[Federal Register: November 7, 2008 (Volume 73, Number 217)]
[Proposed Rules]
[Page 66207-66209]
[DOCID:fr07no08-18]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2008-0957; Airspace Docket No. 08-AAL-27]

Proposed Revision of Class E Airspace; Galena, AK

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking.

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SUMMARY: This action proposes to revise Class E airspace at Galena, AK.
Two Standard Instrument Approach Procedures (SIAPs) are being amended
for the Edward G. Pitka Airport at Galena, AK. Adoption of this
proposal would result in revising Class E airspace upward from 700 feet
(ft.) and 1,200 ft. above the surface at the Edward G. Pitka Airport,
Galena, AK.

DATES: Comments must be received on or before December 22, 2008.

ADDRESSES: Send comments on the proposal to the Docket Management
Facility, U.S. Department of Transportation, 1200 New Jersey Avenue,
SE., West Building Ground Floor, Room W12-140, Washington, DC 20590-
0001. You must identify the docket number FAA-2008-0957/Airspace Docket
No. 08-AAL-27, at the beginning of your comments. You may also submit
comments on the Internet at http://www.regulations.gov. You may review
the public docket containing the proposal, any comments received, and
any final disposition in person in the Dockets Office between 9 a.m.
and 5 p.m., Monday through Friday, except Federal holidays. The Docket
Office (telephone 1-800-647-5527) is on the plaza level of the
Department of Transportation NASSIF Building at the above address.
    An informal docket may also be examined during normal business
hours at the office of the Manager, Safety, Alaska Flight Service
Operations, Federal Aviation Administration, 222 West 7th Avenue, Box
14, Anchorage, AK 99513-7587.

FOR FURTHER INFORMATION CONTACT: Gary Rolf, Federal Aviation
Administration, 222 West 7th Avenue, Box 14, Anchorage, AK 99513-7587;
telephone number<PHONE_NUMBER>; fax:<PHONE_NUMBER>; e-mail:
<EMAIL_ADDRESS>Internet address: http://www.alaska.faa.gov/at.

SUPPLEMENTARY INFORMATION:

Comments Invited

    Interested parties are invited to participate in this proposed
rulemaking

by submitting such written data, views, or arguments as they may
desire. Comments that provide the factual basis supporting the views
and suggestions presented are particularly helpful in developing
reasoned regulatory decisions on the proposal. Comments are
specifically invited on the overall regulatory, aeronautical, economic,
environmental, and energy-related aspects of the proposal.
Communications should identify both docket numbers and be submitted in
triplicate to the address listed above. Commenters wishing the FAA to
acknowledge receipt of their comments on this notice must submit with
those comments a self-addressed, stamped postcard on which the
following statement is made: ``Comments to Docket No. FAA-2008-0957/
Airspace Docket No. 08-AAL-27.'' The postcard will be date/time stamped
and returned to the commenter.
    All communications received on or before the specified closing date
for comments will be considered before taking action on the proposed
rule. The proposal contained in this notice may be changed in light of
comments received. All comments submitted will be available for
examination in the public docket both before and after the closing date
for comments. A report summarizing each substantive public contact with
FAA personnel concerned with this rulemaking will be filed in the
docket.

Availability of Notice of Proposed Rulemakings (NPRMs)

    An electronic copy of this document may be downloaded through the
Internet at http://www.regulations.gov. Recently published rulemaking
documents can also be accessed through the FAA's Web page at http://
www.faa.gov or the Superintendent of Document's Web page at http://
www.access.gpo.gov/nara/index.html.
    Additionally, any person may obtain a copy of this notice by
submitting a request to the Federal Aviation Administration, Office of
Air Traffic Airspace Management, ATA-400, 800 Independence Avenue, SW.,
Washington, DC 20591 or by calling<PHONE_NUMBER>. Communications must
identify both docket numbers for this notice. Persons interested in
being placed on a mailing list for future NPRM's should contact the
FAA's Office of Rulemaking,<PHONE_NUMBER>, to request a copy of
Advisory Circular No. 11-2A, Notice of Proposed Rulemaking Distribution
System, which describes the application procedure.

The Proposal

    The FAA is considering an amendment to Title 14 Code of Federal
Regulations (14 CFR) Part 71, which would revise Class E airspace at
the Edward G. Pitka Airport, in Galena, AK. The intended effect of this
proposal is to revise existing Class E airspace upward from 700 ft. and
1,200 ft. above the surface to contain Instrument Flight Rules (IFR)
operations at the Edward G. Pitka Airport, Galena, AK.
    The FAA Instrument Flight Procedures Production and Maintenance
Branch has amended two SIAPs for the Edward G. Pitka Airport. The
amended SIAPs are (1) the Area Navigation (RNAV) Global Positioning
System (GPS) Runway (RWY) 7, Original, and (2) the RNAV (GPS) RWY 25,
Original. Class E controlled airspace extending upward from 700 ft. and
1,200 ft. above the surface in the Edward G. Pitka Airport area would
be revised by this action. The proposed airspace is sufficient in size
to contain aircraft executing the instrument procedures at the Edward
G. Pitka Airport, Galena, AK.
    The area would be depicted on aeronautical charts for pilot
reference. The coordinates for this airspace docket are based on North
American Datum 83. The Class E airspace areas designated as 700/1200
foot transition areas are published in paragraph 6005 in FAA Order
7400.9R, Airspace Designations and Reporting Points, signed August 15,
2007, and effective September 15, 2007, which is incorporated by
reference in 14 CFR 71.1. The Class E airspace designations listed in
this document would be published subsequently in the Order.
    The FAA has determined that this proposed regulation only involves
an established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore--(1) is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under DOT
Regulatory Policies and Procedures (44 FR 11034; February 26, 1979);
and (3) does not warrant preparation of a regulatory evaluation as the
anticipated impact is so minimal. Since this is a routine matter that
will only affect air traffic procedures and air navigation, it is
certified that this rule, when promulgated, will not have a significant
economic impact on a substantial number of small entities under the
criteria of the Regulatory Flexibility Act.
    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle 1, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority.
    This rulemaking is promulgated under the authority described in
Subtitle VII, Part A, Subpart 1, Section 40103, Sovereignty and use of
airspace. Under that section, the FAA is charged with prescribing
regulations to ensure the safe and efficient use of the navigable
airspace. This regulation is within the scope of that authority because
it proposes to create Class E airspace sufficient in size to contain
aircraft executing instrument procedures at the Edward G. Pitka
Airport, AK, and represents the FAA's continuing effort to safely and
efficiently use the navigable airspace.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

The Proposed Amendment

    In consideration of the foregoing, the Federal Aviation
Administration proposes to amend 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, CLASS B, CLASS C, CLASS D, AND
CLASS E AIRSPACE AREAS; AIRWAYS; ROUTES; AND REPORTING POINTS

    1. The authority citation for 14 CFR part 71 continues to read as
follows:

    Authority: 49 U.S.C. 106(g), 40103, 40113, 40120; E.O. 10854, 24
FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1  [Amended]

    2. The incorporation by reference in 14 CFR 71.1 of Federal
Aviation Administration Order 7400.9R, Airspace Designations and
Reporting Points, signed August 15, 2007, and effective September 15,
2007, is to be amended as follows:
* * * * *

Paragraph 6005 Class E Airspace Extending Upward from 700 Feet or
More Above the Surface of the Earth.

* * * * *

AAL AK E5 Galena, AK [Revised]

Galena, Edward G. Pitka Airport, AK
    (Lat. 60[deg]44'10'' N., long. 156[deg]56'14'' W)
Galena VORTAC
    (Lat. 60[deg]44'17'' N., long. 156[deg]46'38'' W)

    That airspace extending upward from 700 feet above the surface
within a 6.7-mile radius of the Edward G. Pitka Airport, AK, and
within 14 miles of the Galena VORTAC, AK, extending clockwise from
the 088[deg](T)/111[deg](M) radial to the 163[deg](T)/186[deg](M)
radial

of the Galena VORTAC, AK, and within 22 miles of the Galena VORTAC,
AK, extending from the 268[deg] radial to the 315[deg] radial of the
Galena VORTAC, AK, and within 4 miles north of the 088[deg] radial
of the Galena VORTAC, AK, extending from the 6.7-mile radius of the
Edward G. Pitka Airport to 14 miles east of the Galena VORTAC, AK,
and within 4 miles south of the 268[deg] radial of the Galena
VORTAC, AK, extending from the 6.7-mile radius to 22 miles west of
the Galena VORTAC, AK; and that airspace extending upward from 1,200
feet above the surface within a 73-mile radius of the Edward G.
Pitka Airport, AK.
* * * * *

    Issued in Anchorage, AK, on October 27, 2008.
Anthony M. Wylie,
Manager, Alaska Flight Services Information Area Group.
[FR Doc. E8-26656 Filed 11-6-08; 8:45 am]

BILLING CODE 4910-13-P


[Federal Register Volume 86, Number 227 (Tuesday, November 30, 2021)]
[Notices]
[Pages 68001-68004]
[FR Doc No: 2021-25989]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93655; File No. SR-CBOE-2021-046]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Order
Instituting Proceedings To Determine Whether To Approve or Disapprove a
Proposed Rule Change To Amend Cboe Rule 5.4 and Make Corresponding
Changes to Other Rules

November 23, 2021.

I. Introduction

    On August 6, 2021, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe
Options'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to allow all complex orders to be quoted and
executed in $0.01 increments.\3\ The

proposed rule change was published for comment in the Federal Register
on August 25, 2021.\4\ The Commission received two comment letters
regarding the proposal.\5\ Cboe responded to the comments on September
23, 2021.\6\ On September 28, 2021, pursuant to Section 19(b)(2) of the
Act,\7\ the Commission designated a longer period within which to
approve the proposed rule change, disapprove the proposed rule change,
or institute proceedings to determine whether to approve or disapprove
the proposed rule change.\8\ On November 1, 2021, the Exchange filed
Amendment No. 1 to the proposed rule change.\9\ This order institutes
proceedings pursuant to Section 19(b)(2)(B) of the Act \10\ to
determine whether to approve or disapprove the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ The term ``complex order'' means an order involving the
concurrent execution of two or more different series in the same
underlying security or index (the ``legs'' or ``components'' of the
complex order), for the same account, occurring at or near the same
time and for the purpose of executing a particular investment
strategy with no more than the applicable number of legs (which
number the Exchange determines on a class-by-class basis). The
Exchange determines in which classes complex orders are eligible for
processing. Unless the context otherwise requires, the term complex
order includes stock-option orders and security future-option
orders. For purposes of Rules 5.33 and 5.85(b)(1), the term
``complex order'' means a complex order with any ratio equal to or
greater than one-to-three (.333) and less than or equal to three-to-
one (3.00), an Index Combo order, a stock-option order, or a
security future-option order. For the purpose of applying these
ratios to complex orders comprised of legs for both mini-options and
standard options, ten mini-option contracts represent one standard
option contract. For the purpose of applying these ratios to complex
orders comprised of legs for both micro-options and standard
options, 100 micro-option contracts represent one standard option
contract. See Cboe Rule 1.1.
    \4\ See Securities Exchange Act Release No. 92709 (August 19,
2021), 86 FR 47529 (``Notice'').
    \5\ See letter to Vanessa Countryman, Secretary, Commission,
from Alanna Barton, General Counsel, BOX Exchange LLC, dated
September 14, 2021 (``BOX Letter''); and letter from Mary Smith,
dated August 19, 2021 (``Smith Letter''). Comments received
regarding the proposal are available on the Commission's website at:
https://www.sec.gov/comments/sr-cboe-2021-046/srcboe2021046.htm.
    \6\ See letter to Vanessa Countryman, Secretary, Commission,
from Laura G. Dickman, Vice President and Associate General Counsel,
Cboe Options, dated September 23, 2021 (``Exchange Response''). The
Exchange Response is available on the Commission's website at:
https://www.sec.gov/comments/sr-cboe-2021-046/srcboe2021046.htm.
    \7\ 15 U.S.C. 78s(b)(2).
    \8\ See Securities Exchange Act Release No. 93159 (September 28,
2021), 86 FR 54780 (October 4, 2021). The Commission designated
November 23, 2021, as the date by which the Commission shall approve
or disapprove, or institute proceedings to determine whether to
approve or disapprove, the proposed rule change.
    \9\ Amendment No. 1 revises the proposal to provide rationale
for allowing complex orders with any ratio equal to or greater than
one-to-three and less than or equal to three-to-one to trade
electronically; provide information regarding the number of
additional contracts that would be permitted to trade in $0.01
increments under the proposal; and express the view that the rules
of another options exchange do not clearly specify the minimum
trading increment applicable to complex orders traded on that
exchange's trading floor. Amendment No. 1 is available on the
Commission's website at https://www.sec.gov/comments/sr-cboe-2021-046/srcboe2021046.htm.
    \10\ 15 U.S.C. 78s(b)(2)(B).
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II. Description of the Proposed Rule Change, as Modified by Amendment
No. 1

    Currently, Exchange Rule 5.4 provides that, except as provided in
Exchange Rule 5.33, the minimum increment for bids and offers on
complex orders with any ratio equal to or greater than one-to-three and
less than or equal to three-to-one for equity and index options, and
Index Combo orders, is $0.01 or greater, which the Exchange may
determine on a class-by-class basis, and the legs may be executed in
$0.01 increments. The rule further provides that the minimum increment
for bids and offers on complex orders with any ratio less than one-to-
three or greater than three-to-one for equity and index options (except
for Index Combo orders) is the standard increment for the class
pursuant to Exchange Rule 5.4(a), and the legs may be executed in the
minimum increment applicable to the class pursuant to Exchange Rule
5.4(a).\11\ The Exchange proposes to amend Exchange Rule 5.4(a) to
allow complex orders with any ratio to be quoted in increments of $0.01
or greater, as determined by the Exchange on a class-by-class basis,
and executed in $0.01 increments.
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    \11\ The minimum increment for bids and offers on complex orders
in options on the S&P 500 Index (SPX) or on the S&P 100 Index (OEX
and XEO), except for box/roll spreads, is $0.05 or greater, or any
increment, which the Exchange may be determine on a class-by-class
basis. See Cboe Rule 5.4(a).
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    The Exchange states that if complex orders cannot be expressed in
increments smaller than the increment for the class (such as $0.05), it
may be difficult for brokers to obtain the desired prices for their
customers' complex orders because the parties to a trade must perform
complicated and time-consuming calculations to break down the orders
into the required contract quantities and prices to fit within the
constraint of executing the orders at a minimum increment other than
$0.01.\12\ In addition, the Exchange notes that the calculation process
for larger-ratio complex orders is time-consuming because these orders
generally are entered in large quantities with a large number of
legs.\13\ As a result, brokers executing larger-ratio complex orders on
active trading days cannot be as efficient in representing other
customer orders they are holding.\14\ The Exchange states that the
proposal to allow larger-ratio complex orders to be quoted and executed
in $0.01 increments will provide market participants with flexibility
in pricing their investment strategies and allow Trading Permit Holders
(``TPHs'') to execute these orders more efficiently and at better
prices for their customers.\15\
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    \12\ See Notice, 86 FR at 47530.
    \13\ See Exchange Response at 4.
    \14\ See Notice, 86 FR at 47530.
    \15\ See id. at 47530-1.
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    The Exchange notes that, in general, because fewer than one third
of complex orders executed on the Exchange's trading floor have ratios
greater than three-to-one, a significant majority of the complex orders
traded on the Exchange are eligible to execute in pennies.\16\
Accordingly, if the proposal increases the number of complex orders
submitted with ratios greater than three-to-one (and thus the number of
orders that may trade in pennies), the Exchange believes that any
increase would represent a nominal increase in the volume that would be
eligible to execute in pennies.\17\
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    \16\ See Amendment No. 1 at 4.
    \17\ See id.
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    Currently, the Exchange permits complex orders with any ratio less
than one-to-three or greater than three-to-one to trade only on the
Exchange's trading floor.\18\ The Exchange proposes to allow these
larger-ratio orders to be traded electronically, as well as in open
outcry.\19\ The Exchange states that electronic trading of larger-ratio
complex orders will provide investors with additional flexibility in
executing these orders and will increase the investment strategies
available to investors who prefer to or solely trade
electronically.\20\
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    \18\ See Notice, 86 FR at 47529.
    \19\ See id. at n. 6.
    \20\ See Amendment No. 1 at 5.
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    The Exchange asserts that it is unlikely that market participants
would submit orders with any ratio equal to or greater than one-to-
three and less than or equal to three-to-one that is not a bona fide
trading strategy solely for the purpose of trading in $0.01
increments.\21\ The Exchange states that it is unlikely that other
market participants would be willing to execute against an order that
is not a bona fide trading strategy, thereby reducing the likelihood
that a market participant would be able to execute such a strategy.\22\
The Exchange further states that adding an extra leg to a large order
to be able to improve the book by $0.01 would be unnecessary because
such order could be executed in an AIM Auction in $0.01 increments.\23\
In addition, the Exchange notes that these orders would be subject to
review by the

Exchange's regulatory division, which could determine that the
submission of such orders was in violation of the Exchange's rules,
including Exchange Rule 8.1, which prohibits TPHs from engaging in acts
or practices inconsistent with just and equitable principles of
trade.\24\
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    \21\ See Notice, 86 FR at 47531.
    \22\ See id.
    \23\ See id.
    \24\ See id.
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    The proposal does not extend the complex order priority provisions
applicable to complex orders with any ratio equal to or greater than
one-to-three and less than or equal to three-to-one to complex orders
with any ratio less than one-to-three or greater than three-to-one.\25\
The proposal amends Exchange Rule 5.33(f)(2)(A)(v) to provide that a
complex order that has any ratio less than one-to-three or greater than
three-to-one will not execute at a net price that would cause any
component of the complex strategy to be executed at a price ahead of a
Priority Customer order on the Simple Book \26\ without improving the
BBO \27\ of each component of the complex strategy with a Priority
Customer order at the BBO.\28\ As a result, a complex order with any
ratio less than one-to-three or greater than three-to-one may be
executed at a net debit or credit price only if each leg of the order
betters the corresponding bid (offer) of a Priority Customer order(s)
in the Simple Book.\29\ Accordingly, the Exchange states that the
complex order priority rules will continue to protect Priority Customer
interest on the Simple Book.\30\
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    \25\ See Notice, 86 FR at 47530.
    \26\ The Simple Book is the electronic book of simple orders and
quotes maintained by the System, which single book is used during
both the Regular Trading Hours and Global Trading Hours trading
sessions. See Exchange Rule 1.1.
    \27\ The BBO is the best bid or offer disseminated on the
Exchange.
    \28\ See Exchange Rule 1.1. Exchange Rule 5.33(f)(2)(A)(v) will
continue to provide that a complex order that has any ratio equal to
or greater than one-to-three and less than or equal to three-to-one,
or an Index Combo order, will not execute at a net price that would
cause any component of the complex strategy to be executed at a
price ahead of a Priority Customer Order on the Simple Book without
improving the BBO of at least one component of the complex strategy.
    \29\ See Notice, 86 FR at 47530.
    \30\ See id.
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III. Summary of Comments and Exchange's Response

    The Commission received two comment letters regarding the
proposal.\31\ One commenter states that the proposal would solely
benefit high-speed traders and result in worse prices for retail
traders due to decreased quotes.\32\
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    \31\ See supra note 5.
    \32\ See Smith Letter.
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    The Exchange states that the proposal is designed to increase the
efficiency of trading larger-ratio, highly complex orders and is not
intended to benefit high-speed traders.\33\ The Exchange further states
that the proposal has minimal relevance to high-speed traders, who
generally participate in listed options trading as market makers rather
than as brokers conducting agency businesses.\34\ The Exchange
concludes that the proposal ``will have minimal impact on either high-
speed traders or retail traders (or on the simple market), as it is
intended to increase the efficiency and precision available to brokers
attempting to execute highly complicated yet bona-fide multi-leg option
strategies on the Exchange, which strategies are not common among high-
speed traders or retail traders.'' \35\ In addition, the Exchange notes
that the proposal is unrelated to quoting and that the increased number
of complex orders that would be eligible for more flexible pricing
under the proposal could increase the number of complex orders entered
on the Exchange that may leg into the Simple Book, thereby increasing
execution opportunities for resting customer orders.\36\
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    \33\ See Exchange Response at 1-2.
    \34\ See id. at 2.
    \35\ Id. at 3-4.
    \36\ See id. at 2.
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    Another commenter states that, contrary to statements in the
proposal, each component leg of s of a multi-leg Qualified Open Outcry
Order (``QOO'') on the BOX Exchange LLC's (``BOX'') trading floor
respects the minimum trading increment for the series (e.g., $0.01,
$0.05, $0.10).\37\ The commenter further states that multi-leg QOO
Orders do not meet the definition of Complex QOO Order and are treated
like single-leg QOO Orders for purposes of execution and priority.\38\
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    \37\ See BOX Letter at 1.
    \38\ See id.
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    In its response, the Exchange states that multiple TPHs who are
also members of BOX informed the Exchange that multi-legged orders with
ratios greater than three-to-one or less than one-to-three are executed
regularly on BOX's trading floor in penny increments.\39\ The Exchange
also expressed the view that BOX's rules lack clarity regarding the
increments applicable to QOO Orders that do not satisfy the definition
of a complex order in BOX Rule 7240(a)(7).\40\
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    \39\ See Exchange Response at 4.
    \40\ See id. at 4-5. See also Amendment No. 1 at 6-7.
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IV. Proceedings To Determine Whether To Approve or Disapprove SR-CBOE-
2021-046 and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act \41\ to determine whether the proposed rule
change should be approved or disapproved. Institution of such
proceedings is appropriate at this time in view of the legal and policy
issues raised by the proposed rule change. Institution of proceedings
does not indicate that the Commission has reached any conclusions with
respect to any of the issues involved. Rather, as described below, the
Commission seeks and encourages interested persons to provide comments
on the proposed rule change.
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    \41\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

    Pursuant to Section 19(b)(2)(B) of the Act,\42\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of the proposed rule change's consistency with Section 6(b)(5)
of the Act,\43\ which requires, among other things, that the rules of a
national securities exchange be ``designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, . . . to remove impediments to and perfect the
mechanism of a free and open market and a national market system and,
in general, to protect investors and the public interest,'' \44\ and
not be designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.\45\ The proposal would allow a complex
order with any ratio less than one-to-three or greater than three-to-
one to be quoted and executed in $0.01 increments, regardless of the
trading increment for the class. Thus, the component series of a
complex order with any ratio less than one-to-three or greater than
three-to-one in a class that trades in $0.05 increments would be able
to trade in $0.01 increments, while single-leg orders in those series
would trade in $0.05 increments. The Commission believes that questions
are raised as to whether this disparity in trading increments could
disadvantage market participants trading single-leg orders in classes
with a standard trading increment of $0.05 or $0.10.
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    \42\ Id.
    \43\ 15 U.S.C. 78f(b)(5).
    \44\ Id.
    \45\ See id.

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V. Procedure: Request for Written Comments

    The Commission requests that interested persons provide written
submissions of their data, views, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposed rule change
is consistent with Section 6(b)(5) or any other provisions of the Act,
or rules and regulations thereunder. Although there do not appear to be
any issues relevant to approval or disapproval that would be
facilitated by an oral presentation of data, views, and arguments, the
Commission will consider, pursuant to Rule 19b-4 under the Act,\46\ any
request for an opportunity to make an oral presentation.\47\
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    \46\ 17 CFR 240.19b-4.
    \47\ Section 19(b)(2) of the Act, as amended by the Securities
Acts Amendments of 1975, Public Law 94-29 (June 4, 1975), grants to
the Commission flexibility to determine what type of proceeding--
either oral or notice and opportunity for written comments--is
appropriate for consideration of a particular proposal by a self-
regulatory organization. See Securities Acts Amendments of 1975,
Senate Comm. on Banking, Housing & Urban Affairs, S. Rep. No. 75,
94th Cong., 1st Sess. 30 (1975).
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    Interested persons are invited to submit written data, views, and
arguments regarding whether the proposed rule change should be approved
or disapproved by December 21, 2021. Any person who wishes to file a
rebuttal to any other person's submission must file that rebuttal by
January 4, 2022. The Commission asks that commenters address the
sufficiency and merit of the Exchange's statements in support of the
proposal, in addition to any other issues raised by the proposed rule
change raised under the Act.
    Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File No. SR-CBOE-2021-046 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 No. SR-CBOE-2021-046. The 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 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. 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 No. SR-CBOE-2021-046 and should be submitted by
December 21, 2021. Rebuttal comments should be submitted by January 4,
2022.
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    \48\ 17 CFR 200.30-3(a)(12); 17 CFR 200.30-3(a)(57).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\48\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-25989 Filed 11-29-21; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 209 (Wednesday, October 28, 2020)]
[Notices]
[Pages 68355-68356]
[FR Doc No: 2020-23956]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2007-0008]

National Advisory Council; Meeting

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Committee management; notice of open Federal Advisory Committee
meeting.

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SUMMARY: The Federal Emergency Management Agency's National Advisory
Council (NAC) will meet November 17-18, 2020. The meeting will be open
to the public through virtual means.

DATES: The NAC will meet by virtual means Tuesday, November 17 and
Wednesday, November 18, 2020, between 12:30 p.m. to 5 p.m. Eastern
Time. Please note that the meeting may close early if the NAC has
completed its business.

ADDRESSES: All membership, FEMA, invited guest and public participation
is by virtual means only. Anyone who wishes to participate must
register with FEMA prior to the meeting by providing their name,
telephone number, email address, title, and organization to the person
listed in the FOR FURTHER INFORMATION CONTACT caption below by 5 p.m.
ET Friday, November 13, 2020.
    To facilitate public participation, members of the public are
invited to provide written comments on the issues to be considered by
the NAC. The topic areas are indicated in the SUPPLEMENTARY INFORMATION
caption below. The full agenda and any related documents for this
meeting will be available by Friday, November 13, 2020, by contacting
the person listed in FOR FURTHER INFORMATION CONTACT below. Written
comments must be submitted and received by 5 p.m. Eastern Time on
November 13, 2020, identified by Docket ID FEMA-2007-0008, and
submitted by the following method: Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments.
    Instructions: All submissions must include the words ``Federal
Emergency Management Agency'' and the docket number for this action.
Comments received, including any personal information provided, will be
posted without alteration at http://www.regulations.gov.
    Docket: For access to the docket to read comments received by the
NAC, go to http://www.regulations.gov, and search for Docket ID FEMA-
2007-0008.
    Public comment periods will be held on Tuesday, November 17, 2020,
from 1:00 p.m. to 1:15 p.m. and on Wednesday, November 18, 2020, from
4:30 p.m. to 4:40 p.m. Eastern Time. All speakers must limit their
comments to three minutes. Comments should be addressed to the NAC. Any
comments not related to the agenda topics will not be considered by the
NAC. To register to make remarks during the public comment period,
contact the person listed in FOR FURTHER INFORMATION CONTACT below by 5
p.m. ET Friday,

November 13, 2020. Please note that the public comment period may end
before the time indicated, following the last call for comments.

FOR FURTHER INFORMATION CONTACT: Jasper Cooke, Designated Federal
Officer, Office of the National Advisory Council, Federal Emergency
Management Agency, 500 C Street SW, Washington, DC 20472-3184,
telephone<PHONE_NUMBER>, and email<EMAIL_ADDRESS>The NAC
website is http://www.fema.gov/national-advisory-council.

SUPPLEMENTARY INFORMATION: Notice of this meeting is given under the
Federal Advisory Committee Act, 5 U.S.C. Appendix.
    The NAC advises the FEMA Administrator on all aspects of emergency
management. The NAC incorporates input from state, local, territorial
and tribal governments, and the private sector in the development and
revision of FEMA plans and strategies. The NAC includes a cross-section
of officials, emergency managers, and emergency response providers from
State, local, territorial and Tribal governments, the private sector,
and nongovernmental organizations.
    Agenda: On Tuesday, November 17, 2020, the NAC will discuss final
recommendations, and vote on the recommendations and the report.
    On Wednesday, November 18, 2020, the NAC will present
recommendations to and receive feedback from leadership and discuss
strategic priorities with FEMA leadership and topical experts.
    The full agenda and any related documents for this meeting will be
available by Friday, November 13, 2020, by contacting the person listed
in FOR FURTHER INFORMATION CONTACT above.

Pete Gaynor,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2020-23956 Filed 10-26-20; 11:15 am]
BILLING CODE 9111-48-P