[Federal Register Volume 78, Number 93 (Tuesday, May 14, 2013)]
[Notices]
[Pages 28269-28272]
[FR Doc No: 2013-11368]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69539; File No. SR-EDGX-2013-16]

Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Amendments to the EDGX Exchange, Inc. Fee Schedule

May 8, 2013.
    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 May 1, 2013, EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II and III below, which
items have been prepared by the self-regulatory organization. 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 its fees and rebates applicable to
Members \3\ of the Exchange pursuant to EDGX Rule 15.1(a) and (c). All
of the changes described herein are applicable to EDGX Members. The
text of the proposed rule change is available on the Exchange's
Internet Web site at www.directedge.com, at the Exchange's principal
office, and at the Public Reference Room of the Commission.
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    \3\ As defined in Exchange Rule 1.5(n).
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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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Currently, Footnote 1 of the Exchange's fee schedule provides that
Members may qualify for the Mega Tier rebate of $0.0035 per share for
all liquidity posted on EDGX where Members add or route at least 2
million shares of average daily volume (``ADV'') prior to 9:30 a.m. or
after 4:00 p.m. (includes all flags except 6) and add a minimum of 35
million shares of ADV on EDGX in total, including during both market
hours and pre- and post-trading hours (hereinafter referred to as the
``$0.0035 Mega Tier Rebate''). Members also may qualify for the Mega
Tier but will earn a rebate of $0.0032 per share for all liquidity
posted on EDGX if they add or route at least 4 million shares of ADV
prior to 9:30 a.m. or after 4:00 p.m. (includes all flags except 6) and
add a minimum of .20% of the Total Consolidated Volume (``TCV'') on a
daily basis measured monthly, including during both market hours and
pre- and post-trading hours (hereinafter referred to as the ``$0.0032
Mega Tier Rebate''). Currently, for meeting the aforementioned criteria
(the $0.0035 Mega Tier Rebate or the $0.0032 Mega Tier Rebate), Members
will pay a reduced rate for removing liquidity of $0.0029 per share for
Flags N, W, 6, BB, PI, and ZR (hereinafter referred to as the $0.0029
Reduced Rate). Where a Member does not meet the criteria for either the
$0.0035 Mega Tier Rebate or $0.0032 Mega Tier Rebate, then a removal
rate of $0.0030 per share applies.
    The Exchange proposes to amend Footnote 1 of its fee schedule to
provide that if Members qualify for the $0.0035 Mega Tier Rebate, they
can also qualify for a separate reduced rate for removing and/or
routing liquidity of $0.0020 per share for Flags N, W, 6, 7, BB, PI,
RT, and ZR (hereinafter referred to as the $0.0020 Reduced Rate). The
Exchange proposes to append Footnote 1 to Flags 7 and RT (the routing
flags) to signify a rate change from the routing rates of $0.0030 per
share if the criteria of Footnote 1 is met. Footnote 1 is already
appended to the other above-mentioned flags.
    The Exchange notes that Members that qualify for the $0.0035 Mega
Tier Rebate would no longer qualify for the $0.0029 Reduced Rate and
may only qualify for the $0.0020 Reduced Rate. The Exchange also
proposes to add the following language to the end of the paragraph
regarding the $0.0035 Mega Tier Rebate: Where a Member does not meet
the aforementioned criteria, then a rate of $0.0030 per share applies.
    In addition, the Exchange proposes to separate out the criteria for
the $0.0035 Mega Tier Rebate and the $0.0032 Mega Tier Rebate by
separating out the tiers and accompanying reduced rates into their own
paragraphs. Lastly, the Exchange proposes to add ``per share''
following the amount of the reduced rate in the paragraph regarding the
$0.0032 Mega Tier Rebate, as well as to use the term ``aforementioned''
instead of ``for the Mega Tier.'' Therefore, the final two sentences in
the paragraph will now read as follows: ``In addition, for meeting the
aforementioned criteria, Members will pay a reduced rate for removing
liquidity of $0.0029 per share for Flags N, W, 6, BB, PI, and ZR. Where
a Member does not meet the aforementioned criteria, then a removal rate
of $0.0030 per share applies.''
    The Exchange proposes to implement this amendment to its fee
schedule on May 1, 2013.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\4\ in general, and
furthers the objectives of Section 6(b)(4),\5\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its Members and other persons using its
facilities.
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    \4\ 15 U.S.C. 78f.
    \5\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes that its proposal to provide that if Members

qualify for the $0.0035 Mega Tier Rebate, they can also qualify for the
$0.0020 Reduced Rate represents an equitable allocation of reasonable
dues, fees, and other charges because it incentivizes Members to add
liquidity to the EDGX Book \6\ as well as remove and/or route liquidity
through the Exchange. The increased liquidity benefits all investors by
deepening EDGX's liquidity pool, supporting the quality of price
discovery, promoting market transparency and improving investor
protection. The Exchange also believes that the $ 0.0020 Reduced Rate
makes EDGX a more attractive venue to take liquidity from or route
liquidity through, which brings a higher quality of order flow to the
EDGX Exchange and supports price discovery on EDGX. Finally, the
Exchange believes that the discounted removal and/or routing rate of
$0.0020 per share will also help it to grow its market share as new
takers who are incentivized to achieve the $0.0035 Mega Tier Rebate
would send additional volume to the Exchange or remove additional
shares from the Exchange in future trading opportunities. Volume-based
rebates that also include removal and/or routing fee reductions as a
result of meeting such volume-based rebate such as the one proposed
herein have been widely adopted in the cash equities markets, and are
equitable because they are open to all Members on an equal basis and
provide discounts that are reasonably related to the value to an
exchange's market quality associated with higher levels of market
activity, such as higher levels of liquidity provision and introduction
of higher volumes of orders into the price and volume discovery
processes. In addition, the Exchange also believes that these proposed
amendments are non-discriminatory because they apply uniformly to all
Members.
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    \6\ As described in Exchange Rule 1.5(d).
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    In particular, the $0.0035 Mega Tier rebate is reasonable in that
it is competitive with Nasdaq's Routable Order Program (``ROP''),\7\ a
similar program with similar criteria focused on recognizing the
propensity of Members representing retail customers to make use of
exchange-provided routing strategies and pre- and post-market trading
sessions, as compared with proprietary traders.\8\ Similar to Nasdaq's
program, the $0.0035 Mega Tier is also aimed at encouraging greater
participation on EDGX by Members that represent retail customers.\9\ To
qualify for the ROP and receive a rebate of $0.0037 per share and a
reduced removal fee of $0.0029 per share for SCAN or LIST orders that
access liquidity on Nasdaq, an MPID must: (i) Add 35 million shares or
more per day on average using the SCAN or LIST routing strategies; and
(ii) of the liquidity provided using SCAN or LIST strategies, at least
2 million shares per day on average must be provided before the Nasdaq
opening cross and/or after the Nasdaq closing cross. In addition,
similar to Nasdaq's ROP's reduced removal fees, the proposed reduction
in removal fees and routing rates for the Exchange's listed flags is
reasonable because it reflects significant fee reductions, thereby
reducing the costs to Members that represent retail customers and take
advantage of the tier, and potentially also reducing costs to the
retail customers themselves. The change is consistent with an equitable
allocation of fees because EDGX believes that it is reasonable to use
fee reductions on removal and routing fees as a means to encourage
greater retail participation on EDGX. In particular, Flags RT and 7 are
proposed to be offered lower routing rates because they are yielded
from routing strategies ROUT \10\ and pre and post-session routing,
respectively, which are used by retail investors and are similar to
Nasdaq's SCAN routing strategy.\11\ The other removal flags selected
(Flags N, W, 6, BB, PI, and ZR) represent all possible removal flags
that are yielded from removing liquidity from EDGX.
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    \7\ See Nasdaq Equity Trader Alert 2013-8, http://www.nasdaqtrader.com/TraderNews.aspx?id=ETA2013-8. See also, The
Nasdaq Stock Market LLC, Price List--Trading Connectivity, http://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2.
    \8\ See Securities Exchange Act Release No. 68905 (February 12,
2013), 78 FR 11716 (February 19, 2013) (SR-NASDAQ-2013-023).
    \9\ The Commission has expressed concern that a significant
percentage of the orders of individual investors are executed in
over-the-counter markets, that is, at off exchange markets.
Securities Exchange Act Release No. 61358 (January 14, 2010), 75 FR
3594 (January 21, 2010) (Concept Release on Equity Market Structure,
``Concept Release''). In the Concept Release, the Commission
recognized the strong policy preference under the Act in favor of
price transparency and displayed markets. See also Mary L. Schapiro,
Strengthening Our Equity Market Structure (Speech at the Economic
Club of New York, Sept. 7, 2010) (available on the Commission Web
site) (comments of Commission Chairman on what she viewed as a
troubling trend of reduced participation in the equity markets by
individual investors, and that nearly 30 percent of volume in U.S.-
listed equities is executed in venues that do not display their
liquidity or make it generally available to the public).
    \10\ As defined in Exchange Rule 11.9(b)(2).
    \11\ See NASDAQ Rule 4758(a)(1)(A)(iv). See also Securities
Exchange Act Release No. 68905 (February 12, 2013), 78 FR 11716,
11717 (February 19, 2013) (SR-NASDAQ-2013-023) (describing SCAN as a
basic Nasdaq routing strategy that is widely used by firms that
represent retail customers. SCAN checks the Nasdaq Market Center
System for available shares, while remaining shares are
simultaneously routed to destinations on the applicable routing
table. If shares remain un-executed after routing, they are posted
on the Nasdaq book).
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    Because retail orders are more likely to reflect long-term
investment intentions than the orders of proprietary traders, they
promote price discovery and dampen volatility. Accordingly, their
presence on the EDGX Book has the potential to benefit all market
participants. For this reason, EDGX believes that it is equitable to
provide significant financial incentives to encourage greater retail
participation in the market in general and on EDGX in particular. EDGX
further believes that the proposed program is not discriminatory
because it is offered to all Members, whether or not they represent
retail customers, that provide significant levels of liquidity, and is
therefore complementary to existing incentives that already aim to
encourage greater retail participation, such as EDGX's Retail Order
Tier \12\ and flags ZA/ZR in Footnote 4 of its fee schedule.
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    \12\ Footnote 4 of the Exchange's fee schedule provides that
Members will be provided a rebate of $0.0034 per share if they add
an average daily volume of Retail Orders (Flag ZA) that is 0.10% or
more of the TCV on a daily basis, measured monthly.
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    The Exchange also believes that the criteria for the $0.0035 Mega
Tier Rebate also represents an equitable allocation of reasonable dues,
fees, and other charges since higher rebates and proposed reduced fees
for removal of liquidity and/or routing are directly correlated with
more stringent criteria.
    For example, in order for a Member to qualify for the $0.0035 Mega
Tier Rebate, the Member would have to add or route at least 2 million
shares of ADV during pre- and post-trading hours and add a minimum of
35 million shares of ADV on EDGX in total, including during both market
hours and pre- and post-trading hours in order to obtain the $0.0020
Reduced Rate for routing and/or removal of liquidity fees. The criteria
for this tier is the most stringent of all other tiers on the
Exchange's fee schedule as fewer Members generally trade during pre-
and post-trading hours because of the limited time parameters
associated with these trading sessions, which generally results in less
liquidity. In addition, the Exchange assigns a higher value to this
resting liquidity because liquidity received prior to the regular
trading session typically remains resident on the EDGX Book throughout
the remainder of the entire trading day. Furthermore, liquidity
received during pre- and post-trading hours is an important contributor
to price discovery and acts as an important indication of price for the
market as a whole

considering the relative illiquidity of the pre- and post-trading hour
sessions. The Exchange believes that offering a higher rebate and
reduced fees for removal of liquidity and/or routing incentivizes
Members to provide liquidity during these trading sessions.
    In order to qualify for the next best tier after the Mega Tier (at
$0.0033), the Market Depth Tier, a Member would receive a rebate of
$0.0033 per share for displayed liquidity added on EDGX if they post
greater than or equal to 0.50% of the TCV in ADV on EDGX in total,
where at least 2 million shares of which are Non-Displayed Orders that
yield Flag HA. Assuming a TCV of 6 billion shares for March 2013, this
would amount to 30 million shares, at least 2 million shares of which
are Non-Displayed Orders. The criteria for this tier is less stringent
then the volume thresholds for the $0.0035 Mega Tier Rebate because
Members must add a minimum of 35 million shares of ADV in addition to
adding or routing at least 2 million shares of ADV during pre- and
post-trading hours to earn a rebate of $0.0035 per share and be
eligible for lower removal and/or routing fees ($0.0020 Reduced Rate).
As discussed, the criteria for the Mega Tier is the most stringent as
fewer Members generally trade during pre- and post-trading hours
because of the limited time parameters associated with these trading
sessions, which generally results in less liquidity.
    The Exchange believes that it is reasonable to lower removal and/or
routing fees using liquidity provision patterns. First, the lower
removal and/or routing rates are similar to the Exchange's Step-up Take
Tier in Footnote 2 of its fee schedule \13\ and other similar tiers on
NYSE Arca \14\ and BATS BZX,\15\ in that it offers a discounted removal
rate that is designed to incent fee sensitive liquidity takers to the
Exchange provided they are able to meet certain volume requirements.
The Exchange believes that the proposed reduction of certain of the
Exchange's routing fees (Flags RT and 7) provided the criteria for the
$0.0035 Mega Tier Rebate is met is equitably allocated, fair and
reasonable, and non-discriminatory in that the lower fees are equally
applicable to all Members that meet the applicable criteria and are
designed to provide a reduced fee for orders routed to certain market
centers.
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    \13\ See Securities Exchange Act Release No. 68166 (November 6,
2012), 77 FR 67695 (November 13, 2012) (SR-EDGX-2012-46).
    \14\ The Exchange's discounted removal rate from $0.0030 per
share to $0.0020 per share for Members that achieve the $0.0035 Mega
Tier is also reasonable because it is similar in concept to
discounts offered by NYSE Arca, where the default removal rate is
$0.0030 per share and customers that qualify for the Tape C Step Up
Tier earn discounts of $0.0029 per share. See NYSE Arca Equities,
Inc. Schedule of Fees and Charges for Exchange Services, https://usequities.nyx.com/sites/usequities.nyx.com/files/nyse_arca_marketplace_fees_5_1_13.pdf.
    \15\ Lower routing fees for routing through an exchange to reach
another destination are common on BATS BZX Exchange in particular,
which offers ``one under'' pricing. BATS BZX Exchange provides a
discounted fee for Destination Specific Orders routed to certain of
the largest market centers measured by volume (NYSE, NYSE Arca and
NASDAQ), which, in each instance has been $ 0.0001 less per share
for orders routed to such market centers by the BATS BZX Exchange
than such market centers currently charge for removing liquidity.
See BATS BZX Exchange Fee Schedule, http://cdn.batstrading.com/resources/regulation/rule_book/BATS-Exchanges_Fee_Schedules.pdf.
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    The Exchange also 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. The proposed rule change reflects a competitive pricing
structure designed to incent market participants to direct their order
flow to the Exchange. The Exchange believes that the proposed rates are
equitable and non-discriminatory in that they apply uniformly to all
Members. The Exchange believes the fees and credits remain competitive
with those charged by other venues and therefore continue to be
reasonable and equitably allocated to Members.

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

    This proposed rule change does not impose any burden on competition
that is not necessary or appropriate in furtherance of the purposes of
the Act. The Exchange does not believe these changes represent a
significant departure from previous pricing offered by the Exchange or
pricing offered by the Exchange's competitors. Additionally, Members
may opt to disfavor EDGX's pricing if they believe that alternatives
offer them better value. Accordingly, EDGX does not believe that the
proposed changes will impair the ability of Members or competing venues
to maintain their competitive standing in the financial markets.
    The Exchange believes its proposal will increase intermarket
competition and possibly encourage the Exchange's competitors to make
competitive responses. The Exchange believes the proposal will increase
intermarket competition because it is comparable in financial
incentives and criteria to Nasdaq's ROP, as described above, in that
both require the addition of 35 million shares or more per day on
average of liquidity, at least 2 million shares per day on average must
be provided during pre and post-trading hours. The Exchange believes
that its proposal will have no burden on intramarket competition
because the rate applies uniformly to all Members.

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

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from Members or other interested
parties.

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 \16\ and Rule 19b-4(f)(2) \17\ thereunder. At
any time within 60 days of the filing of such 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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    \16\ 15 U.S.C. 78s(b)(3)(A).
    \17\ 17 CFR 240.19b-4(f)(2).
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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-EDGX-2013-16 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-EDGX-2013-16. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's

Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the
submission, all subsequent amendments, all written statements with
respect to the proposed rule change that are filed with the Commission,
and all written communications relating to the proposed rule change
between the Commission and any person, other than those that may be
withheld from the public in accordance with the provisions of 5 U.S.C.
552, will be available for Web site viewing and printing in the
Commission's Public Reference Room, 100 F Street NE., Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-EDGX-2013-16 and should be
submitted on or before June 4, 2013.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
Kevin M. O'Neill,
Deputy Secretary.
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    \18\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2013-11368 Filed 5-13-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 91 (Thursday, May 10, 2018)]
[Rules and Regulations]
[Pages 21712-21714]
[FR Doc No: 2018-09920]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket Number USCG-2018-0422]
RIN 1625-AA00

Safety Zone; Ohio River Mile Marker 27.8 to Mile Marker 28.2,
Vanport, PA

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is establishing a temporary safety zone for
all navigable waters of the Ohio River from mile marker 27.8 to mile
marker 28.2 near the Vanport Highway Bridge. The safety zone is needed
to protect personnel, vessels, and the marine environment from
potential hazards created by a cargo movement near the Vanport Highway
Bridge in Vanport, PA. Entry of vessels or persons into this zone is
prohibited unless authorized by the Captain of the Port Marine Safety
Unit Pittsburgh or a designated representative.

DATES: This rule is effective without actual notice from May 10, 2018
until 6 p.m. on May 11, 2018. For the purposes of enforcement, actual
notice will be used from 8 a.m. on May 6, 2018 until May 10, 2018.

ADDRESSES: To view documents mentioned in this preamble as being
available in the docket, go to http://www.regulations.gov, type USCG-
2018-0422 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 Petty Officer Jennifer Haggins, Marine Safety Unit
Pittsburgh, U.S. Coast Guard, at telephone<PHONE_NUMBER>, email
[email protected].

SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

CFR Code of Federal Regulations
COTP Captain of the Port Marine Safety Unit Pittsburgh
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

    On May 3, 2018, Bechtel notified the Coast Guard that a cargo
movement in the vicinity of the Vanport Highway Bridge could create
potential hazards for the bridge's structural integrity. 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)(3)(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 did
not receive notice of this cargo operation until May 3, 2018. This
safety zone must be established by May 6, 2018, and we lack sufficient
time to provide a reasonable comment period and then consider those
comments before issuing this rule. The NPRM process would delay the
establishment of the safety zone until after the date of the cargo
operation and compromise public safety.
    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 impracticable and contrary to the public interest
because immediate action is needed to protect the public and vessels
from the potential safety hazards associated with the cargo movement
operation.

III. Legal Authority and Need for Rule

    The Coast Guard is issuing this rule under authority in 33 U.S.C.
1231. The Captain of the Port Marine Safety Unit Pittsburgh (COTP) has
determined that potential hazards associated with a cargo movement
operation that will take place during the week of May 6, 2018 will be a
safety concern for anyone within a half-mile stretch of the Ohio River.
This rule is necessary to protect personnel, vessels, and the marine
environment in the navigable waters before, during, and after the cargo
movement.

IV. Discussion of the Rule

    This rule establishes a safety zone from 8 a.m. on May 6, 2018
through 6 p.m. on May 11, 2018 for all navigable waters of the Ohio
River from mile marker 27.8 to mile marker 28.2. Entry into this safety
zone during the enforcement period is prohibited, unless authorized by
the COTP or a designated representative. Subject to the cargo delivery
intervals and potential inclement weather, the period of

enforcement will be 30 minutes prior to, during, and 1 hour after any
cargo movement near the Vanport Highway Bridge. The Coast Guard was
informed that the operation would take place during daylight hours only
and last approximately 4 hours. A safety vessel will coordinate all
vessel traffic during the enforcement period. The COTP or a designated
representative will inform the public through Broadcast Notice to
Mariners (BNM), Local Notices to Mariners (LNM), and/or Marine Safety
Information Broadcasts (MSIBs), or through other means of public notice
as appropriate at least 3 hours in advance of the enforcement period.
The duration of the zone is intended to protect personnel, vessels, and
the marine environment in these navigable waters during cargo movement
operations. No vessel or person will be permitted to enter the safety
zone without obtaining permission from the COTP or a designated
representative. A designated representative is a commissioned, warrant,
or petty officer of the U.S. Coast Guard assigned to units under the
operational control of Marine Safety Unit Pittsburgh. They may be
contacted on VHF-FM Channel 16 or 67. Persons and vessels permitted to
enter this regulated area must transit at their slowest safe speed and
comply with all lawful directions issued by the COTP or the designated
representative.

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. Executive Order 13771 directs agencies to control
regulatory costs through a budgeting process. This rule has not been
designated a ``significant regulatory action,'' under Executive Order
12866. Accordingly, this rule has not been reviewed by the Office of
Management and Budget (OMB), and pursuant to OMB guidance it is exempt
from the requirements of Executive Order 13771.
    This regulatory action determination is based on the size,
location, duration, and time-of-year of the safety zone. This safety
zone will be enforced for a period of four hours on one day on less
than a half mile of the Ohio River. The Coast Guard will issue Local
Notice to Mariners and Broadcast Notice to Mariners via VHF-FM marine
channel 16 about the temporary safety zone. This rule also allows
vessels to seek permission from the COTP or a designated representative
to enter the safety 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
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 Commandant Instruction M16475.1D, 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
a safety zone that prohibits entry on a half-mile stretch of the Ohio
River for 4 hours on one day during the week from May 6, 2018 through
May 11, 2018. It is categorically excluded from further review under
paragraph L60(a) of Appendix A, Table 1 of DHS Instruction Manual 023-
01-001-01, Rev. 01. A

Record of Environmental Consideration supporting this determination is
available in the docket where indicated under ADDRESSES.

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

    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; 50 U.S.C. 191; 33 CFR 1.05-1, 6.04-
1, 6.04-6, and 160.5; Department of Homeland Security Delegation No.
0170.1.

0
2. Add Sec.  165.T08-0422 to read as follows:

Sec.  165.T08-0422  Safety Zone; Ohio River mile marker 27.8 to mile
marker 28.2, Vanport, PA.

    (a) Location. The following area is a safety zone: All navigable
waters of the Ohio River from mile marker (MM) 27.8 to MM 28.2.
    (b) Effective period. This rule is effective from 8 a.m. on May 6,
2018 through 6 p.m. on May 11, 2018.
    (c) Enforcement period. This section will be enforced during the
week of May 6, 2018 through May 11, 2018 subject to cargo delivery
intervals and potential inclement weather, 30 minutes prior to, during,
and 1 hour after any cargo movement in the vicinity of the Vanport
Highway Bridge. The Captain of the Port Marine Safety Unit Pittsburgh
(COTP) or a designated representative will inform the public of the
enforcement period through Broadcast Notice to Mariners (BNM), Local
Notices to Mariners (LNM), and/or Marine Safety Information Broadcasts
(MSIBs) or through other means of public notice at least 3 hours in
advance of the enforcement period. A safety vessel will coordinate all
vessel traffic during the enforcement of this safety zone.
    (d) Regulations. (1) In accordance with the general regulations in
Sec.  165.23, entry into this zone is prohibited unless authorized by
the COTP or designated representative. A designated representative is a
commissioned, warrant, or petty officer of the U.S. Coast Guard
assigned to units under the operational control of USCG Marine Safety
Unit Pittsburgh.
    (2) Vessels requiring entry into this safety zone must request
permission from the COTP or a designated representative. They may be
contacted on VHF-FM Channel 16 or 67.
    (3) All persons and vessels permitted to enter this safety zone
must transit at the slowest safe speed and comply with all lawful
directions issued by the COTP or the designated representative.
    (e) Informational broadcasts. The COTP or a designated
representative will inform the public of the effective period for the
safety zone as well as any changes in the dates and times of
enforcement through Local Notice to Mariners (LNMs), Broadcast Notices
to Mariners (BNMs), and/or Marine Safety Information Bulletins (MSIBs)
as appropriate.

    Dated: May 4, 2018.
L. Mcclain, Jr.,
Commander, U.S. Coast Guard, Captain of the Port Marine Safety Unit
Pittsburgh.
[FR Doc. 2018-09920 Filed 5-9-18; 8:45 am]
 BILLING CODE 9110-04-P


[Federal Register Volume 80, Number 125 (Tuesday, June 30, 2015)]
[Notices]
[Pages 37340-37343]
[FR Doc No: 2015-15979]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75282; File No. SR-NYSEArca-2015-52]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending NYSE Arca
Equities Rules 7.25 and 8.800 in Order To Allow An Issuer to Elect for
its Exchange Traded Product to Participate in the Crowd Participant
Program or the ETP Incentive Program Monthly Rather than Quarterly and
To Extend the Effectiveness of the Crowd Participant Program until June
23, 2016

June 24, 2015.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on June 18, 2015, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``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 change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S. C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    The Exchange proposes to amend NYSE Arca Equities Rule 7.25 (``Rule
7.25'') and NYSE Arca Equities Rule 8.800 (``Rule 8.800) in order to
(1) allow an issuer to elect for its Exchange Traded Product (``ETP'')
listed on the Exchange to participate in the Crowd Participant (``CP'')
program (the ``CP Program'') or the ETP Incentive Program (the ``ETP
Incentive Program''), respectively, at the time of listing or
thereafter at the beginning of each month, rather than just at the
beginning of each quarter; and (2) extend the effectiveness of the CP
Program for an additional one-year pilot period, ending June 23, 2016.
The text of the proposed rule change is available on the Exchange's Web
site at www.nyse.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 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 those 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 parts 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 NYSE Arca Equities Rules 7.25 and
8.800 in order to (1) allow an issuer to elect for its ETP \4\ listed
on the Exchange to participate in the CP Program or the ETP Incentive
Program, respectively, at the time of listing or thereafter at the
beginning of each month, rather than just at the beginning of each
quarter; \5\ and (2) extend the effectiveness of the CP Program for an
additional one-year pilot period, ending June 23, 2016.\6\
---------------------------------------------------------------------------

    \4\ For purposes of the CP Program and the ETP Incentive
Program, ETPs include securities listed on the Exchange under the
following rules: NYSE Arca Equities Rules 5.2(j)(3) (Investment
Company Units), 5.2(j)(5) (Equity Gold Shares), 8.100 (Portfolio
Depositary Receipts), 8.200 (Trust Issued Receipts), 8.201
(Commodity-Based Trust Shares), 8.202 (Currency Trust Shares), 8.203
(Commodity Index Trust Shares), 8.204 (Commodity Futures Trust
Shares), 8.300 (Partnership Units), 8.600 (Managed Fund Shares), and
8.700 (Managed Trust Securities).
    \5\ The Commission approved the CP Program on a pilot basis in
Securities Exchange Act Release No. 71804 (March 16, 2014), 79 FR
18357 (April 1, 2014) (SR-NYSEArca-2013-141) (CP Program Release).
The Commission approved the ETP Incentive Program on a pilot basis
in Securities Exchange Act Release No. 69706 (June 6, 2013), 78 FR
35340 (June 12, 2013) (SR-NYSEArca-2013-34) (ETP Incentive Program
Release).
    \6\ The CP Program is scheduled to end on June 23, 2015.
---------------------------------------------------------------------------

    Both the CP Program and the ETP Incentive Program are pilot
programs that were designed to incentivize quoting and trading in ETPs
and to add competition among existing qualified Market Makers.\7\ The
CP Program seeks to encourage Market Makers on the Exchange to quote
and trade in certain low-volume ETPs by offering issuers an alternative
fee program funded by participating issuers and credited to CPs from
the Exchange's general revenues. By requiring CPs to quote at the
``National Best Bid'' or ``National Best Offer,'' for a percentage of
the regular trading day, the CP Program rewards competitive liquidity-
providing Market Makers. The ETP Incentive Program is also designed to
enhance the market quality for ETPs by incentivizing Market Makers to
take Lead Market Maker (``LMM'') \8\ assignments in certain lower-
volume ETPs by offering an alternative fee structure for such LMMs that
would be funded from the Exchange's general revenues. The ETP Incentive
Program is designed to improve the quality of market for lower-volume
ETPs, thereby incentivizing issuers to list them on the Exchange.
Moreover, as described in the ETP Incentive Program Release, the
Exchange believes that the ETP Incentive Program, which is entirely
voluntary, encourages competition among markets for issuers' listings
and among Market Makers for LMM assignments.
---------------------------------------------------------------------------

    \7\ A Market Maker is an Equity Trading Permit Holder that acts
as a Market Maker pursuant to NYSE Arca Equities Rule 7. See NYSE
Arca Equities Rule 1.1(v). An Equity Trading Permit Holder is a sole
proprietorship, partnership, corporation, limited liability company,
or other organization in good standing that has been issued an
Equity Trading Permit. See NYSE Arca Equities Rule 1.1(n).
    \8\ The LMM program is designed to incentivize firms to take on
the LMM designation and foster liquidity provision and stability in
the market. In order to accomplish this, the Exchange currently
provides LMMs with an opportunity to receive incrementally higher
transaction credits and incur incrementally lower transaction fees
(``LMM Rates'') compared to standard liquidity maker-taker rates
(``Standard Rates''). The Exchange generally employs a maker-taker
transactional fee structure, whereby an Equity Trading Permit Holder
that removes liquidity is charged a fee (``Take Rate''), and an
Equity Trading Permit Holder that provides liquidity receives a
credit (``Make Rate''). See Trading Fee Schedule, available at
https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf.
---------------------------------------------------------------------------

    Currently, an issuer can elect for an ETP to participate in either
the CP Program or the ETP Incentive Program either at the time of
listing or thereafter at the beginning of each quarter.\9\ The Exchange
proposes to amend Rules 7.25(c) and 8.800(b) to provide that ETPs
already listed on the Exchange can be added to the CP Program or ETP
Incentive Program, respectively, on a monthly basis rather than at the
beginning of each quarter. The Exchange believes that increasing the
frequency for when an ETP may be added to either the CP Program or the
ETP Incentive Program will permit each of the programs to be utilized
by an issuer on a more timely basis and without the need to wait as
long as a calendar quarter before electing for its ETP to participate
in the CP Program or applying to have its ETP participate in the ETP
Incentive Program. By allowing issuers to enter listed ETPs into the CP
Program and the ETP Incentive Program on a monthly rather than a
quarterly basis, issuers would be provided with more frequent
opportunities to add ETPs to each program. With respect to the CP
Program, such an increase would provide the opportunity for increased
competition among qualified Market Makers and thereby provide
additional liquidity-providing opportunities for Market Makers. With
respect to the ETP Incentive Program, the Exchange also anticipates
that expanding the opportunity for issuers to enter the ETP Incentive
Program will facilitate the provision of extra liquidity to lower-
volume ETPs by incentivizing more Market Makers to take LMM assignments
in certain lower-volume ETPs.
---------------------------------------------------------------------------

    \9\ See Rules 7.25(c)(2) and 8.800(b)(1).
---------------------------------------------------------------------------

    The Exchange also proposes to extend the current operation of the
CP Program for an additional year to allow the Commission, the
Exchange, LMMs, and issuers to further assess the impact of each
program before making it available to other securities and implementing
the programs on a permanent basis.\10\ During the initial one-year
pilot period, no ETP issuers have utilized the CP Program and the
Exchange does not have any data to assess the impact of the CP Program
on ETP market quality or whether any provisions of the CP Program
should be modified. The Exchange believes that extending the CP Program
pilot period for an additional year will provide additional time for
issuers to participate in the CP Program so that the Exchange may
assess the impact of the CP Program before making it available to other
securities or implementing it on a permanent basis.
---------------------------------------------------------------------------

    \10\ The Exchange notes that any proposed further continuance of
the CP Program or a proposal to make the CP Program permanent would
require a rule filing with the Commission pursuant to Section 19(b)
of the Act and Rule 19b-4 thereunder.
---------------------------------------------------------------------------

    This filing is not otherwise intended to address any other issues
and the Exchange is not aware of any problems that Equity Trading
Permit Holders or issuers would have in complying with the monthly
selection provisions or the proposed extension of the CP Program.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Act,\11\ in general, and furthers the objectives of Section 6(b)(5) of
the Act,\12\ in particular, in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to remove impediments to and perfect the

mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. The Exchange
believes that the proposal would remove impediments to and perfect the
mechanics of a free and open market and national market system because
increasing the frequency with which listed ETPs can join the respective
programs will provide additional ETP issuers the opportunity to
participate in the CP Program or ETP Incentive Program, which would
result potentially in more competitive quoting and trading by
additional Market Makers assigned to those ETPs. Accordingly, the
proposed rule change would contribute to the protection of investors
and the public interest because it may provide a better trading
environment for investors in ETPs included in the programs and,
generally, encourage greater competition among markets.
---------------------------------------------------------------------------

    \11\ 15 U.S. C. 78f(b).
    \12\ 15 U.S. C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that increasing the flexibility for issuers
with regards to when they can enter an incentive program has the
potential to expand the pool of ETP liquidity providers, encourage
competitive trading and enhance the quality of the markets in ETPs by
tightening quote spreads, increasing depth of liquidity and reducing
execution costs for investors. As stated in the CP Program Release,\13\
the Exchange believes that the CP Program would enhance quote
competition, improve liquidity, support the quality of price discovery,
promote market transparency, and increase competition for listings and
trade executions while reducing spreads and transaction costs. The
Exchange further believes that enhancing liquidity in CP Program ETPs
would help raise investors' confidence in the fairness of the market
generally and their transactions in particular. As such, the CP Program
would foster cooperation and coordination with persons engaged in
facilitating securities transactions, enhance the mechanism of a free
and open market, and promote fair and orderly markets in ETPs on the
Exchange. Increasing the frequency by which issuers can enter listed
ETPs into the CP Program would provide additional opportunities for
ETPs to reap the benefits of the CP Program on a more timely basis.
---------------------------------------------------------------------------

    \13\ See note 5, supra.
---------------------------------------------------------------------------

    The Exchange further believes that the ETP Incentive Program is
designed to enhance the market quality for ETPs by incentivizing Market
Makers to take LMM assignments in certain lower volume ETPs by offering
an alternative fee structure for such LMMs that would be funded from
the Exchange's general revenues. The ETP Incentive Program is designed
to improve the quality of market for lower-volume ETPs, thereby
incentivizing them to list on the Exchange. Moreover, as described in
the ETP Incentive Program Release, the Exchange believes that the ETP
Incentive Program, which is entirely voluntary, encourages competition
among markets for issuers' listings and among Market Makers for LMM
assignments. Increasing the frequency by which issuers can enter listed
ETPs into the ETP Incentive Program would allow ETPs to reap the
benefits of the ETP Incentive Program on a more timely basis. The
Exchange believes that the proposed amendments to Rules 7.25 and 8.800
to provide that ETPs listed on the Exchange can be added to the CP
Program or ETP Incentive Program, respectively, on a monthly basis, by
providing more frequent opportunities for issuers to add ETPs to the
respective programs, would facilitate enhancements to liquidity and
market quality as described in the CP Program Release and the ETP
Incentive Program Release.
    The Exchange believes that, by providing additional time for
issuers to participate in the CP Program, through an extension of the
pilot period until June 23, 2016, the CP Program would continue to
provide an opportunity for rewarding competitive liquidity-providing
Market Makers, with associated requirements for quoting by CPs at the
National Best Bid or National Best Offer. The CP Program, therefore,
has the potential to enhance competition among liquidity providers and
thereby improve execution quality on the Exchange. An extension of such
pilot period will permit additional time for the Commission, the
Exchange, LMMs, and issuers to assess the impact of the CP Program
before making it available to other securities. The Exchange will
continue to monitor the efficacy of the CP Program during the extended
pilot period.

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 proposed rule change is
not designed to address any competitive issues, but rather increase the
frequency with which issuers of listed ETPs can elect to join either
the existing CP Program or ETP Incentive Program and there are no other
substantive changes being proposed to the respective programs. Rather,
the Exchange believes that permitting issuers to utilize each program
on a monthly rather than a quarterly basis, and extending the operation
of the CP Program, will enhance competition among liquidity providers
and thereby improve execution quality on the Exchange.
    The proposed extension to the pilot period for the CP Program is
not designed to address any competitive issues but rather to provide
additional time for the Commission, the Exchange, LMMs and issuers to
assess the impact of the CP Program.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \14\ and Rule 19b-4(f)(6) thereunder.\15\
Because the 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 prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------

    \14\ 15 U.S. C. 78s(b)(3)(A)(iii).
    \15\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \16\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\17\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule change can be both effective and implemented upon filing. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because it ensures that the CP Program pilot will be extended for
another year without interruption.

Therefore, the Commission hereby waives the 30-day operative delay and
designates the proposed rule change to be operative upon filing with
the Commission.\18\
---------------------------------------------------------------------------

    \16\ 17 CFR 240.19b-4(f)(6).
    \17\ 17 CFR 240.19b-4(f)(6)(iii).
    \18\ For purposes only of waiving the operative delay for this
proposal, the Commission has 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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSE-Arca-2015-52 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-NYSEArca-2015-52. 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-NYSEArca-2015-
52, and should be submitted on or before July 21, 2015.

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

    \19\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-15979 Filed 6-29-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 142 (Monday, July 25, 2016)]
[Notices]
[Pages 48496-48498]
[FR Doc No: 2016-17463]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2012-0032]

Commercial Driver's License Standards: Application for Exemption;
Daimler Trucks North America (Daimler)

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

ACTION: Notice of final disposition; grant of application for
exemption.

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SUMMARY: FMCSA announces its decision to grant an exemption to Daimler
Trucks North America (Daimler) for one of its commercial motor vehicle
(CMV) drivers. Daimler requested a 5-year exemption from the Federal
requirement to hold a U.S. commercial driver's license (CDL) for Mr.
Sebastian Boehm, a project engineer for the Daimler Trucks and Bus
Division. Mr. Boehm holds a valid German commercial license and wants
to test drive Daimler vehicles on U.S. roads to better understand
product requirements in ``real world'' environments, and verify
results. Daimler believes the requirements for a German commercial
license ensure that operation under the exemption will likely achieve a
level of safety equivalent to or greater than the level that would be
obtained in the absence of the exemption.

DATES: This exemption is effective July 25, 2016 and expires July 25,
2021.

ADDRESSES:
    Docket: For access to the docket to read background documents or
comments, go to www.regulations.gov at any time or visit Room W12-140
on the ground level of the West Building, 1200 New Jersey Avenue SE.,
Washington, DC, between 9 a.m. and 5 p.m., ET, Monday through Friday,
except Federal holidays. The on-line FDMS is available 24 hours each
day, 365 days each year.
    Privacy Act: In accordance with 5 U.S.C. 553(c), DOT solicits
comments from the public to better inform its rulemaking process. 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 FDMS), which can be reviewed at www.dot.gov/privacy.

FOR FURTHER INFORMATION CONTACT: For information concerning this
notice, contact Ms. Pearlie Robinson, FMCSA Driver and Carrier
Operations Division; Office of Carrier, Driver and Vehicle Safety
Standards; Telephone:<PHONE_NUMBER>. Email<EMAIL_ADDRESS>If you have
questions on viewing or submitting material to the docket, contact
Docket Services, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Public Participation

Viewing Comments and Documents

    To view comments, as well as documents mentioned in this preamble
as being available in the docket, go to www.regulations.gov and insert
the docket number, ``FMCSA-2012-0032 in the ``Keyword'' box and click
``Search.'' Next, click the ``Open Docket Folder'' button and choose
the document to review. If you do not have access to the Internet, you
may view the docket online by visiting the Docket Management Facility
in Room W12-140 on the ground floor of the DOT West Building, 1200 New
Jersey Avenue SE., Washington, DC 20590, between 9 a.m. and 5 p.m.,
e.t., Monday through Friday, except Federal holidays.

II. Legal Basis

    FMCSA has authority under 49 U.S.C. 31136(e) and 31315 to grant
exemptions from the Federal Motor Carrier Safety Regulations. FMCSA
must publish a notice of each exemption request in the Federal Register
(49 CFR 381.315(a)). The Agency must provide the public an opportunity
to inspect the information relevant to the application, including any
safety analyses that have been conducted. The Agency must also provide
an opportunity for public comment on the request.
    The Agency reviews the safety analyses and the public comments, and
determines whether granting the exemption would likely achieve a level
of safety equivalent to, or greater than, the level that would be
achieved by the current regulation (49 CFR 381.305). The decision of
the Agency must be published in the Federal Register (49 CFR
381.315(b)) with the reason for the grant or denial, and, if granted,
the specific person or class of persons receiving the exemption, and
the regulatory provision or provisions from which exemption is granted.
The notice must also specify the effective period of the exemption, and
explain its terms and conditions. The exemption may be renewed (49 CFR
381.300(b)).
    Section 5206(a)(3) of the ``Fixing America's Surface Transportation
Act,'' (FAST Act) [Pub. L. 114-94, 129 Stat. 1312, 1537, Dec. 4, 2015],
amended 49 U.S.C. 31315(b) by adding a new paragraph (2) which permits
exemptions for no longer than 5 years from their dates of inception,
instead of the previous 2 years. This statutory provision will be
codified in 49 CFR part 381 in a forthcoming rulemaking.

III. Request for Exemption

    On behalf of Sebastian Boehm, Daimler has applied for a 5-year
exemption from 49 CFR 383.23, which prescribes licensing requirements
for drivers operating CMVs in interstate or intrastate commerce. Mr.
Boehm is unable to obtain a CDL in any of the States due to his lack of
residency in the United States. A copy of the application is in Docket
No. FMCSA-2012-0032.
    The exemption would allow Mr. Boehm to operate CMVs in interstate
or intrastate commerce to support Daimler field tests designed to meet
future vehicle safety and environmental requirements and to promote
technological advancements in vehicle safety systems and emissions
reductions. Mr. Boehm needs to drive Daimler vehicles on public roads
to better understand ``real world'' environments in the U.S. market.
According to Daimler, Mr. Boehm will typically drive for no more than 6
hours per day, and that 10 percent of the test driving will be on two-
lane state highways, while 90 percent will be on interstate highways.
The driving will consist of no more than 200 miles per day, for one to
two weeks on a quarterly basis. He will in all cases be accompanied by
a holder of a U.S. CDL who is familiar with the routes to be traveled.
    Mr. Boehm would be required to comply with all applicable Federal
Motor Carrier Safety Regulations (FMCSRs) (49 CFR parts 350-399) except
the CDL provisions described in this notice.
    Mr. Boehm holds a valid German commercial license, and as explained
by Daimler in its exemption request, the requirements for that license
ensure that the same level of safety is met or exceeded as if this
driver had a U.S. CDL. Furthermore, according to Daimler, Mr. Boehm is
familiar with the operation of CMVs worldwide.
    FMCSA has previously determined that the process for obtaining a
German commercial license is comparable to, or as effective as, the
requirements of part 383, and adequately assesses the driver's ability
to operate CMVs in the U.S. Since 2012, FMCSA has granted Daimler
drivers similar exemptions [May 25, 2012 (77 FR 31422); July 22, 2014
(79 FR 42626); March 27, 2015 (80 FR 16511); October 5, 2015 (80 FR
60220); December 7, 2015 (80 FR 76059); December 21, 2015 (80 FR
79410)].

Public Comments

    On May 4, 2016, FMCSA published notice of this application and
requested public comments (81 FR 26866). No comments were submitted.

FMCSA Decision

    Based upon the merits of this application, including Mr. Boehm's
extensive driving experience and safety record, FMCSA has concluded
that the exemption would likely achieve a level of safety that is
equivalent to or greater than the level that would be achieved absent
such exemption, in accordance with Sec.  381.305(a).

Terms and Conditions for the Exemption

    FMCSA grants Daimler and Sebastian Boehm an exemption from the CDL
requirement in 49 CFR 383.23 to allow Mr. Boehm to drive CMVs in this
country without a U.S. State-issued CDL, subject to the following terms
and conditions: (1) The driver and carrier must comply with all other
applicable provisions of the FMCSRs (49 CFR parts 350-399); (2) the
driver must be in possession of the exemption document and a valid
German commercial license; (3) the driver must be employed by and
operate the CMV within the scope of his duties for Daimler; (4) at all
times while operating a CMV under this exemption, the driver must be
accompanied by a holder of a U.S. CDL who is familiar with the routes
traveled; (5) Daimler must notify FMCSA in writing within 5 business
days of any accident, as defined in 49 CFR 390.5, involving this
driver; and (6) Daimler must notify FMCSA in writing if this driver is
convicted of a disqualifying offense under Sec.  383.51 or Sec.  391.15
of the FMCSRs.
    In accordance with 49 U.S.C. 31315 and 31136(e), the exemption will
be valid for 5 years unless revoked earlier by the FMCSA. The exemption
will be revoked if: (1) Mr. Boehm fails to comply with the terms and
conditions of the exemption; (2) the exemption results in a lower level
of safety than was maintained before it was granted; or (3)
continuation of the exemption would be inconsistent with the goals and
objectives of 49 U.S.C. 31315 and 31136.

 VIII. Preemption

    In accordance with 49 U.S.C. 31315(d), as implemented by 49 CFR
381.600, during the period this exemption is in effect, no State shall
enforce any law or regulation applicable to interstate or intrastate
commerce that conflicts with or is inconsistent with this exemption
with respect to a firm or person operating under the exemption.

    Issued on: July 14, 2016.
 T.F. Scott Darling, III,
Acting Administrator.
[FR Doc. 2016-17463 Filed 7-22-16; 8:45 am]
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[Federal Register Volume 85, Number 93 (Wednesday, May 13, 2020)]
[Proposed Rules]
[Pages 28539-28540]
[FR Doc No: 2020-09221]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 100

[Docket No. USCG-2020-0066]

Special Local Regulations; Marine Events Within the Fifth Coast
Guard District; Withdrawal

AGENCY: Coast Guard, DHS.

ACTION: Notice of proposed rulemaking; withdrawal.

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SUMMARY: The Coast Guard is withdrawing its proposed rule concerning
amendments to the regattas and marine parades regulations. The
rulemaking was initiated to establish a special local regulations
during the ``Cambridge Classic Power Boat Regatta,'' a marine event to
be held on certain navigable waters of the Choptank River at Cambridge,
MD on May 16, 2020, and May 17, 2020. The proposed rule is being
withdrawn because it is no longer necessary. The event sponsor has
cancelled the power boat races.

DATES: The Coast Guard is withdrawing the proposed rule published March
16, 2020 (85 FR 14837) as of May 13, 2020.

ADDRESSES: To view the docket for this withdrawn rulemaking, go to
https://www.regulations.gov, type USCG-2020-0066 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 about this
notice, call or email Mr. Ron Houck, Sector Maryland-National Capital
Region Waterways Management Division, U.S. Coast Guard; telephone 410-
576- 2674, email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Background

    On March 16, 2020, we published a notice of proposed rulemaking
entitled ``Special Local Regulations; Marine Events within the Fifth
Coast Guard District'' in the Federal Register (85 FR 14837). The
rulemaking concerned the Coast Guard's proposal to establish temporary
special local regulations for certain navigable waters of the Choptank
River at Cambridge, MD, effective from 9 a.m. on May 16, 2020, through
6:30 p.m. on May 17, 2020. This action was necessary to provide for the
safety of life on these waters during a high-speed power boat racing
event. This rulemaking would have prohibited persons and vessels from
entering the

regulated area unless authorized by the Captain of the Port Maryland-
National Capital Region or the Coast Guard Patrol Commander.

Withdrawal

    The proposed rule is being withdrawn due to a regulated area no
longer being necessary following a cancellation of the power boat races
by the event sponsor.

Authority

    We issue this notice of withdrawal under the authority of 46 U.S.C.
70034.

    Dated: April 23, 2020.
Joseph B. Loring,
Captain, U.S. Coast Guard, Captain of the Port Maryland-National
Capital Region.
[FR Doc. 2020-09221 Filed 5-12-20; 8:45 am]
BILLING CODE 9110-04-P