[Federal Register Volume 82, Number 77 (Monday, April 24, 2017)]
[Notices]
[Pages 18930-18932]
[FR Doc No: 2017-08229]

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DEPARTMENT OF LABOR

Occupational Safety and Health Administration

[Docket No. OSHA-2010-0039]

Portable Fire Extinguishers (Annual Maintenance Certification
Record); Extension of the Office of Management and Budget's (OMB)
Approval of the Information Collection (Paperwork) Requirements

AGENCY: Occupational Safety and Health Administration (OSHA), Labor.

ACTION: Request for public comments.

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SUMMARY: OSHA solicits public comments concerning its proposal to
extend the Office of Management and Budget's (OMB) approval of the
information collection requirement contained in the Portable Fire
Extinguishers Standard (Annual Maintenance Certification Record).

DATES: Comments must be submitted (postmarked, sent or received) by
June 23, 2017.

ADDRESSES:
    Electronically: You may submit comments and attachments
electronically at http://www.regulations.gov, which is the Federal
eRulemaking Portal. Follow the instructions online for submitting
comments.
    Facsimile: If your comments, including attachments, are not longer
than 10 pages, you may fax them to the OSHA Docket Office at (202) 693-
1648. Mail, hand delivery, express mail, messenger, or courier service:
When using this method, you must submit a copy of your comments and
attachments to the OSHA Docket Office, Docket No. OSHA-2010-0039,
Occupational Safety and Health Administration, U.S. Department of
Labor, Room N-3653, 200 Constitution Avenue NW., Washington, DC 20210.
Deliveries (hand, express mail, messenger, and courier service) are
accepted during the Department of Labor's and Docket Office's normal
business hours, 10 a.m. to 3:00 p.m., e.t.
    Instructions: All submissions must include the Agency name and the
OSHA docket number for the Information Collection Request (ICR) (OSHA-
2010-

0039). All comments, including any personal information you provide,
are placed in the public docket without change, and may be made
available online at http://www.regulations.gov. For further information
on submitting comments see the ``Public Participation'' heading in the
section of this notice titled SUPPLEMENTARY INFORMATION.
    Docket: To read or download comments or other materials in the
docket, go to http://regulations.gov or the OSHA Docket Office at the
address above. All documents in the docket (including this Federal
Register notice) are listed in the http://www.regulations.gov index;
however, some information (e.g., copyrighted material) is not
publically available to read or download from the Web site. All
submissions, including copyrighted material, are available for
inspection and copying at the OSHA Docket Office. You may contact Theda
Kenney at the address below to obtain a copy of the ICR.

FOR FURTHER INFORMATION CONTACT:  Todd Owen or Theda Kenney,
Directorate of Standards and Guidance, OSHA, U.S. Department of Labor,
Room N-3609, 200 Constitution Avenue NW., Washington, DC 20210;
telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Background

    The Department of Labor, as part of its continuing effort to reduce
paperwork and respondent (i.e., employer) burden, conducts a
preclearance consultation program to provide the public with an
opportunity to comment on proposed and continuing information
collection requirements in accord with the paperwork Reduction Act of
1995 (PRA) (44 U.S.C. 3506(c)(2)(A)). This program ensures that
information is in the desired format, reporting burden (time and costs)
is minimal, collection instruments are clearly understood, and OSHA's
estimate of the information collection burden is accurate. The
Occupational Safety and Health Act of 1970 (the OSH Act) (29 U.S.C. 651
et. seq.) authorizes information collection by employers as necessary
or appropriate for enforcement of the OSH Act or for developing
information regarding the causes and prevention of occupational
injuries, illnesses, and accidents (29 U.S.C. 657). The OSH Act also
requires OSHA to obtain such information with minimum burden upon
employers, especially those operating small businesses, and to reduce
to the maximum extent feasible unnecessary duplication of efforts in
obtaining information (29 U.S.C. 657).
    Paragraph (e)(3) of the Standard specifies that employers must
subject each portable fire extinguisher to an annual maintenance
inspection and record the date of the inspection. In addition, this
provision requires employers to retain the inspection record for one
year after the last entry or for the life of the shell, whichever is
less, and to make the record available to OSHA on request. This
recordkeeping requirement assures workers and Agency compliance
officers that portable fire extinguishers located in the workplace will
operate normally in case of fire; in addition, this requirement
provides evidence to OSHA compliance officers during an inspection that
the employer performed the required maintenance checks on the portable
fire extinguishers.

II. Special Issues for Comment

    OSHA has a particular interest in comments on the following issues:
     Whether the proposed information collection requirements
are necessary for the proper performance of the Agency's functions,
including whether the information is useful;
     The accuracy of OSHA's estimate of the burden (time and
costs) of the information collection requirements, including the
validity of the methodology and assumptions used;
     The quality, utility, and clarity of the information
collected; and Ways to minimize the burden on employers who must
comply-for example, by Using automated or other technological
information collection and transmission techniques.

III. Proposed Actions

    OSHA is requesting that OMB extend its approval of the information
collection requirements contained in the Portable Fire Extinguishers
Standard (Annual Maintenance Certification Record) (29 CFR
1910.157(e)(3)). OSHA is requesting an adjustment increase of 4,489,161
responses (from 1,380,750 to 5,869,911), and an increase of 224,458
burden hours (from 69,038 to 293,496 burden hours). The increased
estimate for the number of responses stems from a reconsideration of
how this figure should be calculated. Prior estimates fully accounted
for all time and cost burden but only counted responses imposing a time
burden as a response for reginfo.gov database purposes. Employers who
contract for an inspection also are making a response under the PRA,
and this ICR adjusts the analysis. This ICR's adjustment increase is
also a result of the number of portable fire extinguishers increasing
from 1,380,750 to 5,869,911 (see explanation under Item 12). In
addition, there is an increase in the cost under Item 13 from
$8,583,559 to $9,538,604 (an increase of $955,045). This cost increase
is the result of updated data indicating a decrease in the number of
establishments; thus, the Agency estimates an increase in the number of
portable fire extinguishers inspected by outside contractors. The
Agency will summarize the comments submitted in response to this notice
and will include this summary in the request to OMB.
    Type of Review: Extension of a currently approved collection.
    Title: Portable Fire Extinguishers (Annual Maintenance
Certification Record (29 CFR 1910.157(e)(3)).
    OMB Control Number: 1218-0238.
    Affected Public: Business or other for-profits.
    Number of Responses: 5,869,911.
    Frequency of Responses: On occasion.
    Average Time per Response: Approximately 30 minutes (.50 hour) to
perform and record the required maintenance inspection.
    Estimated Total Burden Hours: 293,496.
    Estimated Cost Operation and Maintenance): $9,538,604.

IV. Public Participation--Submission of Comments on this Notice and
Internet Access to Comments and Submissions

    You may submit comments in response to this document as follows:
(1) Electronically at http://regulations.gov, which is the Federal
eRulemaking Portal; (2) by facsimile (fax); or (3) by hard copy. All
comments, attachments, and other materials must identify the Agency
name and the OSHA docket number for the ICR (Docket No. OSHA-2010-
0039). You may supplement electronic submissions by uploading document
files electronically. If you wish to mail additional materials in
reference to an electronic or facsimile submission, you must submit
them to the OSHA Docket Office (see the section of this notice titled
ADDRESSES).
    The additional materials must clearly identify your electronic
comments by your name, date, and the docket number so the Agency can
attach them to your comments. Because of security procedures, the use
of regular mail may cause a significant delay in the receipt of
comments. For information about security procedures concerning the
delivery of materials by hand, express delivery, messenger, or courier
service, please contact the OSHA Docket Office at<PHONE_NUMBER>, (TTY
(877) 889-5627).

    Comments and submissions are posted without change at http://www.regulations.gov. Therefore, OSHA cautions comments about submitting
personal information such as Social security numbers and date of birth.
Although all submissions are listed in the http://www.regulations.gov
index, some information (e.g., copyrighted material) is not publically
available to read or download through this Web site. All submissions,
including copyrighted material, are available for inspection and
copying at the OSHA Docket Office. Information on using the http://www.regulations.gov Web site to submit comments and Access the docket
is available at the Web site's ``User Tips'' link.
    Contact the OSHA Docket Office for information about materials not
available through the Web site, and for assistance in using the
Internet to locate docket submissions.

V. Authority and Signature

    Dorothy Dougherty, Deputy Assistant Secretary of Labor for
Occupational Safety and Health, directed the preparation of this
notice. The authority for this notice is the Paperwork Reduction Act of
1995 (44 U.S.C. 3506 et seq.) and Secretary of Labor's Order No. 1-2012
(77 FR 3912).

    Signed at Washington, DC, on April 13, 2017.
Dorothy Dougherty,
Deputy Assistant Secretary of Labor for Occupational Safety and Health.
[FR Doc. 2017-08229 Filed 4-21-17; 8:45 am]
 BILLING CODE 4510-26-P


[Federal Register Volume 88, Number 221 (Friday, November 17, 2023)]
[Notices]
[Pages 80349-80353]
[FR Doc No: 2023-25383]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-98913; File No. SR-CboeBZX-2023-091]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fee Schedule

November 13, 2023.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on November 1, 2023, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission (the
``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

    Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') proposes to
amend its Fee Schedule. The text of the proposed rule change is
provided in Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/options/regulation/rule_filings/bzx/), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend its Fee Schedule, effective November
1, 2023.
    The Exchange first notes that it operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of 17 options venues to which market participants
may direct their order flow. Based on publicly available information,
no single options exchange has more than 17% of the market share.\3\
Thus, in such a low-concentrated and highly competitive market, no
single options exchange, including the Exchange, possesses significant
pricing power in the execution of option order flow. The Exchange
believes that the ever-shifting market share among the exchanges from
month to month demonstrates that market participants can shift order
flow or discontinue to reduce use of certain categories of products, in
response to fee changes. Accordingly, competitive forces constrain the
Exchange's transaction fees, and market participants can readily trade
on competing venues if they deem pricing levels at those other venues
to be more favorable. In response to competitive pricing, the Exchange,
like other options exchanges, offers rebates and assesses fees for
certain order types executed on or routed through the Exchange.
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    \3\ See Cboe Global Markets U.S. Options Monthly Market Volume
Summary (October 30, 2023), available at https://markets.cboe.com/us/options/market_statistics/.
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    The Exchange's fee schedule sets forth standard rebates and rates
applied per contract. For example, the Exchange provides a rebate of
$0.29 per contract for Market Maker orders that add liquidity in Penny
Securities, yielding fee code PM. Additionally, in response to the
competitive environment, the Exchange also offers tiered pricing, which
provides Members opportunities to qualify for higher rebates or reduced
fees where certain volume criteria and thresholds are met. Tiered
pricing provides an incremental incentive for Members to strive for
higher tier levels, which provides increasingly higher benefits or
discounts for satisfying increasingly more stringent criteria. For
example, the Exchange currently offers five Market Maker Penny Add
Volume Tiers (``MM Penny Add Tier'') under footnote 6 of the Fee
Schedule which provide rebates between $0.31 and $0.43 per contract for
qualifying Market Maker orders which meet certain add liquidity
thresholds and yield fee code PM.
    The Exchange proposes to amend the criteria for one of the MM Penny
Add Tiers, specifically the Market Maker Cross-Asset Add Tier, which
requires participation on the Exchange's equities platform (``BZX
Equities''). Under this tier, the Exchange currently provides a rebate
of $0.38 per contract where a Member (1) has an ADAV \4\ in Market
Maker orders greater than or equal to 0.05% of average OCV; \5\ (2) has
on BZX Equities an ADAV greater than or equal to 0.35% of average TCV;
\6\ and (3) is the Lead Market Maker (``LMM'') \7\ on BZX Equities in
at least 50 equity symbols. The Exchange proposes to amend the criteria
for this Market Maker Cross-Asset Add Tier.\8\ Under the proposed
criteria, the Exchange will provide a rebate of $0.38 per contract
where a Member (1) has an ADAV in Market Maker orders greater than or
equal to 0.10% of average OCV; (2) has on BZX Equities an ADAV greater
than or equal to 0.40% of average TCV; and (3) is the LMM on BZX
Equities in at least 50 equity symbols.
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    \4\ ``ADAV'' means average daily added volume calculated as the
number of contracts added.
    \5\ ``OCV'' means the total equity and ETF options volume that
clears in the Customer range at the Options Clearing Corporation
(``OCC'') for the month for which the fees apply, excluding volume
on any day that the Exchange experiences an Exchange System
Disruption and on any day with a scheduled early market close.
    \6\ ``TCV'' means total consolidated volume calculated as the
volume reported by all exchanges and trade reporting facilities to a
consolidated transaction reporting plan for the month for which the
fees apply.
    \7\ ``Lead Market Maker'' means a Market Maker registered with
the Exchange for a particular LMM Security that has committed to
maintain Minimum Performance Standards in the LMM Security. See Rule
11.8(e).
    \8\ As part of this proposed rule change, the Exchange proposes
to rename this Market Maker Cross-Asset Tier as Market Maker Cross-
Asset Tier 1.
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    Additionally, the Exchange proposes to adopt a new MM Penny Add
Tier, specifically Market Maker Cross-Asset Add Tier 2, which also
requires participation on BZX Equities.\9\ Under the proposed tier, the
Exchange would provide a rebate of $0.39 per contract where a Member
(1) has an ADAV in Market Maker orders greater than or equal to 0.20%
of average OCV; (2) has on BZX Equities an ADAV greater than or equal
to 0.45% of average TCV; and (3) is the LMM on BZX Equities in at least
50 equity symbols.
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    \9\ The Exchange proposes to add this Tier as described in the
table in Footnote 6 and to the amounts of the rebates in the
Standard Rates table.
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    The Exchange believes the amended tier criteria for Market Maker
Cross-Asset Tier 1 and the proposed Market Maker Cross-Asset Tier 2,
along with the existing MM Penny Add Tiers, continue to provide an
incremental incentive for Members to strive for the highest tier
levels, which provide increasingly higher rebates for such
transactions. The proposed thresholds for Market Maker Cross-Asset
Tiers 1 and 2 include thresholds relating to ADAV in Market Maker
orders and cross-asset thresholds, which are designed to incentivize
Members to achieve certain levels of participation on both the
Exchange's options and equities platforms. Overall, the MM Penny Add
Tiers, including the Market Maker Cross-Asset Tiers, are designed to
encourage Members to increase their order flow, thereby contributing to
a deeper and more liquid market, which benefits all market participants
and provides greater execution opportunities on the Exchange.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of section 6(b) of the Act.\10\ Specifically, the
Exchange believes the proposed rule change is consistent with the
section 6(b)(5) \11\ requirements that the rules of an exchange be
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. Additionally,
the Exchange believes the proposed rule change is consistent with the
section 6(b)(5) \12\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. The Exchange also believes the proposed rule
change is consistent with section 6(b)(4) of the Act,\13\ which
requires that Exchange rules provide for the equitable allocation of
reasonable

dues, fees, and other charges among its Trading Permit Holders and
other persons using its facilities.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
    \12\ Id.
    \13\ 15 U.S.C. 78f(b)(4).
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    In particular, the Exchange believes the proposed changes to the MM
Penny Add Tiers are reasonable because they provide additional
opportunities for Members to receive a rebate by providing alternative
criteria for which they can reach. The Exchange notes that volume-based
incentives and discounts have been widely adopted by exchanges,\14\
including the Exchange,\15\ and are reasonable, equitable and non-
discriminatory because they are open to all Members on an equal basis
and provide additional benefits or discounts that are reasonably
related to (i) the value to an exchange's market quality and (ii)
associated higher levels of market activity, such as higher levels of
liquidity provision and/or growth patterns. Additionally, as noted
above, the Exchange operates in a highly competitive market. The
Exchange is only one of several options venues to which market
participants may direct their order flow, and it represents a small
percentage of the overall market. Competing options exchanges offer
similar tiered pricing structures to that of the Exchange, including
schedules of rebates and fees that apply based upon Members achieving
certain volume and/or growth thresholds. These competing pricing
schedules, moreover, are presently comparable to those that the
Exchange provides.
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    \14\ See e.g., Cboe EDGX U.S. Options Exchange Fee Schedule,
Footnote 2, Market Maker Volume Tiers, which provide reduced fees
between $0.02 and $0.17 per contract for Market Maker Penny and Non-
Penny orders where Members meet certain volume thresholds.
    \15\ See e.g., Cboe BZX U.S. Options Exchange Fee Schedule,
Footnotes 6 and 7, Market Maker Penny and Non-Penny Volume Tiers
which provide enhanced rebates for Market Maker orders where Members
meet certain volume thresholds.
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    Moreover, the Exchange believes the proposed MM Penny Add Tier,
namely Market Maker Cross-Asset Tier 2, is a reasonable means to
encourage Members to increase their liquidity on the Exchange and also
their participation on BZX Equities. The Exchange believes that
adopting tiers with alternative criteria to the existing MM Penny Add
Tiers may encourage those Members who could not previously achieve the
criteria under existing MM Penny Add Tiers to increase their order flow
on BZX Options and Equities.
    For example, the proposed Cross-Asset Tier 2 would provide an
opportunity for Members who have an ADAV in Market Maker orders of at
least 0.20% of average OCV, but less than the more stringent 0.45% of
average OCV (the requirement under current Tier 3), to receive a higher
rebate than they may currently receive but equal or slightly lower than
the rebate they would receive for reaching the more stringent criteria
under current Tiers 3 through 4, if they also meet the threshold
requirements based on BZX Equities participation. Similarly, for Market
Makers that participate on both BZX Options and Equities, and do not
currently meet the 0.35% ADAV threshold under current Tier 2, but can
or do meet the proposed equities thresholds, the proposed tier may
incentivize those participants to grow their options volume in order to
receive enhanced rebates. Increased liquidity benefits all investors by
deepening the Exchange's liquidity pool, offering additional
flexibility for all investors to enjoy cost savings, supporting the
quality of price discovery, promoting market transparency and improving
investor protection. The Exchange also believes that proposed enhanced
rebate is reasonable based on the difficulty of satisfying the tier's
criteria and ensures the proposed rebate and thresholds appropriately
reflect the incremental difficulty to achieve the existing MM Penny Add
Tiers.
    The proposed enhanced rebate amounts also do not represent a
significant departure from the enhanced rebates currently offered under
the Exchange's existing MM Penny Add Tiers. Indeed, the proposed
enhanced rebate amount under the proposed Cross-Asset Add Tier 2
($0.39) is incrementally higher than current Tiers 1 and 2 ($0.31 and
$0.38, respectively), which the Exchange believes offer slightly less
stringent criteria than the proposed Cross-Asset Add Tier 2, but is
incrementally lower than the rebate offered under existing Tier 4
($0.43), which the Exchange believes is more stringent than the
proposed criteria under the proposed Cross-Asset Tier 2. Similarly, the
proposed enhanced rebate amount under the proposed Cross-Asset Tier 2
($0.39) is the same as current Tier 3 ($0.39), which the Exchange
believes reflects a similar level of difficulty but using alternative
types of criteria. Finally, the proposed enhanced rebate amount under
the proposed Cross-Asset Tier 2 ($0.39) is incrementally higher than
the rebate offered under existing Cross-Asset Add Tier 1, which the
Exchange believes is less stringent than the proposed criteria than the
proposed Cross-Asset Add Tier 2. The Exchange also notes that the
proposed rebates remain within the range of the enhanced rebates
offered under the current MM Penny Add Tiers (i.e., $0.31-$0.43).
    Further, the Exchange believes that the amended criteria for Market
Maker Cross-Asset Tier 1 is a reasonable, as such changes are designed
to encourage Members to increase their liquidity on the Exchange and
also their participation on BZX Equities to continue to achieve the
rebate offered under Market Maker Cross-Asset Tier 1. The Exchange
notes that increased Market Maker activity (including LMMs),
particularly, facilitates tighter spreads and an increase in overall
liquidity provider activity, both of which signal additional
corresponding increase in order flow from other market participants,
contributing towards a robust, well-balanced market ecosystem. Indeed,
increased overall order flow benefits investors across both the
Exchange's options and equities platforms by continuing to deepen the
Exchange's liquidity pool, potentially providing even greater execution
incentives and opportunities, offering additional flexibility for all
investors to enjoy cost savings, supporting the quality of price
discovery, promoting market transparency and improving investor
protection.
    The Exchange believes that the proposal represents an equitable
allocation of fees and is not unfairly discriminatory because it
applies uniformly to all Market Makers. Additionally, a number of
Market Makers have a reasonable opportunity to satisfy the criteria of
the proposed Cross-Asset Add Tier 2, which the Exchange believes is
less stringent than the existing MM Penny Add Tiers 3 and 4, and the
criteria of Cross-Asset Add Tier 1, as amended, which the Exchange
believes is less stringent than MM Penny Add Tier 1. While the Exchange
has no way of knowing whether this proposed rule change would
definitively result in any particular Market Maker qualifying for the
proposed tiers, the Exchange anticipates that approximately one Market
Maker will be able to compete for and achieve the proposed criteria of
Cross-Asset Add Tier 1 and approximately one Market Maker will be able
to compete for and achieve the proposed criteria of the proposed Cross-
Asset Add Tier 2; however, the proposed tiers are open to any Market
Maker that satisfies the applicable tiers' criteria. The Exchange
believes the proposed tiers could provide an incentive for other
Members to submit additional liquidity on BZX Options and Equities to
qualify for the proposed enhanced rebates. To the extent a Member
participates on the Exchange but not on BZX Equities, the Exchange does
believe that the proposal

is still reasonable, equitably allocated and non-discriminatory with
respect to such Member based on the overall benefit to the Exchange
resulting from the success of BZX Equities. Particularly, the Exchange
believes such success allows the Exchange to continue to provide and
potentially expand its existing incentive programs to the benefit of
all participants on the Exchange, whether they participate on BZX
Equities or not. The proposed pricing program is also fair and
equitable in that membership in BZX Equities is available to all market
participants, which would provide them with access to the benefits on
BZX Equities provided by the proposed change, even where a member of
BZX Equities is not necessarily eligible for the proposed enhanced
rebates on the Exchange.
    The Exchange also notes that it does not believe the proposed tier
will adversely impact any Member's pricing or ability to qualify for
other tiers. Rather, should a Member not meet the proposed criteria,
the Member will merely not receive the proposed enhanced rebate, and
has four alternative choices to aim to achieve under the MM Penny Add
Tiers. Furthermore, the proposed enhanced rebate would apply to all
Members that meet the required criteria under proposed tier.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange does not
believe the proposed changes to the MM Penny Add Tiers will impose any
burden on intramarket competition. Particularly, the proposed change
applies uniformly to all Market Makers. As discussed above, to the
extent a Member participates on the Exchange but not on BZX Equities,
the Exchange notes that the proposed changes can provide an overall
benefit to the Exchange resulting from the success of BZX Equities.
Such success enables the Exchange to continue to provide and
potentially expand its existing incentive programs to the benefit of
all participants on the Exchange, whether they participate on BZX
Equities or not. The proposed pricing program is also fair and
equitable in that membership in BZX Equities is available to all market
participants. Additionally, the proposed change is designed to attract
additional order flow to the Exchange and BZX Equities. Greater
liquidity benefits all market participants on the Exchange by providing
more trading opportunities and encourages Members to send orders,
thereby contributing to robust levels of liquidity, which benefits all
market participant. As a result, the Exchange believes that the
proposed change furthers the Commission's goal in adopting Regulation
NMS of fostering competition among orders, which promotes ``more
efficient pricing of individual stocks for all types of orders, large
and small.'' \16\
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    \16\ Securities Exchange Act Release No. 51808, 70 FR 37495,
37498-99 (June 29, 2005) (S7-10-04) (Final Rule).
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    The Exchange does not believe that the proposed rule changes will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. As previously
discussed, the Exchange operates in a highly competitive market.
Members have numerous alternative venues that they may participate on
and direct their order flow, including 17 other options exchanges and
off-exchange venues. Additionally, the Exchange represents a small
percentage of the overall market. Based on publicly available
information, no single options exchange has more than 17% of the market
share.\17\ Therefore, no exchange possesses significant pricing power
in the execution of option order flow. Indeed, participants can readily
choose to send their orders to other exchange and off-exchange venues
if they deem fee levels at those other venues to be more favorable.
Moreover, the Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. Specifically, in
Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \18\ The fact
that this market is competitive has also long been recognized by the
courts. In NetCoalition v. Securities and Exchange Commission, the D.C.
Circuit stated as follows: ``[n]o one disputes that competition for
order flow is `fierce.' . . . As the SEC explained, `[i]n the U.S.
national market system, buyers and sellers of securities, and the
broker-dealers that act as their order-routing agents, have a wide
range of choices of where to route orders for execution'; [and] `no
exchange can afford to take its market share percentages for granted'
because `no exchange possesses a monopoly, regulatory or otherwise, in
the execution of order flow from broker dealers' . . . .''.\19\
Accordingly, the Exchange does not believe its proposed fee change
imposes any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
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    \17\ See supra note 3.
    \18\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
    \19\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

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

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

    The foregoing rule change has become effective pursuant to section
19(b)(3)(A) of the Act \20\ and paragraph (f) of Rule 19b-4 \21\
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. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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    \20\ 15 U.S.C. 78s(b)(3)(A).
    \21\ 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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
file number SR-CboeBZX-2023-091 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-CboeBZX-2023-091. 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 (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-CboeBZX-2023-091 and should
be submitted on or before December 8, 2023.
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    \22\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-25383 Filed 11-16-23; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 123 (Monday, June 27, 2011)]
[Rules and Regulations]
[Pages 37267-37269]
[FR Doc No: 2011-15972]

=======================================================================
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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket No. USCG-2011-0473]
RIN 1625-AA00

Safety Zone, Pantego Creek; Belhaven, NC

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is establishing a temporary safety zone on the
Pantego Creek, Belhaven, NC. This action is necessary to protect the
life and property of the maritime public from the hazards posed by
fireworks displays. This zone is intended to restrict vessels from a
portion of the Pantego Creek during the Belhaven Fourth of July
Fireworks.

DATES: This rule is effective from 8 p.m. to 10 p.m. on July 4, 2011.

ADDRESSES: Documents indicated in this preamble as being available in
the docket are part of docket USCG-2011-0473 and are available online
by going to http://www.regulations.gov, inserting USCG-2011-0473 in the
``Keyword'' box, and then clicking ``Search.'' They are also available
for inspection or copying at the Docket Management Facility (M-30),
U.S. Department of Transportation, West Building Ground Floor, Room
W12-140, 1200 New Jersey Avenue, SE., Washington, DC 20590, between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this
temporary rule, call or e-mail CWO3 Joseph M. Edge, Sector North
Carolina Waterways Management, Coast Guard; telephone<PHONE_NUMBER>, e-
mail<EMAIL_ADDRESS>If you have questions on viewing the
docket, call Renee V. Wright, Program Manager, Docket Operations,
telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Regulatory Information

    The Coast Guard is issuing this temporary final rule without prior
notice and opportunity to comment pursuant to authority under section
4(a) of the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This
provision authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency for good cause finds that those
procedures are ``impracticable, unnecessary, or contrary to the public
interest.'' Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good
cause exists for not publishing a notice of proposed rulemaking (NPRM)
with respect to this rule because immediate action is needed to
minimize potential danger to the public during the event. The necessary
information regarding the date for this fireworks event was not
provided to the Coast Guard with sufficient time to publish an NPRM.
The potential dangers associated with a fireworks display, including
accidental discharge of fireworks, dangerous projectiles and falling
hot embers makes a safety zone necessary to provide for the safety of
participants, spectator craft and other vessels transiting the event
area. For the safety concerns noted, it is in the public interest to
have these regulations in effect during the event. The Coast Guard will
issue broadcast notice to mariners to advise vessel operators of
navigational restrictions. On scene Coast Guard and local law
enforcement vessels will also provide actual notice to mariners.
    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. The potential dangers posed by fireworks displays
conducted in close proximity to transiting vessels makes a safety zone
necessary. Delaying the effective date would be contrary to the public
interest, since immediate action is needed to ensure the safety of the
event participants, patrol vessels, spectator craft and other vessels
transiting the event area. However, the Coast Guard will provide
advance notifications to users of the effected waterways via marine
information broadcasts, local notice to mariners, along with sponsor
event notifications using commercial radio stations and area
newspapers.

Background and Purpose

    On July 4, 2011, fireworks will be launched from a point on land
near the Pantego Creek to commemorate the Nation's birthday. The
temporary safety zone created by this rule is necessary to ensure the
safety of vessels and spectators from hazards associated with the
fireworks display. Such hazards include obstructions to the waterway
that may cause death, serious bodily harm, or property damage.
Establishing a safety zone to control vessel movement around the
location of the launch area will help ensure the safety of persons and
property in the vicinity of this event and help minimize the associated
risks.

Discussion of Rule

    A temporary safety zone is necessary to ensure the safety of
spectators and vessels during the setup, loading, and launching of the
Belhaven Fourth of July Fireworks Display. The fireworks display will
occur from approximately 8:45 p.m. to 9:45 p.m. on July 4, 2011.
    The safety zone will encompass all waters on the Pantego Creek
within a 600 foot radius of the launch site on land at position
35[deg]32'35'' N, 076[deg]37'46'' W from 8 p.m. until 10 p.m. on July
4, 2011. All geographic coordinates are North American Datum 1983 (NAD
83). The effect of this temporary safety zone will be to restrict
navigation in the regulated area during the fireworks display.
    All persons and vessels shall comply with the instructions of the
Coast guard Captain of the Port or the designated on scene patrol
personnel. Entry into, transiting, or anchoring within the safety zone
is prohibited unless authorized by the Captain of the Port Sector North
Carolina or his designated representative. The Captain of the Port or
his designated representative may be contacted via VHF Channel 16.
Notification of the temporary safety zone will be provided to the
public via marine information broadcasts.

Regulatory Analyses

    We developed this rule after considering numerous statutes and
executive orders related to rulemaking. Below we summarize our analyses
based on 13 of these statutes or executive orders.

Regulatory Planning and Review

    This rule is not a significant regulatory action under section 3(f)
of Executive Order 12866, Regulatory Planning and Review, and does not
require an assessment of potential costs and benefits under section
6(a)(3) of that Order. The Office of Management and Budget has not
reviewed it under that Order. It is not ``significant'' under the
regulatory policies and procedures of the department of Homeland
Security (DHS).
    We conclude that this rule is not a significant regulatory action
because that it will have minimal impact on the economy, will not
interfere with other agencies, will not adversely alter the budget of
any grant or loan recipients, and will not raise any novel legal or
policy issues. The safety zone around the launch area will be
relatively small and exist for only a minimal time. Thus, restrictions
on vessel movement within any particular area of the Pantego Creek are
expected to be minimal. Under certain conditions, moreover, vessels may
still transit through the safety zone when permitted by the Captain on
the Port.

Small Entities

    Under the Regulatory Flexibility Act (5 U.S.C. 601-612), we have
considered whether this rule would have a significant economic impact
on a substantial number of small entities. 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.
    This rule will affect the following entities, some of which may be
small entities: The owners and operators of vessels intending to
transit or anchor in this portion of the Pantego Creek between 8:45
p.m. and 9:45 p.m. on July 4, 2011.
    This safety zone will not have a significant economic impact on a
substantial number of small entities because: (i) Vessels may transit
around the event zone with permission from the Coast Guard Patrol
Commander; (ii) the zone is of limited size and duration; (iii) in the
event a vessel deems it necessary to transit through the zone during
the enforcement period, the COTP may afford the vessel the opportunity
to do so upon request. The Coast Guard will give notice to the public
via a Local Notice to Mariners that the regulation is in effect in
order to allow mariners to make alternate plans for transiting the
affected area.

Assistance for Small Entities

    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we offer to assist small
entities in understanding the rule so that they can better evaluate its
effects on them and participate in the rulemaking process.
    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.

Collection of Information

    This rule calls for no new collection of information under the
Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

Federalism

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on State or local
governments and would either preempt State law or impose a substantial
direct cost of compliance on them. We have analyzed this rule under
that Order and have determined that it does not have implications for
federalism.

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.

Taking of Private Property

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

Civil Justice Reform

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

Protection of Children

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

Indian Tribal Governments

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

Energy Effects

    We have analyzed this rule under Executive Order 13211, Actions
Concerning Regulations That Significantly Affect Energy Supply,
Distribution, or Use. We have determined that it is not a ``significant
energy action'' under that order because it is not a ``significant
regulatory action'' under Executive Order 12866 and is not likely to
have a significant adverse effect on the supply, distribution, or use
of energy. The Administrator of the Office of Information and
Regulatory Affairs has not designated it as a significant energy
action. Therefore, it does not require a Statement of Energy Effects
under Executive Order 13211.

Technical Standards

    The National Technology Transfer and Advancement Act (NTTAA) (15
U.S.C. 272 note) directs agencies to use voluntary consensus standards
in their regulatory activities unless the agency provides Congress,
through the Office of Management and Budget, with an explanation of why
using these standards would be inconsistent with applicable law or
otherwise impractical. Voluntary consensus standards are technical
standards (e.g., specifications of materials, performance, design, or
operation; test methods; sampling procedures; and related management
systems practices) that are developed or adopted by voluntary consensus
standards bodies.
    This rule does not use technical standards. Therefore, we did not
consider the use of voluntary consensus standards.

Environment

    We have analyzed this rule under Department of Homeland Security
Management Directive 023-01 and Commandant Instruction M16475.lD, which
guide the Coast Guard in complying with the National Environmental
Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f), and have concluded
this action is one of a category of actions which do not individually
or cumulatively have a significant effect on the human environment.
This rule is categorically excluded, under figure 2-1, paragraph
(34)(g), of the Instruction. This rule involves the establishment of a
temporary safety zone. An environmental analysis checklist and a
categorical exclusion determination are available in the docket where
indicated under ADDRESSES.

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:  33 U.S.C. 1231; 46 U.S.C. Chapter 701, 3306, 3703;
50 U.S.C. 191, 195; 33 CFR 1.05-1, 6.04-1, 6.04-6, 160.5; Pub. L.
107-295, 116 Stat. 2064; Department of Homeland Security Delegation
No. 0170.1.

0
2. Add temporary Sec.  165.T05-0473 to read as follows:

Sec.  165.T05-0473  Safety Zone, Pantego Creek; Belhaven, NC

    (a) Definitions. For the purposes of this section, Captain of the
Port means the Commander, Sector North Carolina. Representative means
any Coast Guard commissioned, warrant, or petty officer who has been
authorized to act on the behalf of the Captain of the Port.
    (b) Location. The following area is a safety zone: This safety zone
will encompass all waters on the Pantego Creek within a 600 foot radius
of the launch site on land at position 35[deg]32'35'' N,
076[deg]37'46'' W. All geographic coordinates are North American Datum
1983 (NAD 83).
    (c) Regulations. (1) The general regulations contained in Sec.
165.23 of this part apply to the area described in paragraph (b) of
this section.
    (2) Persons or vessels requiring entry into or passage through any
portion of the safety zone must first request authorization from the
Captain of the Port, or a designated representative, unless the Captain
of the Port previously announced via Marine Safety Radio Broadcast on
VHF Marine Band Radio channel 22 (157.1 MHz) that this regulation will
not be enforced in that portion of the safety zone. The Captain of the
Port can be contacted at telephone number<PHONE_NUMBER> or by radio on
VHF Marine Band Radio, channels 13 and 16.
    (d) Enforcement. The U.S. Coast Guard may be assisted in the patrol
and enforcement of the zone by Federal, State, and local agencies.
    (e) Enforcement period. This section will be enforced from 8 p.m.
to 10 p.m. on July 4, 2011 unless cancelled earlier by the Captain of
the Port.

    Dated: June 7, 2011.
A. Popiel,
Captain, U.S. Coast Guard, Captain of the Port North Carolina.
[FR Doc. 2011-15972 Filed 6-24-11; 8:45 am]
BILLING CODE 9110-04-P