[Federal Register Volume 88, Number 186 (Wednesday, September 27, 2023)]
[Notices]
[Page 66482]
[FR Doc No: 2023-21014]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4720-DR; Docket ID FEMA-2023-0001]

Vermont; Amendment No. 4 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of a major disaster declaration
for the State of Vermont (FEMA-4720-DR), dated July 14, 2023, and
related determinations.

DATES: This amendment was issued July 17, 2023.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice is hereby given that, in a letter
dated July 17, 2023, the President amended the cost-sharing
arrangements regarding Federal funds provided under the authority of
the Robert T. Stafford Disaster Relief and Emergency Assistance Act, 42
U.S.C. 5121 et seq. (the ``Stafford Act''), in a letter to Deanne
Criswell, Administrator, Federal Emergency Management Agency,
Department of Homeland Security, under Executive Order 12148, as
follows:

    I have determined that the damage in the State of Vermont
resulting from severe storms and flooding beginning on July 7, 2023,
and continuing, is of sufficient severity and magnitude that special
cost sharing arrangements are warranted regarding Federal funds
provided under the Robert T. Stafford Disaster Relief and Emergency
Assistance Act, 42 U.S.C. 5121 et seq. (the ``Stafford Act'').
    Therefore, I amend my declaration of July 14, 2023, to authorize
Federal funds for emergency protective measures, including direct
Federal assistance at 100 percent of the total eligible costs for a
continuous 30-day period of the State's choosing within the first
120 days from the start of the incident period.
    The following Catalog of Federal Domestic Assistance Numbers
(CFDA) are to be used for reporting and drawing funds: 97.030,
Community Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis
Counseling; 97.033, Disaster Legal Services; 97.034, Disaster
Unemployment Assistance (DUA); 97.046, Fire Management Assistance
Grant; 97.048, Disaster Housing Assistance to Individuals and
Households In Presidentially Declared Disaster Areas; 97.049,
Presidentially Declared Disaster Assistance--Disaster Housing
Operations for Individuals and Households; 97.050, Presidentially
Declared Disaster Assistance to Individuals and Households--Other
Needs; 97.036, Disaster Grants--Public Assistance (Presidentially
Declared Disasters); 97.039, Hazard Mitigation Grant.

Deanne Criswell,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2023-21014 Filed 9-26-23; 8:45 am]
BILLING CODE 9111-23-P


[Federal Register Volume 77, Number 24 (Monday, February 6, 2012)]
[Rules and Regulations]
[Page 5700]
[FR Doc No: 2012-2633]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

21 CFR Parts 510 and 520

[Docket No. FDA-2011-N-0003]

New Animal Drugs; Change of Sponsor; Chlortetracycline Powder

AGENCY: Food and Drug Administration, HHS.

ACTION: Final rule.

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SUMMARY: The Food and Drug Administration (FDA) is amending the animal
drug regulations to reflect a change of sponsor for an abbreviated new
animal drug application (ANADA) for chlortetracycline soluble powder
from Teva Animal Health, Inc., to Quo Vademus, LLC.

DATES: This rule is effective February 6, 2012.

FOR FURTHER INFORMATION CONTACT: Steven D. Vaughn, Center for
Veterinary Medicine (HFV-100), Food and Drug Administration, 7520
Standish Pl., Rockville, MD 20855,<PHONE_NUMBER>, email:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Teva Animal Health, Inc., 3915 South 48th
Street Ter., St. Joseph, MO 64503, has informed FDA that it has
transferred ownership of, and all rights and interest in, ANADA 200-236
for Chlortetracycline HCL Soluble Powder to Quo Vademus, LLC, 277
Faison McGowan Rd., Kenansville, NC 28349. Accordingly, the Agency is
amending the regulations in 21 CFR 520.441 to reflect the transfer of
ownership.
    Quo Vademus, LLC, is not currently listed in the animal drug
regulations as a sponsor of an approved application. Accordingly, 21
CFR 510.600 is being amended to add entries for this sponsor.
    This rule does not meet the definition of ``rule'' in 5 U.S.C.
804(3)(A) because it is a rule of ``particular applicability.''
Therefore, it is not subject to the congressional review requirements
in 5 U.S.C. 801-808.

List of Subjects

21 CFR Part 510

    Administrative practice and procedure, Animal drugs, Labeling,
Reporting and recordkeeping requirements.

21 CFR Part 520

    Animal drugs.

    Therefore, under the Federal Food, Drug, and Cosmetic Act and under
authority delegated to the Commissioner of Food and Drugs and
redelegated to the Center for Veterinary Medicine, 21 CFR parts 510 and
520 are amended as follows:

PART 510--NEW ANIMAL DRUGS

0
1. The authority citation for 21 CFR part 510 continues to read as
follows:

    Authority:  21 U.S.C. 321, 331, 351, 352, 353, 360b, 371, 379e.

0
2. In Sec.  510.600, in the table in paragraph (c)(1), alphabetically
add a new entry for ``Quo Vademus, LLC''; and in the table in paragraph
(c)(2), in numerical sequence add a new entry for ``076475'' to read as
follows:

Sec.  510.600  Names, addresses, and drug labeler codes of sponsors of
approved applications.

* * * * *
    (c) * * *
    (1) * * *

------------------------------------------------------------------------
                                                           Drug labeler
                  Firm name and address                        code
------------------------------------------------------------------------

                                * * * * *
Quo Vademus, LLC, 277 Faison McGowan Rd., Kenansville,            076475
 NC 28349...............................................

                                * * * * *
------------------------------------------------------------------------

     (2) * * *

------------------------------------------------------------------------
          Drug labeler code                  Firm name and address
------------------------------------------------------------------------

                                * * * * *
076475..............................  Quo Vademus, LLC, 277 Faison
                                       McGowan Rd., Kenansville, NC
                                       28349

                                * * * * *
------------------------------------------------------------------------

PART 520--ORAL DOSAGE FORM NEW ANIMAL DRUGS

0
3. The authority citation for 21 CFR part 520 continues to read as
follows:

    Authority:  21 U.S.C. 360b.

Sec.  520.441  [Amended]

0
4. In paragraph (b)(4) of Sec.  520.441, remove ``059130'' and in its
place add ``076475''.

    Dated: February 1, 2012.
William T. Flynn,
Acting Director, Center for Veterinary Medicine.
[FR Doc. 2012-2633 Filed 2-3-12; 8:45 am]
BILLING CODE 4160-01-P


[Federal Register Volume 81, Number 63 (Friday, April 1, 2016)]
[Notices]
[Pages 18919-18925]
[FR Doc No: 2016-07335]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77458; File No. SR-Phlx-2016-39]

Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Adopt Rule 3317
To Implement the Regulation NMS Plan To Implement a Tick Size Pilot
Program

March 28, 2016.
    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 23, 2016, NASDAQ PHLX LLC (``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.

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

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

    The Exchange proposes to adopt Exchange Rule 3317 to implement the
Regulation NMS Plan to Implement a Tick Size Pilot Program. The
proposed rule change is substantially similar to proposed rule changes
recently approved or published by the Commission by the Bats BZX
Exchange, Inc. f/k/a BATS Exchange, Inc. (``BZX'') to adopt BZX Rule
11.27(b) which also sets forth requirements for the collection and
transmission of data pursuant to Appendices B and C of the Plan.\3\
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    \3\ See Securities Exchange Act Release No. 77105 (February 10,
2016), 81 FR 8112 (February 17, 2016) (order approving SR-BATS-2015-
102); see also Securities Exchange Act Release No. 77310 (March 7,
2016), 81 FR 13012 (March 11, 2016) (notice for comment and
immediate effectiveness of SR-BATS-2016-27).
---------------------------------------------------------------------------

    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqomxphlx.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
    On August 25, 2014, NYSE Group, Inc., on behalf of BATS Exchange,
Inc., BATS Y-Exchange, Inc., Chicago Stock Exchange, Inc., EDGA
Exchange, Inc., EDGX Exchange, Inc., Financial Industry Regulatory
Authority, Inc. (``FINRA''), NASDAQ BX, Inc., NASDAQ PHLX LLC, the
Nasdaq Stock Market LLC, New York Stock Exchange LLC (``NYSE''), NYSE
MKT LLC, and NYSE Arca, Inc. (collectively ``Participants''), filed
with the Commission, pursuant to Section 11A of the Act \4\ and Rule
608 of Regulation NMS thereunder,\5\ the Plan to Implement a Tick Size
Pilot Program (``Pilot'').\6\
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    \4\ 15 U.S.C. 78k-1.
    \5\ 17 CFR 242.608.
    \6\ See Letter from Brendon J. Weiss, Vice President,
Intercontinental Exchange, Inc., to Secretary, Commission, dated
August 25, 2014.
---------------------------------------------------------------------------

    The Participants filed the Plan to comply with an order issued by
the Commission on June 24, 2014.\7\ The Plan \8\ was published for
comment in the Federal Register on November 7, 2014, and approved by
the Commission, as modified, on May 6, 2015.\9\
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    \7\ See Securities Exchange Act Release No. 72460 (June 24,
2014), 79 FR 36840 (June 30, 2014).
    \8\ Capitalized terms used in this rule filing are defined in
the Plan, unless otherwise specified herein.
    \9\ See Securities Exchange Act Release No. 74892 (May 6, 2015),
80 FR 27513 (May 13, 2015) (``Approval Order'').
---------------------------------------------------------------------------

    The Plan is designed to allow the Commission, market participants,
and the public to study and assess the impact of increment conventions
on the liquidity and trading of the common stocks of small-
capitalization companies. Each Participant is required to comply, and
to enforce compliance by its member organizations, as applicable, with
the provisions of the Plan. As is described more fully below, the
proposed rules would require Members \10\ to comply with the applicable
data collection requirements of the Plan.\11\
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    \10\ The term ``Member'' is defined as ``any registered broker
or dealer that has been admitted to membership in the Exchange.''
See Exchange Rule 1.5(n).
    \11\ The Exchange proposes Commentary .11 to Rule 3317 to
provide that the Rule shall be in effect during a pilot period to
coincide with the pilot period for the Plan (including any
extensions to the pilot period for the Plan).
---------------------------------------------------------------------------

    The Pilot will include stocks of companies with $3 billion or less
in market capitalization, an average daily trading volume of one
million shares or less, and a volume weighted average price of at least
$2.00 for every trading day. The Pilot will consist of a control group
of approximately 1400 Pilot Securities and three test groups with 400
Pilot Securities in each (selected by a stratified random sampling
process).\12\ During the pilot, Pilot Securities in the control group
will be quoted at the current tick size increment of $0.01 per share
and will trade at the currently permitted increments.
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    \12\ See Section V of the Plan for identification of Pilot
Securities, including criteria for selection and grouping.
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    Pilot Securities in the first test group (``Test Group One'') will
be quoted in $0.05 minimum increments but will continue to trade at any
price increment that is currently permitted.\13\ Pilot Securities in
the second test group (``Test Group Two'') will be quoted in $0.05
minimum increments and will trade at $0.05 minimum increments subject
to a midpoint exception, a retail investor order exception, and a
negotiated trade exception.\14\ Pilot Securities in the third test
group (``Test Group Three'') will be subject to the same quoting and
trading increments as Test Group Two and also will be subject to the
``Trade-at'' requirement to prevent price matching by a market
participant that is not displaying at a Trading Center's ``Best
Protected Bid'' or ``Best Protected Offer,'' unless an enumerated
exception applies.\15\ In addition to the exceptions provided under
Test Group Two, an exception for Block Size orders and exceptions that
mirror those under Rule 611 of Regulation NMS \16\ will apply to the
Trade-at requirement.
---------------------------------------------------------------------------

    \13\ See Section VI(B) of the Plan.
    \14\ See Section VI(C) of the Plan.
    \15\ See Section VI(D) of the Plan.
    \16\ 17 CFR 242.611.
---------------------------------------------------------------------------

    In approving the Plan, the Commission noted that the Trading Center
data reporting requirements would facilitate an analysis of the effects
of the Pilot on liquidity (e.g., transaction costs by order size),
execution quality (e.g., speed of order executions), market maker
activity, competition between trading venues (e.g., routing frequency
of market orders), transparency (e.g., choice between displayed and
hidden orders), and market dynamics (e.g., rates and speed of order
cancellations).\17\
---------------------------------------------------------------------------

    \17\ See Approval Order, 80 FR at 27543.
---------------------------------------------------------------------------

    The Commission also noted that Market Maker profitability data
would assist the Commission in evaluating the effect, if any, of a
widened tick increment on market marker profits and any corresponding
changes in the liquidity of small-capitalization securities.\18\
---------------------------------------------------------------------------

    \18\ Id.
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Compliance With the Data Collection Requirements of the Plan
    The Plan contains requirements for collecting and transmitting data
to the Commission and to the public.\19\ Specifically, Appendix B.I of
the Plan (Market Quality Statistics) requires Trading Centers \20\ to
submit variety of

market quality statistics, including information about an order's
original size, whether the order was displayable or not, the cumulative
number of orders, the cumulative number of shares of orders, and the
cumulative number of shares executed within specific time increments,
e.g., from 30 seconds to less than 60 seconds after the time of order
receipt. This information shall be categorized by security, order type,
original order size, hidden status, and coverage under Rule 605.\21\
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    \19\ The Exchange is also required by the Plan to establish,
maintain, and enforce written policies and procedures that are
reasonably designed to comply with applicable quoting and trading
requirements specified in the Plan. The Exchange intends to
separately propose rules that would require compliance by its
Members with the applicable quoting and trading requirements
specified in the Plan, and has reserved Paragraph (a) for such
rules.
    \20\ The Plan incorporates the definition of a ``Trading
Center'' from Rule 600(b)(78) of Regulation NMS. Regulation NMS
defines a ``Trading Center'' as ``a national securities exchange or
national securities association that operates an SRO trading
facility, an alternative trading system, an exchange market maker,
an OTC market maker, or any other broker or dealer that executes
orders internally by trading as principal or crossing orders as
agent.'' See 17 CFR 242.600(b).
    \21\ 17 CFR 242.605.
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    Appendix B.I of the Plan also contains additional requirements for
market orders and marketable limit orders, including the share-weighted
average effective spread for executions of orders; the cumulative
number of shares of orders executed with price improvement; and, for
shares executed with price improvement, the share-weighted average
amount per share that prices were improved.
    Appendix B.II of the Plan (Market and Marketable Limit Order Data)
requires Trading Centers to submit information relating to market
orders and marketable limit orders, including the time of order
receipt, order type, the order size, the National Best Bid and National
Best Offer (``NBBO'') quoted price, the NBBO quoted depth, the average
execution price-share-weighted average, and the average execution time-
share-weighted average.
    The Plan requires Appendix B.I and B.II data to be submitted by
Participants that operate a Trading Center, and by members of the
Participants that operate Trading Centers. The Plan provides that each
Participant that is the Designated Examining Authority (``DEA'') for a
member of the Participant that operates a Trading Center shall collect
such data in a pipe delimited format, beginning six months prior to the
Pilot Period and ending six months after the end of the Pilot Period.
The Plan also requires the Participant, operating as DEA, to transmit
this information to the SEC within 30 calendar days following month
end.
    The Exchange is therefore proposing Rule 3317(b) to set forth the
requirements for the collection and transmission of data pursuant to
Appendices B and C of the Plan. Proposed Rule 3317(b) is substantially
similar to proposed rule changes by BZX that were recently approved or
published by the Commission to adopt BZX Rule 11.27(b) which also sets
forth requirements for the collection and transmission of data pursuant
to Appendices B and C of the Plan.\22\
---------------------------------------------------------------------------

    \22\ See supra note 3.
---------------------------------------------------------------------------

    Proposed Rule 3317(b)(1) requires that a Member that operates a
Trading Center shall establish, maintain, and enforce written policies
and procedures that are reasonably designed to comply with the data
collection and transmission requirements of Items I and II to Appendix
B of the Plan, and a Member that is a Market Maker shall establish,
maintain, and enforce written policies and procedures that are
reasonably designed to comply with the data collection and transmission
requirements of Item IV of Appendix B of the Plan and Item I of
Appendix C of the Plan.
    Proposed Rule 3317(b)(2) provides that the Exchange shall collect
and transmit to the SEC the data described in Items I and II of
Appendix B of the Plan relating to trading activity in Pre-Pilot
Securities and Pilot Securities on a Trading Center operated by the
Exchange. The Exchange shall transmit such data to the SEC in a pipe
delimited format, on a disaggregated basis by Trading Center, within 30
calendar days following month end for: (i) Each Pre-Pilot Data
Collection Security for the period beginning six months prior to the
Pilot Period through the trading day immediately preceding the Pilot
Period; and (ii) each Pilot Security for the period beginning on the
first day of the Pilot Period through six months after the end of the
Pilot Period. The Exchange also shall make such data publicly available
on the Exchange Web site on a monthly basis at no charge and will not
identify the Member that generated the data.
    Appendix B.IV (Daily Market Maker Participation Statistics)
requires a Participant to collect data related to Market Maker
participation from each Market Maker \23\ engaging in trading activity
on a Trading Center operated by the Participant. The Exchange is
therefore proposing Rule 3317(b)(3) to gather data about a Market
Maker's participation in Pilot Securities and Pre-Pilot Data Collection
Securities. Proposed Rule 3317(b)(3)(A) provides that a Member that is
a Market Maker shall collect and transmit to their DEA data relating to
Item IV of Appendix B of the Plan with respect to activity conducted on
any Trading Center in Pilot Securities and Pre-Pilot Data Collection
Securities in furtherance of its status as a registered Market Maker,
including a Trading Center that executes trades otherwise than on a
national securities exchange, for transactions that have settled or
reached settlement date.
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    \23\ The Plan defines a Market Maker as ``a dealer registered
with any self-regulatory organization, in accordance with the rules
thereof, as (i) a market maker or (ii) a liquidity provider with an
obligation to maintain continuous, two-sided trading interest.''
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    The proposed rule requires Market Makers to transmit such data in a
format required by their DEA, by 12:00 p.m. EST on T + 4 for: (i)
Transactions in each Pre-Pilot Data Collection Security for the period
beginning six months prior to the Pilot Period through the trading day
immediately preceding the Pilot Period; and (ii) for transactions in
each Pilot Security for the period beginning on the first day of the
Pilot Period through six months after the end of the Pilot Period.
    The Exchange understands that some Members may utilize a DEA that
is not a Participant to the Plan and that their DEA would not be
subject to the Plan's data collection requirements. In such case, a DEA
that is not a Participant of the Plan would not have an obligation to
collect the data required under subparagraph (b)(3)(A) of Rule 3317 and
in accordance with Item IV of Appendix B of the Plan. Therefore, the
Exchange proposes to adopt subparagraph (b)(3)(B) to Rule 3317 to
require a Member that is a Market Maker whose DEA is not a Participant
to the Plan to transmit the data collected pursuant to paragraph (3)(A)
of Rule 3317(b) to FINRA, which is a Participant to the Plan and is to
collect data relating to Item IV of Appendix B of the Plan on behalf of
the Participants. For Market Makers for which it is the DEA, FINRA
issued a Market Maker Transaction Data Technical Specification to
collect data on Pre-Pilot Data Collection Securities and Pilot
Securities from Trading Centers to comply with the Plan's data
collection requirements.\24\
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    \24\ FINRA members for which FINRA is their DEA should refer to
the Market Maker Transaction Data Technical Specification on the
FINRA Web site at http://www.finra.org/sites/default/files/market-maker-transaction-data-tech-specs.pdf.
---------------------------------------------------------------------------

    Proposed Rule 3317(b)(3)(C) provides that the Exchange shall
transmit the data collected by the DEA or FINRA pursuant to Rule
3317(b)(3)(A) and (B) above relating to Market Maker activity on a
Trading Center operated by the Exchange to the SEC in a pipe delimited
format within 30 calendar days following month end. The Exchange shall
also make such data publicly available on the Exchange Web site on a
monthly basis at no charge and shall not identify the Trading Center
that generated the data.
    Appendix C.I (Market Maker Profitability) requires a Participant to
collect data related to Market Maker profitability from each Market
Maker for

which it is the DEA. Specifically, the Participant is required to
collect the total number of shares of orders executed by the Market
Maker; the raw Market Maker realized trading profits, and the raw
Market Maker unrealized trading profits. Data shall be collected for
dates starting six months prior to the Pilot Period through six months
after the end of the Pilot Period. This data shall be collected on a
monthly basis, to be provided in a pipe delimited format to the
Participant, as DEA, within 30 calendar days following month end.
    Appendix C.II (Aggregated Market Maker Profitability) requires the
Participant, as DEA, to aggregate the Appendix C.I data, and to
categorize this data by security as well as by the control group and
each Test Group. That aggregated data shall contain information
relating to total raw Market Maker realized trading profits, volume-
weighted average of raw Market Maker realized trading profits, the
total raw Market Maker unrealized trading profits, and the volume-
weighted average of Market Maker unrealized trading profits.
    The Exchange is therefore proposing Rule 3317(b)(4) to set forth
the requirements for the collection and transmission of data pursuant
to Appendix C.I of the Plan. Proposed Rule 3317(b)(4)(A) requires that
a Member that is a Market Maker shall collect and transmit to their DEA
the data described in Item I of Appendix C of the Plan with respect to
executions in Pilot Securities that have settled or reached settlement
date that were executed on any Trading Center.
    The proposed rule also requires Members to provide such data in a
format required by their DEA by 12 p.m. EST on T+4 for executions
during and outside of Regular Trading Hours in each: (i) Pre-Pilot Data
Collection Security for the period beginning six months prior to the
Pilot Period through the trading day immediately preceding the Pilot
Period; and (ii) Pilot Security for the period beginning on the first
day of the Pilot Period through six months after the end of the Pilot
Period.
    For the same reasons set forth above for subparagraph (b)(3)(B) to
Rule 3317, the Exchange proposes to adopt subparagraph (b)(4)(B) to
Rule 3317 to require a Member that is a Market Maker whose DEA is not a
Participant to the Plan to transmit the data collected pursuant to
paragraph (4)(A) of Rule 3317(b) to FINRA. As stated above, FINRA is a
Participant to the Plan and is to collect data relating to Item I of
Appendix C of the Plan on behalf of the Participants. For Market Makers
for which it is the DEA, FINRA issued a Market Maker Transaction Data
Technical Specification to collect data on Pre-Pilot Data Collection
Securities and Pilot Securities from Trading Centers to comply with the
Plan's data collection requirements.\25\
---------------------------------------------------------------------------

    \25\ Id.
---------------------------------------------------------------------------

    The Exchange is also adopting a rule setting forth the manner in
which Market Maker participation will be calculated. Item III of
Appendix B of the Plan requires each Participant that is a national
securities exchange to collect daily Market Maker registration
statistics categorized by security, including the following
information: (i) Ticker symbol; (ii) the Participant exchange; (iii)
number of registered market makers; and (iv) the number of other
registered liquidity providers.
    Therefore, the Exchange proposes to adopt Rule 3317(b)(5) providing
that the Exchange shall collect and transmit to the SEC the data
described in Item III of Appendix B of the Plan relating to daily
Market Maker registration statistics in a pipe delimited format within
30 calendar days following month end for: (i) Transactions in each Pre-
Pilot Data Collection Security for the period beginning six months
prior to the Pilot Period through the trading day immediately preceding
the Pilot Period; and (ii) transactions in each Pilot Security for the
period beginning on the first day of the Pilot Period through six
months after the end of the Pilot Period.
    The Exchange is also proposing, through Commentary, to clarify
other aspects of the data collection requirements.\26\ Proposed
Commentary .02 relates to the use of the retail investor order flag for
purposes of Appendix B.II(n) reporting. The Plan currently states that
market and marketable limit orders shall include a ``yes/no'' field
relating to the Retail Investor Order flag. The Exchange is proposing
Commentary .02 to clarify that, for purposes of the reporting
requirement in Appendix B.II(n), a Trading Center shall report ``y'' to
their DEA where it is relying upon the Retail Investor Order exception
to Test Groups Two and Three, and ``n'' for all other instances.\27\
The Exchange believes that requiring the identification of a Retail
Investor Orders only where the exception may apply (i.e., Pilot
Securities in Test Groups Two and Three) is consistent with Appendix
B.II(n).
---------------------------------------------------------------------------

    \26\ The Exchange is also proposing Commentary .01 to Rule 3317
to clarify that certain enumerated terms used throughout Rule 3317
shall have the same meaning as set forth in the Plan.
    \27\ FINRA, on behalf of the Plan Participants submitted a
letter to Commission requesting exemption from certain provisions of
the Plan related to data collection. See letter from Marcia E.
Asquith, Senior Vice President and Corporate Secretary, FINRA dated
December 9, 2015 to Robert W. Errett, Deputy Secretary, Commission
(``Exemption Request''). The Commission, pursuant to its authority
under Rule 608(e) of Regulation NMS, granted BZX a limited exemption
from the requirement to comply with certain provisions of the Plan
as specified in the letter and noted herein. See letter from David
Shillman, Associate Director, Division of Trading and Markets,
Commission, to Eric Swanson, General Counsel, BZX, dated February
10, 2016 (``Exemption Letter'').
---------------------------------------------------------------------------

    Commentary .03 requires that Members populate a field to identify
to their DEA whether an order is affected by the bands in place
pursuant to the National Market System Plan to Address Extraordinary
Market Volatility.\28\ Pursuant to the Limit-Up Limit-Down Plan,
between 9:30 a.m. and 4:00 p.m., the Securities Information Processor
(``SIP'') calculates a lower price band and an upper price band for
each NMS stock. These price bands represent a specified percentage
above or below the stock's reference price, which generally is
calculated based on reported transactions in that stock over the
preceding five minutes. When one side of the market for an individual
security is outside the applicable price band, the SIP identifies that
quotation as non-executable. When the other side of the market reaches
the applicable price band (e.g., the offer reaches the lower price
band), the security enters a Limit State. The stock would exit a Limit
State if, within 15 seconds of entering the Limit State, all Limit
State Quotations were executed or canceled in their entirety. If the
security does not exit a Limit State within 15 seconds, then the
primary listing exchange declares a five-minute trading pause, which
would be applicable to all markets trading the security.
---------------------------------------------------------------------------

    \28\ See National Market System Plan to Address Extraordinary
Market Volatility, Securities Exchange Act Release No. 67091 (May
31, 2012), 77 FR 33498 (June 6, 2012) (File No. 4-631) (``Limit-Up
Limit-Down Plan'').
---------------------------------------------------------------------------

    The Exchange and the other Participants have determined that it is
appropriate to create a new flag for reporting orders that are affected
by the Limit-Up Limit-Down bands. Accordingly, a Trading Center shall
report a value of ``Y'' to their DEA when the ability of an order to
execute has been affected by the Limit-Up Limit-Down bands in effect at
the time of order receipt. A Trading Center shall report a value of
``N'' to their DEA when the ability of an order to execute has not been
affected by the Limit-Up Limit-Down bands in effect at the time of
order receipt.
    Commentary .03 also requires, for securities that may trade in a
foreign market, that the Participant indicate whether the order was
handled

domestically, or routed to a foreign venue. Accordingly, the
Participant will indicate, for purposes of Appendix B.I, whether the
order was: (1) Fully executed domestically, or (2) fully or partially
executed on a foreign market. For purposes of Appendix B.II, the
Participant will classify all orders in securities that may trade in a
foreign market Pilot and Pre-Pilot Securities as: (1) Directed to a
domestic venue for execution; (2) may only be directed to a foreign
venue for execution; or (3) was fully or partially directed to a
foreign venue at the discretion of the member. The Exchange believes
that this proposed flag will better identify orders in securities that
may trade in a foreign market, as such orders that were routed to
foreign venues would not be subject to the Plan's quoting and trading
requirements, and could otherwise compromise the integrity of the data.
    Commentary .04 relates to the time ranges specified in Appendix
B.I.a(14), B.I.a(15), B.I.a(21) and B.I.a(22).\29\ The Exchange and the
other Participants have determined that it is appropriate to change the
reporting times in these provisions to require more granular reporting
for these categories. Accordingly, the Exchange proposes to add
Appendix B.I.a(14A), which will require Trading Centers to report the
cumulative number of shares of orders executed from 100 microseconds to
less than 1 millisecond after the time of order receipt. Appendix
B.I.a(15) will be changed to require the cumulative number of shares of
orders executed from 1 millisecond to less than 100 milliseconds after
the time of order receipt. The Exchange also proposes to add Appendix
B.I.a(21A), which will require Trading Centers to report the cumulative
number of shares of orders canceled from 100 microseconds to less than
1 millisecond after the time of order receipt. Appendix B.I.a(22) will
be changed to require the cumulative number of shares of orders
canceled from 1 millisecond to less than 100 milliseconds after the
time of order receipt. The Exchange believes that these new reporting
requirements will contribute to a meaningful analysis of the Pilot by
producing more granular data on these points.\30\
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    \29\ Specifically, Appendix B.I.a(14) requires reporting of the
cumulative number of shares of orders executed from 0 to less than
100 microseconds after the time of order receipt; Appendix B.I.a(15)
requires reporting of the cumulative number of shares of orders
executed from 100 microseconds to less than 100 milliseconds after
the time of order receipt; Appendix B.I.a(21) requires reporting of
the cumulative number of shares of orders cancelled from 0 to less
than 100 microseconds after the time of order receipt; and Appendix
B.I.a(22) requires reporting of the cumulative number of shares of
orders cancelled from 100 microseconds to less than 100 milliseconds
after the time of order receipt.
    \30\ The Commission granted BZX an exemption from Rule 608(c)
related to this provision. See Exemption Letter, supra note 27.
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    Commentary .05 relates to the relevant measurement for purposes of
Appendix B.I.a(31)-(33) reporting. Currently, the Plan states that this
data shall be reported as of the time of order execution. The Exchange
and the other Participants believe that this information should more
properly be captured at the time of order receipt as evaluating share-
weighted average prices at the time of order receipt is more consistent
with the goal of observing the effect of the Pilot on the liquidity of
Pilot Securities. The Exchange is therefore proposing to make this
change through Commentary .05.\31\ This change will make these
provisions consistent with the remainder of the statistics in Appendix
B.I.a, which are all based on order receipt.
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    \31\ The Commission granted BZX an exemption from Rule 608(c)
related to this provision. See Exemption Letter, supra note 27.
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    Commentary .06 addresses the status of not-held and auction orders
for purposes of Appendix B.I reporting. Currently, Appendix B.I sets
forth eight categories of orders, including market orders, marketable
limit orders, and inside-the-quote resting limit orders, for which
daily market quality statistics must be reported. Currently, Appendix
B.I does not provide a category for not held orders, clean cross
orders, auction orders, or orders received when the NBBO is crossed.
    The Exchange and the other Participants have determined that it is
appropriate to include separate categories for these orders types for
purposes of Appendix B reporting. The Exchange is therefore proposing
Commentary .06 to provide that not held orders shall be included as an
order type for purposes of Appendix B reporting, and shall be assigned
the number (18). Clean cross orders shall be included as an order type
for purposes of Appendix B reporting, and shall be assigned the number
(19); auction orders shall be included an as order type for purposes of
Appendix B reporting, and shall be assigned the number (20); and orders
that cannot otherwise be classified, including, for example, orders
received when the NBBO is crossed shall be included as an order type
for purposes of Appendix B reporting, and shall be assigned the number
(21). All of these orders already are included in the scope of Appendix
B; however, without this proposed change, these order types would be
categorized with other orders, such as regular held orders, that should
be able to be fully executed upon receipt, which would compromise the
value of this data.
    The Exchange is proposing Commentary .07 to clarify the scope of
the Plan as it relates to Members that only execute orders limited
purposes. Specifically, The Exchange and the other Participants believe
that a Member that only executes orders otherwise than on a national
securities exchange for the purpose of: (1) Correcting a bona fide
error related to the execution of a customer order; (2) purchasing a
security from a customer at a nominal price solely for purposes of
liquidating the customer's position; or (3) completing the fractional
share portion of an order \32\ shall not be deemed a Trading Center for
purposes of Appendix B to the Plan. The Exchange is therefore proposing
Commentary .07 to make this clarification.
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    \32\ The Exchange notes that where a Member purchases a
fractional share from a customer, the Trading Center that executes
the remaining whole shares of that customer order would subject to
subject to Appendix B of the Plan.
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    The Exchange is proposing Commentary .08 to clarify that, for
purposes of the Plan, Trading Centers must begin the data collection
required pursuant to Appendix B.I.a(1) through B.II.(y) of the Plan and
Item I of Appendix C of the Plan on April 4, 2016. While the Exchange
or the Member's DEA will provide the information required by Appendix B
and C of the Plan during the Pilot Period, the requirement that the
Exchange or their DEA provide information to the SEC within 30 days
following month end and make such data publicly available on its Web
site pursuant to Appendix B and C shall commence six months prior to
the beginning of the Pilot Period.\33\
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    \33\ In its order approving the Plan, the SEC noted that the
Pilot shall be implemented within one year of the date of
publication of its order, e.g., by May 6, 2016. See Approval Order,
80 FR at 27545. However, on November 6, 2015, the SEC extended the
implementation date approximately five months to October 3, 2016.
See Securities Exchange Act Release No. 76382 (November 6, 2015), 80
FR 70284 (File No. 4-657) (Order Granting Exemption From Compliance
With the National Market System Plan To Implement a Tick Size Pilot
Program). See also Letter from Brendon J. Weiss, Co-Head, Government
Affairs, Intercontinental Exchange/NYSE, to Brent J. Fields,
Secretary, Commission, dated November 4, 2015 (requesting the data
collection period be extended until six months after the requisite
SRO rules are approved, and the implementation data of the Tick Size
Pilot until six months thereafter).
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    The Exchange is proposing Commentary .09 to address the requirement
in Appendix C.I(b) of the Plan that the calculation of raw Market Maker
realized trading profits utilize a

last in, first out (``LIFO'')-like method to determine which share
prices shall be used in that calculation. The Exchange and the other
Participants believe that it is more appropriate to utilize a
methodology that yields LIFO-like results, rather than utilizing a
LIFO-like method, and the Exchange is therefore proposing Commentary
.09 to make this change.\34\
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    \34\ Appendix C.I currently requires Market Maker profitability
statistics to include (1) the total number of shares of orders
executed by the Market Maker; (2) raw Market Maker realized trading
profits, which is the difference between the market value of Market
Maker shares and the market value of Market Maker purchases, using a
LIFO-like method; and (3) raw Market Maker unrealized trading
profits, which is the difference between the purchase or sale price
of the end-of-day inventory position of the Market Maker and the
Closing Price. In the case of a short position, the Closing Price
from the sale will be subtracted; in the case of a long position,
the purchase price will be subtracted from the Closing Price.
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    The Exchange is proposing that, for purposes of Item I of Appendix
C, the Participants shall calculate daily Market Maker realized
profitability statistics for each trading day on a daily LIFO basis
using reported trade price and shall include only trades executed on
the subject trading day. The daily LIFO calculation shall not include
any positions carried over from previous trading days. For purposes of
Item I.c of Appendix C, the Participants shall calculate daily Market
Maker unrealized profitability statistics for each trading day on an
average price basis.
    Specifically, the Participants must calculate the volume weighted
average price of the excess (deficit) of buy volume over sell volume
for the current trading day using reported trade price. The gain (loss)
of the excess (deficit) of buy volume over sell volume shall be
determined by using the volume weighted average price compared to the
closing price of the security as reported by the primary listing
exchange. In reporting unrealized trading profits, the Participant
shall also report the number of excess (deficit) shares held by the
Market Maker, the volume weighted average price of that excess
(deficit) and the closing price of the security as reported by the
primary listing exchange used in reporting unrealized profit.\35\
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    \35\ The Commission granted BZX an exemption from Rule 608(c)
related to this provision. See Exemption Letter, supra note 27.
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    Finally, the Exchange is proposing Commentary .10 to address the
securities that will be used for data collection purposes prior to the
commencement of the Pilot. The Exchange and the other Participants have
determined that it is appropriate to collect data for a group of
securities that is larger, and using different quantitative thresholds,
than the group of securities that will be Pilot Securities.
    The Exchange is therefore proposing Commentary .10 to define ``Pre-
Pilot Data Collection Securities'' as the securities designated by the
Participants for purposes of the data collection requirements described
in Items I, II, and IV of Appendix B and Item I of Appendix C of the
Plan for the period beginning six months prior to the Pilot Period and
ending on the trading day immediately preceding the Pilot Period.
    The Participants shall compile the list of Pre-Pilot Data
Collection Securities by selecting all NMS stocks with a market
capitalization of $5 billion or less, a Consolidated Average Daily
Volume (CADV) of 2 million shares or less and a closing price of $1 per
share or more. The market capitalization and the closing price
thresholds shall be applied to the last day of the Pre-Pilot
measurement period, and the CADV threshold shall be applied to the
duration of the Pre-Pilot measurement period. The Pre-Pilot measurement
period shall be the three calendar months ending on the day when the
Pre-Pilot Data Collection Securities are selected. The Pre-Pilot Data
Collection Securities shall be selected thirty days prior to the
commencement of the six-month Pre-Pilot Period. On the trading day that
is the first trading day of the Pilot Period through six months after
the end of the Pilot Period, the data collection requirements will
become applicable to the Pilot Securities only. A Pilot Security will
only be eligible to be included in a Test Group if it was a Pre-Pilot
Security.
Implementation Date
    The proposed rule change will be effective on April 4, 2016.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\36\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\37\ in particular, in that it is designed 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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    \36\ 15 U.S.C. 78f(b).
    \37\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that this proposal is consistent with the Act
because it implements and clarifies the provisions of the Plan, and is
designed to assist the Exchange in meeting its regulatory obligations
pursuant of the Plan. In approving the Plan, the SEC noted that the
Pilot was an appropriate, data-driven test that was designed to
evaluate the impact of a wider tick size on trading, liquidity, and the
market quality of securities of smaller capitalization companies, and
was therefore in furtherance of the purposes of the Act.
    The Exchange believes that this proposal is in furtherance of the
objectives of the Plan, as identified by the SEC, and is therefore
consistent with the Act because the proposal implements and clarifies
the requirements of the Plan and applies specific obligations to
Members in furtherance of compliance with the Plan.

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. The Exchange notes that the
proposed rule change implements the provisions of the Plan, and is
designed to assist the Exchange in meeting its regulatory obligations
pursuant of the Plan. The Exchange also notes that the data collection
requirements for Members that operate Trading Centers will apply
equally to all such Members, as will the data collection requirements
for Market Makers.

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)(iii) of the Act \38\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\39\
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    \38\ 15 U.S.C. 78s(b)(3)(a)(iii).
    \39\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \40\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \41\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has asked the Commission to waive the 30-day operative delay. The
Commission believes that waiver of the operative delay is consistent
with the protection of investors and the public interest because it
would allow the Exchange to implement the proposed amendments on April
4, 2016, the date upon which the data collection requirements of the
Plan become effective.\42\ Therefore, the Commission hereby waives the
operative delay and designates the proposal operative on April 4,
2016.\43\
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    \40\ 17 CFR 240.19b-4(f)(6).
    \41\ 17 CFR 240.19b-4(f)(6)(iii).
    \42\ See Securities Exchange Act Release No. 76382 (November 6,
2015), 80 FR 70284 (File No. 4-657) (Order Granting Exemption from
Compliance With the National Market System Plan To Implement a Tick
Size Pilot Program).
    \43\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule'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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-Phlx-2016-39 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-Phlx-2016-39. 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-Phlx-2016-39 and should be
submitted on or before April 22, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\44\
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    \44\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-07335 Filed 3-31-16; 8:45 am]
BILLING CODE 8011-01-P