[Federal Register Volume 86, Number 10 (Friday, January 15, 2021)]
[Notices]
[Pages 4139-4142]
[FR Doc No: 2021-00811]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90894; File No. SR-PEARL-2020-37]

Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee
Schedule Regarding Tape B Securities

January 11, 2021.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on December 31, 2020, MIAX PEARL, LLC (``MIAX PEARL'' or
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    The Exchange is filing a proposal to amend the fee schedule
applicable for MIAX PEARL Equities, an equities trading facility of the
Exchange (the ``Fee Schedule'').\3\ The proposed changes will become
effective January 1, 2021.
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    \3\ See Exchange Rule 1901.
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    The text of the proposed rule change is available on the Exchange's
website at http://www.miaxoptions.com/rule-filings/pearl at MIAX
PEARL's principal office, and at the Commission's Public Reference
Room.

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

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

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

1. Purpose
    The purpose of the proposed rule change is to amend the MIAX PEARL
Equities Fee Schedule to increase the rebate for displayed orders \4\
that add liquidity in Tape B securities priced at or above $1.00 to the
MIAX PEARL Equities Book \5\ from $0.0032 to $0.0035 per share. The
Exchange also proposes to decrease the fee for orders that remove
liquidity in Tape B Securities priced at or above $1.00 from the MIAX
PEARL Equities Book from $0.0028 to $0.0027 per share.
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    \4\ See Exchange Rule 2614(c)(3).
    \5\ The term ``MIAX PEARL Equities Book'' means the electronic
book of orders in equity securities maintained by the System. See
Exchange Rule 1901. The term ``System'' means the automated trading
system used by the Exchange for the trading of securities. See
Exchange Rule 100.
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    The Exchange does not propose to amend the rates to add or remove
liquidity in Tapes A and C securities. The rebate provided to displayed
orders that add liquidity in Tapes A and C securities priced at or
above $1.00 will remain $0.0032 per share and the fee to remove
liquidity in Tape A and C securities priced at or above $1.00 will
remain $0.0028 per share. Lastly, the Exchange proposes to amend the
Fee Schedule to delineate the rates applicable to displayed orders that
add liquidity and orders that remove liquidity in Tapes A, B, and C
securities priced at or above $1.00.
    The Exchange operates in a highly competitive market in which
market participants can readily direct order flow to competing venues
if they deem fee levels at a particular venue to be excessive or
rebates/incentives to be insufficient. More specifically, the Exchange
is only one of several equities venues (including both registered
exchanges and various alternative trading systems) to which market
participants may direct their order flow and execute their trades.
Indeed, equity trading is currently dispersed across 16 exchanges,\6\
31 alternative trading systems,\7\ and numerous broker-dealer
internalizers and wholesalers, all competing for order flow. Based on
publicly available information, no single registered equities exchange
currently has more than approximately 20% of total market share.\8\
Thus, in such a low-concentrated and highly competitive market, no
single equities trading venue possesses significant pricing power in
the execution of trades, and, the Exchange currently represents a very
small percentage of the overall market.
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    \6\ See Cboe Global Markets, U.S Equities Market Volume Summary,
available at https://markets.cboe.com/us/equities/market_share/.
    \7\ See FINRA ATS Transparency Data, available at https://otctransparency.finra.org/otctransparency/AtsIssueData. A list of
alternative trading systems registered with the Commission is
available at https://www.sec.gov/foia/docs/atslist.htm.
    \8\ See supra note 6.
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    The purpose of this proposed change is for business and competitive
reasons. As a new entrant into the equities market, the Exchange
initially adopted a rebate of $0.0028 per share for displayed orders
that add liquidity and fee of $0.0028 per share for orders that remove
liquidity in securities priced at or above $1.00.\9\ The Exchange later
increased the rebate for displayed orders that add liquidity in
securities priced at or above $1.00 to $0.0032 per share to further
encourage market participants to submit displayed orders to the
Exchange.\10\ The fee to remove liquidity in securities priced at or
above $1.00 has been unchanged since its adoption.
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    \9\ See Securities Exchange Act Release No. 90102 (October 6,
2020), 85 FR 64559 (October 13, 2020) (SR-PEARL-2020-17).
    \10\ See Securities Exchange Act Release No. 90400 (November 12,
2020), 85 FR 73550 (November 18, 2020) (SR-PEARL-2020-24).
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    The Exchange now believes that it is appropriate to increase the
rebate to $0.0035 per share for displayed orders that add liquidity in
Tape B securities priced at or above $1.00. The Exchange believes that
this proposed increased rebate will result in encouraging market
participants to submit more displayed orders to the Exchange, thereby
increasing displayed order liquidity on the MIAX PEARL Equities Book,
which should benefit all Exchange participants by providing more
trading opportunities and tighter spreads. The Exchange also believes a
corresponding change to decrease the fee to $0.0027 per share for
orders that remove liquidity in Tape B securities priced at or above
$1.00 is similarly appropriate. The Exchange believes the decreased fee
would

similarly encourage market participants to enter liquidity removing
orders on the Exchange, thereby increasing the execution opportunities
for the displayed orders resting on the MIAX PEARL Equities Book.
    The proposed changes will become effective on January 1, 2021. The
Exchange does not propose any other changes to the MIAX PEARL Equities
Fee Schedule.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \11\ in general, and
furthers the objectives of Section 6(b)(4) of the Act \12\ in
particular, in that it is an equitable allocation of reasonable fees
and other charges among its members and issuers and other persons using
its facilities. As discussed above, the Exchange operates in a highly
fragmented and competitive market. The Commission has repeatedly
expressed its preference for competition over regulatory intervention
in determining prices, products, and services in the securities
markets. Market participants can readily direct order flow to competing
venues if they deem fee levels at a particular venue to be excessive or
rebates/incentives to be insufficient. The Exchange believes that the
amended Fee Schedule reflects a simple and competitive pricing
structure, which is designed to incentivize market participants to add
aggressively priced displayed liquidity and direct their order flow to
the Exchange. The proposed changes are not unfairly discriminatory
because they will apply equally to all Equity Members.\13\
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    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(4) and (5) [sic].
    \13\ The term ``Equity Member'' means a Member authorized by the
Exchange to transact business on MIAX PEARL Equities. See Exchange
Rule 1901.
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    The Exchange believes the proposed increased rebate for displayed
orders that add liquidity in Tape B securities priced at or above $1.00
will continue to promote price discovery and price formation and deepen
liquidity, thereby enhancing market quality to the benefit of all
Equity Members and investors. The Exchange further believes the
proposed increased rebate is reasonable because it would uniformly
provide a rebate of $0.0035 per share to displayed orders in Tape B
securities priced at or above $1.00 traded on the Exchange. The
proposed rebate is also comparable to that provided by other
exchanges.\14\ However, those exchanges provide a tiered pricing
structure that provides a comparable rebate for orders that add
liquidity in Tape B securities only when certain volume thresholds are
met.\15\
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    \14\ See the NYSE Arca, Inc. (``NYSE Arca'') fee schedule
available at https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf (providing a rebate as high as
$0.0034 per share for Tape B securities under Step Up Tier 4). See
also footnotes 1, 12, and 13 of the Cboe BZX Exchange, Inc.
(``BZX'') fee schedule available at https://www.cboe.com/us/equities/membership/fee_schedule/ (providing cumulative rebate as
high as $0.0034 per share for Tape B Securities).
    \15\ Id.
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    The Exchange believes its proposed decreased fee of $0.0027 per
share for orders that remove liquidity in Tape B securities priced at
or above $1.00 is reasonable, equitable and not unfairly discriminatory
because it will apply to all orders in Tape B securities from all
market participants and regardless of whether they are displayed or
non-displayed. The proposed decreased fee should encourage market
participants to enter liquidity removing orders on the Exchange,
thereby increasing the execution opportunities for the displayed orders
resting on the MIAX PEARL Equities Book. Therefore, coupled with the
proposed increased rebate, the decreased fee should improve liquidity
and price discovery in Tape B securities on the MIAX PEARL Equities
Book. Lastly, the Exchange notes that the proposed decreased fee is
also comparable to or lower than the standard fee to remove liquidity
charged by other exchanges.\16\
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    \16\ See the Cboe EDGX Exchange, Inc. (``EDGX'') available at
https://www.cboe.com/us/equities/membership/fee_schedule/edgx/
(providing a standard fee of $0.0027 per share to orders that remove
liquidity). See also the New York Stock Exchange LLC (``NYSE'') fee
schedule available at https://www.nyse.com/markets/nyse/trading-info/fees (providing fees to ``take'' liquidity ranging from
$0.0024--$0.00275 depending on the type of market participant,
order, and execution).
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    Providing separate rates for orders in Tape A, B, and C securities
is also equitable and reasonable because it is similar to pricing
structures offered by other national securities exchanges that the
Exchange directly competes with.\17\ Further, the Exchange believes the
proposed changes will encourage additional order flow on the Exchange
resulting in greater liquidity to the benefit of all market
participants on the Exchange by providing more trading opportunities in
Tape B securities. The Exchange also continues to believe that it is
reasonable, equitable and not unfairly discriminatory to provide a
higher rebate to displayed orders that add liquidity than to non-
displayed orders as this rebate structure is designed to incentivize
Equity Members to send the Exchange displayed orders, thereby
contributing to price discovery and price formation, consistent with
the overall goal of enhancing market quality.
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    \17\ See the NYSE Arca fee schedule available at https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf (providing separate varying fees and
rebates for Tape A, B, and C securities with a rebate as high as
$0.0034 per share for Tape B securities under Step Up Tier 4). See
also footnotes 1, 12, and 13 of the BZX fee schedule available at
https://www.cboe.com/us/equities/membership/fee_schedule/ (providing
tier rebates only for Tape B Securities).
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    Further, the Commission and the courts have repeatedly expressed
their preference for competition over regulatory intervention in
determining prices, products, and services in the securities markets.
In Regulation NMS, while adopting a series of steps to improve the
current market model, the Commission highlighted the importance of
market forces in determining prices and SRO revenues and, also,
recognized that current regulation of the market system ``has been
remarkably successful in promoting market competition in its broader
forms that are most important to investors and listed companies.'' \18\
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    \18\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496 (June 29, 2005) (File No. S7-10-04) (``Regulation
NMS'').
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    As the Commission itself recognized, the market for trading
services in NMS stocks has become ``more fragmented and competitive.''
\19\ Indeed, equity trading is currently dispersed across 16
exchanges,\20\ 31 alternative trading systems,\21\ and numerous broker-
dealer internalizers and wholesalers, all competing for order flow.
Based on publicly-available information, no single exchange currently
has more than 20% market share (whether including or excluding auction
volume).\22\ Therefore, no exchange possesses significant pricing power
in the execution of equity order flow. More specifically, the Exchange
only recently launched trading operations on September 25, 2020, and
thus has a market share of approximately less than 1% of executed
volume of equities trading.
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    \19\ See Securities Exchange Act Release No. 82873 (March 14,
2018), 83 FR 13008 (March 26, 2018) (File No. S7-05-18) (Transaction
Fee Pilot for NMS Stocks).
    \20\ See supra note 6.
    \21\ See supra note 7.
    \22\ See supra note 6.
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    The Exchange has designed its proposed changes to continue to
balance the need to attract order flow as a new exchange entrant with
the desire to continue to provide a simple fee structure to market
participants. The Exchange believes its proposed changes will enable it
to continue to compete for order flow, particularly in Tape B
securities. The Exchange believes that the ever-shifting market share
among

the exchanges from month to month demonstrates that market participants
can shift order flow, or discontinue or decrease use of certain
categories of products, in response to fee changes. With respect to
non-marketable orders which provide liquidity on an exchange, Equity
Members can choose from any one of the 16 currently operating
registered exchanges to route such order flow. Accordingly, competitive
forces reasonably constrain exchange transaction fees that relate to
orders that would provide displayed liquidity on an exchange. Stated
otherwise, changes to exchange transaction fees can have a direct
effect on the ability of an exchange to compete for order flow. Given
this competitive environment, the Exchange's proposed changes represent
a reasonable attempt to attract order flow to a new exchange entrant.

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

    The Exchange does not believe that the proposed fee change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. Rather, the Exchange believes
that the proposed change would encourage the submission of additional
order flow to a public exchange, thereby promoting market depth,
execution incentives and enhanced execution opportunities, as well as
price discovery and transparency for all Equity Members and non-Equity
Members. As a result, the Exchange believes that the proposed change
furthers the Commission's goal in adopting Regulation NMS of fostering
competition among orders, which promotes ``more efficient pricing of
individual stocks for all types of orders, large and small.'' \23\
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    \23\ See supra note 18.
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    The Exchange does not believe that the proposed fee change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. To the contrary,
the Exchange believes that the proposed fee change will increase
competition and is intended to draw volume to the Exchange. The
Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow or discontinue to decrease use of certain categories
of products, in response to new or different pricing structures being
introduced into the market. Accordingly, competitive forces constrain
the Exchange's transaction fees and rebates, and market participants
can readily trade on competing venues if they deem pricing levels at
those other venues to be more favorable. As a new exchange, the
Exchange faces intense competition from existing exchanges and other
non-exchange venues that provide markets for equities trading. The
proposed increased rebate and decreased fee for Tape B securities are
intended to attract liquidity to the Exchange, much like the way other
exchanges offer multiple incentives to their participants, including
tiered pricing that provides higher rebates or discounted executions.
These other exchanges will be able to modify such incentives to compete
with the Exchange.
    Further, while pricing incentives do cause shifts of liquidity
between trading centers, market participants make determinations on
where to provide liquidity or route orders to take liquidity based on
factors other than pricing, including technology, functionality, and
other considerations. Consequently, the Exchange believes that the
degree to which its proposed changes could impose any burden on
competition is extremely limited, and does not believe that such
increased rebate and decreased fee for Tape B securities would burden
competition between Equity Members or competing venues in a manner that
is not necessary or appropriate in furtherance of the purposes of the
Act.
    The Exchange does not believe that the proposed increased rebate
and decreased fee for Tape B securities will impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act because the proposed changes
will apply equally to all Equity Members. The proposed increased rebate
is intended to encourage market participants to add liquidity to the
Exchange by providing a rebate that is comparable to those offered by
other exchanges, which the Exchange believes will help to encourage
Equity Members to send orders to the Exchange to the benefit of all
Exchange participants. Meanwhile, the proposed decreased fee is
similarly intended to encourage market participants to send liquidity
removing orders to attempt to execute against the orders that add
liquidity to the MIAX PEARL Equities Book. The proposed rates are
equally applicable to all market participants and, therefore, the
Exchange does not believe they will impose any inappropriate burden on
intramarket competition.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\24\ and Rule 19b-4(f)(2) \25\ thereunder.
At any time within 60 days of the filing of the proposed rule change,
the Commission summarily may temporarily suspend such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
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    \24\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \25\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments

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

Electronic Comments:

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-PEARL-2020-37 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-PEARL-2020-37. 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-PEARL-2020-37, and should be
submitted on or before February 5, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
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    \26\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-00811 Filed 1-14-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 64 (Thursday, April 3, 2014)]
[Notices]
[Page 18758]
[FR Doc No: 2014-07463]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Public Notice for Waiver of Aeronautical Land-Use Assurance

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of intent of waiver with respect to land; Terre Haute
International Airport; Terre Haute, Indiana.

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SUMMARY: The FAA is considering a proposal to change a portion of
airport land from aeronautical use to non-aeronautical use and to
authorize the transfer of airport property (as a part of a land swap)
located at Terre Haute International Airport, Terre Haute, Indiana. The
aforementioned land is not needed for aeronautical use.
    The proposal consists of 6.374 acres located in the northeastern
section of airport property that is not being used by the airport
presently, to be transferred to the Indiana Department of
Transportation (INDOT) in exchange for the section of State Road 342
(2.05 acres) that is within the Runway 23 Runway Protection Zone (RPZ).
SR342 is the primary access to the Indiana Air National Guard Base at
the airport and is the connector road between Frye Road and SR42. INDOT
will use the parcel for the construction of Swalls Road, making it the
connector to SR 42 from Frye Road maintaining access to the Indiana Air
National Guard Base. A larger parcel is required to keep the connection
intact between Frye Road and SR 42.

DATES: Comments must be received on or before May 5, 2014.

ADDRESSES: Documents are available for review by appointment at the FAA
Airports District Office, Azra Hussain, Program Manager, 2300 E. Devon
Avenue, Des Plaines, Illinois 60018 Telephone:<PHONE_NUMBER>/Fax:
(847) 294-7046 and Kara McIntosh, Deputy Director, Terre Haute
International Airport, Terre Haute, Indiana, Telephone:<PHONE_NUMBER>.
    Written comments on the Sponsor's request must be delivered or
mailed to: Azra Hussain, Program Manager, Federal Aviation
Administration, Airports District Office, 2300 E. Devon Avenue, Des
Plaines, Illinois 60018. Fax Number<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Azra Hussain, Program Manager, Federal
Aviation Administration, Airports District Office, 2300 E. Devon
Avenue, Des Plaines, Illinois 60018. Telephone Number:<PHONE_NUMBER>/
FAX Number:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: In accordance with section 47107(h) of Title
49, United States Code, this notice is required to be published in the
Federal Register 30 days before modifying the land-use assurance that
requires the property to be used for an aeronautical purpose.
    The subject land consists of a section of land running through a
larger parcel (approx. 128.168 acres) that was acquired by Terre Haute
International Airport Authority, dated May 01, 2002 for the sum of
$350,305.50 using airport funds. While the land was not obtained with
federal grant funds, the airport intends to seek reimbursement for the
purchase with future entitlement funds. The Terre Haute International
Airport Authority intends to swap the property for the section of State
Road 342 (2.3 acres) which is owned by the Indiana Department of
Transportation that is located in the Runway 23, Runway Protection Zone
(RPZ) to allow for the construction of Swalls Road (6.374 acres). While
the size of parcels is not identical, 6.374 acres is required to
construct Swalls road connecting SR 42 with Frye Road, resulting in the
closure of State Road 342 in the RPZ. The aforementioned land is not
needed for aeronautical use, as shown on the Airport Layout Plan. There
are no impacts to the airport by allowing the airport to dispose of the
property.
    The disposition of proceeds from the sale of the airport property
will be in accordance with FAA's Policy and Procedures Concerning the
Use of Airport Revenue, published in the Federal Register on February
16, 1999 (64 FR 7696).
    This notice announces that the FAA is considering the release of
the subject airport property at Terre Haute International Airport,
Terre Haute, Indiana, subject to a reservation for continuing right of
flight as well as restrictions on the released property as required in
FAA Order 5190.6B section 22.16.Approval does not constitute a
commitment by the FAA to financially assist in the disposal of the
subject airport property nor a determination that all measures covered
by the program are eligible for grant-in-aid funding from the FAA.

    Dated: Issued in Des Plaines, Illinois on March 28, 2014.
James Keefer,
Manager, Chicago Airports District Office, FAA, Great Lakes Region.
[FR Doc. 2014-07463 Filed 4-2-14; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 77, Number 82 (Friday, April 27, 2012)]
[Rules and Regulations]
[Pages 25070-25073]
[FR Doc No: 2012-10258]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 100

[Docket No. USCG-2012-0046]
RIN 1625-AA08

Special Local Regulation for Marine Events; Temporary Change of
Dates for Recurring Marine Events in the Fifth Coast Guard District,
Ocean City Maryland Offshore Grand Prix, Ocean City, MD

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is temporarily changing the enforcement period
for a special local regulation for one recurring marine event in the
Fifth Coast Guard District, specifically, the ``Ocean City Maryland
Offshore Grand Prix,'' hydroplane races on the North Atlantic Ocean
near Ocean City, Maryland. The event consists of approximately 50 V-
hull and twin-hull inboard hydroplanes racing in heats counter-
clockwise around an oval race course, this regulation is necessary to
provide for the safety of life on navigable waters during the event.
This action is intended to restrict vessel traffic in portions of the
North Atlantic Ocean near Ocean City, Maryland during the event.

DATES: This rule is effective from 11 a.m. to 5 p.m. on May 13, 2012.

ADDRESSES: Comments and material received from the public, as well as
documents mentioned in this preamble as being available in the docket
are part of docket USCG-2012-0046 and are available online by going to
http://www.regulations.gov, inserting USCG-2012-0046 in the ``Search''
box, and then clicking ``Search.'' They are also available for
inspection or copying at the Docket Management Facility (M-30), U.S.
Department of Transportation, West Building Ground Floor, Room W12-140,
1200 New Jersey Avenue SE., Washington, DC 20590, between 9 a.m. and 5
p.m., Monday through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this
temporary rule, call or email LCDR Hector Cintron, Waterways Management
Division Chief, Sector Hampton Roads, Coast Guard; telephone 757-668-
5581, email<EMAIL_ADDRESS>If you have questions on viewing
the docket, call Renee V. Wright, Program Manager, Docket Operations,
telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Regulatory Information

    On March 16, 2012, we published a notice of proposed rulemaking
(NPRM) entitled Special Local Regulation for Marine Events; Temporary
Change of Dates for Recurring Marine Events in the Fifth Coast Guard
District, Ocean City Maryland Offshore Grand Prix, Ocean City, Maryland
in the Federal Register (77 FR 15647). We received no comments on the
proposed rule. No public meeting was requested, and none was held.
    Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause
exists for making this rule effective less than 30 days after
publication in the Federal Register. Due to the need for immediate
action, the restriction of vessel traffic is necessary to protect life,
property and the environment during the fireworks event; therefore, a
30-day delayed effective date is impracticable. Delaying the effective
date would be contrary to the regulation's intended objectives of
protecting persons and vessels involved in the event, and enhancing
public and maritime safety.

Background and Purpose

    Marine events are frequently held on the navigable waters within
the boundary of the Fifth Coast Guard District. The water activities
that typically comprise marine events include sailing regattas, power
boat races, swim races and holiday parades. For a description of the
geographical area of each Coast Guard Sector--Captain of the Port Zone,
please see 33 CFR 3.25.
    This regulation will temporarily change the enforcement period of
special local regulations for one recurring marine event within the
Fifth Coast Guard District. This regulation applies to one marine event
in 33 CFR 100.501, Table to Sec.  100.501.
    The Offshore Performance Association (OPA) Racing LLC annually
sponsors the ``Ocean City Maryland Offshore Grand Prix'', on the waters
of the North Atlantic Ocean near Ocean City, Maryland. This year, the
event will be held on May 13, 2012. The regulation at 33 CFR 100.501 is
effective annually for the Ocean City Offshore Challenge marine event.
The event consists of approximately 50 V-hull and twin-hull inboard
hydroplanes racing in heats counter-clockwise around an oval race
course. A fleet of spectator vessels is expected to gather near the
event site to view the competition. Therefore, to ensure the safety of
participants, spectators, support and transiting vessels, the Coast
Guard will temporarily restrict vessel traffic in the event area during
the hydroplane races. The regulation at 33 CFR 100.501 would be
enforced for the duration of the event. Under the provisions of 33 CFR
100.501, from 11 a.m. to 5 p.m. on May 13, 2012, vessels may not enter
the regulated area unless they receive permission from the Coast Guard
Patrol Commander.

Discussion of Comments and Changes

    The Coast Guard did not receive comments in response to the notice
of proposed rulemaking (NPRM) published in the Federal Register.
Accordingly, the Coast Guard is establishing a safety zone on specified
waters on the North Atlantic Ocean, Ocean City, Maryland.

Discussion of Rule

    The Coast Guard is establishing a temporary special local
regulation on specified waters of the North Atlantic Ocean, in Ocean
City, Maryland. The regulated area will be established in the interest
of public safety during the ``Ocean City Offshore Grand Prix'', and
will be enforced from 11 a.m. to 5 p.m. on May 13, 2012. The Coast
Guard, at its discretion, when practical will allow the passage of
vessels when races are not taking place. Except for participants and
vessels authorized by the Captain of the Port or his Representative, no
person or vessel may enter or remain in the regulated area.

Regulatory Analyses

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

Regulatory Planning and Review

    This rule is not a significant regulatory action under section 3(f)
of Executive Order 12866, Regulatory Planning and Review, 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. We expect the economic
impact of this rule to be so minimal that a full Regulatory Evaluation
is unnecessary. Although this rule prevents traffic from transiting a
portion of certain waterways during specified times, the effect of this
regulation will not be significant due to the limited duration that the
regulated area will be in effect and the extensive advance
notifications that will be made to the maritime community via marine
information broadcasts, local radio stations and area newspapers so
mariners can adjust their plans accordingly. Additionally, this
rulemaking does not change the permanent regulated areas that have been
published in 33 CFR 100.501, Table to Sec.  100.501. In some cases
vessel traffic may be able to transit the regulated area when the Coast
Guard Patrol Commander deems it is safe to do so.

Small Entities

    Under the Regulatory Flexibility Act (5 U.S.C. 601-612), we have
considered whether this rule would have a significant economic impact
on a substantial number of small entities. The term ``small entities''
comprises small businesses, not-for-profit organizations that are
independently owned and operated and are not dominant in their fields,
and governmental jurisdictions with populations of less than 50,000.
    The Coast Guard certifies under 5 U.S.C. 605(b) that this rule will
not have a significant economic impact on a substantial number of small
entities.
    The rule would affect the following entities, some of which might
be small entities: The owners or operators of vessels intending to
transit or anchor on the North Atlantic Ocean in the vicinity of Ocean
City, Maryland from 11 a.m. until 5 p.m. on May 13, 2012.
    If you think that your business, organization, or governmental
jurisdiction qualifies as a small entity and that this 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. This regulation will not
have a significant impact on a substantial number of small entities
because: (i) It will be enforced only for a short period of time one
day; (ii) vessels may be granted the opportunity to transit the
regulated area during the period of enforcement if the Patrol Commander
deems it safe to do so; (iii) vessels may transit around the regulated
area; and (iv) before the enforcement period, the Coast Guard will
issue maritime advisories so mariners can adjust their plans
accordingly.

Assistance for Small Entities

    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we offer to assist small
entities in understanding the rule so that they can

better evaluate its effects on them and participate in the rulemaking
process.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

Collection of Information

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

Federalism

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on the States, on the
relationship between the national government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this rule under that Order and determined
that this rule does not have implications for federalism.

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.

Unfunded Mandates Reform Act

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

Taking of Private Property

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

Civil Justice Reform

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

Protection of Children

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

Indian Tribal Governments

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

Energy Effects

    This rule is not a ``significant energy action'' under Executive
Order 12866 and is not likely to have a significant adverse effect on
the supply, distribution, or use of energy.

Technical Standards

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

Environment

    We have analyzed this rule under Department of Homeland Security
Management Directive 023-01 and Commandant Instruction M16475.lD, which
guide the Coast Guard in complying with the National Environmental
Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f), and have concluded
this action is one of a category of actions which do not individually
or cumulatively have a significant effect on the human environment.
This rule is categorically excluded, under figure 2-1, paragraph
(34)(h), of the Instruction. This rule involves implementation of
regulations within 33 CFR Part 100 that apply to organized marine
events on the navigable waters of the United States that may have
potential for negative impact on the safety or other interest of
waterway users and shore side activities in the event area. The
category of water activities includes but is not limited to sail boat
regattas, boat parades, power boat racing, swimming events, crew
racing, and sail board racing. An environmental analysis checklist and
a categorical exclusion determination will be available in the docket
where indicated under ADDRESSES.

List of Subjects in 33 CFR Part 100

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

    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 100 as follows:

PART 100--SAFETY OF LIFE ON NAVIGABLE WATERS

0
1. The authority citation for part 100 continues to read as follows:

    Authority:  33 U.S.C. 1233.

0
2. In Sec.  100.501:
0
a. Suspend line No. (c).7 in the Table to Sec.  100.501.
0
b. Add temporary line No.(c.)24 in Table to Sec.  100.501 to read as
follows:

Sec.  100.501  Special Local Regulations; Marine Events in the Fifth
Coast Guard District.

* * * * *

                                             Table to Sec.   100.501
                [All coordinates listed in the Table to Sec.   100.501 reference Datum NAD 1983]
----------------------------------------------------------------------------------------------------------------
   Number             Date                Event            Sponsor                      Location
----------------------------------------------------------------------------------------------------------------
                                (c.) Coast Guard Sector Hampton Roads--COTP Zone
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
24.........  May 13, 2012.........  Ocean City        Offshore          The waters of the Atlantic Ocean
                                     Maryland          Performance       commencing at a point on the shoreline
                                     Offshore Grand    Assn. Racing,     at latitude 38[deg]25'42'' N, longitude
                                     Prix.             LLC.              075[deg]03'06'' W; thence east
                                                                         southeast to latitude 38[deg]25'30'' N,
                                                                         longitude 075[deg]02'12'' W, thence
                                                                         south southwest parallel to the Ocean
                                                                         City shoreline to latitude
                                                                         38[deg]19'12'' N, longitude
                                                                         075[deg]03'48'' W; thence west
                                                                         northwest to the shoreline at latitude
                                                                         38[deg]19'30'' N, longitude
                                                                         075[deg]05'00'' W. The waters of the
                                                                         Atlantic Ocean bounded by a line drawn
                                                                         from a position along the shoreline
                                                                         near Ocean City, MD at latitude
                                                                         38[deg]22'25.2'' N, longitude
                                                                         075[deg]03'49.4'' W, thence easterly to
                                                                         latitude 38[deg]22'00.4'' N, longitude
                                                                         075[deg]02'34.8'' W, thence
                                                                         southwesterly to latitude
                                                                         38[deg]19'35.9'' N, longitude
                                                                         075[deg]03'35.4'' W, thence westerly to
                                                                         a position near the shoreline at
                                                                         latitude 38[deg]20'05'' N, longitude
                                                                         075[deg]04'48.4'' W, thence northerly
                                                                         along the shoreline to the point of
                                                                         origin.
----------------------------------------------------------------------------------------------------------------

* * * * *

    Dated: April 18, 2012.
Mark S. Ogle,
Captain, U.S. Coast Guard, Captain of the Port Hampton Roads.
[FR Doc. 2012-10258 Filed 4-26-12; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 77, Number 49 (Tuesday, March 13, 2012)]
[Notices]
[Page 14773]
[FR Doc No: 2012-5975]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ID-6627-001]

Vigue, Peter A.; Notice of Filing

    Take notice that on March 6, 2012, Peter A. Vigue submitted for
filing, an application for authority to hold interlocking positions,
pursuant to section 305(b) of the Federal Power Act, 16 U.S.C. 825d(b)
(2011) and section 45.8 of Federal Energy Regulatory Commission's
(Commission) Rules of Practice and Procedure, 18 CFR 45.8 (2011).
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date. On or
before the comment date, it is not necessary to serve motions to
intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov. Persons unable to file electronically should submit an
original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive email
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please email
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on March 27, 2012.

    Dated: March 6, 2012.
Kimberly D. Bose,
Secretary.
[FR Doc. 2012-5975 Filed 3-12-12; 8:45 am]
BILLING CODE 6717-01-P