[Federal Register: November 19, 2008 (Volume 73, Number 224)]
[Notices]
[Page 69625]
[DOCID:fr19no08-68]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 13243-000]

Rockhouse Mountain Energy, LLC; Notice of Preliminary Permit
Application Accepted for Filing and Soliciting Comments, Motions To
Intervene, and Competing Applications

November 13, 2008.
    On June 13, 2008, Rockhouse Mountain Energy, LLC filed an
application, pursuant to section 4(f) of the Federal Power Act,
proposing to study the feasibility of the Murphy Dam Hydroelectric
Project. The project would be located at the existing Murphy Dam owned
by the State of New Hampshire on Lake Francis, in Coos County, New
Hampshire.
    The proposed Murphy Dam Project would use the State of New
Hampshire's Murphy Dam and would consist of: (1) A proposed 540-foot-
long, 8-foot-diameter steel penstock; (2) a proposed powerhouse
containing one generating unit having a total installed capacity of
2.25 MW; (3) a proposed 1.1-mile-long, 19.9/34.5-kV transmission line;
(4) a tailrace; and (5) appurtenant facilities. The proposed project
would have an average annual generation of 11.6 gigawatt-hours, which
would be sold to a local utility.
    Applicant Contact: Mr. Robert Jawitz, Rockhouse Mountain Energy,
LLC, PO Box 197, Conway, NH 03818; phone<PHONE_NUMBER>.
    FERC Contact: Kelly T. Houff,<PHONE_NUMBER>.
    Deadline for filing comments, motions to intervene, competing
applications (without notices of intent), or notices of intent to file
competing applications: 60 days from the issuance of this notice.
Comments, motions to intervene, notices of intent, and competing
applications may be filed electronically via the Internet. See 18 CFR
385.2001(a)(1)(iii) and the instructions on the Commission's Web site
under the ``e-Filing'' link. If unable to be filed electronically,
documents may be paper-filed. To paper-file, an original and eight
copies should be mailed to: Kimberly D. Bose, Secretary, Federal Energy
Regulatory Commission, 888 First Street, NE., Washington, DC 20426. For
more information on how to submit these types of filings please go to
the Commission's Web site located at http://www.ferc.gov/filing-
comments.asp. More information about this project can be viewed or
printed on the ``eLibrary'' link of Commission's Web site at http://
www.ferc.gov/docs-filing/elibrary.asp. Enter the docket number (P-
13243) in the docket number field to access the document. For
assistance, call toll-free 1-866-208-3372.

Kimberly D. Bose,
Secretary.
[FR Doc. E8-27413 Filed 11-18-08; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 83, Number 248 (Friday, December 28, 2018)]
[Notices]
[Pages 67452-67455]
[FR Doc No: 2018-28184]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84887; File No. SR-PEARL-2018-25]

Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Exchange
Rule 519, MIAX PEARL Order Monitor

December 20, 2018.
    Pursuant to the provisions of 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 December 12, 2018, MIAX PEARL, LLC (``MIAX
PEARL'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') a proposed rule change as described in
Items I, II, and III below, which Items have been prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange is filing a proposal to amend Exchange Rule 519, MIAX
PEARL Order Monitor (``MOM'').
    The text of the proposed rule change is available on the Exchange's
website at http://www.miaxoptions.com/rule-filings/pearl at MIAX
PEARL's principal office, and at the Commission's Public Reference
Room.

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these

statements may be examined at the places specified in Item IV below.
The Exchange has prepared summaries, set forth in sections A, B, and C
below, of the most significant aspects of such statements.

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

1. Purpose
    The Exchange proposes to amend Exchange Rule 519, MIAX PEARL Order
Monitor (``MOM''). Specifically, the Exchange proposes to amend
subsection (a)(3) to adopt new subsection (a)(3) and new subsection
(a)(4) to reorganize the rule text for simplicity and to make
clarifying changes to add additional detail to align the rule to the
System's \3\ behavior.
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    \3\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
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    Current subsection (a)(3), Limit Orders to Buy Or Sell, provides
that the System will reject an incoming limit order from a Market Maker
\4\ or an EEM \5\ that crosses the contra-side NBBO \6\ by at least (i)
50% of the opposite side NBBO where the minimum crossing price is
$0.25, or (ii) $2.50, whichever is less. The rule provides the
following examples to illustrate those situations where lower priced
limit orders are rejected because they cross the NBBO by at least 50%:
(A) (1) If the NBBO on the offer side is $4.00, an order to buy options
for $6.00 or more will be rejected; and (2) if the NBBO on the bid side
is $4.00, an order to sell options for $2.00 or less will be rejected.
(B) The following are examples of those situations where higher priced
limit orders are rejected because they cross the NBBO by $2.50 or more:
(1) If the NBBO on the offer side is $12.00, an order to buy options
for $14.50 or more will be rejected and (2) if the NBBO on the bid side
is $12.00, an order to sell options for $9.50 or less will be rejected.
(C) The following examples illustrate the effect of the qualifier that
the minimum crossing price of a limit order that crosses the NBBO by at
least 50% must be at least $0.25: (1) If the NBBO on the offer side is
$0.10, an order to buy options for $0.15 will not be rejected because
the minimum crossing price is not $0.25 even though the order crosses
the contra-side NBBO by 50%; and (2) if the NBBO on the offer side is
$0.50, an order to buy options for $0.75 or more will be rejected
because it crosses by 50% of the opposite side NBBO and it meets the
minimum price of $0.25.
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    \4\ The term ``Market Maker'' or ``MM'' means a Member
registered with the Exchange for the purpose of making markets in
options contracts traded on the Exchange and that is vested with the
rights and responsibilities specified in Chapter VI of the MIAX
PEARL Rules. See Exchange Rule 100.
    \5\ The term ``Electronic Exchange Member'' or ``EEM'' means the
holder of a Trading Permit who is a Member representing as agent
Public Customer Orders or Non-Customer Orders on the Exchange and
those non-Market Maker Members conducting proprietary trading.
Electronic Exchange Members are deemed ``members'' under the
Exchange Act. See Exchange Rule 100.
    \6\ The term ``NBBO'' means the national best bid or offer as
calculated by the Exchange based on market information received by
the Exchange from OPRA. See Exchange Rule 100.
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    The Exchange now proposes to amend current subsection (3) to create
a separate subsection for limit orders to buy (proposed subsection
(3)), and for limit orders to sell (proposed subsection (4)). The
Exchange believes that creating separate subsections dedicated to buys
and sells will provide clarity and additional detail to the Exchange's
rule.
    Proposed subsection (3), Limit Orders to Buy, will provide that for
options with a National Best Offer (``NBO'') greater than $0.50 the
System will reject an incoming limit order from a Market Maker or an
EEM that has a limit price equal to or greater than the NBO by the
lesser of (i) $2.50, or (ii) 50% of the NBO price. This provision is
identical in operation as the current rule provision. The proposed rule
will also provide that for options with an NBO less than or equal to
$0.50 the System will reject an incoming limit order from a Market
Maker or an EEM that has a limit price that is equal to or greater than
the NBO price by $0.25. This provision clarifies the current provision
and more accurately defines the concept of crossing price which is used
in the current rule.
    Similar to the current rule, examples are included in the proposed
rule to demonstrate the operation of the rule in different
circumstances. The proposed examples provide that (A) if the NBO is
$12.00 an incoming limit order to buy options for $14.50 or more will
be rejected; and (B) if the NBO is $0.10 an incoming limit order to buy
options for $0.15 will not be rejected; whereas if the NBO is $0.10 an
incoming limit order to buy options for $0.35 will be rejected as the
limit price of the order is $0.25 greater than the NBO. Proposed
example A provides an example of an order being rejected when the
order's limit price ($14.50) is greater than the NBO ($12.00) by the
lesser of $2.50 or 50% of the NBO price ($6.00). Proposed example B
demonstrates how the MOM protection works when the NBO of the option is
$0.50 or less. If the NBO is $0.10 an incoming limit order to buy
options for $0.15 will not be rejected as the order's limit price is
not $0.25 greater ($.35) than the NBO price. Example B also
demonstrates the scenario where an order with a limit price $0.25
greater than the NBO will be rejected.
    Proposed subsection (4) Limit Orders to Sell, will provide that for
options with a National Best Bid (``NBB'') equal to or greater than
$0.25 the System will reject an incoming limit order from a Market
Maker or an EEM that has a limit price equal to or less than the NBB by
the lesser of (i) $2.50, or (ii) 50% of the NBB price. The current rule
similarly provides that the System will reject an incoming limit order
from a Market Maker or an EEM that crosses the contra-side NBBO by at
least 50% of the opposite side NBBO, but that also has a minimum
crossing price of $0.25. When the NBB is $0.25 or less it is not
feasible for an incoming limit order to be priced 50% through the NBB
and also have a crossing price of $0.25. Therefore, the Exchange is
proposing to add rule text to clarify that for options with an NBB of
$0.25 or less the System will accept any incoming limit order to sell
from a Market Maker or an EEM. When the NBB is greater than $0.50 any
incoming limit order to sell priced 50% through the NBB will be for an
amount greater than $0.25 and will be rejected. The Exchange now
proposes to align the rule text to the current System behavior in
certain instances where the NBB is greater than $0.25 but less than
$0.50. Within this NBB range, the Exchange may receive an order that is
priced greater than 50% through the NBB but that does not reach the
$0.25 threshold. For example, an incoming limit order to sell with a
limit price of $0.10, when the NBB is $.30, is priced more than 50%
through the NBB, but is only $0.20 away from the NBB. The Exchange's
System currently rejects this order and the Exchange is proposing to
amend its rule to remove the $0.25 crossing price condition as the
Exchange believes that orders that cross the NBB by at least 50% when
the NBB is greater than $0.25 should be rejected. This provision
provides clarity and additional detail regarding the handling of
incoming limit orders to sell that are received when the NBB is greater
than or less than $0.25.
    Additionally, the proposed rule will include examples to
demonstrate the operation of the rule in different circumstances. The
proposed examples provide that (A) if the NBB is $12.00 an incoming
limit order to sell options for $9.50 or less will be rejected; and (B)
if the NBB is $0.30 an incoming limit order to sell options for $0.15
will be rejected; whereas if the NBB is $0.30 an

incoming limit order to sell options for $0.20 will not be rejected as
the limit price of the order is not less than 50% of the NBB price.
Proposed example A provides an example of an order being rejected when
the order's limit price ($9.50) is less than the NBB ($12.00) by the
lesser of $2.50 or 50% of the NBB price ($6.00). Proposed example B
demonstrates how the MOM protection works when the NBB of the option is
greater than $0.25.
    The Exchange believes its proposed changes provide additional
detail and clarity to the Exchange's rules concerning order protections
for incoming limit orders to buy and sell.
2. Statutory Basis
    MIAX PEARL believes that its proposed rule change is consistent
with Section 6(b) of the Act \7\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \8\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in, securities, to remove impediments to and
perfect the mechanisms 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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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed changes to its rulebook add
additional detail and provide further clarification to Members,\9\
investors, and the public, regarding the Exchange's order monitoring
functionality. The Exchange believes it is in the interest of investors
and the public to accurately describe the behavior of the Exchange's
System in its rules as this information may be used by investors to
make decisions concerning the submission of their orders. Transparency
and clarity are consistent with the Act because it removes impediments
to and helps perfect the mechanism of a free and open market and a
national market system, and, in general, protects investors and the
public interest by accurately describing the behavior of the Exchange's
System.
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    \9\ The term ``Member'' means an individual or organization that
is registered with the Exchange pursuant to Chapter II of MIAX PEARL
Rules for purposes of trading on the Exchange as an ``Electronic
Exchange Member'' or ``Market Maker.'' Members are deemed
``members'' under the Exchange Act. See Exchange Rule 100.
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    Currently the Exchange's rule discusses the operation of the MIAX
PEARL Order Monitor on incoming limit orders to buy or incoming limit
orders to sell in a single paragraph.\10\ The Exchange now proposes to
provide separate rule text specifically discussing the MIAX PEARL Order
Monitor process for incoming limit orders to buy (proposed paragraph
(a)(3)) and for incoming limit orders to sell (proposed paragraph
(a)(4)). The Exchange believes that the proposed changes promote just
and equitable principles of trade and removes impediments to and
perfects the mechanism of a free and open market and a national market
system and, in general, protects investors and the public interest by
providing additional detail and clarity in the Exchange's rules.
Further, the Exchange believes that providing a clear line of
delineation for the treatment of orders received when the NBB is less
than or greater than $0.25 benefits investors and the public by
establishing clear and unambiguous thresholds regarding the acceptance
or rejection of orders. Further, the Exchange's proposal provides
transparency and clarity in the rules and is consistent with the Act
because it removes impediments to and helps perfect the mechanism of a
free and open market and a national market system, and, in general,
protects investors and the public interest by accurately describing the
behavior of the Exchange's System. In particular, the Exchange believes
that the proposed rule changes will provide greater clarity to Members
and the public regarding the Exchange's Rules, and it is in the public
interest for rules to be accurate and concise so as to eliminate the
potential for confusion.
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    \10\ See Exchange Rule 518(a)(3).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    MIAX PEARL does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change
does not alter any functionality of the Exchange's System and is
designed to add additional clarity and detail to the Exchange's rules.
    The Exchange does not believe that the proposed rule change will
impose any burden on inter-market competition as the Rules apply
equally to all Exchange Members. The proposed rule change is not a
competitive filing and is intended to enhance the protection of
investors by ensuring that the rule clearly and accurately describes
the scenarios when a limit order to buy or a limit order to sell will
be rejected by the Exchange's System. Additionally, the proposed rule
change provides examples of hypothetical scenarios to provide
additional detail and clarity to the Exchange's rulebook.

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

    Written comments were neither solicited nor received.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(6) \12\
thereunder.
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    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 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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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-PEARL-2018-25 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities
and Exchange

Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-PEARL-2018-25. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of 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 Number SR-PEARL-2018-25 and should be submitted on
or before January 18, 2019.
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    \13\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
Brent J. Fields,
Secretary.
[FR Doc. 2018-28184 Filed 12-27-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 93 (Friday, May 13, 2022)]
[Notices]
[Pages 29416-29417]
[FR Doc No: 2022-10289]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-105, OMB Control No. 3235-0121]

Submission for OMB Review; Comment Request

Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736

Extension:
    Form 18

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget this request for extension of the previously approved
collection of information discussed below.
    Form 18 (17 CFR 249.218) is a registration form used for by a
foreign government or political subdivision to register securities for
listing on a U.S. exchange. The information collected is intended to
ensure that the information required by the Commission to be filed
permits verification of compliance with securities law requirements and
assures the public availability of the information. The information
provided is mandatory and all information is made available to the
public upon request. Form 18 takes approximately 8 hours per response
and is filed by approximately 5 respondents for a total of 40 annual
burden hours (8 hours per response x 5 responses). It is estimated that
100% of the total reporting burden is prepared by the company.
    An agency may conduct or sponsor, and a person is not required to
respond to, a collection of information unless it displays a currently
valid control number.
    The public may view background documentation for this information
collection at the following website: www.reginfo.gov. Find this
particular information collection by selecting ``Currently under 30-day
Review--Open for Public Comments'' or by using the search function.
Written comments and recommendations for the proposed information
collection should be sent within 30 days of publication of this notice
by June 13, 2022 to (i) www.reginfo.gov/public/do/PRAMain and (ii)
David Bottom, Director/Chief Information Officer, Securities and
Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC
20549, or by sending an email to: [email protected].

    Dated: May 9, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-10289 Filed 5-12-22; 8:45 am]
BILLING CODE 8011-01-P