[Federal Register Volume 85, Number 199 (Wednesday, October 14, 2020)]
[Notices]
[Pages 65110-65113]
[FR Doc No: 2020-22632]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90113; File No. SR-NYSEARCA-2020-87]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Adopt Temporary
Commentary .10 Under NYSE Arca Rule 2.1210

October 7, 2020.
    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 September 25, 2020, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') 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.
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    \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 Substance
of the Proposed Rule Change

    The Exchange proposes a rule change to adopt temporary Commentary
.10 (Temporary Extension of the Limited Period for Registered Persons
to Function as Principals) under NYSE Arca Rule 2.1210 (Registration
Requirements) applicable to Equity Trading Permit (``ETP'') Holders,
Options Trading Permit (``OTP'') Holders or OTP Firms. The proposed
rule change is available on the Exchange's website 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 adopt temporary Commentary .10 (Temporary
Extension of the Limited Period for Registered Persons to Function as
Principals) under NYSE Arca Rule 2.1210 (Registration Requirements)
applicable to ETP Holders, OTP Holders or OTP Firms (collectively,
``Members'').\4\ The proposed rule change would extend the 120-day
period that certain individuals can function as a principal without
having successfully passed an appropriate qualification

examination through December 31, 2020,\5\ and would apply only to those
individuals who were designated to function as a principal prior to
September 3, 2020. This proposed rule change is based on a filing
recently submitted by the Financial Regulatory Authority, Inc.
(``FINRA'') \6\ and is intended to harmonize the Exchange's
registration rules with those of FINRA so as to promote uniform
standards across the securities industry.
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    \4\ The term ``ETP Holder'' refers to a sole proprietorship,
partnership, corporation, limited liability company or other
organization in good standing that has been issued an ETP. An ETP
Holder must be a registered broker or dealer pursuant to Section 15
of the Act. See Rule 1.1(o). The term ``ETP'' refers to an Equity
Trading Permit issued by the Exchange for effecting approved
securities transactions on the Exchange's Trading Facilities. See
Rule 1.1(n). The term ``OTP Holder'' refers to a natural person, in
good standing, who has been issued an OTP. An OTP Holder must be a
registered broker or dealer pursuant to Section 15 of the Act. Under
the Exchange's rules, an OTP Holder has the status as a ``member''
of the Exchange as that term is defined in Section 3 of the Act. See
Rule 1.1(nn). The term ``OTP'' refers to an Options Trading Permit
issued by the Exchange for effecting approved securities
transactions on the Exchange's Trading Facilities. See Rule 1.1(mm).
The term ``OTP Firm'' refers to a sole proprietorship, partnership,
corporation, limited liability company or other organization in good
standing who holds an OTP or upon whom an individual OTP Holder has
conferred trading privileges on the Exchange's Trading Facilities
pursuant to and in compliance with Exchange rules. An OTP Firm must
be a registered broker or dealer pursuant to Section 15 of the Act.
See Rule 1.1(oo).
    \5\ If NYSE Arca seeks to provide additional temporary relief
from the rule requirements identified in this proposed rule change
beyond December 31, 2020, NYSE Arca will submit a separate rule
filing to further extend the temporary extension of time.
    \6\ See Securities Exchange Act Release No. 89732 (September 1,
2020), 85 FR 55535 (September 8, 2020) (SR-FINRA-2020-026) (the
``FINRA Filing''). The Exchange notes that the FINRA Filing also
provides temporary relief to individuals registered with FINRA as
Operations Professionals under FINRA Rule 1220. The Exchange does
not have a registration category for Operations Professionals and
therefore, the Exchange is not proposing to adopt that aspect of the
FINRA Filing.
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    In response to COVID-19, earlier this year FINRA began providing
temporary relief by way of frequently asked questions (``FAQs'') \7\ to
address disruptions to the administration of FINRA qualification
examinations caused by the pandemic that have significantly limited the
ability of individuals to sit for examinations due to Prometric test
center capacity issues.\8\
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    \7\ See https://www.finra.org/rules-guidance/key-topics/covid-19/faq#qe.
    \8\ At the outset of the COVID-19 pandemic, all FINRA
qualification examinations were administered at test centers
operated by Prometric. Based on the health and welfare concerns
resulting from COVID-19, in March Prometric closed all of its test
centers in the United States and Canada and began to slowly reopen
some of them at limited capacity in May. At this time, not all of
these Prometric test centers have reopened at full capacity.
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    FINRA published the first FAQ on March 20, 2020, providing that
individuals who were designated to function as principals under FINRA
Rule 1210.04 \9\ prior to February 2, 2020, would be given until May
31, 2020, to pass the appropriate principal qualification
examination.\10\ On May 19, 2020, FINRA extended the relief to pass the
appropriate examination until June 30, 2020. Most recently, on June 29,
2020, FINRA again extended the temporary relief providing that
individuals who were designated to function as principals under FINRA
Rule 1210.04 prior to May 4, 2020, would be given until August 31,
2020, to pass the appropriate principal qualification examination.
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    \9\ NYSE Arca Rule 2.1210.03 is the corresponding rule to FINRA
Rule 1210.04.
    \10\ FINRA Rule 1210.04 (Requirements for Registered Persons
Functioning as Principals for a Limited Period) allows a member firm
to designate certain individuals to function in a principal capacity
for 120 calendar days before having to pass an appropriate principal
qualification examination. NYSE Arca Rule 2.1210.03 provides the
same allowance to Members.
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    One of the impacts of COVID-19 continues to be serious
interruptions in the administration of FINRA qualification examinations
at Prometric test centers and the limited ability of individuals to sit
for the examinations.\11\ Although Prometric has begun reopening test
centers, Prometric's safety practices mean that currently not all test
centers are open, some of the open test centers are at limited
capacity, and some open test centers are delivering only certain
examinations that have been deemed essential by the local
government.\12\ Furthermore, Prometric has had to close some reopened
test centers due to incidents of COVID-19 cases. The initial nationwide
closure in March along with the inability to fully reopen all Prometric
test centers due to COVID-19 have led to a significant backlog of
individuals who are waiting to sit for FINRA examinations.\13\
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    \11\ Information about the continued impact of COVID-19 on
FINRA-administered examinations is available at https://www.finra.org/rules-guidance/keytopics/covid-19/exams.
    \12\ Information from Prometric about its safety practices and
the impact of COVID-19 on its operations is available at https://www.prometric.com/corona-virus-update. See also supra note 11.
    \13\ Although an online test delivery service has been launched
to help address the backlog, the General Securities Principal
Examination (Series 24) is not available online. See supra note 11.
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    In addition, firms are continuing to experience operational
challenges with much of their personnel working from home due to
shelter-in-place orders, restrictions on businesses and social activity
imposed in various states, and adherence to other social distancing
guidelines consistent with the recommendations of public health
officials.\14\ As a result, firms continue to face potentially
significant disruptions to their normal business operations that may
include a limitation of in-person activities and staff absenteeism as a
result of the health and welfare concerns stemming from COVID-19. Such
potential disruptions may be further exacerbated and may even affect
client services if firms cannot continue to keep principal positions
filled as they may have difficulty finding other qualified individuals
to transition into these roles or may need to reallocate employee time
and resources away from other critical responsibilities at the firm.
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    \14\ See, e.g., Centers for Disease Control and Prevention, How
to Protect Yourself & Others, https://www.cdc.gov/coronavirus/2019-ncov/prevent-gettingsick/prevention.html.
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    These ongoing, extenuating circumstances make it impracticable for
Members to ensure that the individuals whom they have designated to
function in a principal capacity, as set forth in NYSE Arca Rule
2.1210.03, are able to successfully sit for and pass an appropriate
qualification examination within the 120-calendar day period required
under the rule, or to find other qualified staff to fill this position.
The ongoing circumstances also require individuals to be exposed to the
health risks associated with taking an in-person examination, because
the General Securities Principal examination is not available online.
Therefore, NYSE Arca is proposing to continue the temporary relief
provided through the FINRA FAQs by adopting Rule 2.1210.10 to extend
the 120-day period during which an individual can function as a
principal before having to pass an applicable qualification examination
until December 31, 2020.\15\ The proposed rule change would apply only
to those individuals who were designated to function as a principal
prior to September 3, 2020. Any individuals designated to function as a
principal on or after September 3, 2020, would need to successfully
pass an appropriate qualification examination within 120 days.
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    \15\ See supra note 5.
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    NYSE Arca believes that this proposed continued extension of time
is tailored to address the needs and constraints on a Member's
operations during the COVID-19 pandemic, without significantly
compromising critical investor protection. The proposed extension of
time will help to minimize the impact of COVID-19 on Members by
providing continued flexibility so that Members can ensure that
principal positions remain filled. The potential risks from the
proposed extension of the 120-day period are mitigated by the Member's
continued requirement to supervise the activities of these designated
individuals and ensure compliance with federal securities laws and
regulations, as well as NYSE Arca rules.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Act,\16\ in general, and furthers the objectives of Section
6(b)(5),\17\ in particular, because it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with

persons engaged in facilitating transactions in securities, to remove
impediments to, and perfect the mechanism of, a free and open market
and a national market system and, in general, to protect investors and
the public interest.
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    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(5).
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    The proposed rule change is intended to minimize the impact of
COVID-19 on Member operations by extending the 120-day period certain
individuals may function as a principal without having successfully
passed an appropriate qualification examination under NYSE Arca Rule
2.1210.03 until December 31, 2020. The proposed rule change does not
relieve Members from maintaining, under the circumstances, a reasonably
designed system to supervise the activities of their associated persons
to achieve compliance with applicable securities laws and regulations,
and with applicable NYSE Arca rules that directly serve investor
protection. In a time when faced with unique challenges resulting from
the COVID-19 pandemic, NYSE Arca believes that the proposed rule change
is a sensible accommodation that will continue to afford Members the
ability to ensure that critical positions are filled and client
services maintained, while continuing to serve and promote the
protection of investors and the public interest in this unique
environment.

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
intended to provide temporary relief given the impacts of the COVID-19
pandemic crisis and to also maintain consistency with the rules of
other self-regulatory organizations (``SROs'') with respect to the
registration requirements applicable to Members and their registered
personnel. In that regard, the Exchange believes that any burden on
competition would be clearly outweighed by providing Members with
temporary relief in this unique environment while also ensuring clear
and consistent requirements applicable across SROs and mitigating any
risk of SROs implementing different standards in these important areas.
In its filing, FINRA provides an abbreviated economic impact assessment
maintaining that the changes are necessary to temporarily rebalance the
attendant benefits and costs of the obligations under FINRA Rule 1210
in response to the impacts of the COVID-19 pandemic that is equally
applicable to the changes the Exchange proposes.\18\ The Exchange
accordingly incorporates FINRA's abbreviated economic impact assessment
by reference.
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    \18\ FINRA Filing, 85 FR at 55537.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \19\ and Rule 19b-
4(f)(6) \20\ thereunder.
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    \19\ 15 U.S.C. 78s(b)(3)(A).
    \20\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
NYSE Arca has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of filing. However,
pursuant to Rule 19b-4(f)(6)(iii), the Commission may designate a
shorter time if such action is consistent with the protection of
investors and the public interest. NYSE Arca has asked the Commission
to waive the 30-day operative delay so that the proposed rule change
may become operative immediately upon filing. As noted above, NYSE Arca
stated that the temporary proposed rule change is based on a recent
rule change by FINRA and is intended to harmonize NYSE Arca's
registration rules with those of FINRA to promote uniform standards
across the securities industry.\21\ NYSE Arca states that it will also
help minimize the impact of the COVID-19 outbreak on NYSE Arca Members'
operations by allowing them to keep principal positions filled and
minimizing disruptions to client services and other critical
responsibilities. The ongoing extenuating circumstances of the COVID-19
pandemic make it impractical to ensure that individuals designated to
act in principal capacities are able to take and pass the appropriate
qualification examination during the 120-calendar day period required
under the rules. Shelter-in-place orders, quarantining, restrictions on
business and social activity and adherence to other social distancing
guidelines consistent with the recommendation of public officials
remain in place in various states.\22\ Further, NYSE Arca states that
Prometric test centers have experienced serious interruptions in the
administration of FINRA qualification examinations, resulting in a
backlog of individuals waiting to take these examinations. Following a
nationwide closure of all test centers earlier in the year, some test
centers have re-opened, but are operating at limited capacity or are
only delivering certain examinations that have been deemed essential by
the local government.\23\ FINRA has launched an online test delivery
service to help address this backlog. However, the General Securities
Principal (Series 24) Examination is not available online. NYSE Arca
states that the temporary proposed rule change will provide needed
flexibility to ensure that these positions remain filled and is
tailored to address the constraints on Members' operations during the
COVID-19 pandemic without significantly compromising critical investor
protection.\24\
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    \21\ See supra note 6.
    \22\ See supra note 14.
    \23\ See supra notes 11 and 12. NYSE Arca states that Prometric
has also had to close some reopened test centers due to incidents of
COVID-19 cases.
    \24\ NYSE Arca states that Members remain subject to the
continued requirement to supervise the activities of these
designated individuals and ensure compliance with federal securities
laws and regulations, as well as NYSE Arca rules.
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    The Commission also notes that the proposal provides only temporary
relief from the requirement to pass certain qualification examinations
within the 120-day period in the rules. As proposed, this relief would
extend the 120-day period that certain individuals can function as
principals through December 31, 2020. NYSE Arca has also stated that if
it requires temporary relief from the rule requirements identified in
this proposal beyond December 31, 2020, it may submit a separate rule
filing to extend the effectiveness of the temporary relief under these
rules.\25\ For these reasons, the Commission believes that waiver of
the 30-day operative delay is consistent with the protection of
investors and the public interest.\26\ Accordingly, the Commission
hereby waives the 30-day operative delay and

designates the proposal operative upon filing.\27\
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    \25\ See supra note 5.
    \26\ As noted above by the Exchange, this proposed temporary
change is based on a recent filing by FINRA that the Commission
approved with a waiver of the 30-day operative delay. See supra note
6, 85 FR at 55538.
    \27\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule change's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule 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-NYSEARCA-2020-87 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-2020-87. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, on business days between the
hours of 10:00 a.m. and 3:00 p.m., located at 100 F Street NE,
Washington, DC 20549. Copies of such filing also will be available for
inspection and copying at the principal office of NYSE Arca. All
comments received will be posted without change. Persons submitting
comments are cautioned that we do not redact or edit personal
identifying information from comment submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEARCA-2020-87 and should
be submitted on or before November 4, 2020.
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    \28\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-22632 Filed 10-13-20; 8:45 am]
BILLING CODE 8011-01-P


OW 2002 0017 Draft Handbook for Management of On Site and Clustered ( Decentralized) Wastewater Treatment Systems Vol. 68, No. 60 March 28, 2003 A. Federal Register B. References Cited in the Preamble C. Background  References D. Form for Compliance with E. O. 12866 Docket Requirements E. Comments Postmarked on or before May 27, 2003 OW 2002 0017 Wastewtr Hndbk. I A A. Federal Register Notice 1. Federal Register. U. S. Environmental Protection Agency. Draft Handbook for Management of Onsite and Clustered ( Decentralized) Wastewater Treatment Systems. Notice of Availability. Vol. 68, No. 60, Pp. 15170 15172. March 28, 2003.

2. Other Federal Registers.

Federal Register. Notice. U. S. Environmental Protection Agency. Voluntary National Guidelines for Management of Onsite and Clustered ( Decentralized) Wastewater Treatment Systems. Notice of Availability. Vol. 68 No. 60, Pp. 15172 15173. March 28, 2003. OW 2002 0017 Wastewtr. Hndbk. I B B. References Cited in the Preamble 1. U. S. EPA. 2003a. Handbook for Management of Onsite and Clustered ( Decentralized) Wastewater Treatment Systems. EPA/ 832/ D 03/ 001. February 2003. 181p.

2. U. S. EPA. 2003b. Voluntary National Guidelines for Management of Onsite and Clustered ( Decentralized) Wastewater Treatment Systems. ( 68 FR 15172 15173), March 28, 2003. ( See 1 A. 2, above)

3. U. S. EPA. 1997. Response to Congress On Use of Decentralized Wastewater Treatment Systems. EPA/ 823/ R 97/ 001b. Office of Water. 91p. OW 2002 0017 Wastewtr Hndbk. I C C. Background  References 3. " Appendix A: References" from Draft Handbook for Management of Onsite and Clustered ( Decentralized) Wastewater Treatment Systems. February 2003. 188p. ( List of References is by Chapter, but all are alphabetized as one, with E DOCKET references noted.) OW 2002 0017 Wastewtr. Hndbk. I D D. Form for Compliance with E. O. 12866 Docket Requirements. 1p.


[Federal Register Volume 77, Number 159 (Thursday, August 16, 2012)]
[Proposed Rules]
[Pages 49401-49404]
[FR Doc No: 2012-20092]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket No. USCG-2012-0730]
RIN 1625-AA00

Safety Zones; Revolution 3 Triathlon, Lake Erie, Sandusky Bay,
Cedar Point, OH

AGENCY: Coast Guard, DHS.

ACTION: Notice of proposed rulemaking.

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SUMMARY: The Coast Guard proposes establishing two permanent safety
zones on Lake Erie near Sandusky, OH. This action is necessary to
provide for the safety of life and property on navigable waters and is
intended to restrict vessel traffic during the swim portion of the
Revolution 3 Triathlon, Lake Erie, Sandusky Bay, OH.

DATES: Comments and related materials must be received by the Coast
Guard on or before September 17, 2012.

ADDRESSES: You may submit comments identified by docket number USCG-
2012-0730 using any one of the following methods:
    Federal eRulemaking Portal: http://www.regulations.gov.
    Fax:<PHONE_NUMBER>.
    Mail or Delivery: Docket Management Facility (M-30), U.S.
Department of Transportation, West Building Ground Floor, Room W12-140,
1200 New Jersey Avenue SE., Washington, DC 20590-0001. Deliveries are
accepted between 9 a.m. and 5 p.m., Monday through Friday, except
Federal holidays. The telephone number is<PHONE_NUMBER>.
    See the ``Public Participation and Request for Comments'' portion
of the SUPPLEMENTARY INFORMATION section below for instructions on
submitting comments. To avoid duplication, please use only one of these
four methods.

FOR FURTHER INFORMATION CONTACT: If you have questions on this proposed
rule, call or email LTJG Benjamin Nessia, Response Department, Marine
Safety Unit Toledo, Coast Guard; telephone<PHONE_NUMBER>, email
<EMAIL_ADDRESS>If you have questions on viewing or
submitting material to the docket, call Renee V. Wright, Program
Manager, Docket Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Table of Acronyms

DHS Department of Homeland Security
FR Federal Register
NPRM Notice of Proposed Rulemaking

A. Public Participation and Information

    We encourage you to participate in this rulemaking by submitting
comments and related materials. All comments received will be posted
without change to http://www.regulations.gov and will include any
personal information you have provided.

1. Submitting Comments

    If you submit a comment, please include the docket number for this
rulemaking, indicate the specific section of this document to which
each comment applies, and provide a reason for each suggestion or
recommendation. You may submit your comments and material online (via
http://www.regulations.gov) or by fax, mail or hand delivery, but
please use only one of these means. If you submit a comment online via
www.regulations.gov, it will be considered received by the Coast Guard
when the comment is successfully transmitted. A comment submitted via
fax, hand delivery, or mail, will be considered as having been received
by the Coast Guard when the comment is received at the Docket
Management Facility. We recommend that you include your name and a
mailing address, an email address, or a telephone number in the body of
your document so that we can contact you if

we have questions regarding your submission.
    To submit your comment online, go to http://www.regulations.gov,
type the docket number in the ``SEARCH'' box and click ``SEARCH.''
Click on ``Submit a Comment'' on the line associated with this
rulemaking.
    If you submit your comments by mail or hand delivery, submit them
in an unbound format, no larger than 8\1/2\ by 11 inches, suitable for
copying and electronic filing. If you submit comments by mail and would
like to know that they reached the Facility, please enclose a stamped,
self-addressed postcard or envelope. We will consider all comments and
material received during the comment period and may change the rule
based on your comments.

2. Viewing Comments and Documents

    To view comments, as well as documents mentioned in this preamble
as being available in the docket, go to http://www.regulations.gov,
type the docket number in the ``SEARCH'' box and click ``SEARCH.''
Click on ``OPEN DOCKET FOLDER'' on the line associated with this
rulemaking. You may also visit the Docket Management Facility in Room
W12-140 on the ground floor of the Department of Transportation West
Building, 1200 New Jersey Avenue SE., Washington, DC 20590, between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.

3. Privacy Act

    Anyone can search the electronic form of comments received into any
of our dockets by the name of the individual submitting the comment (or
signing the comment, if submitted on behalf of an association,
business, labor union, etc.). You may review a Privacy Act notice
regarding our public dockets in the January 17, 2008 issue of the
Federal Register (73 FR 3316).

4. Public Meeting

    We do not now plan to hold a public meeting, but you may submit a
request for one using one of the four methods specified under
ADDRESSES. Please explain why you believe a public meeting would be
beneficial. If we determine that one would aid this rulemaking, we will
hold one at a time and place announced by a later notice in the Federal
Register.

B. Basis and Purpose

    Each year, the Revolution 3 Triathlon occurs at Cedar Point near
Sandusky, OH. This event occurs each year for two consecutive days
during the first or second week of September. During the first leg of
the event, participants enter the water and swim along a predetermined
course. While the primary course is on the eastern side of Cedar Point,
an alternate location is on the western side of Cedar Point, in the
vicinity of the Cedar Point Marina. The likely combination of large
numbers of inexperienced recreational boaters, possibly varying lake
conditions and large number of swimmers in the water could easily
result in serious injuries or fatalities. The Captain of the Port
Detroit proposes to establish this safety zone to protect against such
injuries and fatalities.
    In the past, the Coast Guard has established temporary safety zones
in coordination for this event. For example, temporary safety zones
were established in rules published on September 13, 2010 (75 FR
55477), and September 8, 2011 (76 FR 55564). Because this event will
recur annually, the Captain of the Port Detroit is proposing to
establish a permanent safety zone and thus, alleviate the need to
publish TFRs in the future.

C. Discussion of Proposed Rule

    As suggested above, this proposed regulation is intended to ensure
safety of the public and vessels during the Revolution 3 triathlon.
This proposed rule will become effective 30 days after the final rule
is published in the Federal Register. However, the safety zones will
only be enforced annually for two consecutive days during the first or
second week of September from 6:50 a.m. until 10 a.m., with exact dates
to be determined annually.
    The proposed safety zones for the Revolution 3 Triathlon, Lake
Erie, Sandusky Bay, Cedar Point, OH, will encompass all waters of Lake
Erie, Sandusky Bay, Cedar Point, OH within the swim courses located at
position 41-29'-00.04''N 082-40'-48.16''W to 41-29'-19.28''N 082-40'-
38.97''W to 41-29'-02.51''N 082-40'-20.82''W to 41-28'-45.52''N 082-
40'-35.75''W then following the shoreline to the point of origin. These
coordinates are North American Datum of 1983 (NAD 83). In the event
that weather requires changing locations an alternate race course site
will encompass all waters of Lake Erie, Sandusky Bay, Cedar Point, OH
extending outward 100 yards on either side of a line running between
41-28'-38.59''N 082-41'-10.51''W and 41-28'-17.25''N 082-40'-54.09''W
running adjacent to the Cedar Point Marina. These coordinates are North
American Datum of 1983 (NAD 83).
    The Captain of the Port Detroit will use all appropriate means to
notify the public when the safety zones in this proposal will be
enforced. Consistent with 33 CFR 165.7(a), such means of may include,
among other things, publication in the Federal Register, Broadcast
Notice to Mariners, Local Notice to Mariners, or, upon request, by
facsimile (fax). Also, the Captain of the Port will issue a Broadcast
Notice to Mariners notifying the public if enforcement these safety
zones in this section are cancelled prematurely.
    Entry into, transiting, or anchoring within the proposed safety
zones during the period of enforcement is prohibited unless authorized
by the Captain of the Port Detroit, or his designated representative.
The Captain of the Port or his designated representative may be
contacted via VHF Channel 16.

D. Regulatory Analyses

    We developed this proposed 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.

1. Regulatory Planning and Review

    This proposed rule is not a significant regulatory action under
section 3(f) of Executive Order 12866, Regulatory Planning and Review,
as supplemented by Executive Order 13563, Improving Regulation and
Regulatory Review, and does not require an assessment of potential
costs and benefits under section 6(a)(3) of Executive Order 12866 or
under section 1 of Executive Order 13563. The Office of Management and
Budget has not reviewed it under those Orders. It is not
``significant'' under the regulatory policies and procedures of the
Department of Homeland Security (DHS). We conclude that this proposed
rule is not a significant regulatory action because we anticipate 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 zones established by this proposed rule will be relatively
small and enforced for relatively short time. Also, each safety zone is
designed to minimize its impact on navigable waters. Furthermore, each
safety zone has been designed to allow vessels to transit unrestricted
to portions of the waterways not affected by the safety zones. Thus,
restrictions on vessel movements within any particular area are
expected to be minimal. Under certain conditions, moreover, vessels may
still transit through each safety zone when permitted by the Captain of
the Port. On the whole, the Coast Guard

expects insignificant adverse impact to mariners from the activation of
these safety zones.

2. Impact on Small Entities

    Under the Regulatory Flexibility Act (5 U.S.C. 601-612), we have
considered whether this proposed 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 proposed
rule would not have a significant economic impact on a substantial
number of small entities.
    This proposed rule would affect the following entities, some of
which might be small entities: The owners and operators of vessels
intending to transit or anchor in the above portions of Lake Erie
during the period that either of the proposed safety zones is being
enforced.
    These proposed safety zones will not have a significant economic
impact on a substantial number of small entities for all of the reasons
discussed in the above Regulatory Planning and Review section. If you
think that your business, organization, or governmental jurisdiction
qualifies as a small entity and that this proposed rule would have a
significant economic impact on it, please submit a comment (see
ADDRESSES) explaining why you think it qualifies and how and to what
degree this rule would economically affect it.

3. Assistance for Small Entities

    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 proposed rule so that they can better
evaluate its effects on them and participate in the rulemaking process.
If this proposed rule would affect your small business, organization,
or governmental jurisdiction and you have questions concerning its
provisions or options for compliance, please contact LTJG Benjamin
Nessia, Response Department, Marine Safety Unit Toledo, Coast Guard;
telephone<PHONE_NUMBER>, email<EMAIL_ADDRESS>The Coast
Guard will not retaliate against small entities that question or
complain about this proposed rule or any policy or action of the Coast
Guard.

4. Collection of Information

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

5. 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 proposed rule
under that Order and have determined that it does not have implications
for federalism.

6. 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.

7. 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 proposed rule would not
result in such an expenditure, we do discuss the effects of this
proposed rule elsewhere in this preamble.

8. Taking of Private Property

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

9. Civil Justice Reform

    This proposed 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.

10. Protection of Children

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

11. Indian Tribal Governments

    This proposed 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.

12. Energy Effects

    We have analyzed this proposed 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.

13. Technical Standards

    This proposed rule does not use technical standards. Therefore, we
did not consider the use of voluntary consensus standards.

14. Environment

    We have analyzed this proposed 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 made a preliminary determination that this action is one of a
category of actions which do not individually or cumulatively have a
significant effect on the human environment. This proposed rule
involves the establishment of safety zones and thus, is categorically
excluded under paragraph (34)(g) of the Instruction. A preliminary
environmental analysis checklist supporting this determination is
available in the docket where indicated under ADDRESSES. We seek any
comments or information that may lead to the discovery of a significant
environmental impact from this proposed rule.

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 proposes
to amend 33 CFR Part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

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

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

    2. Add Sec.  165.917 to read as follows:

Sec.  165.917  Safety Zones; Annual Swim Events in the Captain of the
Port Detroit Zone.

    (a) Location. The following locations are designated as safety
zones: All waters of Lake Erie within positions 41-29'-00.04'' N 082-
40'-48.16'' W to 41-29'-19.28'' N 082-40'-38.97'' W to 41-29'-02.51'' N
082-40''-20.82'' W to 41-28''-45.52'' N 082-40'-35.75'' W then
following the shoreline to the point of origin. In the event that
weather requires changing locations an alternate race course site will
encompass all waters of Lake Erie, Sandusky Bay, Cedar Point, OH
extending outward 100 yards on either side of a line running between
41-28'-38.59'' N 082-41'-10.51'' W and 41-28'-17.25'' N 082-40'-54.09''
W running adjacent to the Cedar Point Marina. These coordinates are
North American Datum of 1983 (NAD 83).
    (b) Enforcement period. These safety zones will be enforced two
consecutive mornings during the first or second week in September.
Exact dates and times will be determined annually and published
annually in the Federal Register via a Notice of Enforcement.
    (c) Definitions. The following definitions apply to this section:
    (1) ``On-scene Representative'' means any Coast Guard Commissioned,
warrant, or petty officer designated by the Captain of the Port Detroit
to monitor a safety zone, permit entry into the zone, give legally
enforceable orders to persons or vessels within the zones, and take
other actions authorized by the Captain of the Port.
    (2) ``Public vessel'' means vessels owned, chartered, or operated
by the United States, or by a State or political subdivision thereof.
    (d) Regulations. (1) In accordance with the general regulations in
Sec.  165.23 of this part, entry into, transiting, or anchoring within
this safety zone is prohibited unless authorized by the Captain of the
Port Detroit, or his designated representative.
    (2) These safety zones are closed to all vessel traffic, excepted
as may be permitted by the Captain of the Port Detroit or his
designated representative. All persons and vessels must comply with the
instructions of the Coast Guard Captain of the Port or his designated
representative. Upon being hailed by the U.S. Coast Guard by siren,
radio, flashing light or other means, the operator of a vessel shall
proceed as directed.
    (3) All vessels must obtain permission from the Captain of the Port
or his designated representative to enter, move within, or exit the
safety zone established in this section when this safety zone is
enforced. Vessels and persons granted permission to enter the safety
zone must obey all lawful orders or directions of the Captain of the
Port or a designated representative. While within a safety zone, all
vessels must operate at the minimum speed necessary to maintain a safe
course.
    (e) Exemption. Public vessels, as defined in paragraph (b) of this
section, are exempt from the requirements in this section.
    (f) Waiver. For any vessel, the Captain of the Port Detroit or his
designated representative may waive any of the requirements of this
section, upon finding that operational conditions or other
circumstances are such that application of this section is unnecessary
or impractical for the purposes of public or environmental safety.
    (g) Notification. The Captain of the Port Detroit will notify the
public that the safety zones in this section are or will be enforced by
all appropriate means to the affected segments of the public including
publication in the Federal Register as practicable, in accordance with
33 CFR 165.7(a). Such means of notification may also include, but are
not limited to Broadcast Notice to Mariners or Local Notice to
Mariners. The Captain of the Port will issue a Broadcast Notice to
Mariners notifying the public when enforcement of the safety zone is
cancelled.

    Dated: August 6, 2012.
J. E. Ogden,
Captain, U.S. Coast Guard, Captain of the Port Detroit.
[FR Doc. 2012-20092 Filed 8-15-12; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 86, Number 247 (Wednesday, December 29, 2021)]
[Notices]
[Pages 74153-74156]
[FR Doc No: 2021-28327]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93867; File No. SR-OCC-2021-013]

Self-Regulatory Organizations; The Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Update The Options Clearing Corporation's Operational Loss Fee Pursuant
to Its Capital Management Policy

December 23, 2021.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Exchange Act'' or ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on December 17, 2021, The Options Clearing
Corporation (``OCC'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared primarily by
OCC. OCC filed the proposed rule change pursuant to Section
19(b)(3)(A)(ii) \3\ of the Act and Rule 19b-4(f)(2) \4\ thereunder so
that the proposal was effective upon filing with the Commission. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    The proposed rule change would revise OCC's schedule of fees,
effective January 1, 2022, to update the maximum contingent Operational
Loss Fee listed in OCC's schedule of fees in accordance with OCC's
Capital Management Policy. Proposed changes to OCC's schedule of fees
are included as Exhibit 5 to File Number SR-OCC-2021-013. Material
proposed to be added to OCC's schedule of fees as currently in effect
is underlined and material proposed to be deleted is marked in
strikethrough text. All capitalized terms not defined herein have the
same meaning as set forth in the OCC By-Laws and Rules.\5\
---------------------------------------------------------------------------

    \5\ OCC's By-Laws and Rules can be found on OCC's public
website: https://www.theocc.com/Company-Information/Documents-and-Archives/By-Laws-and-Rules.
---------------------------------------------------------------------------

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, Uthe Proposed Rule Change

    In its filing with the Commission, OCC 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. OCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

(1) Purpose
    The purpose of this proposed rule change is to revise OCC's
schedule of fees, effective January 1, 2022, to update the maximum
aggregate Operational Loss Fee that OCC would charge Clearing Members
in equal shares in the unlikely event that OCC's shareholders'' equity
(``Equity'') falls below certain thresholds defined in OCC's Capital
Management Policy. The proposed fee change is designed to enable OCC to
replenish capital to comply with Rule 17Ad-22(e)(15) under the Exchange
Act, which requires OCC, in pertinent part, to ``hold[ ] liquid net
assets funded by equity to the greater of either (x) six months . . .
current operating expenses, or (y) the amount determined by the board
of directors to be sufficient to ensure a recovery or orderly wind-down
of critical operations and service'' \6\ and ``[m]aintain[ ] a viable
plan, approved by the board of directors and updated at least annually,
for raising additional equity should its equity fall close to or below
the amount required.'' \7\
---------------------------------------------------------------------------

    \6\ See 17 CFR 240.17Ad-22(e)(15)(ii).
    \7\ See 17 CFR 240.17Ad-22(e)(15)(iii).
---------------------------------------------------------------------------

    OCC's Capital Management Policy includes OCC's replenishment
plan.\8\ Pursuant to the Capital Management Policy, OCC would charge an
Operational Loss Fee in equal shares to Clearing Members to raise
additional capital should OCC's Equity, less the Minimum Corporate
Contribution,\9\ fall

below certain defined thresholds relative to OCC's Target Capital
Requirement (i.e. , a ``Trigger Event''), after first applying the
unvested balance held in respect of OCC's Executive Deferred
Compensation Program.\10\ Based on the Board-approved Target Capital
Requirement for 2022 of $268 million, a Trigger Event would occur if
OCC's Equity less the Minimum Corporate Contribution falls below $241.2
million at any time or below $268 million for a period of 90
consecutive calendar days.
---------------------------------------------------------------------------

    \8\ See Exchange Act Release No. 88029 (Jan. 24, 2020), 85 FR
5500 (Jan. 30, 2020) (File No. SR-OCC-2019-007) (``Order Approving
OCC's Capital Management Policy'').
    \9\ The Minimum Corporate Contribution is defined in the Capital
Management Policy as the minimum level of OCC's own funds maintained
exclusively to cover credit losses or liquidity shortfalls, the
level of which the OCC's Board of Directors (``Board'') shall
determine from time to time. See Exchange Act Release No. 92038 (May
27, 2021), 86 FR 29861, 29862 (June 3, 2021) (File No. SR-OCC-2021-
003). For 2022, the Board has approved a Minimum Corporate
Contribution of $59 million. When combined with the unvested funds
held in respect of OCC's Executive Deferred Compensation Plan
contributed after January 1, 2020 (the ``EDCP Unvested Balance,'' as
defined in OCC's Rules), OCC's persistent minimum level of skin-in-
the-game for 2022 would be $67 million, or 25% of OCC's Target
Capital Requirement. In addition to this minimum level, OCC would
also contribute liquid net assets funded by equity greater than 110%
of the Target Capital Requirement. See OCC Rule 1006(e).
    \10\ See Exchange Act Release No. 91199 (Feb. 24, 2021), 86 FR
12237, 12241 (Mar. 2, 2021) (File No. SR-OCC-2021-003) (amending
OCC's replenishment plan, including the measurement for a Trigger
Event, to account for the establishment of OCC's persistent minimum
skin-in-the-game).
---------------------------------------------------------------------------

    In the unlikely event those thresholds are breached, OCC would
charge an Operational Loss Fee in an amount to raise Equity to 110% of
OCC's Target Capital Requirement, up to the maximum Operational Loss
Fee identified in OCC's schedule of fees less the amount of any
Operational Loss Fees previously charged and not refunded.\11\ OCC
calculates the maximum aggregate Operational Loss Fee based on the
amount determined by the Board to be sufficient for a recovery or
orderly wind-down of critical operations and services (``RWD
Amount''),\12\ which is determined based on the assumptions in OCC's
Recovery and Orderly Wind-Down Plan (``RWD Plan'').\13\ In order to
account for OCC's tax liability for retaining the Operational Loss Fee
as earnings, OCC may apply a tax gross-up to the RWD Amount (``Adjusted
RWD Amount'') depending on whether the operational loss that caused
OCC's Equity to fall below the Trigger Event thresholds is tax
deductible.\14\
---------------------------------------------------------------------------

    \11\ See Order Approving OCC's Capital Management Policy, 85 FR
at 5503.
    \12\ Id.
    \13\ The RWD Plan states OCC's basic assumptions concerning the
resolution process, including assumptions about the duration of the
resolution process, the cost of the resolution process, OCC's
capitalization through the resolution process, the maintenance of
Critical Services and Critical Support Functions, as defined by the
RWD Plan, and the retention of personnel and contractual
relationships. See Exchange Act Release No. 83918 (Aug. 23, 2018),
83 FR 44091, 44094 (Aug. 29, 2018) (File No. SR-OCC-2017-021).
    \14\ See Order Approving OCC's Capital Management Policy, 85 FR
at 5503.
---------------------------------------------------------------------------

    The RWD Amount and, in turn, the Adjusted RWD Amount are determined
annually based on OCC's corporate budget, the assumptions articulated
in the RWD Plan, and OCC's projected effective tax rate.\15\ The
current Operational Loss Fee listed in OCC's schedule of fees is the
Adjusted RWD Amount calculated based on OCC's 2021 corporate budget.
Budgeted operating expenses in 2022 are higher than the 2021 budgeted
operating expenses. This proposed rule change would revise the maximum
Operational Loss Fee to reflect the Adjusted RWD Amount based on OCC's
2022 budget,\16\ as follows:
---------------------------------------------------------------------------

    \15\ See Order Approving OCC's Capital Management Policy, 85 FR
at 5501 n.20, 5503.
    \16\ Confidential data and analysis evidencing the calculation
of the Adjusted RWD Amount based on OCC's 2022 corporate budget is
included in Exhibit 3 to File Number SR-OCC-2021-013.

------------------------------------------------------------------------
          Current fee schedule                Proposed fee schedule
------------------------------------------------------------------------
$143,066,667.00 less the aggregate       $157,000,000 less the aggregate
 amount of Operational Loss Fees          amount of Operational Loss
 previously charged and not refunded as   Fees previously charged and
 of the date calculated, divided by the   not refunded as of the date
 number of Clearing Members at the time   calculated, divided by the
 charge.                                  number of Clearing Members at
                                          the time charge.
------------------------------------------------------------------------

    Since the allocation of the Operational Loss Fee is a function of
the number of Clearing Members at the time of the charge, the maximum
Operational Loss Fee per Clearing Member is subject to fluctuation
during the course of the year. However, if the proposed Operational
Loss Fee were charged to 107 Clearing Members, the number of Clearing
Members as of the date of this filing, the maximum Operational Loss Fee
per Clearing Member would be $1,467,290.
    OCC would also update the schedule of fees to reflect the levels of
Equity at which OCC would charge the Operational Loss Fee according to
the thresholds defined in the Capital Management Policy, as well as the
level of Equity at which OCC would limit the Operational Loss Fee
charged, based on OCC's current Target Capital Requirement.\17\
Consistent with OCC's recently revised approach to its persistent
minimum skin-in-the-game, OCC would conform the threshold in the
schedule of fees to reflect that consistent with OCC's Capital
Management Policy, the Trigger Event threshold is measured against
Equity less the Minimum Corporate Contribution.
---------------------------------------------------------------------------

    \17\ OCC does not propose any change to the thresholds and
limits defined in the Capital Management Policy. This proposed
change merely conforms the disclosure in OCC's schedule of fees to
the current amounts based on the Board-approved Target Capital
Requirement of $268 million.
---------------------------------------------------------------------------

    OCC proposes to make the fee change effective January 1, 2022,
because the Board approved the Adjusted RWD Amount upon which the
Operational Loss Fee is based for 2022 and the time required to self-
certify the proposed change with the Commodity Futures Trading
Commission (``CFTC'').
(2) Statutory Basis
    OCC believes the proposed rule change is consistent with the Act
\18\ and the rules and regulations thereunder. In particular, OCC
believes that the proposed fee change is also consistent with Section
17A(b)(3)(D) of the Act,\19\ which requires that the rules of a
clearing agency provide for the equitable allocation of reasonable
dues, fees, and other charges among its participants. OCC believes that
the proposed fee change is reasonable because it is designed to
replenish OCC's Equity in the form of liquid net assets in the event
that OCC's Equity, less the Minimum Corporate Contribution reserved as
the primary portion of OCC's minimum persistent skin-in-the-game, falls
close to or below its Target Capital Requirement so that OCC can
continue to meet its obligations as a systemically important financial
market utility (``SIFMU'') to Clearing Members and the general public
should an operational losses materialize (including through a recovery
or orderly wind-down of

critical operations and services) and thereby facilitate compliance
with Rule 17Ad-22(e)(15)(iii).\20\ The maximum Operational Loss Fee is
sized to ensure that OCC maintains sufficient liquid net assets to
support its RWD Plan and imposes a contingent obligation on Clearing
Members that is approximately the same amount as a Clearing Member's
contingent obligation for Clearing Fund assessments for a Clearing
Member operating at the minimum Clearing Fund deposit.\21\ Therefore,
OCC believes the proposed maximum Operational Loss Fee sized to OCC's
Adjusted RWD Amount is reasonable.
---------------------------------------------------------------------------

    18\\ 15 U.S.C. 78a et seq.
    \19\ 15 U.S.C. 78q-1(b)(3)(D).
    \20\ 17 CFR 240.17Ad-22(e)(15)(iii).
    \21\ A Clearing Member operating at the minimum Clearing Fund
deposit ($500,000) could be assessed up to an additional $1 million
(the minimum deposit, assessed up to two times), for a total
contingent obligation of $1.5 million. See OCC Rule 1006(h).
---------------------------------------------------------------------------

    OCC also believes that the proposed Operational Loss Fee would
result in an equitable allocation of fees among its participants
because it would be equally applicable to all Clearing Members. As the
Commission has recognized, OCC's designation as a SIFMU and its role as
the sole covered clearing agency for all listed options contracts in
the U.S. makes it an integral part of the national system for clearance
and settlement, through which ``Clearing Members, their customers,
investors, and the markets as a whole derive significant benefit . . .
regardless of their specific utilization of that system.'' \22\ Neither
the SEC nor OCC has observed any correlation between measures of
Clearing Member utilization or OCC's benefit to Clearing Members \23\
and its risk of operational loss.\24\ As a result, OCC believes that
the proposed change to OCC's fee schedule provides for the equitable
allocation of reasonable fees in accordance with Section 17A(b)(3)(D)
of the Act.\25\
---------------------------------------------------------------------------

    \22\ See Order Approving OCC's Capital Management Policy, 85 FR
at 5506.
    \23\ Id. (``The Commission is not aware of evidence
demonstrating that those benefits are tied directly or positively
correlated to an individual Clearing Member's rate of utilization of
OCC's clearance and settlement services.'')
    \24\ Id. (rejecting an objection to the equal allocation of the
proposed Operational Loss Fee based on the SEC's regulatory
experience and OCC's analyses of Clearing Member utilization (e.g.,
contract volume) or credit risk (e.g., Clearing Fund size) and the
various operational and general business risks that could trigger an
Operational Loss Fee). To date, OCC has observed no correlation
between Clearing Member utilization or credit risk and OCC's
potential risk of operational loss. See Confidential Exhibit 3.
    \25\ 15 U.S.C. 78q-1(b)(3)(D).
---------------------------------------------------------------------------

    In addition, OCC believes that the proposed rule change is
consistent with Rule 17Ad-22(e)(15)(iii), which requires that OCC
establish, implement, maintain and enforce written policies and
procedures reasonably designed to identify, monitor, and manage OCC's
general business risk, including by maintaining a viable plan, approved
by the Board and updated at least annually, for raising additional
equity should its equity fall close to or below the amount required
under Rule 17Ad-22(e)(15)(ii).\26\ While Rule 17Ad-22(e)(15)(iii) does
not by its terms specify the amount of additional equity a clearing
agency's plan for replenishment capital must be designed to raise, the
SEC's adopting release states that ``a viable plan generally should
enable the covered clearing agency to hold sufficient liquid net assets
to achieve recovery or orderly wind-down.'' \27\ OCC sets the maximum
Operational Loss Fee at an amount sufficient to raise, on a post-tax
basis, the amount determined annually by the Board to be sufficient to
ensure recovery or orderly wind-down pursuant to the RWD Plan.\28\
Therefore, OCC believes the proposed change to OCC's schedule of fees
is consistent with Rule 17Ad-22(e)(15)(iii) and the guidance provided
by the SEC in the adopting release.
---------------------------------------------------------------------------

    \26\ 17 CFR 240.17Ad-22(e)(15)(iii).
    \27\ Standards for Covered Clearing Agencies, Exchange Act
Release No. 78961 (Sept. 28, 2016), 81 FR 70786, 70836 (Oct. 13,
2016) (File No. S7-03-14).
    \28\ See Order Approving OCC's Capital Management Policy, 85 FR
at 5510 (``The Operational Loss Fee would be sized to the Adjusted
RWD Amount, and therefore would be designed to provide OCC with at
least enough capital either to continue as a going concern or to
wind-down in an orderly fashion.'')
---------------------------------------------------------------------------

    OCC also believes that the proposed fee change is consistent with
Section 19(g)(1) of the Act,\29\ which, among other things, requires
every self-regulatory organization to comply with its own rules. OCC
filed its Capital Management Policy as a ``proposed rule change''
within the meaning of Section 19(b) of the Act,\30\ and Rule 19b-4
under the Act.\31\ The Capital Management Policy specifies that the
maximum Operational Loss Fee shall be the Adjusted RWD Amount.\32\
Because the Adjusted RWD Amount will change annually based, in part, on
OCC's corporate budget, fee filings are necessary to ensure that the
maximum Operational Loss Fee in OCC's schedule of fees remains
consistent with the amount identified in the Capital Management Policy.
In addition, the amounts associated with the thresholds at which OCC
would charge the Operational Loss Fee and the limit to the amount would
change in accordance with the Capital Management Policy are determined
based upon the level at which the Board sets OCC's Target Capital
Requirement. Consequently, OCC seeks to amend the amounts identified in
the schedule of fees to reflect OCC's current Target Capital
Requirement and OCC's current Capital Management Policy, as recently
amended to reflect the establishment of the Minimum Corporate
Contribution.\33\ Therefore, OCC believes that the proposed change to
OCC's fee schedule is consistent with Section 19(g)(1) of the Act.
---------------------------------------------------------------------------

    \29\ 15 U.S.C. 78s(g)(1).
    \30\ 15 U.S.C. 78s(b).
    \31\ 17 CFR 240.19b-4.
    \32\ Order Approving OCC's Capital Management Policy, 85 FR at
5503.
    \33\ See supra notes 9 and 10, and accompanying text.
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    Section 17A(b)(3)(I) of the Act \34\ requires that the rules of a
clearing agency not impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act. OCC does not
believe that the proposed rule change would have any impact or impose a
burden on competition. Although the proposed Operational Loss Fee
affects Clearing Members, their customers, and the markets that OCC
serves, OCC believes that the proposed increase in the Operational Loss
Fee would not disadvantage or favor any particular user of OCC's
services in relationship to another user because the proposed
Operational Loss Fee would apply equally to all Clearing Members. In
addition, OCC does not believe that the proposed Operational Loss Fee
imposes a significant burden on smaller firms because the maximum
Operational Loss Fee imposes a contingent obligation on Clearing
Members that is approximately the same amount as a Clearing Member's
contingent obligation for Clearing Fund assessments for a Clearing
Member operating at the minimum Clearing Fund deposit.\35\ Accordingly,
OCC does not believe that the proposed rule change would have any
impact or impose a burden on competition.
---------------------------------------------------------------------------

    \34\ 15 U.S.C. 78q-1(b)(3)(I).
    \35\ See note 21, supra.
---------------------------------------------------------------------------

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants or Others

    Written comments on the proposed rule change were not and are not
intended to be solicited with respect to the proposed rule change and
none have been received.

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

    Pursuant to Section 19(b)(3)(A)(ii) \36\ of the Act, and Rule 19b-
4(f)(2) thereunder,\37\ the proposed rule change is filed for immediate
effectiveness as it constitutes a change in fees charged to OCC
Clearing Members. 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. The
proposal shall not take effect until all regulatory actions required
with respect to the proposal are completed.\38\
---------------------------------------------------------------------------

    \36\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \37\ 17 CFR 240.19b-4(f)(2).
    \38\ Notwithstanding its immediate effectiveness, implementation
of this rule change will be delayed until this change is deemed
certified under CFTC Regulation 40.6.
---------------------------------------------------------------------------

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-OCC-2021-013 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-OCC-2021-013. 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
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of OCC and on OCC's
website at https://www.theocc.com/Company-Information/Documents-and-Archives/By-Laws-and-Rules.
    All comments received will be posted without change. Persons
submitting comments are cautioned that we do not redact or edit
personal identifying information from comment submissions. You should
submit only information that you wish to make available publicly.
    All submissions should refer to File Number SR-OCC-2021-013 and
should be submitted on or before January 19, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\39\
---------------------------------------------------------------------------

    \39\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Deputy Secretary.
 [FR Doc. 2021-28327 Filed 12-28-21; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 94 (Wednesday, May 15, 2013)]
[Notices]
[Pages 28678-28679]
[FR Doc No: 2013-11558]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69549; File No. SR-BX-2013-035]

Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Correct
BX Rule 2140(c)

May 9, 2013.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on May 6, 2013, NASDAQ OMX BX, Inc. (the ``Exchange'' or ``BX'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to correct BX Rule 2140(c) to reference
NASDAQ Options Services LLC (``NOS'').
    The text of the proposed rule change is below; proposed new
language is in italics.
* * * * *
NASDAQ OMX BX
Equity Rules
* * * * *
2140. Restrictions on Affiliation
    (a)-(b) No change.
    (c) The NASDAQ OMX Group, Inc., which is the holding company owning
[both] the Exchange, [and] NASDAQ Execution Services, LLC, and NASDAQ
Options Services LLC, shall establish and maintain procedures and
internal controls reasonably designed to ensure that neither NASDAQ
Execution Services, LLC nor NASDAQ Options Services LLC [does not]
develops or implements changes to its system on the basis of non-public
information regarding planned changes to Exchange systems, obtained as
a result of its affiliation with the Exchange, until such information
is available generally to similarly situated members of the Exchange in
connection with the provision of inbound routing to the Exchange.
* * * * *

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 purpose of the proposal is to correct Rule 2140(c) to refer to
NOS, in addition to NASDAQ Execution Services, LLC (``NES'').
    NOS is owned by The NASDAQ OMX Group, Inc., which also owns three
registered securities exchanges--the Exchange, The NASDAQ Stock Market
LLC (``NASDAQ'') (and its facility, the NASDAQ Options Market), and
NASDAQ OMX PHLX LLC (``PHLX'').\3\ Therefore, NOS is an affiliate of
these exchanges. The Exchange adopted Rule 2140(c) to prevent potential
informational advantages resulting from the affiliation between BX and
NES, as related to NES's authority to route equities orders from PHLX's
PSX facility and NASDAQ. The Exchange intended to add NOS to this rule,
as related to NOS' authority to route options orders from PHLX and NOM
to BX Options. This intention was expressed in the proposed rule change
where BX received approval to permit BX Options to receive inbound
routes of options orders by NOS in its capacity as an order routing
facility of PHLX and NOM, as part of the approval of the proposed rule
change establishing BX Options, but the rule text was inadvertently not
amended accordingly.\4\ In that proposed rule change, BX agreed to
certain conditions and obligations, which it has adopted. Specifically,
it stated that the Exchange

has in place BX Rule 2140(c), which requires NASDAQ OMX, as the holding
company owning both the Exchange and NOS, to establish and maintain
procedures and internal controls reasonably designed to ensure that NOS
does not develop or implement changes to its system, based on nonpublic
information obtained regarding planned changes to the Exchange's
systems as a result of its affiliation with the Exchange, until such
information is available generally to similarly situated Exchange
members, in connection with the provision of inbound order routing to
the Exchange. Although the Exchange did not have that provision in
place, the Exchange intended to and has complied with it as though it
had properly been included at the time of adoption.
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release Nos. 58324 (August 7,
2008), 73 FR 46936 (August 12, 2008) (SR-BSE-2008-02; SR-BSE-2008-
23; SR-BSE-2008-25; SR-BSECC-2008-01) (order approving NASDAQ OMX's
acquisition of BX); and 58179 (July 17, 2008) (SR-PHLX-2008-31), 73
FR 42874 (July 23, 2008) (order approving NASDAQ OMX's acquisition
of PHLX).
    \4\ Securities Exchange Act Release No. 67256 (June 26, 2012),
77 FR 39277 (July 2, 2012) (SR-BX-2012-030).
---------------------------------------------------------------------------

2. Statutory Basis
    BX believes that its proposal is consistent with Section 6(b) of
the Act \5\ in general, and furthers the objectives of Section 6(b)(5)
of the Act \6\ in particular, in that it is designed to promote just
and equitable principles of trade, and, in general, to protect
investors and the public interest, by correcting the rule text,
consistent with the intention and description in a prior proposed rule
change.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    BX does not believe that the proposed rule change will impose any
burden on competition not necessary or appropriate in furtherance of
the purposes of the Act. It does not raise any issues of intra-market
competition because it involves correcting a rule pertaining to inbound
routing from an affiliated exchange. Nor does it result in a burden on
competition among exchanges, because there are many competing exchanges
that provide routing services, including through an affiliate.

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

    No written comments were either solicited or received.

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

    Because the foregoing proposed rule change does not significantly
affect the protection of investors or the public interest, does not
impose any significant burden on competition, and, by its terms, does
not become operative for 30 days from the date on which it was filed,
or such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-
4(f)(6) thereunder.\8\
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    The Exchange has requested that the Commission waive the 30-day
operative delay. The Commission believes that waiving the 30-day
operative delay is consistent with the protection of investors and the
public interest. Doing so will allow the proposal to become operative
immediately in order to avoid confusion, consistent with the protection
of investors and the public interest.\9\ Therefore, the Commission
hereby waives the 30-day operative delay and designates the proposal
operative upon filing.\10\
---------------------------------------------------------------------------

    \9\ The Commission notes that it previously approved the
condition (See Securities Exchange Act Release No. 67256, 77 FR
39277), and that the Exchange represents that it has complied with
the terms of such condition.
    \10\ For purposes only of waiving the 30-day operative delay,
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 necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \11\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-BX-2013-035 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-BX-2013-035. 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-BX-2013-035 and should be
submitted on or before June 5, 2013.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

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

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-11558 Filed 5-14-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 34 (Tuesday, February 21, 2012)]
[Rules and Regulations]
[Page 9840]
[FR Doc No: 2012-3816]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2011-0010; Airspace Docket No. 11-AAL-1]
RIN 2120-AA66

Amendment of Federal Airways; Alaska

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule; technical amendment.

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

SUMMARY: This technical amendment corrects a final rule published in
the Federal Register of April 28, 2011; subsequently delayed in the
Federal Register of June 16, 2011; and announced with a new effective
date in the Federal Register of December 9, 2011. In that rule, the
route description of VHF Omnidirectional Range (VOR) Federal airway V-
388 was inadvertently reversed. This technical amendment corrects that
error.

DATES: Effective date 0901 UTC February 21, 2012. The Director of the
Federal Register approves this incorporation by reference action under
1 CFR part 51, subject to the annual revision of FAA Order 7400.9 and
publication of conforming amendments.

FOR FURTHER INFORMATION CONTACT: Colby Abbott, Airspace, Regulations,
and ATC Procedures Group, Office of Mission Support Services, Federal
Aviation Administration, 800 Independence Avenue SW., Washington, DC
20591; telephone:<PHONE_NUMBER>.

History

    On April 28, 2011, the FAA published a final rule in the Federal
Register, Docket No. FAA-2011-0010, Airspace Docket No. 11-AAL-1, that
amended Title 14 Code of Federal Regulations part 71 by amending all
Federal airways affected by the relocation of the Anchorage VOR
navigation aid, (76 FR 23687). Subsequent to that rule, the FAA
published in the Federal Register of June 16, 2011, a rule delaying the
effective date (76 FR 35097), and then published in the Federal
Register of December 9, 2011, a rule announcing the new effective date
(76 FR 76891). In that rule, the route description for V-388 was
published in an east to west direction in error. The correct direction
for the route description for V-388 is west to east.

Amendment to Final Rule

    Accordingly, pursuant to the authority delegated to me, the legal
descriptions for V-388 for Airspace Docket No. FAA-2011-0010, Airspace
Docket No. 11-AAL-1, as published in the Federal Register on April 28,
2011 (76 FR 23687), is corrected as follows:

0
On page 23688, column 2, lines 10 and 11, amend the V-388 description
to read:

Sec.  71.1  [Amended]

* * * * *
    ``From Kenai, AK; INT Kenai 067[deg]and Anchorage, AK, 208[deg]
radials; to Anchorage.'' instead of ``From Anchorage, AK, to INT
Anchorage 208[deg]and Kenai, AK, 067[deg] Kenai, AK.''

    Issued in Washington, DC, on February 9, 2012.
Gary A. Norek,
Acting Manager, Airspace, Regulations, and ATC Procedures Group.
[FR Doc. 2012-3816 Filed 2-17-12; 8:45 am]
BILLING CODE 4910-13-P