[Federal Register: March 19, 2007 (Volume 72, Number 52)]
[Notices]
[Page 12787-12788]
[DOCID:fr19mr07-47]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP07-23-001]

Algonquin Gas Transmission, LLC; Notice of Compliance Filing

March 13, 2007.
    Take notice that on March 6, 2007, Algonquin Gas Transmission, LLC
(Algonquin) submitted a compliance filing pursuant to the Commission's
order issued February 27, 2007, in Docket No. CP07-23-000.
    Algonquin states that copies of the filing have been served upon
all affected customers of Algonquin and interested state commissions
and all parties on the official service list in the above-captioned
proceeding.
    Any person desiring to protest this filing must file in accordance
with Rule 211 of the Commission's Rules of Practice and Procedure (18
CFR 385.211). Protests to this filing will be considered by the
Commission in determining the appropriate action to be taken, but will
not serve to make Protestants parties to the proceeding. Such protests
must be filed on or before the date as indicated below. Anyone filing a
protest must serve a copy of that document on all the parties to the
proceeding.
    The Commission encourages electronic submission of protests in lieu
of paper using the ``eFiling'' link at http://www.ferc.gov. Persons

unable to file electronically should submit an

original and 14 copies of the protest to the Federal Energy Regulatory
Commission, 888 First Street, NE., Washington, DC 20426.
    This filing is accessible on-line at http://www.ferc.gov, using the

``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For

TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on March 28, 2007.

Philis J. Posey,
Acting Secretary.
[FR Doc. E7-4985 Filed 3-16-07; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 100 (Tuesday, May 24, 2011)]
[Rules and Regulations]
[Pages 30020-30023]
[FR Doc No: 2011-12677]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket No. USCG-2011-0390]
RIN 1625-AA00

Safety Zone; Wicomico Community Fireworks, Great Wicomico River,
Mila, VA

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is establishing a temporary safety zone on the
Great Wicomico River in the vicinity of Mila, VA in support of the
Wicomico Community Fireworks event. This action is necessary to provide
for the safety of life on navigable waters during the Wicomico
Community Fireworks. This action is intended to restrict vessel traffic
movement on the Great Wicomico River to protect mariners from the
hazards associated with fireworks displays.

DATES: This rule is effective from 9 p.m. on July 2, 2011, until 10
p.m. on July 3, 2011.

ADDRESSES: Documents indicated in this preamble as being available in
the docket are part of docket USCG-2011-0390 and are available online
by going to http://www.regulations.gov, inserting USCG-2011-0390 in the
``Keyword'' box, and then clicking ``Search.'' They are also available
for inspection or copying at the Docket Management Facility (M-30),
U.S. Department of Transportation, West Building Ground Floor, Room
W12-140, 1200 New Jersey Avenue, SE., Washington, DC 20590, between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this
temporary rule, call or e-mail CWO Carlos Hernandez, Waterways
Management Division Chief, Sector Hampton Roads, Coast Guard; telephone
757-668-5583, e-mail<EMAIL_ADDRESS>If you have questions
on viewing the docket, call Renee V. Wright, Program Manager, Docket
Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Regulatory Information

    The Coast Guard is issuing this temporary final rule without prior
notice and opportunity to comment pursuant to authority under section
4(a) of the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This
provision authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency for good cause finds that those
procedures are ``impracticable, unnecessary, or contrary to the public
interest.'' Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good
cause exists for not publishing a notice of proposed rulemaking (NPRM)
with respect to this rule because any delay encountered in this
regulation's effective date by publishing a NPRM would be contrary to
public interest since immediate action is needed to provide for the
safety of life and property on navigable waters.
    Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause
exists for making this rule effective less than 30 days after
publication in the Federal Register. Delaying the effective date would
be contrary to the public interest since immediate action is needed to
ensure the safety of the event participants, spectator craft, and other
vessels transiting the event area.

Background and Purpose

    On July 2, 2011 the Wicomico Church will sponsor a fireworks
display on the Great Wicomico River at position 37[deg]50'31'' N/
076[deg]19'42'' W (NAD 1983). Due to the need to protect mariners and
spectators from the hazards associated with the fireworks display,
access to the Great Wicomico River within 420 feet of the fireworks
launching platform will be temporarily restricted.

Discussion of Rule

    The Coast Guard is establishing a safety zone on specified waters
of the Great Wicomico River in the vicinity of Mila, Virginia. The
fireworks will be launched from land adjacent to the Great Wicomico
River and the safety zone is intended to protect mariners from any fall
out that may enter the water. This safety zone will encompass all
navigable waters within 420 feet of the fireworks launching platform
located at position 37[deg]50'31'' N/076[deg]19'42'' W (NAD 1983). This
safety zone will be established in the interest of public safety during
the Wicomico Community Fireworks event and will be enforced from 9 p.m.
until 10 p.m. on July 2, 2011, with a rain date of 9 p.m. until 10 p.m.
on July 3, 2011. Access to the safety zone will be restricted during
the specified date and times. Except for individuals responsible for
launching the fireworks and vessels authorized by the Captain of the
Port or his Representative, no person or vessel may enter or remain in
the regulated area.

Regulatory Analyses

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

Regulatory Planning and Review

    This rule is not a significant regulatory action under section 3(f)
of Executive Order 12866, Regulatory Planning and Review, and does not
require an assessment of potential costs and benefits under section
6(a)(3) of that Order. The Office of Management and Budget has not
reviewed it under that Order. Although this regulation restricts access
to the safety zone, the effect of this rule will not be significant
because: (i) The safety zone will be in effect for a limited duration;
(ii) the zone is of limited size; (iii) mariners may transit the waters
in and around this safety zone at the discretion of the Captain of the
Port or designated representative; and (iv), the Coast Guard will make
notifications via maritime advisories so mariners can adjust their
plans accordingly.

Small Entities

    Under the Regulatory Flexibility Act (5 U.S.C. 601-612), we have
considered whether this rule would have a significant economic impact
on a substantial number of small entities. The term ``small entities''
comprises small businesses, not-for-profit organizations that are
independently owned and operated and are not dominant in their fields,
and governmental jurisdictions with populations of less than 50,000.
    The Coast Guard certifies under 5 U.S.C. 605(b) that this rule will
not have a significant economic impact on a substantial number of small
entities.
    The rule would affect the following entities, some of which might
be small entities: the owners or operators of vessels intending to
transit or anchor in that portion of the Great Wicomico River from 9
p.m. until 10 p.m. on July 2, 2011, with a rain date of 9 p.m. until 10
p.m. on July 3, 2011.
    This safety zone will not have a significant economic impact on a
substantial number of small entities for the following reasons: (i) The
safety zone will only be in place for a limited duration. (ii) Before
the enforcement period of July 2, 2011, maritime advisories will be
issued allowing mariners to adjust their plans accordingly.
    If you think that your business, organization, or governmental
jurisdiction qualifies as a small entity and that this rule would have
a significant economic impact on it, please submit a comment (see
ADDRESSES) explaining why you think it qualifies and how and to what
degree this rule would economically affect it.

Assistance for Small Entities

    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Public Law 104-121), we offer to assist small
entities in understanding the rule so that they can better evaluate its
effects on them and participate in the rulemaking process.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate

against small entities that question or complain about this rule or any
policy or action of the Coast Guard.

Collection of Information

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

Federalism

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on State or local
governments and would either preempt State law or impose a substantial
direct cost of compliance on them. We have analyzed this rule under
that Order and have determined that it does not have implications for
federalism.

Unfunded Mandates Reform Act

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

Taking of Private Property

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

Civil Justice Reform

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

Protection of Children

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

Indian Tribal Governments

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

Energy Effects

    We have analyzed this rule under Executive Order 13211, Actions
Concerning Regulations That Significantly Affect Energy Supply,
Distribution, or Use. We have determined that it is not a ``significant
energy action'' under that order because it is not a ``significant
regulatory action'' under Executive Order 12866 and is not likely to
have a significant adverse effect on the supply, distribution, or use
of energy. The Administrator of the Office of Information and
Regulatory Affairs has not designated it as a significant energy
action. Therefore, it does not require a Statement of Energy Effects
under Executive Order 13211.

Technical Standards

    The National Technology Transfer and Advancement Act (NTTAA) (15
U.S.C. 272 note) directs agencies to use voluntary consensus standards
in their regulatory activities unless the agency provides Congress,
through the Office of Management and Budget, with an explanation of why
using these standards would be inconsistent with applicable law or
otherwise impractical. Voluntary consensus standards are technical
standards (e.g., specifications of materials, performance, design, or
operation; test methods; sampling procedures; and related management
systems practices) that are developed or adopted by voluntary consensus
standards bodies.
    This rule does not use technical standards. Therefore, we did not
consider the use of voluntary consensus standards.

Environment

    We have analyzed this rule under Department of Homeland Security
Management Directive 023-01 and Commandant Instruction M16475.lD, which
guide the Coast Guard in complying with the National Environmental
Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f), and have concluded
this action is one of a category of actions which do not individually
or cumulatively have a significant effect on the human environment.
This rule is categorically excluded, under figure 2-1, paragraph
(34)(g), of the Instruction. This rule involves establishing a
temporary safety zone. An environmental analysis checklist and a
categorical exclusion determination will be available in the docket
where indicated under ADDRESSES.

List of Subjects in 33 CFR Part 165

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

    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority:  33 U.S.C. 1231; 46 U.S.C. Chapter 701; 3306, 3703;
50 U.S.C. 191, 195; 33 CFR 1.05-1, 6.04-1, 6.04-6 and 160.5; Pub. L.
107-295, 116 Stat. 2064; Department of Homeland Security Delegation
No. 0170.1.

0
2. Add Temporary Sec.  165.T05-0390, to read as follows:

Sec.  165.T05-0390  Safety Zone; Wicomico Community Fireworks, Great
Wicomico River, Mila, VA.

    (a) Regulated Area. The following area is a safety zone: specified
waters of the Great Wicomico River located within a 420 foot radius of
the fireworks display at approximate position 37[deg]50'31'' N/
076[deg]19'42'' W (NAD 1983) in Mila, VA.
    (b) Definition: For purposes of enforcement of this section,
Captain of the Port Representative means any U.S. Coast Guard
commissioned, warrant or petty officer who has been authorized by the
Captain of the Port, Hampton Roads, Virginia to act on his behalf.
    (c) Regulation:
    (1) In accordance with the general regulations in 165.23 of this
part, entry into this zone is prohibited unless authorized by the
Captain of the Port, Hampton Roads or his designated representatives.
    (2) The operator of any vessel in the immediate vicinity of this
safety zone shall:
    (i) Stop the vessel immediately upon being directed to do so by any
commissioned, warrant or petty officer on board a vessel displaying a
U.S. Coast Guard Ensign; and
    (ii) Proceed as directed by any commissioned, warrant or petty
officer on board a vessel displaying a U.S. Coast Guard Ensign.
    (3) The Captain of the Port, Hampton Roads, Virginia can be
contacted at telephone number<PHONE_NUMBER>.
    (4) U.S. Coast Guard vessels enforcing the safety zone can be
contacted on VHF-FM marine band radio, channel 13 (156.65 MHz) and
channel 16 (156.8 MHz).
    (d) Enforcement period: This regulation will be enforced from 9
p.m.

until 10 p.m. on July 2, 2011, with a rain date of 9 p.m. until 10 p.m.
on July 3, 2011.

    Dated: May 12, 2011.
Mark S. Ogle,
Captain, U.S. Coast Guard, Captain of the Port Hampton Roads.
[FR Doc. 2011-12677 Filed 5-23-11; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 76, Number 92 (Thursday, May 12, 2011)]
[Notices]
[Page 27738]
[FR Doc No: 2011-11760]

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SECURITIES AND EXCHANGE COMMISSION

[File No. 500-1]

Order of Suspension of Trading; In the Matter of Diversified
Investors Corp. (n/k/a Diverse Holdings Corp.), Drew Resources (n/k/a
Galloway Energy, Inc.), DTI Medical Corp., DTLL, Inc. (n/k/a Solstice
Resorts, Inc.), and Dunn's Supply Store, Inc.

May 10, 2011.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Diversified Investors Corp. (n/k/a Diverse Holdings Corp.) because it
has not filed any periodic reports since the period ended August 31,
2000.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Drew Resources (n/k/a Galloway Energy, Inc.) because it has not filed
any periodic reports since the period ended March 31, 2001.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
DTI Medical Corp. because it has not filed any periodic reports since
the period ended September 30, 1997.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities
DTLL, Inc. (n/k/a Solstice Resorts, Inc. because it has not filed any
periodic reports since the period ended September 30, 2007.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Dunn's Supply Store, Inc. because it has not filed any periodic reports
since it filed a registration statement on May 31, 1996.
    The Commission is of the opinion that the public interest and the
protection of investors require a suspension of trading in the
securities of the above-listed companies.
    Therefore, it is ordered, pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that trading in the securities of the
above-listed companies is suspended for the period from 9:30 a.m. EDT
on May 10, 2011, through 11:59 p.m. EDT on May 23, 2011.

    By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2011-11760 Filed 5-10-11; 11:15 am]
BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 117 (Wednesday, June 17, 2020)]
[Notices]
[Pages 36637-36644]
[FR Doc No: 2020-12989]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89050; File No. SR-NYSE-2020-49]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Its Price List

June 11, 2020.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on June 1, 2020, New York Stock Exchange LLC (``NYSE'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by the self-
regulatory organization. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend its Price List to (1) adopt a step
up tier for member organizations adding liquidity in Non-Displayed
Limit Orders in Tapes A, B and C securities; (2) revise the credits for
member organizations qualifying for Step Up Tier 2 Adding Credit; and
(3) extend through June 2020 the waiver of equipment and related
service charges and trading license fees for NYSE Trading Floor-based
member organizations implemented for April and May 2020. The Exchange
proposes to implement the fee changes effective June 1, 2020. The
proposed rule change is available on the Exchange's website at
www.nyse.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 self-regulatory organization
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 those 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 parts of such statements.

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

1. Purpose
    The Exchange proposes to amend its Price List to (1) adopt a step
up tier for member organizations adding liquidity in Non-Displayed
Limit Orders in Tapes A, B and C securities; (2) revise the credits for
member organizations qualifying for Step Up Tier 2 Adding Credit; and
(3) extend through June 2020 the waiver of equipment and related
service charges and trading license fees for NYSE Trading Floor-based
member organizations implemented for April and May 2020.
    The proposed changes respond to the current competitive environment
where order flow providers have a choice of where to direct liquidity-
providing orders by offering further incentives for member
organizations to send additional displayed liquidity to the Exchange.
The proposed changes also respond to the current volatile market

environment that has resulted in unprecedented average daily volumes
and the temporary closure of the Trading Floor, which are both related
to the ongoing spread of the novel coronavirus (``COVID-19'').
    The Exchange proposes to implement the fee changes effective June
1, 2020.
Current Market and Competitive Environment
    The Exchange operates in a highly competitive market. The
Commission has repeatedly expressed its preference for competition over
regulatory intervention in determining prices, products, and services
in the securities markets. In Regulation NMS, the Commission
highlighted the importance of market forces in determining prices and
SRO revenues and, also, recognized that current regulation of the
market system ``has been remarkably successful in promoting market
competition in its broader forms that are most important to investors
and listed companies.'' \4\
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    \4\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37495, 37499 (June 29, 2005) (S7-10-04) (Final Rule)
(``Regulation NMS'').
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    As the Commission itself recognized, the market for trading
services in NMS stocks has become ``more fragmented and competitive.''
\5\ Indeed, equity trading is currently dispersed across 13
exchanges,\6\ 31 alternative trading systems,\7\ and numerous broker-
dealer internalizers and wholesalers, all competing for order flow.
Based on publicly-available information, no single exchange has more
than 20% market share (whether including or excluding auction
volume).\8\ Therefore, no exchange possesses significant pricing power
in the execution of equity order flow. More specifically, the
Exchange's market share of trading in Tape A, B and C securities
combined is less than 13%.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 51808, 84 FR 5202,
5253 (February 20, 2019) (File No. S7-05-18) (Transaction Fee Pilot
for NMS Stocks Final Rule) (``Transaction Fee Pilot'').
    \6\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, available at http://markets.cboe.com/us/equities/market_share/. See generally https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html.
    \7\ See FINRA ATS Transparency Data, available at https://otctransparency.finra.org/otctransparency/AtsIssueData. A list of
alternative trading systems registered with the Commission is
available at https://www.sec.gov/foia/docs/atslist.htm.
    \8\ See Cboe Global Markets U.S. Equities Market Volume Summary,
available at http://markets.cboe.com/us/equities/market_share/.
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    The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
move order flow, or discontinue or reduce use of certain categories of
products, in response to fee changes. With respect to non-marketable
order flow that would provide displayed liquidity on an Exchange,
member organizations can choose from any one of the 13 currently
operating registered exchanges to route such order flow. Accordingly,
competitive forces constrain exchange transaction fees that relate to
orders that would provide liquidity on an exchange.
    In response to the competitive environment described above, the
Exchange has established incentives for its member organizations who
submit orders that provide liquidity on the Exchange. The proposed fee
change is designed to attract additional order flow to the Exchange by
offering a new pricing tier to incentivize member organizations to step
up their liquidity-providing Non-Displayed Limit Orders and Mid-Point
Liquidity (``MPL'') Orders on the Exchange and revising the credits for
member organizations adding liquidity by qualifying for Step Up Tier 2
Adding Credit.
    Moreover, beginning on March 16, 2020, in order to slow the spread
of COVID-19 through social distancing measures, significant limitations
were placed on large gatherings throughout the country. As a result, on
March 18, 2020, the Exchange determined that beginning March 23, 2020,
the physical Trading Floor facilities located at 11 Wall Street in New
York City would close and that the Exchange would move, on a temporary
basis, to fully electronic trading.\9\ On May 14, 2020, the Exchange
announced that on May 26, 2020 trading operations on the Trading Floor
would resume on a limited basis to a subset of Floor brokers, subject
to safety measures designed to prevent the spread of COVID-19.\10\ The
proposed rule change responds to these unprecedented events by
extending the waiver of equipment and related service charges and
trading license fees for NYSE Trading Floor-based member organizations
for June 2020.
---------------------------------------------------------------------------

    \9\ See Press Release, dated March 18, 2020, available here:
https://ir.theice.com/press/press-releases/allcategories/2020/03-18-2020-204202110 [sic].
    \10\ See Trader Update, dated May 14, 2020, available here:
https://www.nyse.com/traderupdate/history#110000251588 [sic].
---------------------------------------------------------------------------

Proposed Rule Change
Step Up Tier for Adding Liquidity in Non-Displayed Limit Orders
    The Exchange proposes to adopt a step up tier that would offer
credits to member organizations providing non-displayed liquidity to
the Exchange in Tape A, B, and C securities.
    As proposed, a member organization that
     sends orders that add liquidity to the Exchange in Non-
Displayed Limit Orders, and
     that has adding average daily volume (``ADV'') in Non-
Displayed Limit Orders and MPL Orders in Tapes A, B, and C consolidated
ADV (``CADV'') \11\ combined, excluding any liquidity added by a
Designated Market Makers (``DMM''), that is at least 0.02% of NYSE CADV
over that member organization's May 2020 adding liquidity in Non-
Displayed Limit Orders and MPL Orders as a percentage of NYSE CADV (the
``Baseline Tape A Share'')
---------------------------------------------------------------------------

    \11\ The terms ``ADV'' and ``CADV'' are defined in footnote *
[sic] of the Price List.

would receive a credit of $0.0005 for adding liquidity if the increase
in Adding ADV over the Baseline Tape A Share is at least 0.02% and less
than 0.04%. If the increase in Adding ADV over the Baseline Tape A
Share is at least 0.04% and less than 0.08%, a member organization
meeting the above requirements would receive a credit of $0.0010. If
the increase in Adding ADV over the Baseline Tape A Share is at least
0.08% or more, a member organization meeting the above requirements
would receive a credit of $0.0015.
    For example, Member Organization A had an adding ADV in Non-
Displayed Limit Orders and MPL Orders in Tape A, Tape B and Tape C
securities combined of 6 million shares in the baseline month of May
2020 when Tape A, Tape B and Tape C CADV combined (``US CADV'') was
10.0 billion shares or 0.06% of US CADV. Further assume that in the
billing month, Member Organization A had an adding ADV in Non-Displayed
Limit Orders and MPL Orders combined of 10 million shares when US CADV
was again 10 billion shares, or 0.10% of US CADV. In this scenario,
Member Organization A would have a step up percentage of US CADV of
0.04% (0.10% minus 0.06%), which would qualify Member Organization A
for a credit of $0.0010 per share for Non-Displayed Limit Orders.
    If Member Organization A had an adding ADV of 18 million shares, or
0.18%, for a step up ADV of 0.12%, Member Organization A would instead
qualify for a credit of $0.0015 because Member Organization A's
increase in Adding ADV over the Baseline Tape A Share is at least
0.08%.
    If in the same billing month Member Organization A's adding ADV of
18 million shares was solely in Non-Displayed Limit Orders (i.e., the
share

number did not include MPL Orders) for an Adding ADV in Non-Displayed
Limit Orders of 0.18%, Member Organization A would also qualify for the
existing Non-Displayed Limit Order credit of $0.0018 by meeting the
existing adding ADV requirement of 0.15%. In this scenario, Member
Organization A would achieve the higher of the two credits, or $0.0018.
    The purpose of this proposed change is to incentivize member
organizations to increase the liquidity-providing orders in Non-
Displayed Limit Orders and MPL Orders they send to the Exchange, which
would support the quality of price discovery on the Exchange and
provide additional liquidity for incoming orders. As noted above, the
Exchange operates in a competitive environment, particularly as it
relates to attracting non-marketable orders, which add liquidity to the
Exchange. Because the proposed tier requires a member organization to
increase the volume of its trades in orders that add liquidity over
that member organization's May 2020 baseline, the Exchange believes
that the proposed credit would provide an incentive for all member
organizations to send additional liquidity to the Exchange in order to
qualify for it.
    The Exchange does not know how much order flow member organizations
choose to route to other exchanges or to off-exchange venues. Since the
tier's requirements utilize an increase in volume from the most recent
month, the Exchange does not know how many member organizations could
qualify for the proposed tiered credits based on their current trading
profile on the Exchange, but the Exchange notes that, since the lowest
step up is only an Adding ADV of 0.02% of US CADV in Non-Display Limit
Orders and MPL Orders combined, the Exchange believes that many member
organizations could qualify if they so choose. However, without having
a view of member organization's activity on other exchanges and off-
exchange venues, the Exchange has no way of knowing whether this
proposed rule change would result in any member organization directing
orders to the Exchange in order to qualify for the new tier.
Revised Credits for the Step Up Tier 2 Adding Credit
    Under the current Step Up Tier 2 Adding Credit, a member
organization that sends orders, except Mid-Point Liquidity Orders
(``MPL'') and Non-Displayed Limit Orders, that add liquidity (``Adding
ADV'') in Tape A securities receive a credit of $0.0029 if:
     The member organization quotes at least 15% of the
National Best Bid or Offer (``NBBO'') \12\ in 300 or more Tape A
securities on a monthly basis, and
---------------------------------------------------------------------------

    \12\ See Rule 1.1(q) (defining ``NBBO'' to mean the national
best bid or offer).
---------------------------------------------------------------------------

     the member organization's Adding ADV in Tapes A, B and C
securities as a percentage of Tapes A, B and C CADV, excluding any
orders by a DMM, that
    [cir] is at least two times more than the Member Organization's
Adding ADV in Tapes A, B and C securities in July 2019 as a percentage
of Tapes A, B and C CADV, and
    [cir] adds liquidity as an Supplemental Liquidity Provider in Tape
A securities of at least 0.10% of NYSE CADV, and
    [cir] exceeds the Member Organization's Adding ADV, excluding any
liquidity added by a DMM, in Tapes A, B and C securities in July 2019
as a percentage of Tapes A, B and C CADV by at least 0.20% of Tapes A,
B and C CADV.
    In addition, a member organization that meets these requirements,
and thus qualifies for the $0.0029 credit, would be eligible to receive
an additional $0.00005 per share if trades in Tapes B and C securities
against the member organization's orders that add liquidity, excluding
orders as a Supplemental Liquidity Provider (``SLP''), equal to at
least 0.20% of Tape B and Tape C CADV combined.
    The Exchange proposes two higher credits for member organizations
that meet the current Step Up Tier 2 Adding Credit requirements and
increase their Adding ADV, excluding any liquidity added by a DMM, in
Tapes A, B and C securities in July 2019 as a percentage of Tapes A, B
and C CADV (``July 2019 Adding ADV'').
    Specifically, member organizations whose Adding ADV as a percentage
of US CADV represents an increase of at least 0.20% and less than 0.35%
over their July 2019 Adding ADV as a percentage of US CADV would
receive the current $0.0029 credit. Member organizations whose Adding
ADV as a percentage of US CADV represents an increase of at least 0.35%
and less than 0.45% over their July 2019 Adding ADV as a percentage of
US CADV would receive a $0.0030 credit. Finally, member organizations
whose Adding ADV as a percentage of US CADV represents an increase of
at least 0.45% or more over their July 2019 Adding ADV as a percentage
of US CADV would receive a $0.0031 credit.
    The Exchange does not propose to change any of the other
requirements to qualify for the Step Up Tier 2 Adding Credit.
    The purpose of this proposed change is to incentivize member
organizations to increase the liquidity-providing orders in Tape A
securities they send to the Exchange, which would support the quality
of price discovery on the Exchange and provide additional price
improvement opportunities for incoming orders. The Exchange believes
that by correlating the amount of the credit to the level of orders
sent by a member organization that add liquidity, the Exchange's fee
structure would incentivize member organizations to submit more orders
that add liquidity to the Exchange, thereby increasing the potential
for price improvement to incoming marketable orders submitted to the
Exchange. The Exchange proposes higher credits under this tier to
provide an incentive for member organizations to send more orders
because they would then qualify for the credits. As noted above, the
Exchange operates in a competitive environment, particularly as it
relates to attracting non-marketable orders, which add liquidity to the
Exchange. Because, as proposed, the tier requires a member organization
to increase the volume of its trades against orders that add liquidity,
the Exchange believes that the proposed higher credits based on a
commensurate increase in Adding ADV would provide an incentive for
member organizations to route additional liquidity to the Exchange in
order to qualify for the higher credits.
    The Exchange does not know how much order flow member organizations
choose to route to other exchanges or to off-exchange venues. No firms
currently qualify for the proposed higher Step Up Tier 2 Adding Credits
based on their current trading profile on the Exchange, but the
Exchange believes that at least five member organizations could qualify
for the tier if they so choose. The Exchange notes that, given the
lower requirement for Adding ADV of 0.20% as a percentage of US CADV
requirement when compared to other Exchange Adding Tiers (for example,
Tier 1 Adding Credit and Tier 2 Adding Credit), a number of firms would
be eligible to qualify if they so choose. However, without having a
view of member organization's activity on other exchanges and off-
exchange venues, the Exchange has no way of knowing whether this
proposed rule change would result in any member organization directing
orders to the Exchange in order to qualify for the new tier.

Fee Waivers for Trading Floor-Based Member Organizations
    As noted above, on March 18, 2020, the Exchange announced that it
would temporarily close the Trading Floor, effective March 23, 2020, as
a precautionary measure to prevent the potential spread of COVID-19.
Following the temporary closure of the Trading Floor, the Exchange
waived certain equipment fees for the booth telephone system on the
Trading Floor and associated service charges for the months of April
and May.\13\ On May 26, 2020, the Trading Floor reopened on a limited
basis to a reduced number of Floor brokers to accommodate health-
focused considerations. DMMs continue to operate remotely.\14\
---------------------------------------------------------------------------

    \13\ See Securities Exchange Act Release No. 88602 (April 8,
2020), 85 FR 20730 (April 14, 2020) (SR-NYSE-2020-27); Securities
Exchange Act Release No. 88874 (May 14, 2020), 85 FR 30743 (May 20,
2020) (SR-NYSE-2020-29). See footnote 11 of the Price List.
    \14\ DMMs will be provided access to the Trading Floor on
trading days when an IPO Auction or Core Open Auction for a post-IPO
public offering is scheduled. DMMs will continue to otherwise be
absent from the Trading Floor and, thus, all intra-day trading and
other Auctions will be conducted remotely by DMMs.
---------------------------------------------------------------------------

    For the months of April and May, the Exchange waived the Annual
Telephone Line Charge of $400 per phone number and the $129 fee for a
single line phone, jack, and data jack. The Exchange also waived
related service charges, as follows: $161.25 to install single jack
(voice or data); $107.50 to relocate a jack; $53.75 to remove a jack;
$107.50 to install voice or data line; $53.75 to disconnect data line;
$53.75 to change a phone line subscriber; and miscellaneous telephone
charges billed at $106 per hour in 15 minute increments.\15\ These fees
were waived for (1) member organizations with at least one trading
license, a physical Trading Floor presence, and Floor broker executions
accounting for 40% or more of the member organization's combined
adding, taking, and auction volumes during March 1 to March 20, 2020,
and (2) member organizations with at least one trading license that are
Designated Market Makers with 30 or fewer assigned securities for the
billing month of March 2020.
---------------------------------------------------------------------------

    \15\ The Service Charges also include an internet Equipment
Monthly Hosting Fee that the Exchange did not waive for April and
May 2020 and that the Exchange does not propose to waive for June
2020.
---------------------------------------------------------------------------

    Because the Trading Floor will continue to operate with reduced
capacity, the Exchange proposes to extend the waiver of these Trading
Floor-based fees through June 2020. To effectuate this change, the
Exchange proposes to add ``and June'' between ``May'' and ``2020'' in
footnote 11 to the Price List.
    In order to further reduce costs for member organizations with a
Trading Floor presence, the Exchange also waived the April and May 2020
monthly portion of all applicable annual fees for (1) member
organizations with at least one trading license, a physical Trading
Floor presence and Floor broker executions accounting for 40% or more
of the member organization's combined adding, taking, and auction
volumes during March 1 to March 20, 2020, and (2) member organizations
with at least one trading license that are DMMs with 30 or fewer
assigned securities for the billing month of March 2020.\16\
---------------------------------------------------------------------------

    \16\ See note 13, supra. See footnotes 15 of the Price List.
---------------------------------------------------------------------------

    The Exchange proposes to also waive the June 2020 monthly portion
of all applicable annual fees for member organizations with at least
one trading license, a physical Trading Floor presence and Floor broker
executions accounting for 40% or more of the member organization's
combined adding, taking, and auction volumes during March 1 to March
20, 2020. The indicated annual trading license fees would also be
waived for June 2020 for member organizations with at least one trading
license that are DMMs with 30 or fewer assigned securities for the
billing month of March 2020. To effectuate this change, the Exchange
proposes to add ``and June'' between ``May'' and ``2020'' in footnote
15.
    This proposed extension of the fee waivers would reduce monthly
costs for member organizations with a Trading Floor presence whose
operations were disrupted by the Floor closure, which lasted
approximately two months, and remains partially closed. The Exchange
believes that extension of the fee waiver would ease the financial
burden associated with the ongoing partial Trading Floor closure. The
Exchange believes that all member organization that conduct business on
the Trading Floor would benefit from this proposed fee change.
    The proposed changes are not otherwise intended to address other
issues, and the Exchange is not aware of any significant problems that
market participants would have in complying with the proposed changes.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\17\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\18\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly discriminate between
customers, issuers, brokers or dealers.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78f(b).
    \18\ 15 U.S.C. 78f(b)(4) & (5).
---------------------------------------------------------------------------

The Proposed Change is Reasonable
    As discussed above, the Exchange operates in a highly fragmented
and competitive market. The Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. Specifically,
in Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \19\
---------------------------------------------------------------------------

    \19\ See Regulation NMS, 70 FR at 37499.
---------------------------------------------------------------------------

    The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
move order flow, or discontinue or reduce use of certain categories of
products, in response to fee changes. With respect to non-marketable
orders which provide liquidity on an Exchange, member organizations can
choose from any one of the 13 currently operating registered exchanges
to route such order flow. Accordingly, competitive forces constrain
exchange transaction fees that relate to orders that would provide
displayed liquidity on an exchange. Stated otherwise, changes to
exchange transaction fees can have a direct effect on the ability of an
exchange to compete for order flow.
Step Up Tier for Adding Liquidity in Non-Displayed Limit Orders
    Given the competitive environment, the proposed Step Up Tier for
Adding Liquidity in Non-Displayed Limit Orders would provide an
incentive for member organizations to route additional liquidity
providing orders to the Exchange in Tape A securities.
    As noted above, the Exchange operates in a highly competitive
environment, particularly for attracting non-marketable order flow that
provides liquidity on an exchange. The Exchange believes it is
reasonable to provide a higher credit for orders that provide
additional liquidity. The Exchange believes that requiring member

organizations to have an Adding ADV in Non-Displayed Limit Orders and
MPL Orders in Tapes A, B and C CADV combined, excluding any liquidity
added by a DMM, that is at least 0.02% of NYSE CADV over that member
organization's May 2020 adding liquidity in Non-Displayed Limit Orders
and MPL Orders taken as a percentage of NYSE CADV in order to qualify
for the proposed Step Up Tier is reasonable because it would encourage
additional non-displayed and mid-point liquidity on the Exchange and
because market participants benefit from the greater amounts of
liquidity and price improvement present on the Exchange.
    Similarly, the Exchange believes that it is reasonable to provide
an incremental credit to member organizations that meet the
requirements of the Step Up Tier that add additional liquidity in Non-
Displayed Limit Orders and MPL Orders. Since the proposed Step Up Tier
would be new with a requirement for increased Adding ADV over the
baseline month, no member organization currently qualifies for the
proposed pricing tier. As previously noted, there are a number of
member organizations that could qualify for the proposed higher credit
but without a view of member organization activity on other exchanges
and off exchange venues, the Exchange has no way of knowing whether the
proposed rule change would result in any member organization qualifying
for the tier. The Exchange believes the proposed higher credit is
reasonable as it would provide an additional incentive for member
organizations to direct their order flow to the Exchange and provide
meaningful added levels of liquidity in order to qualify for the higher
credit, thereby contributing to depth and market quality on the
Exchange.
Step Up Tier 2 Adding Credit
    The Exchange believes that higher credits for meeting the Step Up
Tier 2 Adding Credit requirements is reasonable. Specifically, the
Exchange believes that offering higher credits for increased Adding ADV
of a minimum and maximum percentage over a baseline would provide an
incentive for member organizations to route additional liquidity
providing orders to the Exchange. As noted above, the Exchange operates
in a highly competitive environment, particularly for attracting non-
marketable order flow that provides liquidity on an exchange. The
Exchange believes it is reasonable to provide incrementally higher
credits for orders that provide additional liquidity because it would
encourage additional displayed liquidity on the Exchange and because
market participants benefit from the greater amounts of displayed
liquidity present on the Exchange. Because, as proposed, the tier
requires a member organization to increase the volume of its trades
against orders that add liquidity, the Exchange believes that the
proposed higher credits based on a commensurate increase in Adding ADV
would provide an incentive for member organizations to route additional
liquidity to the Exchange in order to qualify for the higher credits.
    The Exchange does not know how much order flow member organizations
choose to route to other exchanges or to off-exchange venues. As
previously noted, there are currently a number of firms that could
qualify for the proposed higher Step Up Tier 2 Adding Credits based on
their current trading profile on the Exchange if they so choose, but
without a view of member organization activity on other exchanges and
off exchange venues, the Exchange has no way of knowing whether the
proposed rule change would result in any member organization qualifying
for the tier. The Exchange believes the proposed higher credit is
reasonable as it would provide an additional incentive for member
organizations to direct their order flow to the Exchange and provide
meaningful added levels of liquidity in order to qualify for the higher
credit, thereby contributing to depth and market quality on the
Exchange.
Fee Waivers for Trading Floor-Based Member Organizations
    The proposed extension of the waiver of equipment and related
service fees and the applicable monthly trading license fee for Trading
Floor-based member organizations is reasonable in light of the partial
continued closure of the NYSE Trading Floor. Beginning March 2020,
markets worldwide have experienced unprecedented declines and
volatility because of the ongoing spread of COVID-19 also resulted in
the temporary closure of the NYSE Trading Floor. As noted, the Trading
Floor was recently partially reopened on a limited basis to a subset of
Floor brokers, subject to safety measures designed to prevent the
spread of COVID-19. The proposed change is designed to reduce costs for
Floor participants for the month of June 2020 and therefore ease the
financial burden faced by member organizations that conduct business on
the Trading Floor while it continues to operate with reduced capacity.
The Proposal is an Equitable Allocation of Fees
    The Exchange believes the proposal equitably allocates its fees
among its market participants by fostering liquidity provision and
stability in the marketplace.
Step Up Tier for Adding Liquidity in Non-Displayed Limit Orders
    The Exchange believes that the proposed Step Up Tier is equitable
because the magnitude of the additional credit is not unreasonably high
relative to the current tiered credits for Non-Displayed Limit orders
that add liquidity of $0.0010 and $0.0018. The Exchange believes the
proposed rule change would improve market quality for all market
participants on the Exchange and, as a consequence, attract more
liquidity to the Exchange, thereby improving market-wide quality and
price discovery.
    The Exchange believes that requiring member organizations to having
an Adding ADV in Non-Displayed Limit Orders and MPL Orders in Tapes A,
B and C CADV combined, excluding any liquidity added by a DMM, that is
at least 0.02% of NYSE CADV over that member organization's May 2020
adding liquidity in Non-Displayed Limit Orders and MPL Orders combined
taken as a percentage of NYSE CADV in order to qualify for the proposed
credits would also encourage additional displayed liquidity on the
Exchange. Since the proposed Step Up Tier would be new, no member
organization currently qualifies for it. As noted, there are currently
no member organizations that could qualify for the proposed higher
credit, but without a view of member organization activity on other
exchanges and off-exchange venues, the Exchange has no way of knowing
whether this proposed rule change would result in any member
organization qualifying for the tier.
    The Exchange believes the proposed higher credit is reasonable as
it would provide an additional incentive for member organizations to
direct their order flow to the Exchange and provide meaningful added
levels of liquidity in order to qualify for the higher credit, thereby
contributing to depth and market quality and increased price
improvement on the Exchange. The proposal neither targets nor will it
have a disparate impact on any particular category of market
participant. All member organizations would be eligible to qualify for
the higher credit proposed in Step Up Tier if they increase their
Adding ADV in Non-Displayed Limit orders and MPL Orders combined over

their own baseline of order flow. The Exchange believes that offering a
higher step up credits for providing liquidity if the step up
requirements for Tape A, Tape B and Tape C securities are met, will
continue to attract order flow and liquidity to the Exchange, thereby
providing additional price improvement opportunities on the Exchange
and benefiting investors generally. As to those market participants
that do not presently qualify for the adding liquidity credits, the
proposal will not adversely impact their existing pricing or their
ability to qualify for other credits provided by the Exchange.
Step Up Tier 2 Adding Credit
    The Exchange is not proposing to adjust the current requirements to
qualify for the Step Up Tier 2 Adding Credit, which will remain the
same for all market participants. Rather, the proposal would provide
incrementally higher credits for member organizations that increase
Adding ADV over the current baseline. The Exchange believes that the
proposed higher credits are equitable because the magnitude of the
additional credits is not unreasonably high compared to the current
credit for Step Up Tier 2 and also relative to the other adding tier
credits, which noted above range from $0.0015 to $0.0022, in comparison
to the credits paid by other exchanges for orders that provide
additional step up liquidity.\20\ The Exchange believes the proposed
rule change would improve market quality for all market participants on
the Exchange and, as a consequence, attract more liquidity to the
Exchange, thereby improving market-wide quality and price discovery.
---------------------------------------------------------------------------

    \20\ See Cboe BZX Fee Schedule, which has adding credits ranging
from $0.0025 to $0.0032, at https://markets.cboe.com/us/equities/membership/fee_schedule/bzx/.
---------------------------------------------------------------------------

    The Exchange believes that requiring member organizations to having
an Adding ADV in Non-Displayed Limit Orders and MPL Orders in Tapes A,
B and C CADV combined, excluding any liquidity added by a DMM, that is
at least 0.02% of NYSE CADV over that member organization's May 2020
adding liquidity in Non-Displayed Limit Orders and MPL Orders taken as
a percentage of NYSE CADV in order to qualify for the proposed credits
would also encourage additional displayed liquidity on the Exchange.
Since the proposed Step Up Tier would be new, no member organization
currently qualifies for it. As noted, there are currently no member
organizations that currently qualify for the proposed higher credit,
but without a view of member organization activity on other exchanges
and off-exchange venues, the Exchange has no way of knowing whether
this proposed rule change would result in any member organization
qualifying for the tier. The Exchange believes the proposed higher
credits are reasonable as it would provide an additional incentive for
member organizations to direct their order flow to the Exchange and
provide meaningful added levels of liquidity in order to qualify for
the higher credit, thereby contributing to depth and market quality on
the Exchange. The proposal neither targets nor will it have a disparate
impact on any particular category of market participant. All member
organizations would be eligible to qualify for the higher credits
proposed in Step Up Tier 2 if they increase their Adding ADV over their
own baseline of order flow accordingly. The Exchange believes that
offering higher step up credits for providing liquidity if the step up
requirements for Tape A securities are met, will continue to attract
order flow and liquidity to the Exchange, thereby providing additional
price improvement opportunities on the Exchange and benefiting
investors generally. As to those market participants that do not
presently qualify for the adding liquidity credits, the proposal will
not adversely impact their existing pricing or their ability to qualify
for other credits provided by the Exchange.
Fee Waivers for Trading Floor-Based Member Organizations
    Finally, the proposed extension of the waiver of equipment and
related service fees and the applicable monthly trading license fee for
Trading Floor-based member organizations to June 2020 are also an
equitable allocation of fees. The proposed waivers apply to all Trading
Floor-based firms meeting specific requirements during the period that
the Trading Floor is partially open. The proposed change is equitable
as it merely continues the fee waiver granted in April and May 2020,
and is designed to reduce monthly costs for Trading Floor-based member
organizations that are unable to fully conduct Floor operations.
The Proposal is Not Unfairly Discriminatory
    The Exchange believes that the proposal is not unfairly
discriminatory. In the prevailing competitive environment, member
organizations are free to disfavor the Exchange's pricing if they
believe that alternatives offer them better value.
    The proposal is not unfairly discriminatory because it neither
targets nor will it have a disparate impact on any particular category
of market participant.
Step Up Tier for Adding Liquidity in Non-Displayed Limit Orders
    The Exchange believes it is not unfairly discriminatory to provide
additional per share step up credits for adding liquidity in Non-
Displayed Limit Orders, as the proposed credits would be provided on an
equal basis to all member organizations that add liquidity by meeting
the new proposed Step Up Tier's requirements. For the same reason, the
Exchange believes it is not unfairly discriminatory to provide
additional incrementally higher credits for increased adding ADV over
the member organization's May 2020 adding liquidity in Non-Displayed
Limit Orders and MPL Orders combined taken as a percentage of NYSE CADV
because the proposed higher credits would equally encourage all member
organizations to provide additional liquidity on the Exchange in Non-
Displayed Limit Orders and MPL Orders. As noted, the Exchange believes
that the proposed credit would provide an incentive for member
organizations to send additional liquidity to the Exchange in order to
qualify for the additional credits. The Exchange also believes that the
proposed change is not unfairly discriminatory because it is reasonably
related to the value to the Exchange's market quality associated with
higher volume. Finally, the submission of orders to the Exchange is
optional for member organizations in that they could choose whether to
submit orders to the Exchange and, if they do, the extent of its
activity in this regard.
Step Up Tier 2 Adding Credit
    The Exchange believes it is not unfairly discriminatory to provide
higher per share step up credits, as the proposed credit would be
provided on an equal basis to all member organizations that add
liquidity by meeting the new proposed Step Up Tier 2 requirements. For
the same reason, the Exchange believes it is not unfairly
discriminatory to provide additional incremental credits to member
organizations that satisfy the Step Up Tier 2 requirements and add
liquidity in Tape A, B and C securities. Further, the Exchange believes
the proposed Step Up Tier 2 credits would incentivize member
organizations that meet the current tiered requirements to send more
orders to the Exchange to qualify for higher credits. The Exchange also
believes that the proposed change is not

unfairly discriminatory because it is reasonably related to the value
to the Exchange's market quality associated with higher volume.
Finally, the submission of orders to the Exchange is optional for
member organizations in that they could choose whether to submit orders
to the Exchange and, if they do, the extent of its activity in this
regard.
Fee Waivers for Trading Floor-Based Member Organizations
    The proposed continuation of the waiver of equipment and related
service fees and the applicable monthly trading license fee for Trading
Floor-based member organizations during June 2020 is not unfairly
discriminatory because the proposed waivers would benefit all
similarly-situated market participants on an equal and non-
discriminatory basis. The Exchange is not proposing to waive the Floor-
related fixed indefinitely, but rather during the period that the
Trading Floor is not fully open. The proposed fee change is designed to
ease the financial burden on Trading Floor-based member organizations
that cannot fully conduct Floor operations.
    Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
    For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.

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

    In accordance with Section 6(b)(8) of the Act,\21\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the Exchange believes
that the proposed changes would encourage the submission of additional
liquidity to a public exchange, thereby promoting market depth, price
discovery and transparency and enhancing order execution opportunities
for member organizations. As further discussed above, the Exchange
believes that the proposed changes would encourage the continued
participation of member organizations on the Exchange by providing
certainty and fee relief during the unprecedented volatility and market
declines caused by the continued spread of COVID-19. As a result, the
Exchange believes that the proposed change furthers the Commission's
goal in adopting Regulation NMS of fostering integrated competition
among orders, which promotes ``more efficient pricing of individual
stocks for all types of orders, large and small.'' \22\
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78f(b)(8).
    \22\ Regulation NMS, 70 FR at 37498-99.
---------------------------------------------------------------------------

    Intramarket Competition. The proposed changes are designed to
respond to the current competitive environment and to attract
additional order flow to the Exchange. The Exchange believes that the
proposed changes would continue to incentivize market participants to
direct displayed order flow to the Exchange. Greater liquidity benefits
all market participants on the Exchange by providing more trading
opportunities and encourages member organizations to send orders,
thereby contributing to robust levels of liquidity, which benefits all
market participants on the Exchange. The current and proposed credits
would be available to all similarly-situated market participants, and,
as such, the proposed change would not impose a disparate burden on
competition among market participants on the Exchange. Further, the
proposed continued waiver of equipment and related service fees and the
applicable monthly trading license fee for Trading Floor-based member
organizations during June 2020 provide a degree of certainty and ease
the financial burden on Trading Floor-based member organizations
impacted by the temporary closing and partial reopening of the Trading
Floor. As noted, the proposal would apply to all similarly situated
member organizations on the same and equal terms, who would benefit
from the changes on the same basis. Accordingly, the proposed change
would not impose a disparate burden on competition among market
participants on the Exchange.
    Intermarket Competition. The Exchange operates in a highly
competitive market in which market participants can readily choose to
send their orders to other exchange and off-exchange venues if they
deem fee levels at those other venues to be more favorable. As
previously noted, the Exchange's market share of trading in Tape A, B
and C securities combined is less than 13%. In such an environment, the
Exchange must continually adjust its fees and rebates to remain
competitive with other exchanges and with off-exchange venues. Because
competitors are free to modify their own fees and credits in response,
and because market participants may readily adjust their order routing
practices, the Exchange does not believe its proposed fee change can
impose any burden on intermarket competition. The Exchange believes
that the proposed rule change reflects this competitive environment
because it modifies the Exchange's fees in a manner designed to provide
a degree of certainty and ease the financial burdens of the current
unsettled market environment, and permit affected member organizations
to continue to conduct market-making operations on the Exchange and
avoid unintended costs of doing business on the Exchange while the
Trading Floor is not fully open, which could make the Exchange a less
competitive venue on which to trade as compared to other options
exchanges.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \23\ of the Act and subparagraph (f)(2) of Rule
19b-4 \24\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
---------------------------------------------------------------------------

    \23\ 15 U.S.C. 78s(b)(3)(A).
    \24\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such 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 under
Section 19(b)(2)(B) \25\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \25\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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-NYSE-2020-49 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-NYSE-2020-49. 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-NYSE-2020-49 and should be submitted on
or before July 8, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
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    \26\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-12989 Filed 6-16-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: November 20, 2009 (Volume 74, Number 223)]
[Rules and Regulations]
[Page 60197-60199]
[DOCID:fr20no09-13]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R05-OAR-2009-0771; FRL-8980-4]

Approval and Promulgation of Air Quality Implementation Plans;
Indiana

AGENCY: Environmental Protection Agency (EPA).

ACTION: Direct final rule.

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SUMMARY: EPA is approving a request submitted by the Indiana Department
of Environmental Management (IDEM) on September 25, 2009, to revise the
Indiana State Implementation Plan (SIP). The submission revises the
Indiana Administrative Code (IAC) by amending and updating the
definition of ``References to the Code of Federal Regulations,'' to
refer to the 2008 edition.

DATES: This rule is effective on January 19, 2010, unless EPA receives
adverse written comments by December 21, 2009. If EPA receives adverse
comments, EPA will publish a timely withdrawal of the rule in the
Federal Register and inform the public that the rule will not take
effect.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R05-
OAR-2009-0771 by one of the following methods:
     http://www.regulations.gov: Follow the on-line
instructions for submitting comments.
     E-mail<EMAIL_ADDRESS>     Fax:<PHONE_NUMBER>.
     Mail: John Mooney, Chief, Criteria Pollutant Section, Air
Programs Branch (AR-18J), U.S. Environmental Protection Agency, 77 West
Jackson Boulevard, Chicago, Illinois 60604.
     Hand Delivery: John Mooney, Chief, Criteria Pollutant
Section, Air Programs Branch (AR-18J), U.S. Environmental Protection
Agency, 77 West Jackson Boulevard, Chicago, Illinois 60604. Such
deliveries are only accepted during the Regional Office normal hours of
operation, and special arrangements

should be made for deliveries of boxed information. The Regional Office
official hours of business are Monday through Friday, 8:30 a.m. to 4:30
p.m. excluding Federal holidays.
    Instructions: Direct your comments to Docket ID No. EPA-R05-OAR-
2009-0771. EPA's policy is that all comments received will be included
in the public docket without change and may be made available online at
http://www.regulations.gov, including any personal information
provided, unless the comment includes information claimed to be
Confidential Business Information (CBI) or other information whose
disclosure is restricted by statute. Do not submit information that you
consider to be CBI or otherwise protected through http://
www.regulations.gov or e-mail. The http://www.regulations.gov Web site
is an ``anonymous access'' system, which means EPA will not know your
identity or contact information unless you provide it in the body of
your comment. If you send an e-mail comment directly to EPA without
going through http://www.regulations.gov your e-mail address will be
automatically captured and included as part of the comment that is
placed in the public docket and made available on the Internet. If you
submit an electronic comment, EPA recommends that you include your name
and other contact information in the body of your comment and with any
disk or CD-ROM you submit. If EPA cannot read your comment due to
technical difficulties and cannot contact you for clarification, EPA
may not be able to consider your comment. Electronic files should avoid
the use of special characters, any form of encryption, and be free of
any defects or viruses.
    Docket: All documents in the docket are listed in the http://
www.regulations.gov index. Although listed in the index, some
information is not publicly available, e.g., CBI or other information
whose disclosure is restricted by statute. Certain other material, such
as copyrighted material, will be publicly available only in hard copy.
Publicly available docket materials are available either electronically
in http://www.regulations.gov or in hard copy at the Environmental
Protection Agency, Region 5, Air and Radiation Division, 77 West
Jackson Boulevard, Chicago, Illinois 60604. This Facility is open from
8:30 a.m. to 4:30 p.m., Monday through Friday, excluding legal
holidays. We recommend that you telephone Charles Hatten, Environmental
Engineer, at<PHONE_NUMBER> before visiting the Region 5 office.

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

I. What is the background for this action?
    A. When did the State submit the requested SIP revision to EPA?
    B. Did Indiana hold public hearings on this SIP revision?
II. What revision did the State request be incorporated into the
SIP?
III. What action is EPA taking today?
IV. Statutory and Executive Order Reviews

I. What is the background for this action?

A. When did the State submit the requested SIP revision to EPA?

    IDEM submitted the requested SIP revision on September 25, 2009.

B. Did Indiana hold public hearings on this SIP revision?

    IDEM held public hearings on March 4, 2009. IDEM did not receive
any public comments concerning the SIP revision.

II. What revision did the State request be incorporated into the SIP?

    The State has requested that EPA approve revisions to 326 IAC 1-1-3
to update references to the Code of Federal Regulations (CFR) at 326
IAC 1-1-3.
    Rule 326 IAC 1-1-3, definition of ``References to Code of Federal
Regulations.'' IDEM updated the reference to the CFR in 326 IAC 1-1-3
from the 2007 edition to the 2008 edition. This is solely an
administrative change that allows Indiana to reference a more current
version of the CFR.

III. What action is EPA taking today?

    We are approving a revision to the Indiana SIP to update the
definition at 326 IAC 1-1-3, ``References to the CFR'', to refer to the
2008 edition.
    We are publishing this action without prior proposal because we
view this as a noncontroversial amendment and anticipate no adverse
comments. However, in the proposed rules section of this Federal
Register publication, we are publishing a separate document that will
serve as the proposal to approve the state plan if relevant adverse
written comments are filed. This rule will be effective January 19,
2010 without further notice unless we receive relevant adverse written
comments by December 21, 2009. If we receive such comments, we will
withdraw this action before the effective date by publishing a
subsequent document that will withdraw the final action. All public
comments received will then be addressed in a subsequent final rule
based on the proposed action. The EPA will not institute a second
comment period. Any parties interested in commenting on this action
should do so at this time. If we do not receive any comments, this
action will be effective January 19, 2010.

IV. Statutory and Executive Order Reviews

    Under the Clean Air Act, the Administrator is required to approve a
SIP submission that complies with the provisions of the Clean Air Act
and applicable Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a).
Thus, in reviewing SIP submissions, EPA's role is to approve state
choices, provided that they meet the criteria of the Clean Air Act.
Accordingly, this action merely approves state law as meeting Federal
requirements and does not impose additional requirements beyond those
imposed by state law. For that reason, this action:
     Is not a ``significant regulatory action'' subject to
review by the Office of Management and Budget under Executive Order
12866 (58 FR 51735, October 4, 1993);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would

be inconsistent with the Clean Air Act; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).
    In addition, this rule does not have tribal implications as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000),
because the SIP is not approved to apply in Indian country located in
the state, and EPA notes that it will not impose substantial direct
costs on tribal governments or preempt tribal law.
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the Clean Air Act, petitions for
judicial review of this action must be filed in the United States Court
of Appeals for the appropriate circuit by January 19, 2010. Filing a
petition for reconsideration by the Administrator of this final rule
does not affect the finality of this action for the purposes of
judicial review nor does it extend the time within which a petition for
judicial review may be filed, and shall not postpone the effectiveness
of such rule or action. This action may not be challenged later in
proceedings to enforce its requirements. (See section 307(b)(2).)

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Carbon monoxide,
Incorporation by reference, Intergovernmental relations, Lead, Nitrogen
dioxide, Ozone, Particulate matter, Reporting and recordkeeping
requirements, Sulfur oxides, Volatile organic compounds.

    Dated: November 3, 2009.
Bharat Mathur,
Acting Regional Administrator, Region 5.

0
For the reasons stated in the preamble, part 52, chapter I, of title 40
of the Code of Federal Regulations is amended as follows:

PART 52--[AMENDED]

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

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

Subpart P--Indiana

0
2. Section 52.770 is amended by adding paragraph (c)(192) to read as
follows:

Sec.  52.770  Identification of plan.

* * * * *
    (c) * * *
    (192) The Indiana Department of Environmental Management submitted
a revision to Indiana's State Implementation plan on September 25,
2009, to amend 326 IAC 1-1-3, ``References to the Code of Federal
Regulations''. The revision to 326 IAC 1-1-3 updates the references to
CFR from the 2007 edition to the 2008 edition.
    (i) Incorporation by reference. Title 326 of the Indiana
Administrative Code (IAC), section 1-1-3, ``References to the Code of
Federal Regulations'' is incorporated by reference. The rule was filed
with the Publisher of the Indiana Register on July 1, 2009, and became
effective on July 31, 2009. Published in the Indiana Register, on July
29, 2009 (DIN: 20090729-IR-326080901FRA).

[FR Doc. E9-27817 Filed 11-19-09; 8:45 am]

BILLING CODE 6560-50-P


Name:           BRETT MCMAHON
Title:
Organization:   ASSOCIATED BUILDERS AND CONTRACTORS OF THE CAROLINAS
Date:           20030331
Address1:
Address2:
City:           CHARLOTTE
State:          NC
Zip Code:       28211
Docket Number:  S030
Exhibit Number: 7-20
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Safety Standards for Cranes and Derricks

The Occupational Safety and Health Administration is planning to establish a Crane and Derrick Negotiated Rulemaking Advisory Committee (C-DAC) under the Negotiated Rulemaking Act (NRA) and the Federal Advisory Committee Act (FACA). The Committee will include representatives of parties who would be significantly affected by the final rule.

On July 16, 2002, OSHA published a Federal Register notice of intent to establish a negotiated rulemaking committee (67 FR 46612) and requested nominations for membership. In the current Federal Register notice OSHA is asking for comments on the proposed list of fifty-five nominations.  The list can be found in the complete notice.

Please note that you may not attach materials such as studies or journal articles to your electronic comments. If you wish to include such materials, you must submit three copies to the OSHA Docket Office at the address listed above. When submitting such materials to the OSHA Docket Office, clearly identify your electronic comments by name, date, subject, and Docket Number, so that we can attach the materials to your electronic comments.

Online comments must be received by March 31, 2003 COB EST.  If you wish to commit online on the proposed list of Committee members, please enter your submission in the box below.  Thank you for your interest in worker safety and health.

March 31, 2003ecomments.osha.govOSHA Docket OfficeDocket No. S-030US Department of Labor200 Constitution Avenue, NWRoom N-2625Washington, DC 20210Re: Crane & Derrick Negotiated Rulemaking Advisory Committee       C-DACDear Sir or Madam:We feel strongly that the Specialized Carriers and Riggers Association (SCR&A) should have a seat on the Subpart N committee.This group represents over 1100 crane industrial members and is a leader in promoting crane safety.Doug Williams, their proposed candidate, served on the ACCSH work group and this experience will be tremendously valuable on the Subpart N committee.  He is well recognized in the industry and as General Manager for a large crane rental company is subject to the reality of any OSHA rules.We do object to the inclusion of two representatives from the International Union of Operating Engineers.  Mr. Williams has been heavily involved in the CCO program for operators and would represent a large number of open-shop operators.  There are more open shop operators than union operators nationwide.  Our information is that approximately eighty percent (80%) of the crane work is open shop, verses the twenty percent (20%) union.  It would be a major mistake for these operators to not be properly represented.  Furthermore, Mr. Williams is a company owner, which is an important perspective that is currently only reflected in a minor way on the committee.There may be persons on the committee who are members of SCR&A, but are not actual owner/users, who will be most directly affected by the regulation and subject to OSHA citations.We urge you to include SCR&As candidate Doug Williams on the Subpart N Committee.  Thank you for your consideration.