[Federal Register Volume 77, Number 204 (Monday, October 22, 2012)]
[Rules and Regulations]
[Pages 64422-64425]
[FR Doc No: 2012-25819]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R05-OAR-2012-0541; FRL-9733-6]

Approval and Promulgation of Air Quality Implementation Plans;
Illinois; Greif Packaging, LLC Adjusted Standard

AGENCY: Environmental Protection Agency (EPA).

ACTION: Direct final rule.

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SUMMARY: EPA is approving into the Illinois State Implementation Plan
(SIP) an adjusted standard for the Greif Packaging, LLC facility
located at 5 S 220 Frontenac Road in Naperville, Illinois (Greif). On
June 20, 2012, the Illinois Environmental Protection Agency (IEPA)
submitted to EPA for approval an adjustment to the general rule,
Organic Material Emission Standards and Limitations for the Chicago
Area; Subpart TT: Other Emission Units, as it applies to emissions of
volatile organic matter (VOM) from Greif's fiber drum container
manufacturing facility. VOM, as defined by the State of Illinois, is
identical to volatile organic compound (VOC), as defined by EPA. The
adjusted standard replaces portions of the general rule for VOM
emissions with site-specific Reasonably Available Control Technology
(RACT) requirements for the Greif facility.

DATES: This direct final rule will be effective December 21, 2012,
unless EPA receives adverse comments by November 21, 2012. If adverse
comments are received, EPA will publish a timely withdrawal of the
direct final rule in the Federal Registerinforming the public that the
rule will not take effect.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R05-
OAR-2012-0541, by one of the following methods:
    1. www.regulations.gov: Follow the on-line instructions for
submitting comments.
    2. Email<EMAIL_ADDRESS>    3. Fax:<PHONE_NUMBER>.
    4. Mail: Doug Aburano, Chief, Attainment Planning and Maintenance
Section, Air Programs Branch (AR-18J), U.S. Environmental Protection
Agency, 77 West Jackson Boulevard, Chicago, Illinois 60604.
    5. Hand Delivery: Doug Aburano, Chief, Attainment Planning and
Maintenance Section, Air Programs Branch (AR-18J), U.S. Environmental
Protection Agency, 77 West Jackson Boulevard, Chicago, Illinois 60604.
Such deliveries are only accepted during the Regional Office normal
hours of operation, and special arrangements should be made for
deliveries of boxed information. The Regional Office official hours of
business are Monday through Friday, 8:30 a.m. to 4:30 p.m., excluding
Federal holidays.
    Instructions: Direct your comments to Docket ID No. EPA-R05-OAR-
2012-0541. EPA's policy is that all comments received will be included
in the public docket without change and may be made available online at
www.regulations.gov, including any personal information provided,
unless the comment includes information claimed to be Confidential
Business Information (CBI) or other information whose disclosure is
restricted by statute. Do not submit information that you consider to
be CBI or otherwise protected through www.regulations.gov or email. The
www.regulations.gov Web site is an ``anonymous access'' system, which
means EPA will not know your identity or contact information unless you
provide it in the body of your comment. If you send an email comment
directly to EPA without going through www.regulations.gov your email
address will be automatically captured and included as part of the
comment that is placed in the public docket and made available on the
Internet. If you submit an electronic comment, EPA recommends that you
include your name and other contact information in the body of your
comment and with any disk or CD-ROM you submit. If EPA cannot read your
comment due to technical difficulties and cannot contact you for
clarification, EPA may not be able to consider your comment. Electronic
files should avoid the use of special characters, any form of
encryption, and be free of any defects or viruses.
    Docket: All documents in the docket are listed in the
www.regulations.gov index. Although listed in the index, some
information is not publicly available, e.g., CBI or other information
whose disclosure is restricted by statute. Certain other material, such
as copyrighted material, will be publicly available only in hard copy.
Publicly available docket materials are available either electronically
in www.regulations.gov or in hard copy at

the Environmental Protection Agency, Region 5, Air and Radiation
Division, 77 West Jackson Boulevard, Chicago, Illinois 60604. This
facility is open from 8:30 a.m. to 4:30 p.m., Monday through Friday,
excluding Federal holidays. We recommend that you telephone Kathleen
D'Agostino, Environmental Engineer, at<PHONE_NUMBER> before visiting
the Region 5 office.

FOR FURTHER INFORMATION CONTACT: Kathleen D'Agostino, Environmental
Engineer, Attainment Planning and Maintenance Section, Air Programs
Branch (AR-18J), Environmental Protection Agency, Region 5, 77 West
Jackson Boulevard, Chicago, Illinois 60604,<PHONE_NUMBER>,
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document whenever ``we,''
``us,'' or ``our'' is used, we mean EPA. This supplementary information
section is arranged as follows:

I. What is the background for this action?
II. What is EPA's analysis of Greif's adjusted standard?
III. What action is EPA taking?
IV. Statutory and Executive Order Reviews

I. What is the background for this action?

    Greif operates a fiber drum container manufacturing facility. In
general, fiber drums are produced by cutting fiber material to the
appropriate length, forming the material into a cylinder, and attaching
a top and bottom to the cylinder. Some of the fiber drums require the
addition of a polyethylene drum liner to meet customer specifications,
particularly for storage and transport of food-grade products. Greif
conducts quality control (QC) testing of these liners by spraying a
test fluid into the interior of the drums. The test fluid is a
denatured alcohol product, which is a VOC.
    EPA requires that existing VOC sources in certain ozone
nonattainment areas meet a level of control referred to as RACT. See 42
U.S.C. 7511a(b)(2). EPA defines RACT as ``the lowest emission
limitation that a particular source is capable of meeting by the
application of control technology that is reasonably available
considering technological and economic feasibility.'' See 44 FR 53762
(September 17, 1979). For many source categories, EPA has established
guidance documents, referred to as Control Technique Guideline (CTG)
documents, which fairly explicitly establish the level of control that
represents RACT for a specific source category. The implementation of
RACT is also required at major stationary sources for which EPA has not
issued CTGs. Illinois has adopted a general rule applicable to these
major sources at title 35 of the Illinois Administrative Code (Ill.
Adm. Code), part 218, subpart TT. Because neither a CTG document nor
explicit guidance has been established for fiber drum container
manufacturing facilities, the general rule at 35 Ill. Adm. Code subpart
TT applies to the Greif facility. A source is subject to this rule if
it has the potential to emit 22.7 Mg (25 tons) or more of VOM per year
(35 Ill. Adm. Code 218.980(b)).
    Greif is subject to a Federally Enforceable State Operating Permit
(FESOP) which limits VOM emissions from the QC test process to 22.8
tons per year (tpy) and VOM emissions from the remainder of the plant
to 1.4 tpy. This limits facility VOM emissions to an aggregate of 24.2
tpy, below the 25 tpy threshold. However, Greif reported QC test
process emissions of 35.2, 46.7, 19.1, 7.7, and 8.5 tpy for 2006, 2007,
2008, 2009, and 2010, respectively. The high emissions in 2006 and 2007
put the source over the 25 tpy threshold, triggering the applicability
of subpart TT. See 35 Ill. Adm. Code 218.980(b)(1).
    Under 35 Ill. Adm. Code 218.980(d), subpart TT limits do not apply
to emission units with emissions of VOC less than or equal to 2.5 tpy,
providing that the total emissions from such emission units does not
exceed 5.0 tpy. Therefore, the only emission unit at the Greif facility
subject to limits under subpart TT is the QC test process. This process
became subject to the requirement to reduce uncontrolled emissions by
81 percent. (35 Ill. Adm. Code 218.986(a))
    Greif filed a petition for an adjusted standard from 35 Ill. Adm.
Code 218.986(a) on January 24, 2011, in accordance with section 28.1 of
the Illinois Environmental Protection Act. A final Opinion and Order of
the Illinois Pollution Control Board granted Greif an adjusted standard
on April 5, 2012.

II. What is EPA's analysis of Greif's adjusted standard?

    Greif evaluated emission control options for the QC test process to
satisfy RACT control requirements in 35 Ill. Adm. Code 218.986(a).
Greif considered capture plus recuperative thermal oxidizers, capture
plus carbon adsorbers, and capture plus biofilters and material
substitution. Each of these control options could achieve compliance
with the 81 percent reduction requirement, but were estimated to cost
from $11,667-$17,672 per ton of VOM controlled.
    Given the high cost of add on controls, Greif looked at two options
for reducing VOC emissions through material substitution, mixing the QC
test fluid with acetone and mixing the QC test fluid with water. Mixing
the QC test fluid with acetone was found to be technically infeasible
because acetone would dissolve the gasket material that seals the
bottom of the drum to the side walls. Greif found that the QC test
fluid could be diluted with water to reduce VOC emissions, while
continuing to satisfy product quality standards. Greif determined that
a dilution of 45 percent denatured alcohol and 55 percent water was the
highest dilution percentage that would allow the facility to meet
customer quality assurance requirements. Using this dilution would
result in a 55 percent reduction in VOM emissions. In addition, Greif
determined that it could reduce the amount of test fluid sprayed on
each drum to an amount not to exceed 48 grams. These modifications
would reduce VOC emissions from Greif's QC test process by 70 percent
on a unit basis and result in annual emissions below the 22.8 tpy limit
in the FESOP.
    Greif concluded that achieving a capture and control rate of at
least 81 percent from its QC test process was not economically
reasonable, and that the water-diluted QC test process was the only
technically feasible and economically reasonable alternative.
    The Illinois Pollution Control Board adopted a final Opinion and
Order on April 5, 2012. In summary, the order required the following:
    (1) An automated, mechanical wand that is calibrated so that each
spray releases approximately the same amount of QC test fluid;
    (2) Test fluid composed of no more that 45 percent denatured
alcohol by weight and no less than 55 percent water by weight;
    (3) Calibration of the automated QC test process equipment to spray
an average of no more than 48 grams of QC test fluid per drum, with
compliance to be measured as least once per calendar quarter;
    (4) Limits on VOM usage from the QC test process of 2.3 tons per
month and 22.8 tpy; and,
    (5) Limits on VOM emissions from the QC test process of 2.3 tons
per month and 22.8 tpy.
    In addition the order contains detailed recordkeeping requirements
and compliance determination procedures. EPA finds the requirements in
the Illinois Pollution Control Board's Opinion and Order dated April 5,
2012 to represent RACT for the QC test process at Greif.
    In addition, EPA's approval is based on consideration of whether
the

adjusted standard meets the requirements of section 110(l) of the Clean
Air Act (CAA), 42 U.S.C. 7410(l). To be approved, a SIP revision must
not interfere with any applicable requirement concerning attainment,
reasonable further progress, or any other applicable requirement of the
CAA. The adjusted standard will not result in any increase in VOC
emissions from the QC test process, therefore the adjusted standard
will not interfere with attainment or any other applicable requirement
of the CAA.

III. What action is EPA taking?

    EPA is approving into the Illinois SIP an adjusted standard for the
Greif facility located at 5 S 220 Frontenac Road in Naperville. This
Adjusted Standard from 35 Ill. Adm. Code 218.986(a) replaces the
capture and control requirements in 35 Ill. Adm. Code 218.986(a) for
VOM emissions from Greif's fiber drum container manufacturing facility
with the control requirements in the Illinois Pollution Control Board's
April 5, 2012 Order.
    We are publishing this action without prior proposal because we
view this as a noncontroversial amendment and anticipate no adverse
comments. However, in the proposed rules section of this Federal
Register publication, we are publishing a separate document that will
serve as the proposal to approve the state plan if relevant adverse
written comments are filed. This rule will be effective December 21,
2012 without further notice unless we receive relevant adverse written
comments by November 21, 2012. If we receive such comments, we will
withdraw this action before the effective date by publishing a
subsequent document that will withdraw the final action. All public
comments received will then be addressed in a subsequent final rule
based on the proposed action. EPA will not institute a second comment
period. Any parties interested in commenting on this action should do
so at this time. Please note that if EPA receives adverse comment on an
amendment, paragraph, or section of this rule and if that provision may
be severed from the remainder of the rule, EPA may adopt as final those
provisions of the rule that are not the subject of an adverse comment.
If we do not receive any comments, this action will be effective
December 21, 2012.

IV. Statutory and Executive Order Reviews

    Under the CAA, the Administrator is required to approve a SIP
submission that complies with the provisions of the CAA and applicable
Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a). Thus, in
reviewing SIP submissions, EPA's role is to approve state choices,
provided that they meet the criteria of the CAA. Accordingly, this
action merely approves state law as meeting Federal requirements and
does not impose additional requirements beyond those imposed by state
law. For that reason, this action:
     Is not a ``significant regulatory action'' subject to
review by the Office of Management and Budget under Executive Order
12866 (58 FR 51735, October 4, 1993);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the CAA; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).
    In addition, this rule does not have tribal implications as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000),
because the SIP is not approved to apply in Indian country located in
the state, and EPA notes that it will not impose substantial direct
costs on tribal governments or preempt tribal law.
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the CAA, petitions for judicial review
of this action must be filed in the United States Court of Appeals for
the appropriate circuit by December 21, 2012. Filing a petition for
reconsideration by the Administrator of this final rule does not affect
the finality of this action for the purposes of judicial review nor
does it extend the time within which a petition for judicial review may
be filed, and shall not postpone the effectiveness of such rule or
action. Parties with objections to this direct final rule are
encouraged to file a comment in response to the parallel notice of
proposed rulemaking for this action published in the proposed rules
section of today's Federal Register, rather than file an immediate
petition for judicial review of this direct final rule, so that EPA can
withdraw this direct final rule and address the comment in the proposed
rulemaking. This action may not be challenged later in proceedings to
enforce its requirements. (See section 307(b)(2).)

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Incorporation by
reference, Intergovernmental relations, Nitrogen dioxide, Ozone,
Reporting and recordkeeping requirements, Volatile organic compounds.

    Dated: September 13, 2012.
Susan Hedman,
Regional Administrator, Region 5.
    40 CFR part 52 is amended as follows:

PART 52--[AMENDED]

0
1. The authority citation for part 52 continues to read as follows:

    Authority: 42 U.S.C. 7401 et seq.

Subpart O--Illinois

0
2. Section 52.720 is amended by adding paragraph (c)(193) to read as
follows:

Sec.  52.720  Identification of plan.

* * * * *
    (c) * * *

    (193) On June 20, 2012, Illinois submitted an Adjusted Standard for
the Greif Packaging, LLC facility located at 5 S 220 Frontenac Road in
Naperville, DuPage County. This adjustment to the Standard at 35 Ill.
Adm. Code 218.986(a) for Greif's fiber drum manufacturing facility
replaces the VOM capture and control requirements in 35 Ill. Adm. Code
218.986(a) with the control requirements in the Illinois Pollution
Control Board's April 5, 2012 Order.
    (i) Incorporation by reference.
    (A) April 5, 2012 Opinion and Order of the Illinois Pollution
Control Board (AS 2011-01), effective April 5, 2012.

[FR Doc. 2012-25819 Filed 10-19-12; 8:45 am]
BILLING CODE 6560-50-P


Comment Info: =================

General Comment:Dear Mr. Zeller:
I am a 30 year old single mother & a full time nurse writing as an individual consumer requesting an extension of the comment period for the Food & Drug Administration's Proposed Rule Deeming Tobacco Products to be subject to the Federal Food, Drug, and Cosmetic Act, as amended by the Family Smoking and Prevention and Tobacco Control Act (the "Proposed Rule") published at 79 Fed. Reg. 23,142 and Federal Register No. 2014-09491. On behalf of myself, I am requesting that the comment period for the Proposed Rule be extended by the FDA for an additional 105 days, from its current 75-day period, to 180 days.
The Proposed Rule raises a number of significant issues and questions that are very important to me, as a consumer of products that are proposed for regulation under the Proposed Rule. The Proposed Rule asks about a hundred different questions I may want to respond to. I want to provide my thoughts and comments on many of these issues, but my time to devote to researching and providing thoughtful comments on these important questions is very limited. I know that the FDA took many years to even come up with the Proposed Rule, so I do not think it is at all unreasonable to allow the public a mere six months to comment on it. This is our only opportunity, as consumers, to provide our feedback.
Electronic cigarrettes or vaping has changed & in my opionion saved my life. I wish to provide you with my personal story, as well as science- and evidence-based responses to your questions so that you can take my comment into account. I realize that the FDA has the authority under 21 CFR 10.40 to extend this time frame and that the FDA has exercised this authority on numerous occasions in the past. I would therefore ask that you do so here, so that all stakeholders have the opportunity to provide their comments on this proposed regulation.
I appreciate your consideration of my request and am happy to discuss this issue with you further


[Federal Register Volume 83, Number 66 (Thursday, April 5, 2018)]
[Notices]
[Pages 14683-14684]
[FR Doc No: 2018-06917]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82976; File No. SR-NASDAQ-2018-023]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify the Disclosure Services Offered To Certain New Listings

March 30, 2018.
    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 March 20, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I 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.
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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 modify the disclosure services provided
under IM-5900-7 to certain new listings. While these amendments are
effective upon filing, the Exchange has designated the proposed
amendments to be operative for new listings on or after April 23, 2018.
    The text of the proposed rule change is available on the Exchange's
website at http://nasdaq.cchwallstreet.com, at the principal office of
the Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    Nasdaq offers complimentary services under IM-5900-7 to companies
listing on the Nasdaq Global and Global Select Markets in connection
with an initial public offering (other than a company listed under IM-
5101-2), upon emerging from bankruptcy, in connection with a spin-off
or carve-out from another company, or in conjunction with a business
combination that satisfies the conditions in Nasdaq IM-5101-2(b)
(``Eligible New Listings'') and to companies (other than a company
listed under IM-5101-2) switching their listing from the New York Stock
Exchange (``NYSE'') to the Global or Global Select Markets (``Eligible
Switches'').\3\ Nasdaq believes that the complimentary service program
offers valuable services to newly listing companies, designed to help
ease the transition of becoming a public company or switching markets,
and makes listing on Nasdaq more attractive to these companies. The
services offered include a whistleblower hotline, investor relations
website, disclosure services for earnings or other press releases,
webcasting, market analytic tools, and may include market advisory
tools such as stock surveillance (collectively the ``Service
Package'').\4\
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    \3\ See Exchange Act Release No. 65963 (December 15, 2011), 76
FR 79262 (December 21, 2011) (SR-NASDAQ-2011-122) (adopting IM-5900-
7); Exchange Act Release No. 72669 (July 24, 2014), 79 FR 44234
(July 30, 2014) (SR-NASDAQ-2014-058) (adopting changes to IM-5900-
7); Exchange Act Release No. 78806 (September 9, 2016), 81 FR 63523
(September 15, 2016) (SR-NASDAQ-2016-098); Exchange Act Release No.
79366 (November 21, 2016), 81 FR 85663 (November 28, 2016) (SR-
NASDAQ-2016-106).
    \4\ In addition, all companies listed on Nasdaq receive services
from Nasdaq, including Nasdaq Online and the Market Intelligence
Desk.
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    As part of the Service Package, Eligible New Listings and Eligible
Switches with a market capitalization less than $750 million currently
receive a $15,000 annual stipend for disclosure services; Eligible New
Listings and Eligible Switches with a market capitalization of $750
million or more currently receive a $20,000 annual stipend for
disclosure services. These stipends can be used ``for disclosure
services for earnings or other press releases, including photographs,
and filing of EDGAR and XBRL reports.'' Customers have indicated that
the annual stipend makes it difficult for them to know what
specifically they will receive and also to compare the Nasdaq Service
Package with similar offerings from competitors. Based on this
feedback, Nasdaq proposes to modify the disclosure services offered so
that instead of an annual stipend to spend on any disclosure services,
companies instead will receive a pre-determined package of disclosure
services for earnings or other press releases and the filing of related
regulatory reports.\5\ The revised package of services will maintain
the same approximate retail value as the amount of the stipend
currently provided. All companies in the same market capitalization
tier will be eligible for the same package of services.
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    \5\ Regulatory reports include XBRL and EDGAR filings and could
also include filings with non-U.S. regulators or banking regulators.
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    The proposed rule change will be operative for new listings on or
after April 23, 2018. Companies that list before that date will
continue to receive services as described in the current rule.
    Nasdaq also proposes to make non-substantive changes to the rule
text to specify that the 2016 package is no longer the current package
of for companies listing on or after April 23, 2018, and to clarify
which package is provided to a company with exactly $750 million market
capitalization.
2. Statutory Basis
    Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\6\ in general, and Sections
6(b)(4),\7\ 6(b)(5),\8\ and 6(b)(8),\9\ in particular, in that the
proposal is designed, among other things, to provide for the equitable
allocation of reasonable dues, fees, and other charges among Exchange
members and issuers and other persons using its facilities and to
promote just and equitable principles of trade, and is not designed to
permit unfair discrimination between issuers, and that the rules of the
Exchange do not impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act.
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    \6\ 15 U.S.C. 78f.
    \7\ 15 U.S.C. 78f(4).
    \8\ 15 U.S.C. 78f(5).
    \9\ 15 U.S.C. 78f(8).
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    Nasdaq faces competition in the market for listing services,\10\
and competes, in part, by offering valuable services to companies.
Nasdaq believes that it is reasonable to offer

complimentary services to attract and retain listings as part of this
competition. All similarly situated companies are eligible for the same
package of services and the eligibility of companies for services is
not changing under this proposed rule change. In addition, while under
the proposed change a package of disclosure services will be offered
instead of a stipend, the types of services and the approximate retail
value of the services offered will not change. Accordingly, Nasdaq does
not believe this update has an effect on the allocation of fees nor
does it permit unfair discrimination and the proposed rule change is
consistent with the requirements of Section 6(b)(4) and (5) of the Act.
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    \10\ The Justice Department has noted the intense competitive
environment for exchange listings. See ``NASDAQ OMX Group Inc. and
IntercontinentalExchange Inc. Abandon Their Proposed Acquisition Of
NYSE Euronext After Justice Department Threatens Lawsuit'' (May 16,
2011), available at http://www.justice.gov/atr/public/press_releases/2011/271214.htm.
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    Nasdaq represents, and this proposed rule change will help ensure,
that individual listed companies are not given specially negotiated
packages of products or services to list, or remain listed, which the
Commission has previously stated would raise unfair discrimination
issues under the Act.\11\
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    \11\ See Exchange Act Release No. 79366, 81 FR 85663 at 85665
(citing Securities Exchange Act Release No. 65127 (August 12, 2011),
76 FR 51449, 51452 (August 18, 2011) (approving NYSE-2011-20)).
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    Further, the disclosure services offered in the Services Package
reflect the current competitive environment for exchange listings among
national securities exchanges, and is appropriate and consistent with
Section 6(b)(8) in furtherance of the purposes of the Act.
Specifically, based on customer feedback, Nasdaq believes that the
revised rule will be more transparent to customers and better enable
customers to compare offerings from various exchanges. Nasdaq also
believes that this enhanced transparency will promote just and
equitable principles of trade as required by Section 6(b)(5) of the
Act.
    Finally, Nasdaq notes that the proposed non-substantive changes to
the rule text to specify that the 2016 package is no longer the current
package for companies listing on or after April 23, 2018, and to
clarify which package is provided to a company with exactly $750
million market capitalization are consistent with Section 6(b)(5) of
the Act because they will clarify the rule without making any
substantive change.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. As noted above, Nasdaq faces
competition in the market for listing services, and competes, in part,
by offering valuable services to companies. Nasdaq believes that the
proposed rule change will make the rule text more transparent to
customers and better enable customers to compare offerings from various
exchanges, which reflects that competition, but does not impose any
burden on the competition with other exchanges.

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: (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 \12\ and Rule 19b-
4(f)(6) thereunder.\13\
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    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 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.
The Exchange has satisfied this requirement.
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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.

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 protected]. Please include
File Number SR-NASDAQ-2018-023 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2018-023. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of such filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NASDAQ-2018-023, and should be submitted
on or before April 26, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Eduardo Aleman,
Assistant Secretary.
[FR Doc. 2018-06917 Filed 4-4-18; 8:45 am]
 BILLING CODE 8011-01-P