[Federal Register Volume 80, Number 116 (Wednesday, June 17, 2015)]
[Notices]
[Pages 34758-34763]
[FR Doc No: 2015-14819]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75145; File No. SR-BX-2015-033]

Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the Fee Schedule Under Exchange Rule 7018 With Respect to Transactions
in Securities Priced at $1 or More per Share and the Exchange's Retail
Price Improvement Program

June 11, 2015.
    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 June 1, 2015, NASDAQ OMX BX, Inc. (``BX'' or ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``Commission'')
the proposed rule change as described in Items I, II, and III below,
which Items have been prepared by the Exchange. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend BX Rule 7018 with respect to
transactions in securities priced at $1 or more per share and the
Exchange's Retail Price Improvement Program.
    The text of the proposed rule change is also available on the
Exchange's Web site at http://nasdaqomxbx.cchwallstreet.com, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the

proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant aspects of such statements.

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

1. Purpose
    The Exchange is proposing to amend the fee schedule under Rule
7018(a), relating to fees and credits provided for orders in securities
priced and $1 or more per share that execute on BX, and is proposing to
increase a credit provided by the Retail Price Improvement program
under Rule 7018(e).
    Under Rule 7018(a), the Exchange provides credits to member firms
that access certain levels of liquidity on BX per month. The Exchange
is proposing to add two new credit tiers of $0.0017 and $0.0012 per
share executed, which will be provided for orders that access
liquidity, excluding orders with Midpoint pegging \3\ and orders that
receive price improvement and execute against an order with Midpoint
pegging, entered by a member that accesses liquidity equal to or
exceeding 0.20% and 0.05% of total Consolidated Volume \4\ during a
month, respectively.
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    \3\ A Midpoint Peg order has its priced [sic] based upon the
national best bid and offer, excluding the effect that the Midpoint
Peg Order itself has on the inside bid or inside offer. Primary
Pegged Orders with an offset amount and Midpoint Pegged Orders will
never be displayed. A Midpoint Pegged Order may be executed in sub-
pennies if necessary to obtain a midpoint price. A new timestamp is
created for the order each time it is automatically adjusted.
    \4\ Consolidated Volume is defined as the total consolidated
volume reported to all consolidated transaction reporting plans by
all exchanges and trade reporting facilities during a month in
equity securities, excluding executed orders with a size of less
than one round lot. For purposes of calculating Consolidated Volume
and the extent of a member's trading activity, expressed as a
percentage of or ratio to Consolidated Volume, the date of the
annual reconstitution of the Russell Investments Indexes shall be
excluded from both total Consolidated Volume and the member's
trading activity. See Rule 7018(a).
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    In a related change, the Exchange is amending existing credit tiers
that provide a credit to members with orders that access liquidity,
excluding orders with Midpoint pegging and orders that receive price
improvement and execute against an order with Midpoint pegging, entered
by a member that accesses liquidity equal to or exceeding 0.1% and
0.015% of total Consolidated Volume during a month, which currently
provide credits of $0.0010 and $0.0008 per share executed,
respectively. The Exchange is proposing to increase the credit provided
under the 0.1% Consolidated Volume tier from $0.0010 per share executed
to $0.0015 per share executed. The Exchange is also proposing to
increase the total Consolidated Volume required to receive the $0.0008
per share executed credit from 0.015% to 0.02%.
    The Exchange is proposing to increase the credit it provides for
all other orders that remove liquidity from BX and that do not qualify
under another higher credit from $0.0004 per share executed to $0.0006
per share executed. In related changes, the Exchange is eliminating two
credit tiers, which currently provide credits of $0.0006 per share
executed and both of which are rendered moot in light of the increased
credit the Exchange is provided for all other orders that remove
liquidity from BX. Specifically, the Exchange is proposing to eliminate
a $0.0006 per share executed credit provided to a member firm for an
order that accesses liquidity, excluding orders with Midpoint pegging
and orders that receive price improvement and execute against an order
with Midpoint pegging, entered by a member that provides an average
daily volume of at least 25,000 shares of liquidity during the month.
The Exchange is also proposing to eliminate the $0.0006 per share
executed credit provided to members with a BSTG,\5\ BSCN,\6\ BMOP,\7\
BTFY,\8\ BCRT,\9\ BDRK \10\ or BCST \11\ order that accesses liquidity
in the NASDAQ OMX BX Equities System, excluding orders with Midpoint
pegging and excluding orders that receive price improvement and execute
against an order with Midpoint pegging.
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    \5\ See BX Rule 4758(a)(1)(A)(iii).
    \6\ See BX Rule 4758(a)(1)(A)(iv).
    \7\ See BX Rule 4758(a)(1)(A)(vi).
    \8\ See BX Rule 4758(a)(1)(A)(v).
    \9\ See BX Rule 4758(a)(1)(A)(vii).
    \10\ See BX Rule 4758(a)(1)(A)(viii).
    \11\ See BX Rule 4758(a)(1)(A)(ix).
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    The Exchange is also proposing to modify and eliminate certain
charges it assesses under Rule 7018(a). Specifically, the Exchange is
proposing to increase the charge assessed for a Displayed order entered
by a Qualified Market Maker \12\ (``QMM'') from $0.0009 per share
executed to $0.0014 per share executed. The Exchange is also proposing
to adopt a new charge tier of $0.0014 per share executed assessed a
member that (i) adds liquidity equal to or exceeding 0.25% of total
Consolidated Volume during a month, and (ii) adds and accesses
liquidity equal to or exceeding 0.50% of total Consolidated Volume
during a month.
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    \12\ A member firm may become a QMM by providing through one or
more of its NASDAQ OMX BX Equities System market maker participant
identifier (``MPIDs'') more than 0.30% of Consolidated Volume during
the month. For a member qualifying under this method, the member
must have at least one Qualified MPID, that is, an MPID through
which, for at least 200 securities, the QMM quotes at the NBBO an
average of at least 50% of the time during regular market hours
(9:30 a.m. through 4:00 p.m.) during the month. The member must also
provide an average daily volume of 1.5 million shares or more using
orders with Midpoint pegging during the month.
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    The Exchange is proposing to increase the charges assessed under
two tiers for a displayed order that adds liquidity equal to or
exceeding 0.25% and 0.04% of total Consolidated Volume during a month,
respectively, which are currently set a $0.0012 per share executed and
$0.0014 per share executed, respectively. The Exchange is proposing to
increase the charge under the 0.25% tier to $0.0018 per share executed,
while also decreasing the minimum liquidity needed to be provided to
qualify under the tier from 0.25% of total Consolidated Volume during a
month to 0.20% of total Consolidated Volume during a month. The
Exchange is proposing to increase the charge under the 0.04% tier to
$0.0019 per share executed and is additionally proposing to increase
the total Consolidated Volume required to receive the charge from 0.04%
to 0.10%.
    The Exchange is also proposing to amend charges it assesses for
providing liquidity in orders with Midpoint pegging. Specifically, it
is proposing to eliminate the $0.0002 per share executed charge
assessed for an order with Midpoint pegging entered by a member that
adds 0.03% of total Consolidated Volume of non-displayed liquidity. The
Exchange is also proposing to increase the charge assessed for an order
with Midpoint pegging entered by a member that adds 0.015% of total
Consolidated Volume of non-displayed liquidity from $0.0004 per share
executed to $0.0005 per share executed and is additionally increasing
the total Consolidated Volume requirement from 0.015% to 0.02%. The
Exchange is proposing to increase the $0.0010 per share executed charge
for an order with Midpoint pegging entered by a member that does not
qualify for a lower charge for such an order to $0.0015 per share
executed.
    The Exchange is proposing to amend certain charges relating to non-
displayed orders. Specifically, the Exchange is proposing to eliminate
the $0.0014 per share executed charge assessed for a non-displayed
order, other than orders with Midpoint

pegging, entered by a member that adds 0.075% of total Consolidated
Volume of non-displayed liquidity. The Exchange is also proposing to
increase the $0.0019 per share executed charge assessed for a non-
displayed order, other than orders with Midpoint pegging, entered by a
member that adds 0.055% of total Consolidated Volume of non-displayed
liquidity to $0.0024 per share executed and is additionally increasing
the total Consolidated Volume requirement to 0.06%. The Exchange is
proposing to increase the charge assessed for all other non-displayed
orders from $0.0028 per share executed to $0.0030 per share executed.
    The Exchange is proposing to reduce the level of Consolidated
Volume required to qualify as a QMM. Currently, to be considered a QMM
a member firm must provide through one or more of its NASDAQ OMX BX
Equities System MPIDs more than 0.30% of Consolidated Volume during the
month. To qualify under this method, the member firm must have at least
one Qualified MPID, that is, an MPID through which, for at least 200
securities, the QMM quotes at the NBBO an average of at least 50% of
the time during regular market hours (9:30 a.m. through 4:00 p.m.)
during the month. The member firm must also provide an average daily
volume of 1.5M shares or more using orders with Midpoint pegging during
the month. The Exchange is proposing to reduce the level of
Consolidated Volume under the rule from 0.30% to 0.15%.
    Lastly, the Exchange is proposing to amend a charge assessed under
the Retail Price Improvement Program of Rule 7018(e). The Exchange's
Retail Price Improvement (``RPI'') program provides incentives to
member firms (or a division thereof) approved by the Exchange to
participate in the program (a ``Retail Member Organization'') to submit
designated ``Retail Orders'' \13\ for the purpose of seeking price
improvement. The Exchange is proposing to increase the $0.0012 per
share executed credit provided for a Retail Order that accesses other
liquidity on the Exchange book to $0.0017 per share executed. The
credit applies to Retail Orders not covered by other credit tiers
available for accessing liquidity under the rule.
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    \13\ A Retail Order is defined in BX Rule 4780(a)(2), in part,
as ``an agency or riskless principal order that satisfies the
criteria of FINRA Rule 5320.03, that originates from a natural
person and is submitted to the Exchange by a Retail Member
Organization, provided that no change is made to the terms of the
order with respect to price (except in the case that a market order
is changed to a marketable limit order) or side of market and the
order does not originate from a trading algorithm or any other
computerized methodology.''
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2. Statutory Basis
    BX believes that the proposed rule changes are consistent with the
provisions of Section 6 of the Act,\14\ in general, and with Sections
6(b)(4) and 6(b)(5) of the Act,\15\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees and other charges
among members and issuers and other persons using any facility or
system which the Exchange operates or controls, and is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest; and are not designed to
permit unfair discrimination between customers, issuers, brokers, or
dealers.
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    \14\ 15 U.S.C. 78f.
    \15\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes that the proposed two new credit tiers based
on Consolidated Volume together with the proposed changes to existing
credit tiers based on Consolidated Volume under BX Rule 7018(a) are
reasonable because they provide additional opportunities for market
participants to receive credits for participation on BX. The Exchange
also believes that the proposed changes to the credit tiers based on
the level Consolidated Volume are reasonable because the credits tiers
are directly tied to the level of Consolidated Volume a member firm
accesses in a given month, with the highest credit provided for the
greatest level of Consolidated Volume, and the lowest credit provided
to the lowest level of Consolidated Volume. Specifically, the Exchange
is proposing a new $0.0017 per share executed credit tier, which will
require the highest level of Consolidated Volume in liquidity removal
from the Exchange. The Exchange is proposing to increase the credit
provided for the next lower tier, which requires liquidity accessed of
0.1% or more of Consolidated Volume, to $0.0015 per share executed. The
Exchange is proposing to adopt a new $0.0012 per share executed credit
tier, which will require adding liquidity equal to or exceeding 0.05%
of total Consolidated Volume during the month. Lastly, the Exchange is
modifying an existing credit tier by increasing the minimum total
Consolidated Volume required from 0.015% to 0.02%. As such, the
Exchange is generally providing increased credits to provide incentive
to member firms to remove liquidity, excluding orders with Midpoint
pegging and excluding orders that receive price improvement and execute
against an order with Midpoint pegging, from the Exchange. With respect
to the increased Consolidated Volume required to receive the $0.0008
credit, the Exchange notes that member firms are being required to
provide increased Consolidated Volume to receive the credit, which will
improve market quality for all participants. The Exchange believes that
the proposed credits noted above are both equitably allocated and are
not unfairly discriminatory as they are provided to all member firms
that achieve the minimum level of Consolidated Volume required by the
tier, with the member firms that provide the greatest level of
Consolidated Volume receiving the greatest credit.
    The Exchange believes that elimination of the two $0.0006 per share
executed credit tiers is reasonable because the Exchange has increased
the credit it provides for all orders that do not otherwise receive a
higher credit, which the Exchange is increasing to $0.0006 per share
executed. This increased ``default'' credit is reasonable because the
Exchange desires to further incentivize member firms to participate in
the Exchange by removing liquidity, generally. The Exchange believes
that the proposed elimination of the two $0.0006 per share executed
credit tiers, and the proposed increase in the ``default'' credit to
$0.0006 per share executed are both an equitable allocation and are not
unfairly discriminatory because more member firms will have the
opportunity to qualify for a higher credit based on their participation
in BX by removing liquidity.
    The Exchange believes that the proposed change to increase the
charge assessed a QMM for entering a displayed order is reasonable
because the exchange must balance the cost of credits provided for
orders removing liquidity and the desire to provide QMMs with
incentives to provide displayed orders. The Exchange notes that the
proposed charge continues to be lower than the default charge assessed
for all other displayed orders that do not otherwise qualify for a
lower charge, and as such continues to act as an incentive to market
participants to provide such liquidity. Moreover, the Exchange will
continue to provide a reduced charge in return for the

provision of market improving order activity. The Exchange believes
that the proposed change is both equitably allocated and is not
unfairly discriminatory because the increased charge applies uniformly
to all member firms that previously had qualified to receive such a
credit.
    The Exchange believes that the proposed new $0.0014 per share
executed charge available to a member firm that adds liquidity equal to
or exceeding 0.25% of total Consolidated Volume during a month and adds
and accesses liquidity equal to or exceeding 0.50% of total
Consolidated Volume during a month, is reasonable because it provides a
new means by which a member firm may qualify for a lower charge than
the default charge applied to liquidity-providing displayed orders. The
Exchange provides incentives to member firms to enter displayed orders
on BX and, in the present case, it is providing a reduced charge to a
member that enters such an order, but also provides market improving
liquidity in the form of significant levels of Consolidated Volume of
adding and accessing liquidity during the month. The Exchange believes
that the proposed change is both equitably allocated and is not
unfairly discriminatory because the new charge applies uniformly to all
member firms that qualify under the tier's requirements, which requires
beneficial market activity by the member firm in return for the lower
charge.
    The Exchange believes that the proposed increase to the $0.0012 per
share executed and $0.0014 per share executed charge tiers assessed for
Displayed orders entered by a member firm that adds liquidity equal to
or exceeding 0.25% and 0.04% of total Consolidated Volume during a
month, respectively, is reasonable because it reflects a small increase
to the charges assessed for such orders by qualifying members, while
each continue to remain lower than the default charge assessed for
providing liquidity in displayed orders. As such, the proposed charges
will continue [sic] act as an incentive to market participants to
provide displayed orders. The Exchange also believes that decreasing
the level of Consolidated Volume required to receive the proposed
$0.0018 per share executed charge from 0.025% to 0.020% is reasonable
because it lowers the total Consolidated Volume requirement, which the
Exchange has observed was set too high to effectively provide incentive
to market participants to improve the market. The Exchange also
believes that it is reasonable to increase the level of Consolidated
Volume required to receive the $0.0019 per share executed charge from
0.04% to 0.10% because the Exchange believes that increasing the level
may result in improved market quality in the form of additional total
Consolidated Volume in return for the reduced charge. The Exchange
believes that the proposed changes to the $0.0012 charge tier is both
an equitable allocation and is not unfairly discriminatory because the
increased charge applies uniformly to all member firms that qualify
under the tier's revised, lower Consolidated Volume requirement, which
will continue to provide a charge lower than the default charge
assessed for displayed orders. The Exchange also believes that the
proposed changes to the $0.0014 charge tier is both an equitable
allocation and is not unfairly discriminatory because the increased
charge applies uniformly to all member firms that qualify under the
tier's revised, higher Consolidated Volume requirement, which will
continue to provide a charge lower than the default charge assessed for
displayed orders.
    The Exchange believes that elimination of the $0.0002 per share
executed charge provided for an order with Midpoint pegging entered by
a member firm that adds 0.03% of total Consolidated Volume of non-
displayed liquidity is reasonable because the Exchange will continue to
provide opportunity for member firms to receive a reduced charge for
such non-displayed liquidity based on a certain level of total
Consolidated Volume. Specifically, the Exchange will provide a member
firm with a reduced charge for non-displayed liquidity if it achieves
0.02% of total Consolidated Volume during a month. The Exchange
believes that the 0.03% total Consolidated Volume tier is no longer
needed to provide incentive to market participant [sic] to provide such
Midpoint pegging orders. The Exchange believes that the proposed change
is both equitably allocated and is not unfairly discriminatory because
member firms will continue to receive a charge lower than the default
charge assessed for non-displayed orders in return for providing
beneficial liquidity in the form of Midpoint pegging orders, albeit at
an increased charge.
    The Exchange believes that the proposed increase to the charge
assessed for an order with Midpoint pegging entered by a member firm
that adds 0.015% of total Consolidated Volume from $0.0004 per share
executed to $0.0005 per share executed is reasonable because it
represents a modest increase to the charge assessed for such orders,
while remaining lower than the default charge assessed for other non-
displayed orders. Moreover, the Exchange believes that the proposed
increased charge will continue [sic] act as an incentive to market
participants to provide orders with Midpoint pegging. The Exchange
believes that the proposed change is both equitably allocated and is
not unfairly discriminatory because member firms will continue to
receive a charge lower than the default charge assessed for orders in
return for providing beneficial liquidity in the form of Midpoint
pegging orders, albeit at an increased charge. The Exchange also
believes that the proposed increase to the charge is equitably
allocated and not unfairly discriminatory because all members entering
orders with Midpoint pegging that meet the criteria of the tier will be
assessed the proposed charge.
    The Exchange believes that the increase the [sic] charge for
Midpoint pegging orders that do not otherwise qualify for a lower
charge from $0.0010 per share executed to $0.0015 per share executed is
reasonable because it represents a modest increase to the charge
assessed for such orders, while remaining lower than the default charge
assessed for non-displayed orders. Moreover, the Exchange believes that
the proposed increased charge will continue [sic] act as an incentive
to market participants provide orders with Midpoint pegging. The
Exchange believes that the proposed change is both equitably allocated
and is not unfairly discriminatory because member firms will continue
to receive a charge lower than the default charge assessed for non-
displayed orders in return for providing beneficial liquidity in the
form of Midpoint pegging orders, albeit at an increased charge. The
Exchange also believes that the proposed increase to the charge is
equitably allocated and not unfairly discriminatory because all members
entering orders with Midpoint pegging that do not otherwise qualify for
a lower charge under another tier will be assessed the proposed charge.
    The Exchange believes that elimination of the $0.0014 per share
executed charge assessed for non-displayed orders, other than orders
with Midpoint pegging, entered by a member firm that adds 0.075% of
total Consolidated Volume of non-displayed liquidity is reasonable
because the Exchange will continue to offer member firms opportunity to
receive a reduced charge for such orders, albeit at a higher charge
under a separate tier. The Exchange notes that, while the proposed
charge under the remaining tier is $0.0024 per share executed, member
firms will only be required to provide a minimum of 0.06% of total

Consolidated Volume of non-displayed liquidity. The Exchange believes
that this charge tier will continue [sic] act as an incentive to market
participants to provide non-displayed liquidity. The Exchange believes
that the proposed change is both equitably allocated and is not
unfairly discriminatory because member firms will continue to receive a
charge lower than the default charge assessed for non-displayed orders
that qualify under the deleted tier in return for providing non-
displayed liquidity, albeit at an increased charge under the remaining
tier.
    The Exchange believes that increasing the charge assessed and total
Consolidated Volume required for non-displayed orders, other than
orders with Midpoint pegging, entered by a member firm that adds 0.055%
of total Consolidated Volume of non-displayed liquidity is reasonable
because the charge continues to be lower than the charge assessed for
other non-displayed orders, thereby continuing to serve as an incentive
to market participants to provide non-displayed liquidity, and the
modest increase in required total Consolidated Volume will encourage
members to provide additional non-displayed liquidity. The Exchange
notes that non-displayed liquidity is not as beneficial to market
quality as other forms of displayed liquidity and, accordingly, the
Exchange assesses a higher charge for such liquidity. The Exchange
believes that the proposed change is both equitably allocated and is
not unfairly discriminatory because member firms will continue to
receive a charge lower than the default charge assessed for non-
displayed orders that qualify under the tier in return for providing
non-displayed liquidity at a level slightly higher than is currently
required, which will apply to all member firms that qualify under the
tier. Additionally, the Exchange believes that the proposed change is
equitably allocated and not unfairly discriminatory because all members
can add liquidity to BX and the more liquidity a member adds the lower
the charge because the member is improving the quality of the market by
providing this additional liquidity.
    The Exchange believes that the proposed increase to the default
charge assessed for non-displayed orders that do not otherwise qualify
for a lower charge from $0.0028 per share executed to $0.0030 per share
executed is reasonable because it is reflective of the Exchange's need
to balance the fees assessed with the desire to improve market quality.
The Exchange believes that non-displayed liquidity on BX is sufficient
that it can support a minor increase to the charge assessed, thus
allowing the Exchange to apply other discounted charges and offer
credits designed to further increase participation on the Exchange. The
Exchange also believes that the proposed increase to the default charge
is equitably allocated and not unfairly discriminatory because all
members entering non-displayed orders on BX that do not qualify for a
reduced charge will be assessed the proposed charge.
    The Exchange believes the proposed reduction in the level of
Consolidated Volume required to qualify as a QMM from 0.30% to 0.15% is
reasonable because it will provide a greater incentive to market
participants to participate in the program, which is designed to
improve the market by providing member firms with incentive to
participate in the market in return for reduced charge for providing
Displayed Orders. The Exchange also believes that the proposed
reduction in Consolidated Volume required to qualify as a QMM is
equitably allocated and not unfairly discriminatory because all member
firms that qualify under the amended QMM eligibility standard will be
considered QMMs, and therefore be eligible for the reduced charge. As
noted, the proposed change is designed to expand participation in the
program, which will benefit all market participants in the form of
improved liquidity.
    The Exchange believes the proposed increased credit provided for a
Retail Order that accesses other liquidity on the Exchange book from
$0.0012 per share executed to $0.0017 per share executed is reasonable
because it will provide a greater incentive to market participants to
participate in the program, which is designed to improve the market for
retail order flow. The Exchange also believes that the proposed
increase to the credit is equitably allocated and not unfairly
discriminatory because all members entering a Retail Order that
accesses other liquidity on the Exchange book will receive the credit.
    Finally, BX notes that it operates in a highly competitive market
in which market participants can readily favor competing venues if they
deem fee levels at a particular venue to be excessive. In such an
environment, BX must continually adjust its fees to remain competitive
with other exchanges and with alternative trading systems that have
been exempted from compliance with the statutory standards applicable
to exchanges. The changes reflect this environment because although
they reflect both increases in credits and fees, with the price
increases being minor and lower than the default charges assessed under
the fee schedule, while the increased credits are designed to
incentivize changes in market participant behavior to the benefit of
the market overall.

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

    The Exchange does not believe that the proposed rule changes will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended.\16\
BX notes that it operates in a highly competitive market in which
market participants can readily favor dozens of different competing
exchanges and alternative trading systems if they deem fee levels at a
particular venue to be excessive, or rebate opportunities available at
other venues to be more favorable. In such an environment, BX must
continually adjust its fees to remain competitive with other exchanges.
Because competitors are free to modify their own fees in response, and
because market participants may readily adjust their order routing
practices, BX believes that the degree to which fee changes in this
market may impose any burden on competition is extremely limited.
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    \16\ 15 U.S.C. 78f(b)(8).
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    In this instance, the changes to fees and credits do not impose a
burden on competition because participation in the Exchange is optional
and is the subject of competition from other exchanges. The proposed
changes to the credits and charges are reflective of the Exchange's
overall efforts to provide greater incentives to market participants in
the form of credits and reduced charges for market participation it
believes needs improvement to the benefit of all participants. For
these reasons, the Exchange does not believe that any of the proposed
changes will impair the ability of members or competing order execution
venues to maintain their competitive standing in the financial markets.
Moreover, because there are numerous competitive alternatives to the
use of the Exchange, it is likely that BX will lose market share as a
result of the changes if they are unattractive to market participants.
    Accordingly, BX does not believe that the proposed rule changes
will impair the ability of members or competing order execution venues
to maintain their competitive standing in the financial markets.

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

    The foregoing change has become effective pursuant to Section
19(b)(3)(A) of the Act \17\ and paragraph (f) of Rule 19b-4 \18\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
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    \17\ 15 U.S.C. 78s(b)(3)(A).
    \18\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-BX-2015-033 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-2015-033. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal offices of the Exchange.
All comments received will be posted without change; the Commission
does not edit personal identifying information from submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-BX-2015-033,
and should be submitted on or before July 8, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------

    \19\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-14819 Filed 6-16-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 88, Number 162 (Wednesday, August 23, 2023)]
[Rules and Regulations]
[Pages 57356-57358]
[FR Doc No: 2023-18124]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket Number USCG-2023-0705]
RIN 1625-AA00

Safety Zone; La Quinta and Corpus Christi Shipping Channel,
Ingleside, TX

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is establishing a temporary, moving safety
zone for all navigable waters of the La Quinta and Corpus Christi
Shipping Channel between gated pair lights 11 and 12 to the Sea buoy.
The safety zone is needed to protect personnel, vessels, and the marine
environment from potential hazards created by the rig NFE PIONEER I
while it is towed offshore from the Kiewit Offshore Services facility.
Entry of vessels or persons into this zone is prohibited unless
specifically authorized by the Captain of the Port Sector Corpus
Christi or a designated representative.

DATES: This rule is effective from 6 a.m. to 6 p.m. from August 21,
2023, through August 26, 2023.

ADDRESSES: To view documents mentioned in this preamble as being
available in the docket, go to https://www.regulations.gov, type USCG-
2023-0705 in the ``SEARCH'' box and click ``SEARCH.'' Click on Open
Docket Folder on the line associated with this rule.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email Lieutenant Commander Anthony Garofalo, Sector Corpus
Christi Waterways Management Division, U.S. Coast Guard; telephone 361-
939-5130, email [email protected].

SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

CFR Code of Federal Regulations
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of proposed rulemaking
Sec.  Section
U.S.C. United States Code

II. Background Information and Regulatory History

    The Coast Guard is issuing this temporary rule without prior notice
and opportunity to comment pursuant to authority under section 4(a) of
the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This
provision authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency for good cause finds that those
procedures are ``impracticable, unnecessary, or contrary to the public
interest.'' Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good
cause exists for not publishing a notice of proposed rulemaking (NPRM)
with respect to this rule because it is impracticable. We must
establish this safety zone immediately to protect personnel, vessels,
and the marine environment from potential hazards created by the
possibility that a Floating Production Unit being towed by a heavy-lift
vessel could separate from the towing vessel and float off, and we lack
sufficient time to provide a reasonable comment period and then
consider those comments before issuing the rule.
    Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause
exists for making this rule effective less than 30 days after
publication in the Federal Register. Delaying the effective date of
this rule would be contrary to the public interest because immediate
action is needed to respond to the potential safety hazards associated
with towing the offshore rig through the La Quinta Channel and Corpus
Christi Shipping Channel.

III. Legal Authority and Need for Rule

    The Coast Guard is issuing this rule under authority in 46 U.S.C.
70034. The Captain of the Port, Sector Corpus Christi (COTP) has
determined that hazards inherent in the towing of the rig NFE PIONEER
I, which will take place between August 21, 2023 and August 26, 2023,
will be a safety concern for anyone within the La Quinta and Corpus
Christi Shipping Channel between gated pair lights 11 and 12 and the
Sea buoy. The purpose of this rule is to ensure safety of vessels and
persons on these navigable waters in the safety zone while the rig is
being towed.

IV. Discussion of the Rule

    This rule is effective from 6 a.m. to 6 p.m. from August 21, 2023,
through August 26, 2023. The transit will begin at the Kiewit Offshore
Services facility, adjacent to the La Quinta Channel between gated pair
lights 11 and 12 to the Sea buoy. No vessel or person will be permitted
to enter the temporary, moving safety zone during the effective period
without obtaining permission from the COTP or a designated
representative, who may be contacted on Channel 16 VHF-FM (156.8 MHz)
or by telephone at<PHONE_NUMBER>. The Coast Guard will issue Broadcast
Notices to Mariners, Local Notices to Mariners, and/or Safety Marine
Information Broadcasts as appropriate.

V. Regulatory Analyses

    We developed this rule after considering numerous statutes and
Executive orders related to rulemaking. Below we summarize our analyses
based on a number of these statutes and Executive orders, and we
discuss First Amendment rights of protestors.

A. Regulatory Planning and Review

    Executive Orders 12866 and 13563 direct agencies to assess the
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits. This rule has not been designated a ``significant
regulatory action,'' under Executive Order 12866 as amended by
Executive Order 14094 (Modernizing Regulatory Review). Accordingly,
this rule has not been reviewed by the Office of Management and Budget
(OMB).
    This regulatory action determination is based on the size,
location, and duration of the safety zone. This safety zone covers a 5
nautical mile area of the La Quinta and Corpus Christi Shipping Channel
near Ingleside, TX. The temporary, moving safety zone will be enforced
for a period of only 12 hours a day, from August 21, 2023 through
August 26, 2023. The rule does not completely restrict the traffic
within a waterway and allows mariners to request permission to enter
the zone.

B. Impact on Small Entities

    The Regulatory Flexibility Act of 1980, 5 U.S.C. 601-612, as
amended, requires Federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000. The Coast Guard certifies under 5 U.S.C. 605(b) that this rule
will not have a significant economic impact on a substantial number of
small entities.
    While some owners or operators of vessels intending to transit the
temporary moving safety zone may be small entities, for the reasons
stated in section V.A above, this rule will not have a significant
economic impact on any vessel owner or operator.
    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this rule. If the rule would affect your
small business, organization, or governmental jurisdiction and you have
questions concerning its provisions or options for compliance, please
contact the person listed in the FOR FURTHER INFORMATION CONTACT
section.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

C. Collection of Information

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

D. Federalism and Indian Tribal Governments

    A rule has implications for federalism under Executive Order 13132,

Federalism, if it has a substantial direct effect on the States, on the
relationship between the national government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this rule under that Order and have
determined that it is consistent with the fundamental federalism
principles and preemption requirements described in Executive Order
13132.
    Also, this rule does not have tribal implications under Executive
Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it does not have a substantial direct effect on
one or more Indian Tribes, on the relationship between the Federal
Government and Indian Tribes, or on the distribution of power and
responsibilities between the Federal Government and Indian Tribes. If
you believe this rule has implications for federalism or Indian Tribes,
please contact the person listed in the FOR FURTHER INFORMATION CONTACT
section above.

E. Unfunded Mandates Reform Act

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

F. Environment

    We have analyzed this rule under Department of Homeland Security
Directive 023-01 and Environmental Planning COMDTINST 5090.1 (series),
which guide the Coast Guard in complying with the National
Environmental Policy Act of 1969 (42 U.S.C. 4321-4370f), and have
determined that this action is one of a category of actions that do not
individually or cumulatively have a significant effect on the human
environment. This rule involves establishment of a temporary moving
safety zone for navigable waters of the La Quinta Channel between gated
pair lights 11 and 12 to the Sea buoy. The safety zone is needed to
protect personnel, vessels, and the marine environment from potential
hazards created by the rig NFE PIONEER I while it is towed from Kiewit
Offshore Services. It is categorically excluded from further review
under paragraph L60(c), in Appendix A, Table 1 of DHS Instruction
Manual 023-01-001-01, Rev. 1.

G. Protest Activities

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

List of Subjects in 33 CFR Part 165

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

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

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

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

    Authority: 46 U.S.C 70034, 70051; 70124; 33 CFR 1.05-1, 6.04-1,
6.04-6, and 160.5; Department of Homeland Security Delegation No.
00170.1, Revision No. 01.3.

0
2. Add Sec.  165.T08-0705 to read as follows:

Sec.  165.T08-0705  Safety Zone; La Quinta and Corpus Christi Shipping
Channel, Ingleside, TX.

    (a) Location. The following area is a safety zone: all navigable
waters of the La Quinta Channel between gated pair lights 11 and 12 to
the Sea buoy. Entry of vessels or persons into this zone is prohibited
unless specifically authorized by the Captain of the Port Sector Corpus
Christi (COTP) or a designated representative.
    (b) Enforcement period. This section will be enforced from 6 a.m.
to 6 p.m. from August 21, 2023, through August 26, 2023.
    (c) Regulations. (1) According to the general regulations in Sec.
165.23 of this part, entry into this temporary moving safety zone is
prohibited unless authorized by the COTP or a designated
representative. They may be contacted on Channel 16 VHF-FM (156.8 MHz)
or by telephone at<PHONE_NUMBER>.
    (2) If permission is granted, all persons and vessels shall comply
with the instructions of the COTP or designated representative.
    (d) Information broadcasts. The COTP or a designated representative
will inform the public of the enforcement times and date for this
safety zone through Broadcast Notices to Mariners, Local Notices to
Mariners, and/or Safety Marine Information Broadcasts as appropriate.

M.A. Cintron,
Captain, U.S. Coast Guard, Acting Captain of the Port Sector Corpus
Christi.
[FR Doc. 2023-18124 Filed 8-21-23; 4:15 pm]
BILLING CODE 9110-04-P


[Federal Register Volume 88, Number 130 (Monday, July 10, 2023)]
[Notices]
[Pages 43648-43649]
[FR Doc No: 2023-14465]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2014-0383; FMCSA-2014-0384; FMCSA-2018-0138; FMCSA-
2021-0014]

Qualification of Drivers; Exemption Applications; Hearing

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

ACTION: Notice of renewal of exemptions; request for comments.

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SUMMARY: FMCSA announces its decision to renew exemptions for 11
individuals from the hearing requirement in the Federal Motor Carrier
Safety Regulations (FMCSRs) for interstate commercial motor vehicle
(CMV) drivers. The exemptions enable these hard of hearing and deaf
individuals to continue to operate CMVs in interstate commerce.

DATES: The exemptions are applicable on July 30, 2023. The exemptions
expire on July 30, 2025. Comments must be received on or before August
9, 2023.

ADDRESSES: You may submit comments identified by the Federal Docket
Management System Docket No. FMCSA-2014-0383, Docket No. FMCSA-2014-
0384, Docket No. FMCSA-2018-0138, or Docket No. FMCSA-2021-0014 using
any of the following methods:
     Federal eRulemaking Portal: Go to www.regulations.gov/,
insert the docket number (FMCSA-2014-0383, FMCSA-2014-0384, FMCSA-2018-
0138, or FMCSA-2021-0014) in the keyword box and click ``Search.''
Next, sort the results by ``Posted (Newer-Older),'' choose the first
notice listed, and click on the ``Comment'' button. Follow the online
instructions for submitting comments.
     Mail: Dockets Operations; U.S. Department of
Transportation, 1200 New Jersey Avenue SE, West Building Ground Floor,
Washington, DC 20590-0001.
     Hand Delivery: West Building Ground Floor, 1200 New Jersey
Avenue SE, Washington, DC 20590-0001, between 9 a.m. and 5 p.m. ET
Monday through Friday, except Federal Holidays.
     Fax:<PHONE_NUMBER>.
    To avoid duplication, please use only one of these four methods.
See the ``Public Participation'' portion of the SUPPLEMENTARY
INFORMATION section for instructions on submitting comments.

FOR FURTHER INFORMATION CONTACT: Ms. Christine A. Hydock, Chief,
Medical Programs Division, FMCSA, DOT, 1200 New Jersey Avenue SE, Room
W64-224, Washington, DC 20590-0001,<PHONE_NUMBER>,
[email protected]. Office hours are 8:30 a.m. to 5 p.m. ET Monday
through Friday, except Federal holidays. If you have questions
regarding viewing or submitting material to the docket, contact Dockets
Operations,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Public Participation

A. Submitting Comments

    If you submit a comment, please include the docket number for this
notice (Docket No. FMCSA-2014-0383, Docket No. FMCSA-2014-0384, Docket
No. FMCSA-2018-0138, or Docket No. FMCSA-2021-0014), indicate the
specific section of this document to which each comment applies, and
provide a reason for each suggestion or recommendation. You may submit
your comments and material online or by fax, mail, or hand delivery,
but please use only one of these means. FMCSA recommends that you
include your name and a mailing address, an email address, or a phone
number in the body of your document so that FMCSA can contact you if
there are questions regarding your submission.
    To submit your comment online, go to www.regulations.gov/, insert
the docket number (FMCSA-2014-0383, FMCSA-2014-0384, FMCSA-2018-0138,
or FMCSA-2021-0014) in the keyword box and click ``Search.'' Next, sort
the results by ``Posted (Newer-Older),'' choose the first notice
listed, click the ``Comment'' button, and type your comment into the
text box on the following screen. Choose whether you are submitting
your comment as an individual or on behalf of a third party and then
submit.
    If you submit your comments by mail or hand delivery, submit them
in an unbound format, no larger than 8\1/2\ by 11 inches, suitable for
copying and electronic filing. FMCSA will consider all comments and
material received during the comment period.

B. Viewing Comments

    To view comments go to www.regulations.gov. Insert the docket
number (FMCSA-2014-0383, FMCSA-2014-0384, FMCSA-2018-0138, or FMCSA-
2021-0014) in the keyword box and click ``Search.'' Next, sort the
results by ``Posted (Newer-Older),'' choose the first notice listed,
and click ``Browse Comments.'' If you do not have access to the
internet, you may view the docket online by visiting Dockets Operations
on the ground floor of the DOT West Building, 1200 New Jersey Avenue
SE, Washington, DC 20590-0001, between 9 a.m. and 5 p.m. ET Monday
through Friday, except Federal holidays. To be sure someone is there to
help you, please call<PHONE_NUMBER> or<PHONE_NUMBER> before visiting
Dockets Operations.

C. Privacy Act

    In accordance with 49 U.S.C. 31315(b)(6), DOT solicits comments
from the public on the exemption requests. DOT posts these comments,
without edit, including any personal information the commenter
provides, to www.regulations.gov. As described in the system of records
notice DOT/ALL 14 (Federal Docket Management System), which can be
reviewed at https://www.transportation.gov/

individuals/privacy/privacy-act-system-records-notices, the comments
are searchable by the name of the submitter.

II. Background

    Under 49 U.S.C. 31136(e) and 31315(b), FMCSA may grant an exemption
from the FMCSRs for no longer than a 5-year period if it finds such
exemption would likely achieve a level of safety that is equivalent to,
or greater than, the level that would be achieved absent such
exemption. The statutes also allow the Agency to renew exemptions at
the end of the 5-year period. FMCSA grants medical exemptions from the
FMCSRs for a 2-year period to align with the maximum duration of a
driver's medical certification.
    The physical qualification standard for drivers regarding hearing
found in 49 CFR 391.41(b)(11) states that a person is physically
qualified to drive a CMV if that person first perceives a forced
whispered voice in the better ear at not less than 5 feet with or
without the use of a hearing aid or, if tested by use of an audiometric
device, does not have an average hearing loss in the better ear greater
than 40 decibels at 500 Hz, 1,000 Hz, and 2,000 Hz with or without a
hearing aid when the audiometric device is calibrated to American
National Standard (formerly ASA Standard) Z24.5-1951.
    This standard was adopted in 1970 and was revised in 1971 to allow
drivers to be qualified under this standard while wearing a hearing
aid, (35 FR 6458, 6463 (Apr. 22, 1970) and 36 FR 12857 (July 8, 1971),
respectively).
    The 11 individuals listed in this notice have requested renewal of
their exemptions from the hearing standard in Sec.  391.41(b)(11), in
accordance with FMCSA procedures. Accordingly, FMCSA has evaluated
these applications for renewal on their merits and decided to extend
each exemption for a renewable 2-year period.

III. Request for Comments

    Interested parties or organizations possessing information that
would otherwise show that any, or all, of these drivers are not
currently achieving the statutory level of safety should immediately
notify FMCSA. The Agency will evaluate any adverse evidence submitted
and, if safety is being compromised or if continuation of the exemption
would not be consistent with the goals and objectives of 49 U.S.C.
31136(e) and 31315(b), FMCSA will take immediate steps to revoke the
exemption of a driver.

IV. Basis for Renewing Exemptions

    In accordance with 49 U.S.C. 31136(e) and 31315(b), each of the 11
applicants has satisfied the renewal conditions for obtaining an
exemption from the hearing requirement. The 11 drivers in this notice
remain in good standing with the Agency. In addition, for commercial
driver's license (CDL) holders, the Commercial Driver's License
Information System and the Motor Carrier Management Information System
are searched for crash and violation data. For non-CDL holders, the
Agency reviews the driving records from the State Driver's Licensing
Agency. These factors provide an adequate basis for predicting each
driver's ability to continue to safely operate a CMV in interstate
commerce. Therefore, FMCSA concludes that extending the exemption for
each of these drivers for a period of 2 years is likely to achieve a
level of safety equal to that existing without the exemption.
    In accordance with 49 U.S.C. 31136(e) and 31315(b), the following
groups of drivers received renewed exemptions in the month of July and
are discussed below. As of July 30, 2023, and in accordance with 49
U.S.C. 31136(e) and 31315(b), the following 11 individuals have
satisfied the renewal conditions for obtaining an exemption from the
hearing requirement in the FMCSRs for interstate CMV drivers:

Selwyn Abrahamson (MN)
Chris Anderson (TX)
Thomas Carr (PA)
Elezar Contreras (IL)
Michael Hoyt (OR)
Thomas Lipyanic (FL)
Jonas Pittman (NC)
Leroy Raine (AL)
Troy Rolland (TX)
Sandy Sloat (TX)
Richard Whittaker (FL)

    The drivers were included in docket numbers FMCSA-2014-0383, FMCSA-
2014-0384, FMCSA-2018-0138, or FMCSA-2021-0014. Their exemptions are
applicable as of July 30, 2023 and will expire on July 30, 2025.

V. Conditions and Requirements

    The exemptions are extended subject to the following conditions:
(1) each driver must report any crashes or accidents as defined in
Sec.  390.5T; and (2) report all citations and convictions for
disqualifying offenses under 49 CFR parts 383 and 391 to FMCSA; and (3)
each driver prohibited from operating a motorcoach or bus with
passengers in interstate commerce. The driver must also have a copy of
the exemption when driving, for presentation to a duly authorized
Federal, State, or local enforcement official. In addition, the
exemption does not exempt the individual from meeting the applicable
CDL testing requirements. Each exemption will be valid for 2 years
unless rescinded earlier by FMCSA. The exemption will be rescinded if:
(1) the person fails to comply with the terms and conditions of the
exemption; (2) the exemption has resulted in a lower level of safety
than was maintained before it was granted; or (3) continuation of the
exemption would not be consistent with the goals and objectives of 49
U.S.C. 31136(e) and 31315(b).

VI. Preemption

    During the period the exemption is in effect, no State shall
enforce any law or regulation that conflicts with this exemption with
respect to a person operating under the exemption.

VII. Conclusion

    Based upon its evaluation of the 11 exemption applications, FMCSA
renews the exemptions of the aforementioned drivers from the hearing
requirement in 391.41(b)(11). In accordance with 49 U.S.C. 31136(e) and
31315(b), each exemption will be valid for 2 years unless revoked
earlier by FMCSA.

Larry W. Minor,
Associate Administrator for Policy.
[FR Doc. 2023-14465 Filed 7-7-23; 8:45 am]
BILLING CODE 4910-EX-P


[Federal Register Volume 86, Number 193 (Friday, October 8, 2021)]
[Notices]
[Pages 56318-56321]
[FR Doc No: 2021-21989]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93247; File No. SR-BOX-2021-23]

Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Permit Monday
and Wednesday Expirations for Options Listed Pursuant to the Short Term
Option Series Program on the iShares Russell 2000 ETF

October 4, 2021.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on September 29, 2021, BOX Exchange LLC (the ``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I and II below, which Items have been
prepared by the self-regulatory organization. The Commission is
publishing this notice to solicit comments on the proposed rule 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 amend BOX Rule IM-5050-6 (Short Term
Option Series Program) to permit Monday and Wednesday expirations for
options listed pursuant to the Short Term Option Series Program on the
iShares Russell 2000 ETF. The text of the proposed rule change is
available from the principal office of the Exchange, at the
Commission's Public Reference Room and also on the Exchange's internet
website at http://boxoptions.com.

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

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in Sections A, B, and C below, of the
most significant aspects of such statements.

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

1. Purpose
    The Exchange proposes to amend IM-5050-6 to permit Monday and
Wednesday expirations for options listed pursuant to the Short Term
Option Series Program (``Program'') on the iShares Russell 2000 ETF
(``IWM''). This is a competitive filing that is based on a proposal
recently submitted by Nasdaq Phlx LLC (``Phlx'') and approved by the
Securities and Exchange Commission (``Commission'').\3\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 91357 (September 28,
2021) (Approving SR-PHLX-2021-43).
---------------------------------------------------------------------------

    A Short Term Option Series means a series in an option class that
is approved for listing and trading on the Exchange in which the series
is opened for trading on any Monday, Tuesday, Wednesday, Thursday or
Friday that is a business day and that expires on the Monday, Wednesday
or Friday of the next business week, or, in the case of a series that
is listed on a Friday and expires on a Monday, is listed one business
week and one business day prior to that expiration.\4\ The Exchange
proposes to amend IM-5050-6 to permit the listing of options series
that expire on Mondays and Wednesdays in IWM.
---------------------------------------------------------------------------

    \4\ BOX Rule 100(a)(65) defines the term ``Short Term Option
Series'' as a series in an option class that is approved for listing
and trading on the Exchange in which the series is opened for
trading on any Monday, Tuesday, Wednesday, Thursday or Friday that
is a business day and that expires on the Monday, Wednesday or
Friday of the next business week, or, in the case of a series that
is listed on a Friday and expires on a Monday, is listed one
business week and one business day prior to that expiration. If a
Tuesday, Wednesday, Thursday or Friday is not a business day, the
series may be opened (or shall expire) on the first business day
immediately prior to that Tuesday, Wednesday, Thursday or Friday,
respectively. For a series listed pursuant to this section for
Monday expiration, if a Monday is not a business day, the series
shall expire on the first business day immediately following that
Monday.
---------------------------------------------------------------------------

Monday Expirations
    As proposed, with respect to Monday IWM Expirations within IM-5050-
6(d), the Exchange may open for trading on any Friday or Monday that is
a business day series of options on IWM to expire on any Monday of the
month that is a business day and is not a Monday in which Quarterly
Options Series on the same class expire (``Monday IWM Expirations''),
provided that Monday IWM Expirations that are listed on a Friday must
be listed at least one business week and one business day prior to the
expiration. The Exchange may list up to five consecutive Monday IWM
Expirations at one time; the Exchange may have no more than a total of
five Monday IWM Expirations.
Wednesday Expirations
    As proposed, with respect to Wednesday IWM Expirations within IM-
5050-6(c), the Exchange may open for trading on any Tuesday or
Wednesday that is a business day series of options on IWM to expire on
any Wednesday of the month that is a business day and is not a
Wednesday in which Quarterly Options Series on the same class expire
(``Wednesday IWM Expirations''). The Exchange may list up to five
consecutive Wednesday IWM Expirations at one time; the Exchange may
have no more than a total of five Wednesday IWM Expirations and a total
of five Wednesday IWM Expirations.
Monday and Wednesday Expirations
    The interval between strike prices for the proposed Monday and
Wednesday IWM Expirations will be the same as those for the current
Short Term Option Series for Wednesday and Friday expirations
applicable to the Program.\5\ Specifically, the Monday and Wednesday
IWM Expirations will have a $0.50 strike interval minimum.\6\ As is the
case with other equity options series listed pursuant to the Program,
the Monday and Wednesday IWM Expiration series will be P.M.-settled.
---------------------------------------------------------------------------

    \5\ See IM-5050-6(b)(5).
    \6\ Id.
---------------------------------------------------------------------------

    Pursuant to BOX Rule 100(a)(65), with respect to the Program, if
Monday i not a business day the series shall expire on the first
business day immediately following that Monday. This procedure differs
from the expiration date of Wednesday expiration series that are
scheduled to expire on a holiday. Pursuant to BOX Rule100(a)(65), a
Wednesday expiration series shall expire on the first business day
immediately prior to that Wednesday, e.g., Tuesday of that week, if the
Wednesday is not a business day. For purposes of IWM, however, the
Exchange believes that it is preferable to require Monday expiration
series in this scenario to expire on the Tuesday of that week rather
than the previous business day, e.g., the previous Friday, since the
Tuesday is closer in time to the scheduled expiration date of the
series than the previous Friday, and therefore may be more
representative of anticipated market conditions. Monday SPY and QQQ
expirations \7\ are treated in this manner today. Cboe Exchange, Inc.
(``Cboe'') uses the same procedure for options on the S&P 500 index
(``SPX''), Mini-SPX Index Options (``XSP''), Russell 2000 Index
(``RUT'') and Mini-Russell 200 Index Options (``MRUT'') and with Monday
expirations that are listed pursuant to its Nonstandard Expirations
Pilot Program and that are scheduled to expire on a holiday.\8\ Also,
Phlx \9\ and Nasdaq ISE, LLC (``ISE'') \10\ use the same procedure for
options on the Nasdaq-100[supreg] (``NDX'') with Monday expirations
that are listed pursuant to its Nonstandard Expirations Pilot Programs,
respectively.
---------------------------------------------------------------------------

    \7\ See IM-5050-6(b)(5).
    \8\ See Cboe Rule 4.13(e)(1) ``. . . If the Exchange is not open
for business on a respective Monday, the normally Monday expiring
Weekly Expirations will expire on the following business day. If the
Exchange is not open for business on a respective Wednesday or
Friday, the normally Wednesday or Friday expiring Weekly Expirations
will expire on the previous business day.''
    \9\ See Phlx Options 4A, Section 12(b)(5).
    \10\ See ISE Supplementary Material .07 to Options 4A, Section
12.
---------------------------------------------------------------------------

    Currently, for each option class eligible for participation in the
Program, the Exchange is limited to opening thirty (30) series for each
expiration date for the specific class.\11\ The thirty (30) series
restriction does not include series that are open by other securities
exchanges under their respective short term option rules; the Exchange
may list these additional series that are listed by other
exchanges.\12\ This thirty (30) series restriction would apply to
Monday and Wednesday IWM Expiration series as well. In addition, the
Exchange will be able to list series that are listed by other
exchanges, assuming they file similar rules with the Commission to list
IWM options expiring on Mondays and Wednesdays.
---------------------------------------------------------------------------

    \11\ See IM-5050-6(b)(2).
    \12\ Id.
---------------------------------------------------------------------------

    Finally, the Exchange is amending IM-5050-6(b)(2), which addresses
the listing of Short Term Option Series that expire in the same week as
monthly or quarterly options series. Currently, that rule states that
no Short Term Option Series may expire in the same week in which
monthly option series on the same class expire (with the exception of
Monday and Wednesday SPY and QQQ Expirations) or, in the case of
Quarterly Options Series, on an expiration that coincides with an
expiration of Quarterly Option Series on the same class.\13\ As with
Monday and Wednesday SPY and QQQ Expirations, the Exchange proposes to
permit Monday and Wednesday IWM Expirations to expire in the same week
as monthly options series on the same class. The Exchange believes that
it is reasonable to extend this exemption to Monday and Wednesday IWM

Expirations because Monday and Wednesday IWM Expirations and standard
monthly options will not expire on the same trading day, as standard
monthly options expire on Fridays. Additionally, the Exchange believes
that not listing Monday and Wednesday IWM Expirations for one week
every month because there was a monthly IWM expiration on the Friday of
that week would create investor confusion.
---------------------------------------------------------------------------

    \13\ See current IM-5050-6(b)(2).
---------------------------------------------------------------------------

    The Exchange does not believe that any market disruptions will be
encountered with the introduction of P.M.-settled Monday and Wednesday
IWM expirations. The Exchange has the necessary capacity and
surveillance programs in place to support and properly monitor trading
in the proposed Monday and Wednesday IWM Expirations. The Exchange
currently trades P.M.-settled Short Term Option Series that expire
Monday and Wednesday for SPY and QQQ and has not experienced any market
disruptions nor issues with capacity. Today, the Exchange has
surveillance programs in place to support and properly monitor trading
in Short Term Option Series that expire Monday and Wednesday for SPY
and QQQ.
    Similar to SPY and QQQ, the introduction of IWM Monday and
Wednesday expirations will, among other things, expand hedging tools
available to market participants and continue the reduction of the
premium cost of buying protection. The Exchange believes that Monday
and Wednesday IWM expirations will allow market participants to
purchase IWM based on their timing as needed and allow them to tailor
their investment and hedging needs more effectively.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Securities Exchange Act of 1934
(the ``Act''),\14\ in general, and Section 6(b)(5) of the Act,\15\ in
particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general to protect investors and the
public interest by providing the investing public and other market
participants more flexibility to closely tailor their investment and
hedging decisions in IWM options, thus allowing them to better manage
their risk exposure.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In particular, the Exchange believes the Program has been
successful to date and that Monday and Wednesday IWM Expirations should
simply expand the ability of investors to hedge risk against market
movements stemming from economic releases or market events that occur
throughout the month in the same way that the Program has expanded the
landscape of hedging. Similarly, the Exchange believes Monday and
Wednesday IWM Expirations should create greater trading and hedging
opportunities, as well as flexibility that will provide customers with
the ability to tailor their investment objectives more effectively.
    BOX currently lists Monday and Wednesday SPY and QQQ
Expirations.\16\ Also, Cboe \17\ currently permits Monday and Wednesday
expirations for other options with a weekly expiration, such as options
on the SPX, XSP, RUT and MRUT pursuant to its Nonstandard Expirations
Pilot Program. Phlx \18\ and ISE \19\ currently permit Monday and
Wednesday expirations for other options with a weekly expiration on NDX
pursuant to its Nonstandard Expirations Pilot Programs, respectively.
---------------------------------------------------------------------------

    \16\ See IM-5050-6(c) and (d).
    \17\ See supra note 8.
    \18\ See supra note 9.
    \19\ See supra note 10.
---------------------------------------------------------------------------

    With the exception of Monday expiration series that are scheduled
to expire on a holiday, there are no material differences in the
treatment of Monday and Wednesday IWM expirations for Short Term Option
Series. The Exchange believes that it is consistent with the Act to
treat Monday expiration series that expire on a holiday differently
than Wednesday or Friday expiration series, since the proposed
treatment for Monday expiration series will result in an expiration
date that is closer in time to the scheduled expiration date of the
series, and therefore may be more representative of anticipated market
conditions. Monday SPY and QQQ expirations are treated in this manner
today.\20\ Cboe \21\ uses the same procedure for SPX, XSP, RUT and MRUT
options with Monday expirations that are listed pursuant to its
Nonstandard Expirations Pilot Program and that are scheduled to expire
on a holiday, as do Phlx \22\ and ISE \23\ for NDX options with Monday
expirations that are listed pursuant to their Nonstandard Expirations
Pilot Programs, respectively.
---------------------------------------------------------------------------

    \20\ See IM-5050-6(b)(2).
    \21\ See supra note 8.
    \22\ See supra note 9.
    \23\ See supra note 10.
---------------------------------------------------------------------------

    Given the similarities between Monday and Wednesday SPY and QQQ
Expirations and the proposed Monday and Wednesday IWM Expirations, the
Exchange believes that applying the provisions in IM-5050-6, which
currently apply to Monday and Wednesday SPY and QQQ Expirations, to
Monday and Wednesday IWM Expirations is justified. For example, the
Exchange believes that allowing Monday and Wednesday IWM Expirations
and monthly IWM expirations in the same week will benefit investors and
minimize investor confusion by providing Monday and Wednesday IWM
Expirations in a continuous and uniform manner. The Exchange also
believes that is appropriate to amend IM-5050-6(b)(2) to clarify that
no Short Term Option Series may expire on the same day as an expiration
of Quarterly Option Series on the same class, same as SPY and QQQ.
    The Exchange represents that it has an adequate surveillance
program in place to detect manipulative trading in Monday and Wednesday
expirations, including Monday and Wednesday IWM Expirations, in the
same way that it monitors trading in the current Short Term Option
Series and trading in Monday and Wednesday SPY and QQQ Expirations. The
Exchange also represents that it has the necessary systems capacity to
support the new options series. Finally, the Exchange does not believe
that any market disruptions will be encountered with the introduction
of Monday and Wednesday IWM expirations.

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. In this regard and as indicated
above, the Exchange notes that the rule change is being proposed as a
competitive response to a filing submitted by Phlx.\24\ The
Exchange also notes that having Monday and Wednesday IWM expirations is
not a novel proposal, as Monday and Wednesday SPY and QQQ Expirations
are currently listed on BOX.\25\ Cboe \26\ uses the same procedure for
SPX, XSP, RUT and MRUT options with Monday expirations that are listed

pursuant to its Nonstandard Expirations Pilot Program and that are
scheduled to expire on a holiday, as do Phlx \27\ and ISE \28\ for NDX
options with Monday expirations that are listed pursuant to their
Nonstandard Expirations Pilot Programs, respectively.
---------------------------------------------------------------------------

    \24\ See supra, note 3.
    \25\ See IM-5050-6(c) and (d).
    \26\ See supra note 8.
    \27\ See supra note 9.
    \28\ See supra note 10.
---------------------------------------------------------------------------

    The Exchange does not believe the proposal will impose any burden
on intra-market competition, as all market participants will be treated
in the same manner under this proposal. Additionally, the Exchange does
not believe the proposal will impose any burden on inter-market
competition, as nothing prevents the other options exchanges from
proposing similar rules to list and trade Short-Term Option Series with
Monday and Wednesday expirations.

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

    The Exchange has neither solicited nor received comments on the
proposed rule change.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \29\ and Rule 19b-
4(f)(6) thereunder.\30\
---------------------------------------------------------------------------

    \29\ 15 U.S.C. 78s(b)(3)(A).
    \30\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intention to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act normally does not become operative for 30 days after the date of
its filing. However, Rule 19b-4(f)(6)(iii) \31\ permits the Commission
to designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay so that
the proposal may become operative immediately upon filing. The
Commission notes that it recently approved Phlx's substantially similar
proposal to list and trade Monday IWM Expirations and Wednesday IWM
Expirations.\32\ The Exchange has stated that waiver of the operative
delay will allow the Exchange to list and trade the proposed product
immediately, allowing the Exchange to compete with the exchanges that
have this product in place. For these reasons, the Commission believes
that the proposed rule change presents no novel issues and that waiver
of the 30-day operative delay is consistent with the protection of
investors and the public interest, and will allow the Exchange to
remain competitive with other exchanges. Accordingly, the Commission
hereby waives the operative delay and designates the proposed rule
change operative upon filing.\33\
---------------------------------------------------------------------------

    \31\ 17 CFR 240.19b-4(f)(6)(iii).
    \32\ See supra note 3.
    \33\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-BOX-2021-23 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-BOX-2021-23. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-BOX-2021-23 and should be submitted on
or before October 29, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
---------------------------------------------------------------------------

    \34\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-21989 Filed 10-7-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 37 (Monday, February 27, 2017)]
[Rules and Regulations]
[Pages 11810-11811]
[FR Doc No: 2017-03512]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2016-9138; Airspace Docket No. 16-AWP-13]

Amendment of Class E Airspace, Willows, CA

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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

SUMMARY: This action to modifies Class E airspace extending upward from
700 feet above the surface at Willows-Glenn County Airport, Willows,
CA, for the safety and management of Instrument Flight Rules (IFR)
operations at the airport. Decommissioning of the Maxwell VHF Omni-
directional Range/Tactical Air Navigation (VORTAC) navigation aid and
cancellation of associated approaches has made this action necessary.
Also, the airport's geographic coordinates are adjusted to match the
current FAA aeronautical database.

DATES: Effective 0901 UTC, April 27, 2017. The Director of the Federal
Register approves this incorporation by reference action under Title 1,
Code of Federal Regulations, part 51, subject to the annual revision of
FAA Order 7400.11 and publication of conforming amendments.

ADDRESSES: FAA Order 7400.11A, Airspace Designations and Reporting
Points, and subsequent amendments can be viewed on line at http://www.faa.gov/air_traffic/publications/.

For further information, you can contact the Airspace Policy Group,
Federal Aviation Administration, 800 Independence Avenue SW.,
Washington, DC 20591; telephone:<PHONE_NUMBER>. The Order is also
available for inspection 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/code_of_federal-regulations/ibr_locations.html.
    FAA Order 7400.11, Airspace Designations and Reporting Points, is
published yearly and effective on September 15.

FOR FURTHER INFORMATION CONTACT: Tom Clark, Federal Aviation
Administration, Operations Support Group, Western Service Center, 1601
Lind Avenue SW., Renton, WA 98057; telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. 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. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it modifies controlled airspace at Willows-Glenn County Airport,
Willows, CA, due to the decommissioning of the Maxwell VHF Omni-
directional Range/Tactical Air Navigation (VORTAC) navigation aid and
cancellation of associated approaches.

History

    On November 25, 2016, the FAA published in the Federal Register (81
FR 85171), Docket FAA-2016-9138, a notice of proposed rulemaking to
modify Class E airspace extending upward from 700 feet above the
surface at Willows-Glenn County Airport, Willows, CA, by removing a
segment extending 3 miles north of the Maxwell VHF Omni-directional
Range/Tactical Air Navigation (VORTAC), which has been decommissioned.
Interested parties were invited to participate in this rulemaking
effort by submitting written comments on the proposal to the FAA. No
comments were received.
    Class E airspace designations are published in paragraph 6005 of
FAA Order 7400.11A, dated August 3, 2016, and effective September 15,
2016, which is incorporated by reference in 14 CFR part 71.1. The Class
E airspace designation listed in this document will be published
subsequently in the Order.

Availability and Summary of Documents for Incorporation by Reference

    This document amends FAA Order 7400.11A, Airspace Designations and
Reporting Points, dated August 3, 2016, and effective September 15,
2016. FAA Order 7400.11A is publicly available as listed in the
ADDRESSES section of this document. FAA Order 7400.11A lists Class A,
B, C, D, and E airspace areas, air traffic service routes, and
reporting points.

The Rule

    This amendment to Title 14, Code of Federal Regulations (14 CFR)
part 71 modifies Class E airspace extending upward from 700 feet above
the surface to within a 6.4-mile radius of Willows-Glenn County
Airport, Willows, CA by removing a segment extending 3 miles north of
the decommissioned Maxwell VORTAC. Additionally, the airport's
geographic coordinates are updated to match the current FAA
aeronautical database. These modifications are necessary to ensure the
safety and management of IFR operations at the airport, with a minimum
degree of airspace restriction.

Regulatory Notices and Analyses

    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current, is
non-controversial and unlikely to result in adverse or negative
comments. It, therefore: (1) Is not a ``significant regulatory action''
under Executive Order 12866; (2) is not a ``significant rule'' under
DOT Regulatory Policies and Procedures (44 FR 11034; February 26,
1979); and (3) does not warrant preparation of a Regulatory Evaluation
as the anticipated impact is so minimal. Since this is a routine matter
that only affects air traffic procedures and air navigation, it is
certified that this rule, when promulgated, does not have a significant
economic impact on a substantial number of small entities under the
criteria of the Regulatory Flexibility Act.

Environmental Review

    The FAA has determined that this action qualifies for categorical
exclusion under the National Environmental Policy Act in accordance
with FAA Order 1050.1F, ``Environmental Impacts: Policies and
Procedures,'' paragraph 5-6.5a. This airspace action is not expected to
cause any potentially significant environmental impacts, and no
extraordinary circumstances exist that warrant preparation of an
environmental assessment.

Lists of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (Air).

Adoption of the Amendment

    In consideration of the foregoing, the Federal Aviation
Administration amends 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for Part 71 continues to read as follows:

    Authority:  49 U.S.C. 106(f), 106(g); 40103, 40113, 40120; E.O.
10854, 24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1   [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order 7400.11A,
Airspace Designations and Reporting Points, dated August 3, 2016, and
effective September 15, 2016, is amended as follows:

Paragraph 6005 Class E Airspace Areas Extending Upward From 700
Feet or More Above the Surface of the Earth.

* * * * *

AWP CA E5 Willows, CA [Modified]

Willows-Glenn County Airport, CA
    (Lat. 39[deg]30'57'' N., long. 122[deg]13'02'' W.)

That airspace extending upward from 700 feet above the surface
within a 6.4-mile radius of Willows-Glenn County Airport.

    Issued in Seattle, Washington, on February 14, 2017.
Tracey Johnson,
Manager, Operations Support Group, Western Service Center.
[FR Doc. 2017-03512 Filed 2-24-17; 8:45 am]
 BILLING CODE 4910-13-P