 18,
2012 pertains to the subject of this AD.

(l) Material Incorporated by Reference

    (1) The Director of the Federal Register approved the incorporation
by reference (IBR) of the service information listed in this paragraph
under 5 U.S.C. 552(a) and 1 CFR part 51.
    (2) You must use this service information as applicable to do the
actions required by this AD, unless the AD specifies otherwise.
    (i) Rolls-Royce (RR) plc Alert Service Bulletin No. RB.211-72-
AG493, Revision 2, dated October 12, 2012.
    (ii) Reserved.
    (3) For service information identified in this AD, contact Rolls-
Royce plc, Corporate Communications, P.O. Box 31, Derby, England,
DE248BJ; phone: 011-44-1332-242424; fax: 011-44-1332-245418 or email
from http://www.rolls-royce.com/contact/civil_team.jsp, or download
the publication from https://www.aeromanager.com.
    (4) You may view this service information at FAA, FAA, Engine &
Propeller Directorate, 12 New England Executive Park, Burlington, MA.
For information on the availability of this material at the FAA, call
781-238-7125.
    (5) You may view this service information at the National Archives
and Records Administration (NARA). For information on the availability
of this material at NARA, call<PHONE_NUMBER>, or go to: http://www.archives.gov/federal-register/cfr/ibr-locations.html.

    Issued in Burlington, Massachusetts, on December 7, 2012.
Colleen M. D'Alessandro,
Assistant Manager, Engine & Propeller Directorate, Aircraft
Certification Service.
[FR Doc. 2012-30383 Filed 12-31-12; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 86, Number 244 (Thursday, December 23, 2021)]
[Notices]
[Pages 72939-72941]
[FR Doc No: 2021-27782]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. CP22-21-000; CP22-22-000; PF21-1-000]

Notice of Application and Establishing Intervention Deadline:
Venture Global CP2 LNG, LLC; Venture Global CP Express, LLC

    Take notice that on December 2, 2021, Venture Global CP2, LLC (CP2
LNG) and Venture Global CP Express, LLC (CP Express) (together the
Applicants), 1001 19th Street North, Suite 1500, Arlington, Virginia
22209, filed an application pursuant to sections 3 and 7(c) of the
Natural Gas Act (NGA) and Parts 157 and 284 of the Commission's
Regulations requesting authority to

construct a liquefied natural gas (LNG) export terminal and pipeline
facilities located in Louisiana and Texas. The proposals are referred
to as the CP2 LNG and CP Express Project, or collectively, Project.
Specifically, the Applicants request Commission authorization to: (1)
Site, construct, own, operate, and maintain CP2 LNG's proposed new LNG
export terminal and associated facilities in Cameron Parish, Louisiana;
(2) construct the 85.4 mile, 48-inch-diameter CP Express Pipeline in
Louisiana and Texas; (3) construct the 6.0 mile, 24-inch-diameter
Enable Gulf Run Lateral in Calcasieu Parish, Louisiana; (4) construct
the 187,000 hp gas-fired Moss Lake Compressor Station in Calcasieu
Parish, Louisiana; and (5) construct various meter stations. CP Express
further requests Part 157, Subpart F and Part 284, Subpart G blanket
certificates and approval of its proposed pro forma tariff and initial
recourse rates. The proposed terminal has a nameplate liquefaction
capacity of 20 million tonnes per annum (mtpa) and a peak capacity of
28 mtpa. The CP Express Pipeline has a capacity of 2.2 billion cubic
feet per day (Bcf/d), of which 2.17 Bcf/d is subscribed by CP2 LNG.
Total cost of the pipeline portion of the project is estimated to be
approximately $1.483 billion.
    The Applicants' application states that a water quality certificate
under section 401 of the Clean Water Act is required for the project
from the Louisiana Department of Environmental Quality. The request for
certification must be submitted to the certifying agency and to the
Commission concurrently. Proof of the certifying agency's receipt date
must be filed no later than five (5) days after the request is
submitted to the certifying agency.
    In addition to publishing the full text of this document in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
internet through the Commission's Home Page (http://ferc.gov) using the
``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. At this time,
the Commission has suspended access to the Commission's Public
Reference Room, due to the proclamation declaring a National Emergency
concerning the Novel Coronavirus Disease (COVID-19), issued by the
President on March 13, 2020. For assistance, contact the Federal Energy
Regulatory Commission at [email protected] or call toll-free,
(886) 208-3676 or TYY,<PHONE_NUMBER>.
    Any questions regarding the proposed project should be directed to
Fory Musser, Senior Vice President, Development, Venture Global LNG,
Inc., 1001 19th Street North, Suite 1500, Arlington, Virginia 22209, by
phone<PHONE_NUMBER>, or by email at [email protected].
    On February 17, 2021 the Commission granted the Applicant's request
to utilize the National Environmental Policy Act (NEPA) Pre-Filing
Process and assigned Docket No. PF21-1-000 to staff activities involved
in the Project. Now, as of the filing of the December 2, 2021
application, the Pre-Filing Process for this project has ended. From
this time forward, this proceeding will be conducted in Docket No.
CP22-21-000 and CP22-22-000 as noted in the caption of this Notice.
    Pursuant to Section 157.9 of the Commission's Rules of Practice and
Procedure,\1\ within 90 days of this Notice the Commission staff will
either: Complete its environmental review and place it into the
Commission's public record (eLibrary) for this proceeding; or issue a
Notice of Schedule for Environmental Review. If a Notice of Schedule
for Environmental Review is issued, it will indicate, among other
milestones, the anticipated date for the Commission staff's issuance of
the final environmental impact statement (FEIS) or environmental
assessment (EA) for this proposal. The filing of an EA in the
Commission's public record for this proceeding or the issuance of a
Notice of Schedule for Environmental Review will serve to notify
federal and state agencies of the timing for the completion of all
necessary reviews, and the subsequent need to complete all federal
authorizations within 90 days of the date of issuance of the Commission
staff's FEIS or EA.
---------------------------------------------------------------------------

    \1\ 18 CFR (Code of Federal Regulations) Sec.  157.9.
---------------------------------------------------------------------------

Public Participation

    There are two ways to become involved in the Commission's review of
this project: You can file comments on the project, and you can file a
motion to intervene in the proceeding. There is no fee or cost for
filing comments or intervening. The deadline for filing a motion to
intervene is 5:00 p.m. Eastern Time on January 6, 2022.

Comments

    Any person wishing to comment on the project may do so. Comments
may include statements of support or objections to the project as a
whole or specific aspects of the project. The more specific your
comments, the more useful they will be. To ensure that your comments
are timely and properly recorded, please submit your comments on or
before January 6, 2022.
    There are three methods you can use to submit your comments to the
Commission. In all instances, please reference the Project docket
numbers CP22-21-000 and CP22-22-000 in your submission.
    (1) You may file your comments electronically by using the eComment
feature, which is located on the Commission's website at www.ferc.gov
under the link to Documents and Filings. Using eComment is an easy
method for interested persons to submit brief, text-only comments on a
project;
    (2) You may file your comments electronically by using the eFiling
feature, which is located on the Commission's website (www.ferc.gov)
under the link to Documents and Filings. With eFiling, you can provide
comments in a variety of formats by attaching them as a file with your
submission. New eFiling users must first create an account by clicking
on ``eRegister.'' You will be asked to select the type of filing you
are making; first select ``General'' and then select ``Comment on a
Filing''; or
    (3) You may file a paper copy of your comments by mailing them to
the following address below.\2\ Your written comments must reference
the Project docket numbers CP22-21-000 and CP22-22-000.
---------------------------------------------------------------------------

    \2\ Hand delivered submissions in docketed proceedings should be
delivered to Health and Human Services, 12225 Wilkins Avenue,
Rockville, Maryland 20852.
---------------------------------------------------------------------------

    Kimberly D. Bose, Secretary, Federal Energy Regulatory Commission,
888 First Street NE, Washington, DC 20426.
    The Commission encourages electronic filing of comments (options 1
and 2 above) and has eFiling staff available to assist you at (202)
502-8258 or [email protected]
    Persons who comment on the environmental review of this project
will be placed on the Commission's environmental mailing list, and will
receive notification when the environmental documents (EA or EIS) are
issued for this project and will be notified of meetings associated
with the Commission's environmental review process.
    The Commission considers all comments received about the project in
determining the appropriate action to be taken. However, the filing of
a comment alone will not serve to make the filer a party to the
proceeding. To become a party, you must intervene in the proceeding.
For instructions on how to intervene, see below.

Interventions

    Any person, which includes individuals, organizations, businesses,
municipalities, and other entities,\3\ has the option to file a motion
to intervene in this proceeding. Only intervenors have the right to
request rehearing of Commission orders issued in this proceeding and to
subsequently challenge the Commission's orders in the U.S. Circuit
Courts of Appeal.
---------------------------------------------------------------------------

    \3\ 18 CFR 385.102(d).
---------------------------------------------------------------------------

    To intervene, you must submit a motion to intervene to the
Commission in accordance with Rule 214 of the Commission's Rules of
Practice and Procedure \4\ and the regulations under the NGA \5\ by the
intervention deadline for the project, which is January 6, 2022. As
described further in Rule 214, your motion to intervene must state, to
the extent known, your position regarding the proceeding, as well as
your interest in the proceeding. For an individual, this could include
your status as a landowner, ratepayer, resident of an impacted
community, or recreationist. You do not need to have property directly
impacted by the project in order to intervene. For more information
about motions to intervene, refer to the FERC website at https://www.ferc.gov/resources/guides/how-to/intervene.asp.
---------------------------------------------------------------------------

    \4\ 18 CFR 385.214.
    \5\ 18 CFR 157.10.
---------------------------------------------------------------------------

    There are two ways to submit your motion to intervene. In both
instances, please reference the Project docket numbers CP22-21-000 and
CP22-22-000 in your submission.
    (1) You may file your motion to intervene by using the Commission's
eFiling feature, which is located on the Commission's website
(www.ferc.gov) under the link to Documents and Filings. New eFiling
users must first create an account by clicking on ``eRegister.'' You
will be asked to select the type of filing you are making; first select
``General'' and then select ``Intervention.'' The eFiling feature
includes a document-less intervention option; for more information,
visit https://www.ferc.gov/docs-filing/efiling/document-less-intervention.pdf.; or
    (2) You can file a paper copy of your motion to intervene, along
with three copies, by mailing the documents to the address below.\6\
Your motion to intervene must reference the Project docket numbers
CP22-21-000 and CP22-22-000.
---------------------------------------------------------------------------

    \6\ Hand delivered submissions in docketed proceedings should be
delivered to Health and Human Services, 12225 Wilkins Avenue,
Rockville, Maryland 20852.
---------------------------------------------------------------------------

    Kimberly D. Bose, Secretary, Federal Energy Regulatory Commission,
888 First Street NE, Washington, DC 20426.
    The Commission encourages electronic filing of motions to intervene
(option 1 above) and has eFiling staff available to assist you at (202)
502-8258 or [email protected]
    Motions to intervene must be served on the applicant either by mail
or email at: 1001 19th Street North, Suite 1500, Arlington, Virginia
22209 or at [email protected]. Any subsequent submissions by
an intervenor must be served on the applicant and all other parties to
the proceeding. Contact information for parties can be downloaded from
the service list at the eService link on FERC Online. Service can be
via email with a link to the document.
    All timely, unopposed \7\ motions to intervene are automatically
granted by operation of Rule 214(c)(1).\8\ Motions to intervene that
are filed after the intervention deadline are untimely, and may be
denied. Any late-filed motion to intervene must show good cause for
being late and must explain why the time limitation should be waived
and provide justification by reference to factors set forth in Rule
214(d) of the Commission's Rules and Regulations.\9\ A person obtaining
party status will be placed on the service list maintained by the
Secretary of the Commission and will receive copies (paper or
electronic) of all documents filed by the applicant and by all other
parties.
---------------------------------------------------------------------------

    \7\ The applicant has 15 days from the submittal of a motion to
intervene to file a written objection to the intervention.
    \8\ 18 CFR 385.214(c)(1).
    \9\ 18 CFR 385.214(b)(3) and (d).
---------------------------------------------------------------------------

Tracking the Proceeding

    Throughout the proceeding, additional information about the project
will be available from the Commission's Office of External Affairs, at
(866) 208-FERC, or on the FERC website at http://www.ferc.gov using the
``eLibrary'' link as described above. The eLibrary link also provides
access to the texts of all formal documents issued by the Commission,
such as orders, notices, and rulemakings.
    In addition, the Commission offers a free service called
eSubscription which allows you to keep track of all formal issuances
and submittals in specific dockets. This can reduce the amount of time
you spend researching proceedings by automatically providing you with
notification of these filings, document summaries, and direct links to
the documents. For more information and to register, go to
www.ferc.gov/docs-filing/esubscription.asp.
    Intervention Deadline: 5:00 p.m. Eastern Time on January 6, 2022.

    Dated: December 16, 2021.
Kimberly D. Bose,
Secretary.
[FR Doc. 2021-27782 Filed 12-22-21; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: January 15, 2008 (Volume 73, Number 10)]
[Notices]
[Page 2481]
[DOCID:fr15ja08-52]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. PR08-9-000]

Jefferson Island Storage & Hub, L.L.C.; Notice of Petition for
Rate Approval

December 18, 2007.
    Take notice that on December 5, 2007, Jefferson Island Storage &
Hub, L.L.C. (Jefferson Island) filed a petition for rate approval
pursuant to section 284.123(b)(2) of the Commission's regulations.
Jefferson Island requests that the Commission approve market-based
rates, including negotiated fuel, for its Interruptible Wheeling
Service. The proposed Interruptible Wheeling Service will replace
Jefferson Island's Interruptible Transportation Service. Jefferson
Island also requests waiver of the triennial rate review filing
required by the Commission's June 20, 2005 Letter Order in Docket Nos.
PR05-9-000 and PR05-9-001.
    Any person desiring to participate in this rate proceeding must
file a motion to intervene or to protest this filing must file in
accordance with Rules 211 and 214 of the Commission's Rules of Practice
and Procedure (18 CFR 385.211 and 385.214). Protests will be considered
by the Commission in determining the appropriate action to be taken,
but will not serve to make protestants parties to the proceeding. Any
person wishing to become a party must file a notice of intervention or
motion to intervene, as appropriate. Such notices, motions, or protests
must be filed on or before the date as indicated below. Anyone filing
an intervention or protest must serve a copy of that document on the
Applicant. Anyone filing an intervention or protest on or before the
intervention or protest date need not serve motions to intervene or
protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov.
 Persons unable to file electronically should submit an

original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible online at http://www.ferc.gov, using the

``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For

TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time December 28, 2007.

Kimberly D. Bose,
Secretary.
[FR Doc. E8-496 Filed 1-14-08; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 84, Number 171 (Wednesday, September 4, 2019)]
[Notices]
[Pages 46580-46585]
[FR Doc No: 2019-19004]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86792; File No. SR-NASDAQ-2019-059]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing of Proposed Rule Change To Adopt Requirements for the
Nasdaq Capital and Global Markets Applicable to Direct Listings

August 28, 2019.
    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 15, 2019, The Nasdaq Stock Market LLC (``Nasdaq'' 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.
---------------------------------------------------------------------------

    \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 proposes to adopt requirements for the Nasdaq Capital
and Global Markets applicable to Direct Listings.
    The text of the proposed rule change is available on the Exchange's
website at http://nasdaq.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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Nasdaq recognizes that some companies that have sold common equity
securities in private placements, which have not been listed on a
national securities exchange or traded in the over-the-counter market
pursuant to FINRA Form 211 immediately prior to the initial pricing,
may wish to list those securities to allow existing shareholders to
sell their shares. Nasdaq previously adopted requirements applicable to
such Direct Listings listing on the Nasdaq Global Select Market \3\ and
now proposes to adopt requirements for the Nasdaq Global and Capital
Markets.
---------------------------------------------------------------------------

    \3\ Securities Exchange Act Release No. 85156 (February 15,
2019), 84 FR 5787 (February 22, 2019) (the ``2019 Rule Change'').
Nasdaq proposes to insert the defined term ``Direct Listing'' into
the existing language of Listing Rule IM-5315-1 and update the title
without further modification to that rule section.
---------------------------------------------------------------------------

    The proposed Listing Rules IM-5405-1 and IM-5505-1 set forth the
additional listing requirements for Direct Listings on the Nasdaq
Global and Capital Markets and describe how the Exchange will calculate
compliance with the Nasdaq Global and Capital Markets initial listing
standards related to the requirements based on the price of a security,
including the bid price, Market Value of Listed Securities and Market
Value of Unrestricted Publicly Held Shares.\4\
---------------------------------------------------------------------------

    \4\ On March 21, 2019, Nasdaq filed with the Commission a
proposed rule change to revise the initial listing standards related
to liquidity that, among other changes, added three new definitions
to define ``restricted securities,'' ``unrestricted publicly held
shares'' and ``unrestricted securities.'' This rule change was
approved by the Commission effective July 5, 2019 and operative
August 5, 2019. See Securities Exchange Act Release No. 86314 (July
5, 2019), 84 FR 33102 (July 11, 2019).

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

    Nasdaq also proposes to modify Nasdaq Rule 4753 to clarify that the
securities listed pursuant to Listing Rules IM-5405-1 and IM-5505-1 can
be launched for trading using the same crossing mechanism available for
IPOs outlined in Rule 4120(c)(8) and Rule 4753 (the ``IPO Cross'').
    Finally, the proposed Listing Rules IM-5405-1 and IM-5505-1 require
that such securities must begin trading on Nasdaq following the initial
pricing through the IPO Cross. To allow such initial pricing, the
Company must: (i) Have a broker-dealer serving in the role of financial
advisor to the issuer of the securities being listed, who is willing to
perform the functions under Rule 4120(c)(8) that are performed by an
underwriter with respect to an initial public offering and (ii) list
upon effectiveness of a Securities Act of 1933 registration statement
filed solely for the purpose of allowing existing shareholders to sell
their shares.
Calculation of Price-Based Initial Listing Requirements
    Direct Listings are subject to all initial listing requirements
applicable to equity securities and, subject to applicable exemptions,
the corporate governance requirements set forth in the Rule 5600
Series. To provide transparency to the initial listing process, the
Exchange proposes to adopt Listing Rules IM-5405-1 and IM-5505-1, which
will state how the Exchange calculates the initial listing requirements
based on the price of a security, including the bid price, Market Value
of Listed Securities and Market Value of Unrestricted Publicly Held
shares for a Direct Listing on the Nasdaq Global and Capital
Markets.\5\
---------------------------------------------------------------------------

    \5\ Substantive provisions of Listing Rules IM-5405-1 and IM-
5505-1 are identical.
---------------------------------------------------------------------------

    Unless Nasdaq determines to accept evidence of the security's price
based on a tender offer by the company or a third party, a third-party
transaction involving the company's equity securities, or security
sales by the company, as described in more detail below, under Listing
Rules IM-5405-1 and IM-5505-1, Nasdaq would generally require that a
company listing on the Nasdaq Global and Capital Markets through a
Direct Listing provide Nasdaq an independent third-party valuation (a
``Valuation'') that meets the requirements of Listing Rules IM-5315-
1(e) and (f).
    Under Listing Rule IM-5315-1(e), any Valuation used for this
purpose must be provided by an entity that has significant experience
and demonstrable competence in the provision of such valuations. The
Valuation must be of a recent date as of the time of the approval of
the company for listing and the evaluator must have considered, among
other factors, the annual financial statements required to be included
in the registration statement, along with financial statements for any
completed fiscal quarters subsequent to the end of the last year of
audited financials included in the registration statement. Nasdaq will
consider any market factors or factors particular to the listing
applicant that would cause concern that the value of the company had
diminished since the date of the Valuation and will continue to monitor
the company and the appropriateness of relying on the Valuation up to
the time of listing. Nasdaq may withdraw its approval of the listing at
any time prior to the listing date if it believes that the Valuation no
longer accurately reflects the company's likely market value.\6\
---------------------------------------------------------------------------

    \6\ In addition, under Listing Rule 5101 Nasdaq has broad
discretionary authority to deny initial listing, apply additional or
more stringent criteria for the initial or continued listing of
particular securities, or suspend or delist particular securities
based on any event, condition, or circumstance that exists or occurs
that makes initial or continued listing of the securities on Nasdaq
inadvisable or unwarranted in the opinion of Nasdaq, even though the
securities meet all enumerated criteria for initial or continued
listing on Nasdaq.
---------------------------------------------------------------------------

    Under Listing Rule IM-5315-1(f), Nasdaq requires that a valuation
agent will not be considered independent if:
     At the time it provides such Valuation, the valuation
agent or any affiliated person or persons beneficially own in the
aggregate as of the date of the valuation, more than 5% of the class of
securities to be listed, including any right to receive any such
securities exercisable within 60 days.
     The valuation agent or any affiliated entity has provided
any investment banking services to the listing applicant within the 12
months preceding the date of the Valuation. For purposes of this
provision, ``investment banking services'' includes, without
limitation, acting as an underwriter in an offering for the issuer;
acting as a financial adviser in a merger or acquisition; providing
venture capital, equity lines of credit, PIPEs (private investment,
public equity transactions), or similar investments; serving as
placement agent for the issuer; or acting as a member of a selling
group in a securities underwriting.
     The valuation agent or any affiliated entity has been
engaged to provide investment banking services to the listing applicant
in connection with the proposed listing or any related financings or
other related transactions.
    For a security that has had sustained recent trading in a Private
Placement Market \7\ prior to listing, Nasdaq will determine a
company's price, Market Value of Listed Securities and Market Value of
Unrestricted Publicly Held shares based on the lesser of: (i) The value
calculable based on the Valuation \8\ and (ii) the value calculable
based on the most recent trading price in a Private Placement Market.
---------------------------------------------------------------------------

    \7\ Nasdaq defines ``Private Placement Market'' in Listing Rule
5005(a)(34) as a trading system for unregistered securities operated
by a national securities exchange or a registered broker-dealer.
    \8\ As described in more detail below, under proposed Listing
Rules IM-5405(a)(3) and IM-5505(a)(3), in lieu of a Valuation,
Nasdaq may accept certain other compelling evidence of the
security's price, Market Value of Listed Securities and Market Value
of Unrestricted Publicly Held Shares.
---------------------------------------------------------------------------

    To determine compliance with the price-based requirements and
suitability for listing on the Exchange, Nasdaq will examine the
trading price trends for the stock in the Private Placement Market over
a period of several months prior to listing and will only rely on a
Private Placement Market price if it is consistent with a sustained
history over that several month period evidencing a market value in
excess of Nasdaq's market value requirement. Nasdaq believes that the
price from such sustained trading in a Private Placement Market for the
issuer's securities is predictive of the price in the market for the
common stock that will develop upon listing of the securities on
Nasdaq.
    Alternatively, in the absence of any recent sustained trading in a
Private Placement Market over a period of several months,\9\ Nasdaq
proposes to require that a Valuation must evidence a price, Market
Value of Listed Securities and Market Value of Unrestricted Publicly
Held Shares that exceed 200% of the otherwise applicable requirement.
Thus, to list on the Nasdaq Global Market, the Valuation must evidence
a minimum bid price of at least $8 per share; Market Value of
Unrestricted Publicly Held Shares of $16 million under the Income
Standard; or Market Value of Unrestricted Publicly Held Shares of $36
million under the Equity Standard; or Market Value of Unrestricted
Publicly Held Shares of $40 million and Market Value of Listed

Securities of $150 million under the Market Value Standard; or Market
Value of Unrestricted Publicly Held Shares of $40 million under the
Total Assets/Total Revenue Standard.\10\
---------------------------------------------------------------------------

    \9\ Limited trading in the Private Placement Market may not be
sufficient for the Exchange to reach a conclusion that the company
meets the applicable price-based requirements.
    \10\ See Listing Rules 5405(a) and (b), which generally require
minimum bid price of at least $4 per share; Market Value of
Unrestricted Publicly Held Shares of $8 million under the Income
Standard; or Market Value of Unrestricted Publicly Held Shares of
$18 million under the Equity Standard; or Market Value of
Unrestricted Publicly Held Shares of $20 million and Market Value of
Listed Securities of $75 million under the Market Value Standard; or
Market Value of Unrestricted Publicly Held Shares of $20 million
under the Total Assets/Total Revenue Standard.
---------------------------------------------------------------------------

    To list on the Nasdaq Capital Market, the Valuation must generally
evidence a minimum bid price of at least $8 per share; Market Value of
Unrestricted Publicly Held Shares of $10 million under the Net Income
Standard; or Market Value of Unrestricted Publicly Held Shares of $30
million under the Equity Standard; or Market Value of Unrestricted
Publicly Held Shares of $30 million and Market Value of Listed
Securities of $100 million under the Market Value Standard.\11\
---------------------------------------------------------------------------

    \11\ See Listing Rules 5505(a) and (b), which generally require
minimum bid price of at least $4 per share; Market Value of
Unrestricted Publicly Held Shares of $5 million under the Net Income
Standard; or Market Value of Unrestricted Publicly Held Shares of
$15 million under the Equity Standard; or Market Value of
Unrestricted Publicly Held Shares of $15 million and Market Value of
Listed Securities of $50 million under the Market Value Standard.
---------------------------------------------------------------------------

    Nasdaq believes that some companies that are clearly large enough
to be suitable for listing on the Exchange do not have sustained
trading in their securities on a Private Placement Market prior to
going public and that a recent Valuation indicating that the company
exceeds 200% of the otherwise applicable price-based requirement will
give a significant degree of comfort that the company will meet the
applicable price-based requirements upon commencement of trading.
Nasdaq believes that it is unlikely that any Valuation would reach a
conclusion that is incorrect to the degree necessary for a company
using this provision to fail to meet the applicable requirement upon
listing, in particular because any Valuation used for this purpose must
be provided by a valuation agent that meets the independence
requirements of proposed Listing Rule IM-5315-1(f) and has significant
experience and demonstrable competence in the provision of such
valuations.
    Nasdaq further believes that in certain unique circumstances a
company that is clearly large enough to be suitable for listing on the
Exchange may provide other compelling evidence to demonstrate that it
meets all applicable price-based requirements without a Valuation. In
such cases, Nasdaq may accept other compelling evidence of the
security's price, Market Value of Listed Securities and Market Value of
Unrestricted Publicly Held Shares, including, a tender offer by the
company or a third party, a third-party transaction involving the
company's equity securities, or security sales by the Company.
    In order to be considered compelling evidence of the company's
value, Nasdaq proposes to require that such transactions were recent,
occurring within the prior six months, and substantial in size,
representing sales of at least 20% of the applicable Market Value of
Unrestricted Publicly Held Shares requirement.\12\ In addition, Nasdaq
expects such transactions to have been conducted at arm's-length
requiring that such transactions cannot involve affiliates of the
company unless such participation is of a de minimis nature, such as
where any affiliate's participation was less than 5% of the transaction
(and all affiliates' participation collectively was less than 10% of
the transaction), such participation was suggested or required by
unaffiliated investors and where the affiliates did not participate in
negotiating the economic terms of the transaction. The examples of
transactions that could constitute compelling evidence are not meant to
be exhaustive; however, Nasdaq will consider other transactions or
events as constituting compelling evidence only if such transactions or
events are substantially similar to those described by this rule.
---------------------------------------------------------------------------

    \12\ Listing Rule 5405(b) generally requires, for a company
listing on the Nasdaq Global Market, Market Value of Unrestricted
Publicly Held Shares of $8 million under the Income Standard; Market
Value of Unrestricted Publicly Held Shares of $18 million under the
Equity Standard; Market Value of Unrestricted Publicly Held Shares
of $20 million under the Market Value Standard; or Market Value of
Unrestricted Publicly Held Shares of $20 million under the Total
Assets/Total Revenue Standard. Listing Rule 5505(b) generally
requires, for a company listing on the Nasdaq Capital Market, Market
Value of Unrestricted Publicly Held Shares of $5 million under the
Net Income Standard; Market Value of Unrestricted Publicly Held
Shares of $15 million under the Equity Standard; or Market Value of
Unrestricted Publicly Held Shares of $15 million under the Market
Value Standard.
---------------------------------------------------------------------------

    In order to list on Nasdaq based on such evidence without a
Valuation, Nasdaq proposes to require such evidence to show that the
security's price, Market Value of Listed Securities and Market Value of
Unrestricted Publicly Held Shares exceed 250% of the otherwise
applicable requirement. Thus, to list on the Nasdaq Global Market, the
compelling evidence provided by the company must show a minimum bid
price of at least $10 per share; Market Value of Unrestricted Publicly
Held Shares of $20 million under the Income Standard; or Market Value
of Unrestricted Publicly Held Shares of $45 million under the Equity
Standard; or Market Value of Unrestricted Publicly Held Shares of $50
million and Market Value of Listed Securities of $187.5 million under
the Market Value Standard; or Market Value of Unrestricted Publicly
Held Shares of $50 million under the Total Assets/Total Revenue
Standard.\13\
---------------------------------------------------------------------------

    \13\ See Listing Rules 5405(a) and (b), which generally require
minimum bid price of at least $4 per share; Market Value of
Unrestricted Publicly Held Shares of $8 million under the Income
Standard; or Market Value of Unrestricted Publicly Held Shares of
$18 million under the Equity Standard; or Market Value of
Unrestricted Publicly Held Shares of $20 million and Market Value of
Listed Securities of $75 million under the Market Value Standard; or
Market Value of Unrestricted Publicly Held Shares of $20 million
under the Total Assets/Total Revenue Standard.
---------------------------------------------------------------------------

    To list on the Nasdaq Capital Market, such evidence must show a
minimum bid price of at least $10 per share; Market Value of
Unrestricted Publicly Held Shares of $12.5 million under the Net Income
Standard; or Market Value of Unrestricted Publicly Held Shares of $37.5
million under the Equity Standard; or Market Value of Unrestricted
Publicly Held Shares of $37.5 million and Market Value of Listed
Securities of $125 million under the Market Value Standard.\14\
---------------------------------------------------------------------------

    \14\ See Listing Rules 5505(a) and (b), which generally require
minimum bid price of at least $4 per share; Market Value of
Unrestricted Publicly Held Shares of $5 million under the Net Income
Standard; or Market Value of Unrestricted Publicly Held Shares of
$15 million under the Equity Standard; or Market Value of
Unrestricted Publicly Held Shares of $15 million and Market Value of
Listed Securities of $50 million under the Market Value Standard.
---------------------------------------------------------------------------

    Nasdaq believes that such recent, substantial in size, arm's-length
transactions in the Company's securities, with de minimis insider
participation, indicating the company exceeds 250% of the otherwise
applicable price-based requirements will give a significant degree of
comfort that the company will meet the applicable price-based
requirements upon commencement of trading. In addition, Nasdaq believes
that the new requirement that such securities must begin trading on
Nasdaq following the initial pricing through the IPO Cross will help
assure these securities begin trading close to their inherent value.
Foreign Exchange Listings
    For a company transferring from a foreign regulated exchange where
there is a broad, liquid market for the

company's shares, or listing on Nasdaq while trading on such exchange,
Nasdaq will determine that the company has met the applicable price-
based requirements based on the recent trading in such market. Nasdaq
believes that the price of the issuer's securities from such broad and
liquid trading is predictive of the price in the market for the common
stock that will develop upon listing of the securities on Nasdaq. While
this is consistent with Nasdaq's current practice, Listing Rules IM-
5405-1(a)(4) and IM-5505-1(a)(4) will clarify that a company
transferring from a foreign regulated exchange where there is a broad,
liquid market for the company's shares or listing on the Nasdaq Global
or Capital Markets while trading on such exchange is not subject to the
new requirements applicable to Direct Listings.
Clarification of the Role of a Financial Advisor in a Direct Listing
    In 2014, Nasdaq first adopted rules to allow the use of the Nasdaq
IPO Cross to initiate trading in securities that have not been listed
on a national securities exchange or traded in the over-the-counter
market pursuant to FINRA Form 211 immediately prior to the initial
pricing and described the role of financial advisors in that
process.\15\ At that time, the Exchange added Rule 4120(c)(9) \16\ to
set forth the process by which trading commences in such securities.
Under that rule, securities of companies that have not previously been
listed on a national securities exchange or traded in the over-the-
counter market pursuant to FINRA Form 211 immediately prior to listing
on Nasdaq can be launched for trading using the IPO Cross. Prior to
that rule change, securities of companies that were not conducting IPOs
were released using the Halt Cross outlined in Rule 4120(c)(7), which
differed from the IPO Cross.\17\
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    \15\ Securities Exchange Act Release No. 71931 (April 11, 2014),
79 FR 21829 (April 17, 2014) (SR-NASDAQ-2014-032) (the ``2014 Rule
Change''). Nasdaq stated that ``an advisor, with market knowledge of
the book and an understanding of the company and its security, would
be well placed to provide advice on when the security should be
released for trading.'' The 2014 Rule Change at 21830.
    \16\ In 2014, Nasdaq filed SR-NASDAQ-2014-081 modifying the
functions that are performed by an underwriter with respect to an
initial public offering and renumbered certain paragraphs of Rule
4120. Securities Exchange Act Release No. 73399 (October 21, 2014),
79 FR 63981 (October 27, 2014) (approving SR-NASDAQ-2014-081). All
references in this filing are to the renumbered rules, as currently
in effect.
    \17\ The Halt Cross process has a shorter quoting period (five
minutes) and provides no ability to extend the quoting period in the
event trading interest or volatility in the market appears likely to
have a material impact on the security, unless there is an order
imbalance as defined in the rule. See the 2014 Rule Change for
additional details on the differences between the Halt Cross and the
IPO Cross.
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    The 2014 Rule Change extended the safeguards contained in the IPO
Cross to securities that have not been listed on a national securities
exchange or traded in the over-the-counter market pursuant to FINRA
Form 211 immediately prior to the initial pricing and established that
a broker-dealer serving in the role of financial advisor to the issuer
could serve in the same capacity for such securities as the underwriter
does for IPOs. Specifically, Rule 4120(c)(9) provides that the IPO
Cross process described in Rules 4120 and 4753 is available to
securities that have not been listed on a national securities exchange
or traded in the over-the-counter market pursuant to FINRA Form 211
immediately prior to the initial pricing where ``a broker-dealer
serving in the role of financial advisor to the issuer of the
securities being listed is willing to perform the functions under Rule
4120(c)(8) that are performed by an underwriter with respect to an
initial public offering.'' \18\
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    \18\ Subsequent to the 2014 Rule Change, Nasdaq expanded and
elaborated the functions that are performed by an underwriter with
respect to an initial public offering. See footnote 16, above. Rule
4120(c)(9) requires a broker-dealer serving in the role of a
financial advisor to the issuer of the securities being listed to
perform all such functions in order for the issuer to utilize the
IPO Cross for the initial pricing of the security.
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    Rule 4753 provides the definition of Current Reference Price and a
description of the calculation of the price at which the Nasdaq Halt
Cross will occur.\19\ In each case, the applicable price could be
determined based on the issuer's IPO price.\20\ In the absence of an
IPO price from the underwriter, Nasdaq believes that the only viable
options are to rely on a price from recent sustained trading the
Private Placement Market \21\ or one provided by the financial advisor
to the company.
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    \19\ Rules 4753(a)(3)(A) and 4753(b)(2)(D).
    \20\ Rules 4753(a)(3)(A)(iv)a. and 4753(b)(2)(D)(i). The price
closest to the ``Issuer's Initial Public Offering Price'' is the
fourth tie-breaker in these rules, applicable when no single price
is determined from the three prior tests.
    \21\ As described above, Nasdaq believes that the price from
such recent sustained trading in a Private Placement Market for the
issuer's securities is predictive of the price in the market for the
common stock that will develop upon listing of the securities on
Nasdaq.
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    Nasdaq has successfully employed, in limited circumstances, the IPO
Cross for securities that have not been listed on a national securities
exchange or traded in the over-the-counter market pursuant to FINRA
Form 211 immediately prior to the initial pricing since 2014 \22\ and
following the 2019 Rule Change. Nasdaq continues to believe that
financial advisors to issuers seeking to utilize that process are well
placed to perform the functions that are currently performed by
underwriters with respect to an initial public offering.
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    \22\ Among other instances, Nasdaq utilized the IPO Cross for
the initial pricing of the common stock of American Realty Capital
Healthcare Trust, Inc. as indicated in the 2014 Rule Change.
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    In the 2019 Rule Change, Nasdaq elaborated on the role of a
financial advisor to the issuer of a security that is listing under IM-
5315-1.\23\ Nasdaq now proposes to amend Rule 4753 to clarify that
securities listed pursuant to Listing Rules IM-5405-1 and IM-5505-1 can
be launched for trading using the IPO Cross, subject to additional
requirements in the proposed Listing Rules IM-5405-1 and IM-5505-1.
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    \23\ Specifically, Nasdaq amended Rules 4753(a)(3)(A)(iv) and
4753(b)(2)(D) to state that in the case of the initial pricing of a
Direct Listing for a security qualifying for listing under Listing
Rule IM-5315-1, the fourth tie-breaker in calculating each of the
Current Reference Price disseminated in the Nasdaq Order Imbalance
Indicator and the price at which the Nasdaq Halt Cross will occur,
respectively, shall be: (i) For a security that has had recent
sustained trading in a Private Placement Market prior to listing,
the most recent transaction price in that market or, (ii) if there
is not such sustained trading in a Private Placement Market, a price
determined by the Exchange in consultation with the financial
advisor to the issuer identified pursuant to Rule 4120(c)(9). See
2019 Rule Change.
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    Nasdaq also proposes to require that all securities listed under
Listing Rules IM-5405-1 and IM-5505-1 must begin trading on Nasdaq
following the initial pricing through the IPO Cross. To that end,
Nasdaq proposes to cross reference Rule 4120(c)(8) in Listing Rules IM-
5405-1 and IM-5505-1 to require that the company must have a broker-
dealer serving in the role of financial advisor to the issuer of the
securities being listed, who is willing to perform the functions under
Rule 4120(c)(8) that are performed by an underwriter with respect to an
initial public offering. In addition, Nasdaq proposes to require that
each Company qualified for listing under Listing Rules IM-5405-1 and
IM-5505-1 must list its securities upon effectiveness of a Securities
Act of 1933 registration statement filed solely for the purpose of
allowing existing shareholders to sell their shares.
    Finally, Nasdaq proposes to define ``Direct Listing'' in Listing
Rule IM-5315-1 and update the title without further modification to
that rule section. Nasdaq also proposes to update the reference to
``direct listings under IM-5315-1'' in Listing Rule IM-5900-7 as a
defined term without changing the substance of this rule.

2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\24\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\25\ in particular, in that it is designed to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transaction in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system and,
in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \24\ 15 U.S.C. 78f(b).
    \25\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

Calculation of Price-Based Initial Listing Requirements
    The proposed rule change to require a Valuation and describe how
Nasdaq will calculate compliance with the price-based requirements for
listing on the Nasdaq Global and Capital Markets is designed to protect
investors and the public interest because any company relying solely on
a Valuation will have to demonstrate that the company exceeds 200% of
the otherwise applicable price-based requirement, which will give a
significant degree of comfort that upon commencement of trading the
company will meet the applicable price-based requirements.\26\ In
addition, establishing independence standards for the party providing a
Valuation will ensure that the entity providing a Valuation for
purposes of listing on Nasdaq will have a significant level of
independence from the listing applicant and thereby enhance the
reliability of such Valuation.
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    \26\ See footnotes 13 and 14 above.
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    Finally, in addition to the proposed new requirements, Direct
Listings are subject to all initial listing requirements applicable to
equity securities and, subject to applicable exemptions, the corporate
governance requirements set forth in the Rule 5600 Series. Nasdaq's
existing requirements are designed to protect investors and serve to
help assure that securities listed on Nasdaq have sufficient investor
interest and will trade in a liquid manner. As such, Nasdaq believes
these provisions protect investors and the public interest in
accordance with Section 6(b)(5) of the Exchange Act.
    The proposed rule change also protects investors and the public
interest by requiring that there be sustained recent trading in the
Private Placement Market in order for a Direct Listing to rely on such
price to demonstrate compliance with the applicable price-based
requirements. Nasdaq believes that the price from such sustained
trading in the Private Placement Market for the issuer's securities is
predictive of the price in the market for the common stock that will
develop upon listing of the securities on Nasdaq and that qualifying a
company based on such trading price helps assure that the company
satisfies Nasdaq's requirements. In the absence of recent sustained
trading in the Private Placement Market, the requirement to demonstrate
that the company exceeds 200% of the otherwise applicable price-based
requirement, similarly helps assure that the company satisfies Nasdaq's
requirement by imposing a standard that is double the otherwise
applicable standard.\27\
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    \27\ See footnotes 13 and 14, above.
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    The proposed rule change to allow a company in certain unique
circumstances to list without a Valuation is designed to protect
investors and the public interest because it requires such company to
produce compelling evidence that the security's price, Market Value of
Listed Securities and Market Value of Unrestricted Publicly Held Shares
exceed 250% of the otherwise applicable requirement. Moreover, in order
to be considered compelling, such evidence of the company's value must
be based on a tender offer by the company or a third party or on a
transaction in company's securities, such as a third-party transaction
involving the company's equity securities, or security sales by the
company. In addition, such transactions must be recent, occurring
within the prior six months, and substantial in size, representing
sales of at least 20% of the applicable Market Value of Unrestricted
Publicly Held Shares requirement which helps assure that the company
satisfies the applicable price-based requirement upon commencement of
trading on Nasdaq.
    The proposed rule change also protects investors and the public
interest by requiring that for a company to demonstrate compliance with
the applicable price-based requirements based on security sales by the
company, such transactions, in addition to being recent and substantial
in size, must also have been conducted at arm's-length. To that end,
Nasdaq proposes to require that such transactions cannot involve
affiliates of the company unless such participation is of a de minimis
nature, such as where any affiliate's participation was less than 5% of
the transaction (and all affiliates' participation collectively was
less than 10% of the transaction), such participation was suggested or
required by unaffiliated investors and where the affiliates did not
participate in negotiating the economic terms of the transaction.
    The proposed requirement that a company that lists on the Nasdaq
Global or Capital Markets through a Direct Listing must list at the
time of effectiveness of a registration statement filed under the
Securities Act of 1933 solely for the purpose of allowing existing
shareholders to sell their shares is designed to protect investors and
the public interest, because it will ensure such companies satisfy the
rigorous disclosure requirements under the Securities Act of 1933 and
are subject to review by Commission staff.
    Finally, the proposal to rely on the price from the existing
trading market for a company transferring from a foreign regulated
exchange or listing on Nasdaq while trading on such exchange is
consistent with the protection of investors because the price from the
broad and liquid trading market for the issuer's securities is
predictive of the price in the market for the common stock that will
develop upon listing of the securities on Nasdaq. This provision
applies only where there is a broad, liquid market for the company's
shares in its country of origin and is designed to clarify that a
company transferring from a foreign regulated exchange or listing on
Nasdaq while trading on such exchange that satisfies Listing Rules IM-
5405-1(a)(4) or IM-5505-1(a)(4) is not subject to the new requirements
applicable to Direct Listings. Enhancing transparency around this
requirement will promote just and equitable principles of trade, foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transaction in securities, remove impediments to and
perfect the mechanism of a free and open market and a national market
system and protect investors and the public interest.\28\
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    \28\ Provisions of Listing Rules IM-5405-1(a)(4) and IM-5505-
1(a)(4) are identical to Listing Rule IM-5315-1(c) applicable to
Direct Listings on the Nasdaq Global Select Market, which was
adopted in the 2019 Rule Change.
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Clarification of the Role of a Financial Advisor in a Direct Listing
    Nasdaq believes that the proposed rule change to modify the fourth
tie-breaker used in calculating the Current Reference Price
disseminated in the Nasdaq Order Imbalance Indicator and the price at
which the Nasdaq Halt

Cross will occur, protects investors and the public interest. The 2019
Rule Change established that, in using the IPO Cross to initiate the
initial trading in the company's securities, the Current Reference
Price and price at which the Nasdaq Halt Cross will occur may be based
on the most recent transaction price in a Private Placement Market
where the security has had recent sustained trading in such a market
over several months; otherwise the price will be determined by the
Exchange in consultation with a financial advisor to the issuer. The
proposed rule change simply provides that in addition to the initial
pricing of a security listing under Listing Rules IM-5315-1 the same
process will occur for securities listing under IM-5405-1 or IM-5505-1.
    Where there has been sustained recent trading on a Private
Placement Market over several months, Nasdaq believes the most recent
price from such trading is predictive of the price that will develop
upon listing of the securities on Nasdaq. Where there has not been such
sustained recent trading, Nasdaq notes that financial advisors have
been performing the functions of the underwriter in the IPO Cross on a
limited basis since 2014 and following the 2019 Rule Change and have
market knowledge of buying and selling interest and an understanding of
the company and its security. As such, Nasdaq believes that the rule
change will promote fair and orderly markets because these mechanisms
of establishing the Current Reference Price and the price at which the
Nasdaq Halt Cross will occur will help protect against volatility in
the pricing and initial trading of the securities covered by the
proposed rule change.
    Similarly, the proposed requirement that a company that lists on
the Nasdaq Global or Capital Markets through a Direct Listing must
begin trading of the company's securities following the initial pricing
through the IPO Cross will promote fair and orderly markets by
protecting against volatility in the pricing and initial trading of
unseasoned securities covered by the proposed rule change. Accordingly,
Nasdaq believes these changes, as required by Section 6(b)(5) of the
Exchange Act, are reasonably designed to protect investors and the
public interest and promote just and equitable principles of trade for
the opening of securities listing in connection with a Direct Listing
on the Nasdaq Global or Capital Markets.
    Finally, Nasdaq believes that the proposed rule change to update
the title of Listing Rule IM-5315-1, to insert the defined term
``Direct Listing'' into the existing language of this rule and to
update the reference to ``direct listings under IM-5315-1'' in Listing
Rule IM-5900-7 using a defined term, does not change the substance of
these rules and protects investors and the public interest by
clarifying the applicability of these rules and making it easier to
understand.

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 proposed rule change to adopt Listing Rules IM-5405-1 and IM-
5505-1 is designed to provide transparency to the mechanism of listing
securities in connection with a Direct Listing on the Nasdaq Global or
Capital Markets that is appropriately protective of investors and is
not designed to limit the ability of the issuers of those securities to
list them on any other national securities exchange.
    In addition, the proposed change is designed to extend the
availability of the IPO Cross to securities listing on Nasdaq under IM-
5405-1 or IM-5505-1 and thus will have no impact on competition.

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

    No written comments were 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-NASDAQ-2019-059 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-NASDAQ-2019-059. 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 such filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. 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-NASDAQ-059, and should be submitted on
or before September 25, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
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    \29\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-19004 Filed 9-3-19; 8:45 am]
 BILLING CODE 8011-01-P