method under paragraph (a)(1)(ii) of Rule 15c3-1 must notify its DEA of
the election in writing, and thereafter must continue to compute its
net capital in this manner unless a change is approved upon application
to

the Commission. Further, there are special notification requirements
for broker-dealers that carry the accounts of options market makers to
identify when the activities of those options market makers may impact
the financial stability of the carrying broker-dealer.
    There are also certain recordkeeping requirements under Rule 15c3-
1. For example, a broker-dealer must keep a record of who is acting as
an agent in a securities loan transaction and records with respect to
obtaining DEA approval prior to withdrawing capital within one year of
a contribution. These records help the Commission and its staff, as
well as DEAs, facilitate the monitoring of the financial condition of
broker-dealers.
    The provision at 17 CFR 240.15c3-1c (appendix C to Rule 15c3-1)
requires broker-dealers that consolidate their financial statements
with a subsidiary or affiliate, under certain circumstances, to submit
to their DEA an opinion of counsel. The opinion of counsel must state,
among other things, that the broker-dealer may cause that portion of
the net assets of a subsidiary or affiliate related to its ownership
interest in the entity to be distributed to the broker-dealer within 30
calendar days.
5. Rule 15c3-5
    Rule 15c3-5 seeks to ensure that broker-dealers with market access
appropriately control the risks associated with market access, so as
not to jeopardize their own financial condition, that of other market
participants, the integrity of trading on the securities markets, and
the stability of the financial system.\303\
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    \303\ See 17 CFR 240.15c3-5(a)(1).
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6. Rule 17a-3
    The purpose of requiring broker-dealers to create the records
specified in Rule 17a-3 is to enhance regulators' ability to protect
investors. These records and the information contained therein will be
and are used by examiners and other representatives of the Commission,
State securities regulatory authorities, and the self-regulatory
organizations (e.g., FINRA, CBOE, etc.) (``SROs'') to determine whether
broker-dealers are in compliance with the Commission's antifraud and
anti-manipulation rules, financial responsibility program, and other
Commission, SRO, and State laws, rules, and regulations. If broker-
dealers were not required to create these records, Commission, SRO, and
state examiners would be unable to conduct effective and efficient
examinations to determine whether broker-dealers were complying with
relevant laws, rules, and regulations.
7. Rule 17a-4
    The purpose of requiring broker-dealers to maintain the records
specified in Rule 17a-4 is to help ensure that examiners and other
representatives of the Commission, State securities regulatory
authorities, and SROs have access to the information and documents
necessary to determine whether broker-dealers are in compliance with
the Commission's antifraud and anti-manipulation rules, financial
responsibility program, and other Commission, SRO, and State laws,
rules, and regulations. Without Rule 17a-4, it would be impossible for
the Commission to determine whether a dealer that chose not to preserve
records was in compliance with these rules. Such a situation would not
be in the public interest and would be detrimental to investors and the
financial community as a whole.
8. Rule 17a-5
    Reports required to be made under Rule 17a-5 are used, among other
things, to monitor the financial and operational condition of a broker-
dealer by Commission staff and by the dealer's DEA. The reports
required under Rule 17a-5 are one of the primary means of ensuring
compliance with the financial responsibility rules. A firm's failure to
comply with these rules would severely impair the ability of the
Commission and the firm's DEA to protect customers. The reported data
is used in preparation for broker-dealer examinations and inspections.
The completed forms also are used to determine which firms are engaged
in various securities-related activities, the extent to which they are
engaged in those activities, and how economic events and government
policies might affect various segments of the securities industry.
9. Rule 17a-11
    The information obtained under Rule 17a-11 is used to monitor the
financial and operational condition of a broker-dealer by the
Commission staff, by the broker-dealer's DEA and, if applicable, by the
Commodity Futures Trading Commission (``CFTC''). This information
alerts the Commission, the DEA, and the CFTC of the need to increase
surveillance of the broker-dealer's financial and operational condition
and to assist the broker-dealer to comply with the Commission's rules.
No similar information is already available to use or modify for
purposes of complying with Rule 17a-11 because the disclosures required
by the rule are unobtainable until the early warning mechanisms are
triggered. Only the most up-to-date information will help the
Commission, DEAs, and the CFTC to monitor broker-dealers experiencing
financial or operational difficulties.
10. Rule 613
    Rule 613 creates a comprehensive CAT that allows regulators to
efficiently and accurately track all activity throughout the U.S.
markets in certain securities.\304\ The rule specifies the type of data
to be collected and when the data is to be reported to a central
repository. The information collected and reported to the central
repository improves the quality of the data available to regulators and
could be used by regulators to monitor and surveil the securities
markets and detect and investigate activity, whether on one market or
across markets. The data collected and reported to the central
repository could also be used by regulators for the evaluation of tips
and complaints and for complex enforcement inquiries or investigations,
as well as inspections and examinations. Further, regulators could use
the data collected and reported to conduct more timely and accurate
analysis of market activity for reconstruction of broad-based market
events in support of regulatory decisions.
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    \304\ See 17 CFR 242.613.
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C. Respondents

    As discussed above, proposed Rules 3a5-4 and 3a44-2 would further
define activities that would cause a person engaged in the regular
business of buying and selling securities for its own account within
the meaning of the Exchange Act. A person who satisfies any one of the
factors set forth in either of the Proposed Rules would be a dealer or
government securities dealer and so required to register, absent an
exception or exemption.
1. Dealers
    The qualitative factors identified in proposed Rule 3a5-4 would
further define dealer activity. The Commission estimates that for
proposed Rule 3a5-4 the total number of respondents that would register
as a dealer would be approximately 51 persons.\305\ The

Commission estimates that respondents will be subject to some or all of
the following collections of information as estimated below.
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    \305\ This estimate is based on the analysis described in
Section V.B.2. As identified in Table 4, the analysis indicates that
between 41 and 61 CAT FDID institutional customer accounts
(depending on the thresholds used) had both low buy-sell dollar
volume imbalance in SPY and above de minimis total dollar volume in
SPY in at least 14 of 21 trading days in October 2021. See Section
V.B.2. Although there is currently no simple one-to-one
correspondence between the number of CAT FDID customer accounts that
satisfy various thresholds in Table 4 and the number of unregistered
market participants in the market (e.g., some unregistered market
participants may have several CAT FDID accounts, and some CAT FDID
accounts may represent more than one customer), the Commission
believes that the analysis in Table 4 provides a useful indication
about the scope of a potential impact of proposed Rule 3a5-4 and has
used the median of the results at Table 4 to determine the number of
approximate market participants that would register as a dealer as a
result of proposed Rule 3a5-4. Additionally, the Commission
recognizes that some of the 41 to 61 CAT FDID institutional customer
accounts may be held by registered investment companies that are
excluded from the Proposed Rules.
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2. Government Securities Dealers
    The Commission estimates that, as a result, for proposed Rule 3a44-
2 the total number of respondents that would register as a government
securities dealer with the Commission would be approximately 46 persons
\306\ and that some of the respondents may elect to register as a
dealer under Section 15(a), rather than as a government securities
dealer under Section 15C.\307\ The Commission estimates that
respondents will be subject to some or all of the following collections
of information as estimated below.
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    \306\ This estimate is based on the analysis descried in Section
V.B.2. That analysis found that 46 non-FINRA member firms would
likely meet the proposed quantitative standard. The Commission
recognizes that some of these firms may be exempted from
registration (e.g., banks) or affiliated with other entities that
are registered dealers, in which case a parent entity could avoid
the costs of registration by shifting the activities covered by the
Proposed Rules to the registered dealer affiliate.
    \307\ See Section VI.D.1. Respondents that register with the
Commission as a dealer or government securities dealer file a Form
BD. Respondents that are government securities dealer are subject to
the rules governing government securities dealers promulgated by the
U.S. Treasury at 17 CFR parts 400 through 499. See 15 U.S.C. 78o-
5(b); see also 17 CFR parts 400 through 499. The Treasury Rules, for
the most part, incorporate with some modifications the Commission's
rules for government securities dealers that are not financial
institutions. See supra note 81.
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D. Total PRA Burdens

1. Burden of Rules 15b1-1, 15Ca-1, 15Ca2-1, and 15b3-1 and Form BD
    As discussed above, Section 15C of the Exchange Act requires
government securities dealers to register with the Commission.\308\ A
government securities dealer has the flexibility to either register as
a dealer pursuant to Rule 15b1-1 and file notice as a government
securities dealer under Rule 15Ca-1, or register as a government
securities dealer under Rule 15Ca2-1.\309\ In either case, the
respondent is required to complete a Form BD.\310\ The Commission
believes that Proposed Rules would impose the same burden to the
respondents irrespective of whether the respondent registers as a
dealer or a government securities dealer. Once registered, a broker-
dealer must file an amended Form BD when information it originally
reported on Form BD changes or becomes inaccurate.\311\ The Commission
estimates an initial burden of 2.75 hours \312\ for completing a Form
BD and an annual burden of .95 hour \313\ per respondent for amending
Form BD, resulting in a total initial burden of 266.75 hours \314\ and
a total annual burden of 76.95 hours.\315\
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    \308\ See 15 U.S.C. 78o-5(a).
    \309\ Compare 15 U.S.C. 78o(a) with 15 U.S.C. 78o-5(a). A
government securities dealer that registers under Section
15C(a)(l)(A) will be limited to conducting a government securities
business only.
    \310\ Compare 17 CFR 240.15b1-1(a) (``An application for
registration of a broker or dealer that is filed pursuant to section
15(b) of the Act (15 U.S.C. 78o(b)) shall be filed on Form BD
(249.501 of this chapter) in accordance with the instructions to the
form'') and 17 CFR 240.15Ca1-1(a) (``Every government securities
broker or government securities dealer that is a broker or dealer
registered pursuant to section 15 or 15B of the Act (other than a
financial institution as defined in section 3(a)(46) of the Act)
shall file with the Commission written notice on Form BD (249.501 of
this chapter) in accordance with the instructions contained therein
that it is a government securities broker or government securities
dealer.'') with 17 CFR 240.15Ca2-1(a) (``An application for
registration pursuant to Section 15C(a)(1)(A) of the Act, of a
government securities broker or government securities dealer that is
filed on or after January 25, 1993, shall be filed with the Central
Registration Depository (operated by the Financial Industry
Regulatory Authority, Inc.) on Form BD in accordance with the
instructions contained therein.'').
    \311\ See 17 CFR 240.15b3-1.
    \312\ See Extension Without Change of a Currently Approved
Collection: Form BD and Rule 15b1-1; Application for Registration as
a Broker-Dealer; ICR Reference No.<PHONE_NUMBER>-016; OMB Control No.
3235-0012 (Aug. 7, 2019), available at https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=201905-3235-016 (``Form BD PRA
Supporting Statement'').
    \313\ The Commission's currently approved burden for the average
ongoing compliance burden for each respondent amending Form BD is
.95 hours (Compliance Manager at 0.33 hours x 2.87 amendments per
year). See Form BD PRA Supporting Statement at 5.
    \314\ 97 respondents multiplied by 2.75 hours per respondent.
    \315\ 97 respondents multiplied by .95 hours per respondent.
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    In addition, the Commission believes that a respondent's compliance
manager would complete and file the application and amendments on Form
BD at $314/hour.\316\ Consequently, the Commission estimates that the
internal cost of compliance associated with these burden hours for the
respondents is approximately an initial burden of $83,759.50 \317\ and
an annual burden of $28,935.10.\318\ It is not anticipated that
respondents will have to incur any capital and start-up costs, nor any
additional operational or maintenance costs, to comply with the
collection of information.\319\
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    \316\ Form BD PRA Supporting Statement at 5.
    \317\ 97 respondents multiplied by (2.75 initial hours per
respondent multiplied by $314 per hour).
    \318\ 97 respondents multiplied by (.95 annual hours per
respondent multiplied by $314 per hour).
    \319\ Form BD PRA Supporting Statement at 6.
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2. Burden of Rules 15b6-1 and 15Cc-1 and Form BDW
    The time necessary to complete and file Form BDW will vary
depending on the nature and complexity of the applicant's securities
business. On average, the Commission estimates that it would take a
broker-dealer approximately one hour \320\ per respondent to complete
and file a Form BDW to withdraw from Commission registration. The
Commission estimates that at least one of the 97 respondents will
withdraw as a dealer, resulting in a total annual burden of one
hour.\321\ The Commission believes that a respondent would have a
compliance officer, at $536 per hour, complete and file the Form BDW to
withdraw from Commission registration.\322\ Accordingly, the Commission
estimates an internal compliance cost associated with the burden hours
for the respondents is approximately $536.\323\ It is not anticipated
that respondents will have to incur any capital and start-up costs, nor
any additional operational or maintenance costs, to comply with the
collection of information.\324\
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    \320\ See Extension Without Change of a Currently Approved
Collection: Rule 15b6-1 and Form BDW; ICR Reference No:<PHONE_NUMBER>-
003; OMB Control No: 3235-0018 (May 5, 2020), available at https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=202005-3235-003
(``Form BDW Supporting Statement'').
    \321\ One respondent multiplied by 1 hour per respondent.
    \322\ Form BDW Supporting Statement at 5.
    \323\ One respondent multiplied by (1 hour per respondent
multiplied by $536 per hour).
    \324\ Form BDW Supporting Statement at 5.
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3. Burden of Rule 15c2-7
    Any broker-dealer could be a potential respondent for Rule 15c2-7.
Only quotations entered into an inter-dealer quotation system such as
OTC Link, OTC Bulletin Board (OTCBB), and Global OTC, are covered by
Rule 15c2-7. According to representatives of OTC Link, Global OTC, and
the OTCBB, none of those entities has recently received, nor
anticipates receiving, any Rule 15c2-7 notices.\325\ However, because

such notices could be made, the Commission estimates that one filing,
in the aggregate, by only one broker-dealer, is made annually pursuant
to Rule 15c2-7.\326\ Based on prior industry estimates, the time
required to enter a notice pursuant to Rule 15c2-7 is 45 seconds, or
.75 minutes.\327\ The Commission believes that there will not be any
respondents that are required to register as a result of the Proposed
Rules that must file a Rule 15c2-7 notice as a result of the Proposed
Rules. Accordingly, the Commission estimates that there will be no
internal compliance cost associated with the burden hours for Rule
15c2-7.
---------------------------------------------------------------------------

    \325\ See Extension without change of a currently approved
collection: Rule 15c2-7, Identification of Quotations (17 CFR
240.15c2-7); ICR Reference No:<PHONE_NUMBER>-005; OMB Control No:
3235-0479 (Sep. 16, 2020), available at https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=202008-3235-005 (``Rule 15c2-7 PRA
Supporting Statement'').
    \326\ Rule 15c2-7 PRA Supporting Statement at 3.
    \327\ Id.
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4. Burden of Rule 15c3-1
    Some of the respondents that would register with the Commission as
a result of the Proposed Rules would likely incur a collection of
information burden to comply with Rule 15c3-1. The Commission estimates
the hour burdens of the requirements associated with Rule 15c3-1 as
follows.
    Notices: Based on the number of notices filed under Rule 15c3-1 in
2019, the Commission estimates that broker-dealers annually file
approximately 844 notices under Rule 15c3-1 and that a broker-dealer
will spend approximately 30 minutes preparing and filing these
notices.\328\ The Commission estimates that at least approximately 23
of the 97 respondents would likely each file one notice under Rule
15c3-1, for a total of 23 notices.\329\ Accordingly the Commission
estimates a total additional annual burden of approximately 11.5
hours.\330\
---------------------------------------------------------------------------

    \328\ Extension Without Change of a Currently Approved
Collection: Rule 15c3-1: Net Capital Requirements for Brokers and
Dealers; ICR Reference No:<PHONE_NUMBER>-005; OMB Control No: 3235-
0200 (Jan. 16, 2020), available at https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=201912-3235-005 (``Rule 15c3-1 PRA
Supporting Statement'').
    \329\ The Commission estimated that as of June 2019 broker-
dealers submitted approximately 844 notices annually. Rule 15c3-1
PRA Supporting Statement at 4. The number of active broker-dealers
on June 30, 2019 was 3,710. Thus, approximately 23 percent of the
active broker-dealers submitted a notice annually as of June 2019.
Based on this, the Commission estimates that the 97 respondents that
would need to register with the Commission under the Proposed Rules
would file approximately 23 notices annually.
    \330\ 23 respondents multiplied by .5 hours per respondent.
---------------------------------------------------------------------------

    Capital Withdrawal Liability: Paragraph (c)(2)(i)(G)(2) of Rule
15c3-1 requires that a broker-dealer treat as a liability any capital
contribution that is intended to be withdrawn within one year of its
contribution. The amendment also includes the presumption that capital
withdrawn within one year of contribution is presumed to have been
intended to be withdrawn within one year, unless the broker-dealer
receives permission in writing for the withdrawal from its DEA. The
Commission estimates it will take a broker-dealer approximately one
hour to prepare and submit the request to its DEA to withdraw
capital,\331\ and that at least approximately two respondents would
likely seek permission in writing one occasion for the capital
withdrawal.\332\ Accordingly, the Commission estimates that the total
annual reporting burden will be approximately two hours.\333\
---------------------------------------------------------------------------

    \331\ Rule 15c3-1 PRA Supporting Statement at 5.
    \332\ The Commission estimated that as of June 2019 broker-
dealers submitted approximately 84 notices annually. Rule 15c3-1 PRA
Supporting Statement at 5. The number of active broker-dealers on
June 30, 2019 was 3,710. Thus, approximately .02 percent of the
active broker-dealers submitted a notice annually as of June 2019.
Based on this, the Commission estimates that the 97 respondents that
would need to register with the Commission under the Proposed Rules
would file approximately two notices annually.
    \333\ Two respondents multiplied by 1 hour per respondent.
---------------------------------------------------------------------------

    Some broker-dealers that file consolidated financial reports obtain
an opinion of counsel under appendix C of Rule 15c3-1.\334\ The
Commission believes that there will not be any respondents that are
required to register as a result of the Proposed Rules that will obtain
an opinion of counsel to file the consolidated financial reports as
required under appendix C of Rule 15c3-1. It is not anticipated that
respondents will have to incur any capital and start-up costs, nor any
additional operational or maintenance costs, to comply with the
collection of information.
---------------------------------------------------------------------------

    \334\ Rule 15c3-1 PRA Supporting Statement at 11.
---------------------------------------------------------------------------

5. Burden of Rule 15c3-5
    To comply with Rule 15c3-5, a respondent must maintain its risk
management system by monitoring its effectiveness and updating its
systems to address any issues detected.\335\ In addition, a respondent
is required to preserve a copy of its written description of its risk
management controls as part of its books and records in a manner
consistent with Rule 17a-4(e)(7) under the Exchange Act.\336\ The
Commission estimates that the ongoing annualized burden for a
respondent to maintain its risk management system will be approximately
115 burden hours.\337\ The Commission estimates the related internal
compliance cost for this hour burden per respondent at approximately
$31,717 per year.\338\ The Commission believes the ongoing burden of
complying with the rule's collection of information will include, among
other things, updating systems to address any issues detected, updating
risk management controls to reflect any change in its business model,
and documenting and preserving a broker-dealer's written description of
its risk management controls.\339\ In addition, the Commission
estimates that a broker-dealer's legal and compliance burden of
complying with Rule 15c3-5 will require approximately 45 hours per
year.\340\ The Commission estimates the related internal compliance
cost for this hour burden per respondent at approximately $25,645 per
year.\341\
---------------------------------------------------------------------------

    \335\ See 17 CFR 240.15c3-5.
    \336\ Id.
    \337\ See Extension Without Change of a Currently Approved
Collection: Rule 15c3-5--Risk Management Controls for Brokers or
Dealers with Market Access; ICR Reference No:<PHONE_NUMBER>-022; OMB
Control No: 3235-0673 (July 23, 2019) available at https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=201907-3235-022
(``Rule 15c3-5 Supporting Statement'').
    \338\ Rule 15c3-5 Supporting Statement at 4.
    \339\ Id.
    \340\ Id. at 5. Specifically, compliance attorneys who review,
document, and update written compliance policies and procedures are
expected to require an estimated 20 hours per year; a compliance
manager who reviews, documents, and updates written compliance
policies and procedures is expected to require 20 hours per year;
and the Chief Executive Officer, who certifies the policies and
procedures, is expected to require another 5 hours per year. Id.
    \341\ Id.
---------------------------------------------------------------------------

    Accordingly, the Commission estimates the annual aggregate
information burden per respondent would be 160 hours,\342\ for a total
annual burden of 15,520 hours.\343\ The Commission estimates the
related total internal compliance cost for the respondents required to
register as a result of the Proposed Rules for this hour burden at
approximately $5,564,114 per year.\344\ In addition, the Commission
estimates that for hardware and software expenses, the average ongoing
external cost would be approximately $20,500 per respondent,\345\ for a
total annualized external cost for all respondents of $1,988,500.\346\
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    \342\ 115 hours for technology + 45 hours for legal and
compliance.
    \343\ 97 respondents multiplied by 160 hours.
    \344\ 97 respondents multiplied by ($31,717 for technology +
$25,645 for legal and compliance).
    \345\ Rule 15c3-5 Supporting Statement at 6.
    \346\ 97 respondents multiplied by $20,500 per respondent.
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6. Burden of Rule 17a-3
    As discussed above, the respondents that would register as dealers
or

government securities as a result of the Proposed Rules would incur a
burden of collection of information necessary to comply with Rule 17a-
3. While recordkeeping requirements will vary based on the size and
complexity of the broker-dealer, the Commission estimates that one hour
a day \347\ is the average amount of time needed by a broker-dealer to
comply with the overall requirements of Rule 17a-3, in addition to the
separate burdens described below. The number of working days per year
is 249, and as a result the total annual estimated burden for
respondents with respect to Rule 17a-3 generally is 24,153 hours.\348\
---------------------------------------------------------------------------

    \347\ See Revision of a Currently Approved Collection: Rule 17a-
3; Records to be Made by Certain Exchange Members, Brokers and
Dealers; ICR Reference No:<PHONE_NUMBER>-019; OMB Control No: 3235-
0033 (July 29, 2021), available at https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=202107-3235-019 (``Rule 17a-3 PRA
Supporting Statement'').
    \348\ 97 respondents multiplied by 249 hours per respondent a
year.
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(i) Rule 17a-3(a)(12) and (19)
    In addition to the hour burden estimate for Rule 17a-3 generally,
the Commission also believes that paragraphs (a)(12) and (19) of Rule
17a-3 will impose specific burdens on respondents. Paragraphs (a)(12)
and (19) of Rule 17a-3 require that a broker-dealer create certain
records regarding its associated persons.\349\ The Commission estimates
that each broker-dealer spends, on average, approximately 30 minutes
each year \350\ to ensure that it is in compliance with these
requirements, resulting in a total annual compliance burden of
approximately 48.5 hours for the respondents.\351\
---------------------------------------------------------------------------

    \349\ These records that a broker-dealer is required to make
regarding the broker-dealer's associated persons include: (1) All
agreements pertaining to the associated person's relationship with
the broker-dealer and a summary of each associated person's
compensation arrangement (17 CFR 240.17a-3(a)(19)(ii)), (2) a record
delineating all identification numbers relating to each associated
person (17 CFR 240.17a-3(a)(12)(ii)), (3) a record of the office at
which each associated person regularly conducts business (17 CFR
240.17a-3(a)(12)(iii)), and (4) a record as to each associated
person listing transactions for which that person will be
compensated (17 CFR 240.17a3(a)(19)(i)).
    \350\ Rule 17a-3 PRA Supporting Statement at 6.
    \351\ 97 respondents multiplied by .5 hours per respondent.
---------------------------------------------------------------------------

(ii) Rule 17a-3(a)(20) Through (22)
    Paragraphs (a)(20) through (22) of Rule 17a-3 require broker-
dealers to make, among other things, records documenting the broker-
dealer's compliance, or that the broker-dealer has adopted policies and
procedures reasonably designed to establish compliance, with applicable
Federal regulations and SRO rules that require approval by a principal
of the broker-dealer of any advertisements, sales literature or other
communications with the public.\352\ Moreover, these rules require
broker-dealers to create a record of the personnel responsible for
establishing compliance policies and procedures and of the personnel
capable of explaining the types of records the broker-dealer.\353\ The
Commission estimates that, on average, each broker-dealer will spend 10
minutes each year \354\ to ensure compliance with these requirements,
resulting in a total annual burden for the respondents of about
approximately 16 hours.\355\
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    \352\ See 17 CFR 240.17a-3(a)(20); 17 CFR 240.17a-3(a)(21); 17
CFR 240.17a-3(a)(22).
    \353\ Id.
    \354\ Rule 17a-3 PRA Supporting Statement at 6.
    \355\ (97 respondents multiplied by 10 minutes per respondent)
divided by 60 minutes.
---------------------------------------------------------------------------

7. Burden of Rule 17a-4
    The respondents that registered as dealers or government securities
would incur a collection of information burden to comply with Rule 17a-
4. Rule 17a-4 establishes the records that must be preserved by broker-
dealers.\356\ The Commission estimates that, on average, each broker-
dealer spends 254 hours each year \357\ to ensure that it preserves the
records Rule 17a-4 requires all broker-dealers to preserve.
Accordingly, the Commission estimates that there will be a total annual
burden of 24,638 hours to comply with the Rule 17a-4 requirements
applicable to the respondents.\358\ The Commission estimates that the
average broker-dealer spends approximately $5,000 each year to store
documents required to be retained under Rule 17a-4.\359\ Accordingly,
the Commission estimates the annual reporting and recordkeeping cost
burden for the respondents to be $485,000.\360\
---------------------------------------------------------------------------

    \356\ See 17 CFR 240.17a-4.
    \357\ See Revision of a currently approved collection: Rule 17a-
4; Records to be Preserved by Certain Exchange Members, Brokers and
Dealers; ICR Reference No:<PHONE_NUMBER>-021; OMB Control No: 3235-
0279 (Sep. 23. 2021), available at https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=202107-3235-021 (``Rule 17a-4 Supporting
Statement'').
    \358\ 97 respondents multiplied by 254 hours per respondent.
    \359\ Rule 17a-4 Supporting Statement at 13. Costs include the
cost of physical space, computer hardware. and software, etc., which
vary widely depending on the size of the broker-dealer and the type
of storage media employed. Id.
    \360\ 97 respondents multiplied by $5,000 per respondent.
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8. Burden of Rule 17a-5 \361\
---------------------------------------------------------------------------

    \361\ Registered government securities dealers are required to
comply with Rule 17a-11, subject to the enumerated modifications in
17 U.S.C. 405.3. See 17 U.S.C. 405.3.
---------------------------------------------------------------------------

    This section summarizes the burdens associated with Rule 17a-5.
    FOCUS Report for Broker-Dealers that do not Clear Transactions or
Carry Customer Accounts: Rule 17a-5(a)(2)(iii) requires that broker-
dealers that do not clear transactions or carry customer accounts and
do not use ANC models to calculate net capital are required to file
FOCUS Report Part IIA on a quarterly basis.\362\ The Commission
believes that the 97 respondents that would be required to register
with the Commission would need to comply with this provision of Rule
17a-5. The Commission estimates that each FOCUS Report Part IIA takes
approximately 12 hours to prepare and file.\363\ As a result, each
respondent is estimated to have an annual reporting burden of 48
hours,\364\ resulting in an annual burden of 4,656 hours.\365\
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    \362\ See 17 CFR 240.17a-5(a)(2)(iii).
    \363\ See Revision of a Currently Approved Collection: Rule 17a-
5, Form X-17A-5 (FOCUS REPORT); ICR Reference No:<PHONE_NUMBER>-022;
OMB Control No: 3235-0123 (July 29, 2021), available at https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=202107-3235-022
(``Rule 17a-5 PRA Supporting Statement'').
    \364\ Rule 17a-5 PRA Supporting Statement at 6.
    \365\ 97 respondents multiplied by 48 hours per respondent.
---------------------------------------------------------------------------

    Annual Reports: Rule 17a-5(d)(1)(i)(A) requires broker-dealers,
subject to limited exception, to file annual reports, including
financial statements and supporting schedules that generally must be
audited by a PCAOB-registered independent public accountant in
accordance with PCAOB standards. The Commission believes that the 97
respondents that would be required to register with the Commission
would be need to file an annual report. The Commission estimates that
each respondent is estimated to have an annual reporting burden of 12
hours under Rule 17a-5(d),\366\ resulting in an annual burden of 1,164
hours for the respondents.\367\
---------------------------------------------------------------------------

    \366\ Rule 17a-5 PRA Supporting Statement at 7.
    \367\ 97 respondents multiplied by 12 hours per respondent.
---------------------------------------------------------------------------

    Exemption Report: Rule 17a-5(d)(1)(i)(B) requires a broker-dealer
that claims it was exempt from 17 CFR 240.15c3-3 (Rule 15c3-3)
throughout the most recent fiscal year must file an exemption report
with the Commission on an annual basis.\368\ As of December 31, 2019,
3,689 broker-dealers filed FOCUS Reports with the Commission and, of
these, 3,001 broker-dealers

claimed exemptions from Rule 15c3-3.\369\ The Commission estimates that
it takes a broker-dealer claiming an exemption from Rule 15c3-3
approximately 7 hours to complete the exemption report.\370\ The
Commission also estimates that approximately 78 of the 97 respondents
\371\ would also claim exemptions from Rule 15c3-3 and be required to
file an exemption report, resulting in an annual burden of 546
hours.\372\
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    \368\ See 17 CFR 240.17a-5(d)(1)(i)(B).
    \369\ Rule 17a-5 PRA Supporting Statement at 8.
    \370\ Id.
    \371\ The Commission believes that the same percentage of
broker-dealers that claimed exemptions from Rule 15c3-3 as of
December 31, 2019 applies to the 97 respondents that would register
with the Commission as a result of the Proposed Rules. Accordingly,
the Commission estimates that 80 percent of the 97 respondents would
file an exemption report under Rule 17a-5(d)(1)(i)(A).
    \372\ 78 respondents multiplied by 7 hours per respondent.
---------------------------------------------------------------------------

    SIPC Annual Reports: Paragraph (d)(6) of Rule 17a-5 requires a
Securities Investor Protection Corporation (``SIPC'') member broker-
dealers to file a copy of the annual reports with SIPC.\373\ The
Commission estimates that it takes a broker-dealer approximately 30
minutes to file the annual reports with SIPC.\374\ As a result, each
firm is estimated to have an annual burden of .5 hour, resulting in an
annual burden of 48.5 hours for the respondents.\375\
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    \373\ See 17 CFR 240.17a-5(d)(6).
    \374\ Rule 17a-5 PRA Supporting Statement at 8.
    \375\ 97 respondents multiplied by .5 hour per respondent.
---------------------------------------------------------------------------

    SIPC Annual General Assessment Reconciliation Report or Exclusion
from Membership Forms: Paragraph (e)(4) of Rule 17a-5 requires broker-
dealers to file with SIPC a report on the SIPC annual general
assessment reconciliation or exclusion from membership forms.\376\ The
Commission estimates that it takes a broker-dealer approximately 5
hours to file SIPC's annual assessment reconciliation form or
certification of exclusion from membership forms,\377\ resulting in an
estimated annual burden of about 485 hours for the respondents.\378\
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    \376\ See 17 CFR 240.17a-5(e)(4).
    \377\ Rule 17a-5 PRA Supporting Statement at 9.
    \378\ 97 respondents multiplied by 5 hours per respondent.
---------------------------------------------------------------------------

    Statement Regarding Independent Public Accountant: Paragraph (f)(2)
of Rule 17a-5 requires broker-dealers to prepare a statement providing
information regarding the broker-dealer's independent public accountant
and to file it each year with the Commission and its DEA (except that
if the engagement is of a continuing nature, no further filing is
required).\379\ The Commission estimates that it takes a broker-dealer
that neither carries customer accounts nor clears transactions
approximately 2 hours to file the Statement Regarding Independent
Public Accountant with the Commission.\380\ As a result, each broker-
dealer that neither carries nor clears transactions is estimated to
have an annual burden of 2 hours, resulting in an annual burden of 194
hours for the respondents.\381\
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    \379\ 17 CFR 240.17a-5(f)(2).
    \380\ Rule 17a-5 PRA Supporting Statement at 9.
    \381\ 97 respondents multiplied by 2 hours per respondent.
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    The Commission estimates that Rule 17a-5 causes a broker-dealer to
incur an annual dollar cost to meet its reporting obligations. Those
requirements that are anticipated to impose an annual cost are
discussed below.
    Annual Reports: The Commission estimates that postage costs to
comply with paragraph (d) of Rule 17a-5 impose on broker-dealers an
annual dollar cost of $7.75 per firm,\382\ resulting in a total annual
cost for the respondents of approximately $751.75.\383\
---------------------------------------------------------------------------

    \382\ Rule 17a-5 PRA Supporting Statement at 15.
    \383\ 97 respondents multiplied by $7.75 per respondent.
---------------------------------------------------------------------------

    Exemption Report: A broker-dealer that claims it was exempt from
Rule 15c3-3 throughout the most recent fiscal year must file an
exemption report with the Commission on an annual basis.\384\ The cost
associated with an independent public accountant's review of the
exemption report is estimated to create an ongoing cost of $3,000 per
non-carrying broker-dealer per year,\385\ for a total annual reporting
cost of approximately $234,000.\386\
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    \384\ See 17 CFR 240.17a-5(d)(1)(i)(B).
    \385\ Rule 17a-5 PRA Supporting Statement at 16.
    \386\ 78 respondents multiplied by $3,000 per respondent. As
discussed above, the Commission also estimates that approximately 78
of the 97 respondents would also claim exemptions from Rule 15c3-3.
---------------------------------------------------------------------------

    SIPC Annual Reports: The Commission estimates that postage costs to
comply with paragraph (d)(6) of Rule 17a-5 impose an annual dollar cost
of 50 cents per firm registered with SIPC as a SIPC member broker-
dealer,\387\ totaling for the 97 respondents an estimated cost burden
for the response of $48.50.\388\
---------------------------------------------------------------------------

    \387\ Rule 17a-5 PRA Supporting Statement at 16.
    \388\ 97 respondents multiplied by $0.50 per respondent.
---------------------------------------------------------------------------

    SIPC Annual General Assessment Reconciliation Report or Exclusion
from Membership Forms: The Commission estimates that postage costs to
comply with paragraph (e)(4) of Rule 17a-5, impose an annual dollar
cost of 50 cents per firm.\389\ The Commission estimates that each year
the 97 respondents will file with SIPC a report on the SIPC annual
general assessment reconciliation or exclusion from membership forms,
such that the estimated cost burden totals $48.50 per year.\390\
---------------------------------------------------------------------------

    \389\ Rule 17a-5 PRA Supporting Statement at 16.
    \390\ 97 respondents multiplied by $0.50 per respondent.
---------------------------------------------------------------------------

    Statement Regarding Independent Public Accountant: The Commission
estimates that postage costs to comply with paragraphs (f)(2) and (3)
of Rule 17a-5, impose an annual dollar cost of 50 cents per firm.\391\
Accordingly, the Commission estimates a total cost of $48.50 per year
for the 97 respondents.\392\
---------------------------------------------------------------------------

    \391\ Rule 17a-5 PRA Supporting Statement at 17.
    \392\ 97 respondents multiplied by $0.50 per respondent.
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9. Burden of Rule 17a-11
    In 2019, the Commission received 343 Rule 17a-11 notices from
broker-dealers.\393\ The Commission previously estimated that it would
receive a similar number of notices from broker-dealers each year over
the next three years and that it will take approximately one hour to
prepare and transmit each notice.\394\ The Commission believes that the
Proposed Rules would not cause any change to the Commission's estimated
number of 17a-11 notices received from broker-dealers.
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    \393\ Revision of a Currently Approved Collection: Rule 17a-11
(17 CFR 240.17a-11) Notification provisions for Brokers and Dealers;
ICR Reference No:<PHONE_NUMBER>-023; OMB Control No: 3235-0085 (Sep.
14, 2021), available at https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=202107-3235-023 (``17a-11 PRA Supporting
Statement'').
    \394\ 17a-11 PRA Supporting Statement at 4.
---------------------------------------------------------------------------

10. Burden of Rule 613
    Rule 613(c) provides that certain requirements are placed upon
broker-dealers to record and report CAT information to the central
repository in accordance with specified timelines.\395\ The Commission
recognizes that broker-dealers may insource or outsource CAT data
reporting obligations.\396\ The Commission believes all 97 respondents
would likely have reporting obligations under Rule 613 and
strategically decide to insource their data reporting functions as a
result of their high level

of trading activity.\397\ The Commission estimates that the average
initial burden associated with implementing regulatory data reporting
to capture the required information and transmit it to the central
repository in compliance with Rule 613 for each respondent to be
approximately 14,490 initial burden hours,\398\ totaling an initial
burden of 1,405,530 hours for the respondents.\399\ After a respondent
establishes the appropriate systems and processes required for
collection and transmission of the required information, the Commission
estimates that Rule 613 imposes ongoing annual burdens associated with,
among other things, personnel time to monitor each respondent's
reporting of the required data and the maintenance of the systems to
report the required data; and implementing changes to trading systems
that might result in additional reports.\400\ The Commission believes
that it would take each respondent approximately 13,338 burden hours
per year \401\ to continue to comply with Rule 613, totaling an annual
ongoing burden of 1,293,786 hours for the respondents.\402\
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    \395\ 17 CFR 242.613(c).
    \396\ Revision of a currently approved collection: Consolidated
Audit Trail NMS Plan (NMS Plan Required to be Filed under Commission
Rule 613); ICR Reference No:<PHONE_NUMBER>-003; OMB Control No: 3235-
0671 (Apr. 1, 2020), available at https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=201911-3235-003 (``CAT Supporting
Statement'').
    \397\ See CAT Supporting Statement at 37.
    \398\ Id. at 39.
    \399\ 97 respondents multiplied by 14,490 hours.
    \400\ See CAT Supporting Statement at 39-40.
    \401\ Id. at 40.
    \402\ 97 respondents multiplied by 13,338 hours.
---------------------------------------------------------------------------

    Additionally, the Commission estimates that each respondent, on
average, incurs approximately $450,000 in initial costs for hardware
and software to implement the systems changes needed to capture the
required information and transmit it to the central repository, an
additional $9,500 in initial third party costs, and an additional
$250,000 in costs to implement the modified allocation timestamp
requirement,\403\ totaling an initial cost of $68,821,500 for the
respondents.\404\ After each respondent has established the appropriate
systems and processes, the Commission believes that Rule 613 imposes
ongoing annual burdens associated with, among other things, personnel
time to monitor each respondent's reporting of the required data and
the maintenance of the systems to report the required data; and
implementing changes to trading systems that might result in additional
reports to the central repository.\405\ The Commission estimates costs
for each respondent, on average, of approximately $80,000 per year to
maintain systems connectivity to the central repository and purchase
any necessary hardware, software, and other materials, an additional
$1,300 per year in third party costs, and an additional $29,166.67 per
year to maintain the modified allocation timestamp requirement,\406\
totaling an estimated annual ongoing cost of $10,715,268 for the
respondents.\407\
---------------------------------------------------------------------------

    \403\ See CAT Supporting Statement at 63-64.
    \404\ 97 respondents multiplied by (($450,000 in external
hardware and software costs) + ($250,000 to implement the modified
allocation timestamp requirement) + ($9,500 initial third party/
outsourcing costs) = $709,500).
    \405\ See CAT Supporting Statement at 66.
    \406\ Id.
    \407\ 97 respondents multiplied by (($80,000 in external
hardware and software costs) + ($29,166.67 to maintain the modified
allocation timestamp requirement) + ($1,300 ongoing external third
party/outsourcing costs) = $110,466.68).
---------------------------------------------------------------------------

E. Request for Comments

    Pursuant to 44 U.S.C. 3506(c)(2)(B), the Commission solicits
comments to:
    79. Evaluate whether the proposed collection of information is
necessary for the proper performance of the Commission's functions,
including whether the information shall have practical utility;
    80. Evaluate whether the Commission is adequately capturing the
number of respondents that would be subject to the burdens under the
Proposed Rules;
    81. Evaluate the accuracy of the Commission's estimates of the
burden of the proposed collection of information;
    82. Evaluate the accuracy of the Commission's estimates of the
costs associated with the proposed collection of information, including
but not limited to any start-up, technology, personnel, legal services,
operational, or maintenance costs, to comply with the collection of
information;
    83. Evaluate whether the Proposed Rules would have any effects on
any other collection of information not previously identified in this
section; and
    84. Determine whether any aspects of the Proposed Rules that are
not discussed in this PRA analysis impact the burden or costs
associated with the collection of information.
    Persons submitting comments on the collection of information
requirements should direct them to the Office of Management and Budget,
Attention: Desk Officer for the Securities and Exchange Commission,
Office of Information and Regulatory Affairs, Washington, DC 20503, and
should also send a copy of their comments to Vanessa Countryman,
Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090, with reference to File Number S7-12-22.
Requests for materials submitted to OMB by the Commission with regard
to this collection of information should be in writing, with reference
to File Number S7-12-22 and be submitted to the Securities and Exchange
Commission, Office of FOIA/PA Services, 100 F Street NE, Washington, DC
20549-2736. As OMB is required to make a decision concerning the
collection of information between 30 and 60 days after publication, a
comment to OMB is best assured of having its full effect if OMB
receives it within 30 days of publication.

VII. Regulatory Flexibility Certification

    The Regulatory Flexibility Act (``RFA'') requires Federal agencies,
in promulgating rules, to consider the impact of those rules on small
entities. Section 603(a) of the Administrative Procedure Act,\408\ as
amended by the RFA, generally requires the Commission to undertake a
regulatory flexibility analysis of all proposed rules, or proposed rule
amendments, to determine the impact of the rulemaking on ``small
entities.'' \409\ Section 605(b) of the RFA \410\ states that this
requirement shall not apply to any proposed rule or proposed rule
amendment which, if adopted, would not have a significant economic
impact on a substantial number of small entities.\411\
---------------------------------------------------------------------------

    \408\ 5 U.S.C. 603(a).
    \409\ Although Section 601(b) of the RFA defines the term
``small entity,'' the statute permits agencies to formulate their
own definitions. The Commission has adopted definitions for the term
``small entity'' for the purposes of Commission rulemaking in
accordance with the RFA. Those definitions, as relevant to this
proposed rulemaking, are set forth in 17 CFR 240.0-10 (Rule 0-10
under the Exchange Act). See also Exchange Act Release No. 18451
(Jan. 28, 1982), 47 FR 5215 (Feb. 4, 1982) (File No. AS-305).
    \410\ 5 U.S.C. 605(b).
    \411\ 5 U.S.C. 605(b).
---------------------------------------------------------------------------

    The RFA defines ``small entity'' to mean ``small business,''
``small organization,'' or ``small governmental jurisdiction.'' \412\
The Commission's rules define ``small business'' and ``small
organization'' for purpose of the RFA for each of the types of entities
regulated by the Commission.\413\ A ``small business'' and ``small
organization,'' when used in reference to a person other than an
investment company, generally means a person with total assets of $5
million or less on the last day of its most recent fiscal year.\414\
---------------------------------------------------------------------------

    \412\ 5 U.S.C. 601(6).
    \413\ Exchange Act Rule 0-10 (17 CFR 240.0-10) contains
applicable definitions.
    \414\ Id.
---------------------------------------------------------------------------

    The Proposed Rules would not apply to persons that have or control
total assets of less than $50 million.\415\

Therefore, because small businesses and small organizations with total
assets of $5 million or less would not meet the requirements of the
Proposed Rules, the Commission believes the Proposed Rules would not,
if adopted, have a significant economic impact on a substantial number
of small entities.
---------------------------------------------------------------------------

    \415\ See proposed Rule 3a5-4(a)(2)(i) and proposed Rule 3a44-
2(a)(3)(i). See also Section V.B.2.c.
---------------------------------------------------------------------------

    For the foregoing reasons, the Commission certifies, pursuant to 5
U.S.C. 605(b), that the Proposed Rules, if adopted, would not have a
significant economic impact on a substantial number of small entities
for purposes of the RFA. The Commission encourages written comments
regarding this certification. Specifically, the Commission solicits
comment as to whether the proposed Rules 3a5-4 and 3a44-2 could have an
effect on small entities that has not been considered. We request that
commenters describe the nature of any impact on small entities and
provide empirical data to support the extent of such impact. These
comments will be considered in the preparation of the Final Regulatory
Flexibility Certification, if the Proposed Rules are adopted, and will
be placed in the same public file as comments on the Proposed Rules.
Persons wishing to submit written comments should refer to the
instructions for submitting comments in the front of this release.

VIII. Consideration of Impact on the Economy

    For purposes of the Small Business Regulatory Enforcement Fairness
Act of 1996,\416\ the Commission requests comment on the potential
effect of the Proposed Rules on the United States economy on an annual
basis. The Commission also requests comment on any potential increases
in costs or prices for consumers or individual industries, and any
potential effect on competition, investment, or innovation.
---------------------------------------------------------------------------

    \416\ 5 U.S.C. 603.
---------------------------------------------------------------------------

Statutory Basis and Text of the Proposed Rules

    The Commission is proposing Rules 3a5-4 and 3a44-2 pursuant to
authority set forth in Sections 3 and 23 of the Exchange Act (15 U.S.C.
78c and 78w).

Text of Proposed Rule

List of Subjects in 17 CFR Part 240

    Government securities dealers, Securities dealers.

    For the reasons set out in the preamble, the Commission proposes to
amend title 17, chapter II, of the Code of Federal Regulations as
follows:

PART 240--GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF
1934

0
1. The authority citation for part 240 continues to read, in part, as
follows:

    Authority:  15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3,
77eee, 77ggg, 77nnn, 77sss, 77ttt, 78c, 78c-3, 78c-5, 78d, 78e, 78f,
78g, 78i, 78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78n-1, 78o, 78o-4,
78o-10, 78p, 78q, 78q-1, 78s, 78u-5, 78w, 78x, 78dd, 78ll, 78mm,
80a-20, 80a-23, 80a-29, 80a-37, 80b-3, 80b-4, 80b-11, and 7201 et
seq., and 8302; 7 U.S.C. 2(c)(2)(E); 12 U.S.C. 5221(e)(3); 18 U.S.C.
1350; Pub. L. 111-203, 939A, 124 Stat. 1376 (2010); and Pub. L. 112-
106, sec. 503 and 602, 126 Stat. 326 (2012), unless otherwise noted.
* * * * *
0
2. Add Sec.  240.3a5-4 to read as follows:

Sec.  240.3a5-4   Further definition of ``as a part of a regular
business''.

    (a) A person that is engaged in buying and selling securities for
its own account is engaged in such activity ``as a part of a regular
business'' as the phrase is used in Section 3(a)(5)(B) (15 U.S.C.
78c(a)(5)(B)) of the Act if that person:
    (1) Engages in a routine pattern of buying and selling securities
that has the effect of providing liquidity to other market participants
by:
    (i) Routinely making roughly comparable purchases and sales of the
same or substantially similar securities in a day; or
    (ii) Routinely expressing trading interests that are at or near the
best available prices on both sides of the market and that are
communicated and represented in a way that makes them accessible to
other market participants; or
    (iii) Earning revenue primarily from capturing bid-ask spreads, by
buying at the bid and selling at the offer, or from capturing any
incentives offered by trading venues to liquidity-supplying trading
interests; and
    (2) Is not:
    (i) A person that has or controls total assets of less than $50
million; or
    (ii) An investment company registered under the Investment Company
Act of 1940.
    (b) For purposes of this section:
    (1) The term ``person'' has the same meaning as prescribed in
Section 3(a)(9) (15 U.S.C. 78c(a)(9)) of the Act.
    (2) A person's ``own account'' means any account:
    (i) Held in the name of that person; or
    (ii) Held in the name of a person over whom that person exercises
control or with whom that person is under common control, provided that
this paragraph (b)(2)(ii) does not include:
    (A) An account in the name of a registered broker, dealer, or
government securities dealer, or an investment company registered under
the Investment Company Act of 1940; or
    (B) With respect to an investment adviser registered under the
Investment Advisers Act of 1940, an account held in the name of a
client of the adviser unless the adviser controls the client as a
result of the adviser's right to vote or direct the vote of voting
securities of the client, the adviser's right to sell or direct the
sale of voting securities of the client, or the adviser's capital
contributions to or rights to amounts upon dissolution of the client;
or
    (C) With respect to any person, an account in the name of another
person that is under common control with that person solely because
both persons are clients of an investment adviser registered under the
Investment Advisers Act of 1940 unless those accounts constitute a
parallel account structure; or
    (iii) Held for the benefit of those persons identified in
paragraphs (b)(2)(i) and (ii) of this section.
    (3) The term ``control'' has the same meaning as prescribed in
Sec.  240.13h-l (Rule 13h-l), under the Act.
    (4) The term ``parallel account structure'' means a structure in
which one or more private funds (each a ``parallel fund''), accounts,
or other pools of assets (each a ``parallel managed account'') managed
by the same investment adviser pursue substantially the same investment
objective and strategy and invest side by side in substantially the
same positions as another parallel fund or parallel managed account.
    (c) No presumption shall arise that a person is not a dealer within
the meaning of Section 3(a)(5) (15 U.S.C. 78c(a)(5)) of the Act solely
because that person does not satisfy paragraph (a) of this section.
0
3. Add Sec.  240.3a44-2 to read as follows:

 Sec.  240.3a44-2   Further definition of ``as a part of a regular
business''.

    (a) A person that is engaged in buying and selling government
securities for its own account is engaged in such activity ``as a part
of a regular business'' as the phrase is used in Section 3(a)(44)(A)
(15 U.S.C. 78c(a)(44)(A)) of the Act if that person:
    (1) Engages in a routine pattern of buying and selling government
securities that has the effect of providing liquidity to other market
participants by:
    (i) Routinely making roughly comparable purchases and sales of the

same or substantially similar government securities in a day; or
    (ii) Routinely expressing trading interests that are at or near the
best available prices on both sides of the market and that are
communicated and represented in a way that makes them accessible to
other market participants; or
    (iii) Earning revenue primarily from capturing bid-ask spreads, by
buying at the bid and selling at the offer, or from capturing any
incentives offered by trading venues to liquidity-supplying trading
interests; or
    (2) In each of four out of the last six calendar months, engaged in
buying and selling more than $25 billion of trading volume in
government securities as defined in Section 3(a)(42)(A) (15 U.S.C.
78c(a)(42)(A)) of the Act; and
    (3) Is not:
    (i) A person that has or controls total assets of less than $50
million; or
    (ii) An investment company registered under the Investment Company
Act of 1940.
    (b) For purposes of this section:
    (1) The term ``person'' has the same meaning as prescribed in
Section 3(a)(9) (15 U.S.C. 78c(a)(9)) of the Act.
    (2) A person's ``own account'' means any account:
    (i) Held in the name of that person; or
    (ii) Held in the name of a person over whom that person exercises
control or with whom that person is under common control, provided that
this paragraph (b)(2)(ii) does not include:
    (A) An account in the name of a registered broker, dealer, or
government securities dealer, or an investment company registered under
the Investment Company Act of 1940; or
    (B) With respect to an investment adviser registered under the
Investment Advisers Act of 1940, an account held in the name of a
client of the adviser unless the adviser controls the client as a
result of the adviser's right to vote or direct the vote of voting
securities of the client, the adviser's right to sell or direct the
sale of voting securities of the client, or the adviser's capital
contributions to or rights to amounts upon dissolution of the client;
or
    (C) With respect to any person, an account in the name of another
person that is under common control with that person solely because
both persons are clients of an investment adviser registered under the
Investment Advisers Act of 1940 unless those accounts constitute a
parallel account structure; or
    (iii) Held for the benefit of those persons identified in
paragraphs (b)(2)(i) and (ii) of this section.
    (3) The term ``control'' has the same meaning as prescribed in
Sec.  240.13h-l (Rule 13h-l), under the Act.
    (4) The term ``parallel account structure'' means a structure in
which one or more private funds (each a ``parallel fund''), accounts,
or other pools of assets (each a ``parallel managed account'') managed
by the same investment adviser pursue substantially the same investment
objective and strategy and invest side by side in substantially the
same positions as another parallel fund or parallel managed account.
    (c) No presumption shall arise that a person is not a government
securities dealer within the meaning of Section 3(a)(44) (15 U.S.C.
78c(a)(44)) of the Act solely because that person does not satisfy
paragraph (a) of this section.

    By the Commission.

    Dated: March 28, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-06960 Filed 4-15-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: April 25, 2008 (Volume 73, Number 81)]
[Notices]
[Page 22366-22367]
[DOCID:fr25ap08-54]

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ENVIRONMENTAL PROTECTION AGENCY

[FRL-8556-4; Docket ID No. EPA-HQ-ORD-2007-0664]

Integrated Risk Information System (IRIS); Announcement of
Availability of Literature Searches for IRIS Assessments

AGENCY: Environmental Protection Agency.

ACTION: Notice; Announcement of availability of literature searches for
IRIS assessments; request for information.

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

SUMMARY: The U.S. Environmental Protection Agency (EPA) is announcing
the availability of literature searches for three IRIS assessments,
manganese (CAS No. 7439-9), 1,2,4 trimethylbenzene (CAS No. 95-63-6),
and 1,3,5-trimethylhenzene (CAS No. 108-67-8) that may be started in
2008, and requesting scientific information on health effects that may
result from exposure to these chemical substances. The Integrated Risk
Information System (IRIS) is an EPA database that contains information
on human health effects that may result from chronic exposure to
chemical substances in the environment.
    EPA will accept information related to the specific substances
included herein as well as any other compounds being assessed by the
IRIS Program. Please submit any information in accordance with the
instructions provided below.

ADDRESSES: Please submit relevant scientific information, identified by
docket ID number EPA-HQ-ORD-2007-0664, online at http://
www.regulations.gov (EPA's preferred method); by e-mail to
<EMAIL_ADDRESS>by mail to the Office of Environmental Information
(OEI) Docket (Mail Code: 2822T), U.S. Environmental Protection Agency,
1200 Pennsylvania Ave., NW., Washington, DC 20460-0001 or by hand
delivery or courier to EPA Docket Center, EPA West, Room 3334, 1301
Constitution Ave., NW., Washington, DC, between 8:30 a.m. and 4:30 p.m.
Monday through Friday, excluding legal holidays. Comments on a disk or
CD-ROM should be formatted in Word or as an ASCII file, avoiding the
use of special characters and any form of encryption, and may be mailed
to the mailing address above.

FOR FURTHER INFORMATION CONTACT: For information on the IRIS program,
contact Dr. Abdel-Razak Kadry, IRIS Program Director, National Center
for Environmental Assessment, (Mail Code: 8601D), Office of Research
and Development, U.S. Environmental Protection Agency, Washington, DC
20460; telephone:<PHONE_NUMBER>; facsimile:<PHONE_NUMBER>; or e-mail:
<EMAIL_ADDRESS>    For general questions about access to IRIS, or the content of IRIS,
please call the IRIS Hotline at<PHONE_NUMBER> or send electronic mail
inquiries to<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Background

    IRIS is a database of human health effects that may result from
chronic exposure to various chemical substances found in the
environment. (EPA notes that information in the IRIS database has no
preclusive effect and does not predetermine the outcome of any
rulemaking. When EPA uses such information to support a rulemaking, the
scientific basis for, and the application of that information are
subject to comment.) IRIS currently provides information on the chronic
health effects--both cancer and non-cancer--associated with more than
500 chemical substances.
    The database includes chemical-specific summaries of qualitative
and quantitative health information in support of the first two steps
of the risk assessment process, i.e., hazard identification and dose-
response evaluation. Combined with specific situational exposure
assessment information, the information in IRIS is an important source
in evaluating potential public health risks from environmental
contaminants.

The IRIS Annual Agenda

    The 2008 IRIS agenda was announced in a Federal Register Notice
(FRN) of December 21, 2007, which can be found on the IRIS Web site at
http://www.epa.gov/iris. The December 21, 2007, FRN lists all ongoing
IRIS assessments and 20 assessments that may start in 2008. EPA is
conducting literature searches for these 20 chemicals. Based on the
results of the literature searches and as EPA resources allow,
assessments will be started for those chemicals with data that may
support development of one or more toxicity values. With the December
21, 2007, IRIS agenda announcement, EPA also started a new process to
actively solicit information from the public at the beginning of
assessment development. As literature searches are completed, the
results will he posted on the IRIS Web site (http://www.epa.gov/iris).
The public is invited to review the literature search results and
submit additional information to EPA. In conjunction with the December
21, 2007 FRN, EPA posted literature searches for 11 chemicals and
stated that the availability of additional literature searches would be
announced in subsequent FRNs.

Request for Public Involvement in IRIS Assessments

    EPA is soliciting public involvement in assessments on the IRIS
agenda, including new assessments starting in 2008. While EPA conducts
a thorough literature search for each chemical substance, there may be
unpublished studies or other primary technical sources that are not
available through the open literature. EPA would appreciate receiving
scientific information from the public during the information gathering
stage for the assessments listed in this notice or any other
assessments on the IRIS agenda. Interested persons should provide
scientific analyses, studies, and other pertinent scientific
information. While EPA is primarily soliciting information on new
assessments starting in 2008. the

public may submit information on any chemical substance at any time.
    This notice provides: (1) A list of new IRIS assessments that may
start in 2008 for which literature searches have recently become
available; and (2) instructions to the public for submitting scientific
information to EPA pertinent to the development of these assessments.
EPA is also announcing the availability of additional literature
searches on the IRIS Web site (http://www.epa.gov/iris). The public is
invited to review the literature search results and submit additional
information to EPA.
    Literature searches are now available for manganese (CAS No. 7439-
9), 1,2,4 trimethylbenzene (CAS No. 95-63-6), and 1,3,5-
trimethylbenzene (CAS No. 108-67-8) at http://www.epa.gov/iris.
Literature search results were provided on December 21, 2007, at http:/
/www.epa.gov/iris for tert-amyl methyl ether, biphenyl, n-butanol,
tert-butanol, carbonyl sulfide, diethyl phthalate, diisopropyl ether,
hexabrornocyclodecane, weathered toxaphene, tungsten, and urea.
Additional literature searches will be posted as they are completed,
and their availability will be announced in the Federal Register.
Instructions on how to submit information are provided below under
General Information.

General Information

    As of Monday, November 28, 2005, EPA's EDOCKET was replaced by the
Federal Docket Management System (FDMS), the new federal government-
wide system. FDMS was created to provide a single point of access to
all federal rulemaking activities. All materials previously found in
EDOCKET are now available on the Internet at http://
www.regulations.gov.

A. How Can I Get Copies of Related Information?

    EPA has established an official public docket for this action under
Docket ID No. EPA HQ-ORD-2007-0664. The official public docket is the
collection of materials that is available for public viewing at the
Office of Environmental Information (OEI) Docket in the EPA Docket
Center, EPA West, Room 3334, 1301 Constitution Ave., NW., Washington,
DC. The EPA Docket Center Public Reading Room is open from 8:30 a.m. to
4:30 p.m., Monday through Friday, excluding legal holidays. The
telephone number for the Public Reading Room is<PHONE_NUMBER>, and the
telephone number for the OEI Docket is<PHONE_NUMBER>.
    An electronic version of the public docket is available through
EPA's electronic public docket and comment system. EPA Dockets at
http://www.regulations.gov may be used to submit or view public
submissions, to access the index listing of the contents of the
official public docket, and to access those documents in the public
docket that are available electronically. Once in the system, select
``search,'' and then key in the appropriate docket identification
number.
    It is important to note that EPA's policy is that public
submissions, whether submitted electronically or in paper, will be made
available for public viewing in EPA's electronic public docket as EPA
receives them and without change, unless the submission contains
copyrighted material, confidential business information (CBI), or other
information whose disclosure is restricted by statute. Information
claimed as CBI and other information whose disclosure is restricted by
statute are not included in the official public docket or in EPA's
electronic public docket. EPA's policy is that copyrighted material,
including copyrighted material contained in a public comment, will not
be placed in EPA's electronic public docket but will be available only
in printed, paper form in the official public docket. Although not all
docket materials may be available electronically, you may still access
any of the publicly available docket materials through the EPA Docket
Center.

B. How and To Whom Do I Submit Information?

    Information on chemical substances listed in this notice may be
submitted as provided in the ADDRESSES section. If you submit
electronic information, EPA recommends that you include your name,
mailing address, and an e-mail address or other contact information in
the body of your submission and with any disk or CD-ROM you submit.
This ensures that you can be identified as the submitter of the
information and allows EPA to contact you in case EPA cannot read your
information due to technical difficulties or needs further information
on the substance of your submission. Any identifying or contact
information provided in the body of submitted information will be
included as part of the submission information that is placed in the
official public docket and made available in EPA's electronic public
docket. If EPA cannot read your information due to technical
difficulties and cannot contact you for clarification, EPA may not be
able to consider your information.
    EPA's preferred method for receiving submissions is via EPA's
electronic public docket. The electronic public docket system is an
``anonymous access'' system, which means EPA will not know your
identity, e-mail address, or other contact information unless you
provide it in the body of your submission. In contrast to EPA's
electronic public docket, EPA's electronic mail (e-mail) system is not
an ``anonymous access'' system. If you send e-mail directly to the
docket without going through EPA's electronic public docket, your e-
mail address is automatically captured and included as part of the
submission that is placed in the official public docket and made
available in EPA's electronic public docket.

    Dated: April 15, 2008.
Peter W. Preuss,
Director, National Center for Environmental Assessment.
[FR Doc. E8-8885 Filed 4-24-08; 8:45 am]

BILLING CODE 6560-50-M


[Federal Register Volume 88, Number 216 (Thursday, November 9, 2023)]
[Proposed Rules]
[Pages 77238-77242]
[FR Doc No: 2023-24661]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2023-2194; Airspace Docket No. 23-ASO-19]
RIN 2120-AA66

Amendment of VOR Federal Airways V-5, V-47, V-97, V-128, V-275,
and V-517, and United States Area Navigation (RNAV) Route T-315, and
Revocation of VOR Federal Airway V-19 in the Vicinity of Cincinnati, KY

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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

SUMMARY: This action proposes to amend Very High Frequency
Omnidirectional Range (VOR) Federal airways V-5, V-47, V-97, V-128, V-
275, and V-517, and United States Area Navigation (RNAV) route T-315,
and revoke VOR Federal airway V-19. The FAA is proposing this action
due to the planned decommissioning of the VOR portion of the
Cincinnati, KY (CVG), VOR/Tactical Air Navigation (VORTAC) navigational
aid (NAVAID). The Cincinnati VOR is being decommissioned in support of
the FAA's VOR Minimum Operational Network (MON) program.

DATES: Comments must be received on or before December 26, 2023

ADDRESSES: Send comments identified by FAA Docket No. FAA-2023-2194 and
Airspace Docket No. 23-ASO-19 using any of the following methods:
    * Federal eRulemaking Portal: Go to www.regulations.gov and follow
the online instructions for sending your comments electronically.
    * Mail: Send comments to Docket Operations, M-30; U.S. Department
of Transportation, 1200 New Jersey Avenue SE, Room W12-140, West
Building Ground Floor, Washington, DC 20590-0001.
    * Hand Delivery or Courier: Take comments to Docket Operations in
Room W12-140 of the West Building Ground Floor at 1200 New Jersey
Avenue SE, Washington, DC, between 9 a.m. and 5 p.m., Monday through
Friday, except Federal holidays.
    * Fax: Fax comments to Docket Operations at<PHONE_NUMBER>.
    Docket: Background documents or comments received may be read at
www.regulations.gov at any time. Follow the online instructions for
accessing the docket or go to the Docket Operations in Room W12-140 of
the West Building Ground Floor at 1200 New Jersey Avenue SE,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.
    FAA Order JO 7400.11H, Airspace Designations and Reporting Points,
and subsequent amendments can be viewed online at www.faa.gov/air_traffic/publications/. You may also contact the Rules and
Regulations Group, Office of Policy, Federal Aviation Administration,
800 Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783.

FOR FURTHER INFORMATION CONTACT: Colby Abbott, Rules and Regulations
Group, Office of Policy, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
the airspace necessary to ensure the safety of aircraft and the
efficient use of airspace. This regulation is within the scope of that
authority as it would modify the National Airspace System (NAS) as
necessary to preserve the safe and efficient flow of air traffic.

Comments Invited

    The FAA invites interested persons to participate in this
rulemaking by submitting written comments, data, or views. Comments are
specifically invited on the overall regulatory, aeronautical, economic,
environmental, and energy-related aspects of the proposal. The most
helpful comments reference a specific portion of the proposal, explain
the reason for any recommended change, and include supporting data. To
ensure the docket does not contain duplicate comments, commenters
should submit only one time if comments are filed electronically, or
commenters should send only one copy of written comments if comments
are filed in writing.
    The FAA will file in the docket all comments it receives, as well
as a report summarizing each substantive public contact with FAA
personnel concerning this proposed rulemaking. Before acting on this
proposal, the FAA will consider all comments it receives on or before
the closing date for comments. The FAA will consider comments filed
after the comment period has closed if it is possible to do so without
incurring expense or delay. The FAA may change this proposal in light
of the comments it receives.
    Privacy: In accordance with 5 U.S.C. 553(c), DOT solicits comments
from the public to better inform its rulemaking process. DOT posts
these comments, without edit, including any personal information the
commenter provides, to www.regulations.gov, as described in the system
of records notice (DOT/ALL-14 FDMS), which can be reviewed at
www.dot.gov/privacy.

Availability of Rulemaking Documents

    An electronic copy of this document may be downloaded through the
internet at www.regulations.gov. Recently published rulemaking
documents can also be accessed through the FAA's web page at
www.faa.gov/air_traffic/publications/airspace_amendments/.
    You may review the public docket containing the proposal, any
comments received and any final disposition in person in the Dockets
Operations office (see ADDRESSES section for address, phone number, and
hours of operations). An informal docket may also be examined during
normal business hours at the office of the Operations Support Group,
Central Service Center, Federal Aviation Administration, 10101 Hillwood
Parkway, Fort Worth, TX 76177.

Incorporation by Reference

    VOR Federal airways are published in paragraph 6010(a) and United
States Area Navigation Routes (T-routes) are published in paragraph
6011 of FAA Order JO 7400.11, Airspace Designations and Reporting
Points, which is incorporated by reference in 14 CFR 71.1 on an annual
basis. This document proposes to amend the current version of that
order, FAA Order JO 7400.11H, dated August 11, 2023, and effective
September 15, 2023. These updates would be published in the next update
to FAA Order JO 7400.11. That order is publicly available as listed in
the ADDRESSES section of this document.
    FAA Order JO 7400.11H lists Class A, B, C, D, and E airspace areas,
air traffic service routes, and reporting points.

Background

    The FAA is planning to decommission the Cincinnati, KY, VOR in May
2024. The Cincinnati VOR was one of the candidate VORs identified for
discontinuance by the FAA's VOR MON program and listed in the final
policy statement notice, ``Provision of Navigation Services for the
Next Generation Air Transportation System (NextGen) Transition to
Performance-Based Navigation (PBN) (Plan for Establishing a VOR Minimum
Operational Network),'' published in the Federal Register on July 26,
2016 (81 FR 48694), Docket No. FAA-2011-1082.
    Although the VOR portion of the Cincinnati, KY, VORTAC is planned
for decommissioning, the co-located Tactical Air Navigation (TACAN)
portion of the NAVAID is being retained to provide navigational service
for

military operations and Distance Measuring Equipment (DME) service in
support of current and future NextGen PBN flight procedure
requirements.
    The VOR Federal airways affected by the Cincinnati VOR
decommissioning are V-5, V-19, V-47, V-97, V-128, V-275, and V-517.
With the planned decommissioning of the Cincinnati VOR, the remaining
ground-based NAVAID coverage in the area is insufficient to enable the
continuity of the affected airways. As such, proposed modifications to
V-5, V-47, V-128, V-275, and V-517 would result in the airways being
shortened; to V-97 would result in an existing gap in the airway being
expanded; and to V-19 would result in the airway being revoked.
    To address the proposed modifications to the affected VOR Federal
airways, instrument flight rules (IFR) pilots operating aircraft
equipped with RNAV capabilities could use RNAV routes T-213, T-215, and
T-217 or navigate point-to-point using the existing fixes and waypoints
(WP) that will remain in place to support continued operations though
the affected area. IFR pilots operating aircraft not equipped with RNAV
capabilities may request air traffic control (ATC) radar vectors to fly
through or around the affected area. Additionally, visual flight rules
pilots who elect to navigate via the affected Air Traffic Service (ATS)
routes may also take advantage of the ATC services listed previously.
    Additionally, the FAA proposes to modify United States RNAV route
T-315 to further mitigate the proposed modifications to the affected
airways. The route would be extended westward to mitigate the proposed
removal of the affected V-128 airway segment. The extended T-315 would
provide pilots with RNAV-equipped aircraft a route alternative through
the affected area, reduce ATC sector workload and complexity, reduce
pilot-to-controller communications, and support the FAA's continued
NextGen efforts to modernize the NAS from a ground-based system to a
satellite-based system.

The Proposal

    The FAA is proposing to amend 14 CFR part 71 to amend VOR Federal
airways V-5, V-47, V-97, V-128, V-275, and V-517, and United States
RNAV route T-315, and to revoke VOR Federal airway V-19 due to the
planned decommissioning of the VOR portion of the Cincinnati, KY,
VORTAC. The proposed ATS route actions are described below.
    V-5: V-5 currently extends between the Pecan, GA, VOR/DME and the
Athens, GA, VOR/DME and between the New Hope, KY, VOR/DME and the
Appleton, OH, VORTAC. The FAA proposes to remove the airway segment
between the Louisville, KY, VORTAC and the Appleton VORTAC due to the
planned decommissioning of the VOR portion of the Cincinnati VORTAC.
Additionally, the FAA proposes to also remove the airway segment
between the New Hope, KY, VOR/DME and the Louisville, KY, VORTAC due to
that airway segment overlapping V-513 which will remain charted and
provide navigational guidance between the two NAVAIDs. As amended, the
airway would be changed to extend between the Pecan VOR/DME and the
Athens VOR/DME.
    V-19: V-19 currently extends between the Cincinnati, KY (reflected
as OH in the current description), VOR/DME and the Appleton, OH,
VORTAC. The FAA proposes to revoke the airway in its entirety.
    V-47: V-47 currently extends between the Cunningham, KY, VOR/DME
and the Pocket City, IN, VORTAC and between the Cincinnati, KY, VORTAC
and the Flag City, OH, VORTAC. The FAA proposes to remove the airway
segment between the Cincinnati VORTAC and the Rosewood, OH, VORTAC due
to the planned decommissioning of the VOR portion of the Cincinnati
VORTAC. Additionally, the FAA proposes to also remove the airway
segment between the Cunningham VOR/DME and the Pocket City VORTAC due
to that airway segment overlapping both V-11 and V-305 that will remain
charted and provide navigational guidance between the two NAVAIDs. As
amended, the airway would be changed to extend between the Rosewood
VORTAC and the Flag City VORTAC.
    V-97: V-97 currently extends between the Dolphin, FL, VORTAC and
the intersection of the Pecan, GA, VOR/DME 357[deg] and Vienna, GA,
VORTAC 300[deg] radials (PRATZ Fix); between the intersection of the
Rome, GA, VORTAC 060[deg] and Volunteer, TN, VORTAC 197[deg] radials
(NELLO Fix) and the intersection of the Chicago Heights, IL, VORTAC
358[deg] and DuPage, IL, VOR/DME 101[deg] radials (NILES Fix); and
between the Nodine, MN, VORTAC and the Gopher, MN, VORTAC. The airspace
below 2,000 feet mean sea level (MSL) outside the United States is
excluded. The FAA proposes to remove the airway segment between the
Lexington, KY, VOR/DME and the Shelbyville, IN, VOR/DME due to the
planned decommissioning of the VOR portion of the Cincinnati VORTAC.
Additionally, the FAA proposes to also remove the airway segment
between the Shelbyville VOR/DME and the Chicago Heights VORTAC due to
that airway segment overlapping V-51 that will remain charted and
provide navigational guidance between the two NAVAIDs. Lastly, the FAA
proposes to also remove the airway segment between the Chicago Heights
VORTAC and the intersection of the Chicago Heights VORTAC 358[deg] and
DuPage VOR/DME 101[deg] radials (NILES Fix) due to that airway segment
overlapping V-7 that will remain charted and provide navigational
guidance between the Chicago Heights VORTAC and the NILES Fix. As
amended, the airway would be changed to extend between the Dolphin
VORTAC and the Lexington VOR/DME and between the Nodine VORTAC and the
Gopher VORTAC.
    V-128: V-128 currently extends between the Brickyard, IN, VORTAC
and the Casanova, VA, VORTAC. The FAA proposes to remove the airway
segment between the Brickyard VORTAC and the York, KY, VORTAC. As
amended, the airway would be changed to extend between the York VORTAC
and the Casanova VORTAC. Additional airway changes have been proposed
in a separate NPRM action.
    V-275: V-275 currently extends between the Cincinnati, KY, VORTAC
and the intersection of the Dayton, OH, VOR/DME 007[deg] and Flag City,
OH, VORTAC 313[deg] radials (KLOEE Fix). The FAA proposes to remove the
airway segment between the Cincinnati VORTAC and the Dayton VOR/DME. As
amended, the airway would be changed to extend between the Dayton VOR/
DME and the intersection of the Dayton VOR/DME 007[deg] and Flag City
VORTAC 313[deg] radials (KLOEE Fix).
    V-517: V-517 currently extends between the Snowbird, TN, VORTAC and
the Cincinnati, KY, VORTAC. The FAA proposes to remove the airway
segment between the Falmouth, KY, VOR/DME and the Cincinnati VORTAC. As
amended, the airway would be changed to extend between the Snowbird
VORTAC and the Falmouth VOR/DME.
    T-315: T-315 currently extends between the JARLO, WV, WP and the
Burlington, VT, VORTAC. The FAA proposes to extend the route westward
from the JARLO WP to the Brickyard, IN, VORTAC. The route extension
would include the ILILE, OH, Fix that would be converted to a WP prior
to the planned decommissioning of the Cincinnati VOR. As amended, T-315
would be changed to extend between the Brickyard, IN, VORTAC and the
Burlington, VT, VORTAC and provide mitigation for the proposed V-128
airway segment removal. Additional

route changes have been proposed in a separate NPRM action. The full T-
315 route description is listed in the amendments to part 71 as set
forth below.
    The NAVAID radials listed in the VOR Federal airway descriptions in
The Proposed Amendment section below are unchanged and stated in
degrees True north.

Regulatory Notices and Analyses

    The FAA has determined that this proposed regulation only involves
an established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore: (1) is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under DOT
Regulatory Policies and Procedures (44 FR 11034; February 26, 1979);
and (3) does not warrant preparation of a regulatory evaluation as the
anticipated impact is so minimal. Since this is a routine matter that
will only affect air traffic procedures and air navigation, it is
certified that this proposed rule, when promulgated, will not have a
significant economic impact on a substantial number of small entities
under the criteria of the Regulatory Flexibility Act.

Environmental Review

    This proposal will be subject to an environmental analysis in
accordance with FAA Order 1050.1F, ``Environmental Impacts: Policies
and Procedures'' prior to any FAA final regulatory action.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

The Proposed Amendment

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

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

0
1. The authority citation for 14 CFR part 71 continues to read as
follows:

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

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order JO
7400.11H, Airspace Designations and Reporting Points, dated August 11,
2023, and effective September 15, 2023, is amended as follows:

Paragraph 6010(a) Domestic VOR Federal Airways.

* * * * *

V-5 [Amended]

    From Pecan, GA; Vienna, GA; Dublin, GA; to Athens, GA.
* * * * *

V-19 [Removed]

* * * * *

V-47 [Amended]

    From Rosewood, OH; to Flag City, OH.
* * * * *

V-97 [Amended]

    From Dolphin, FL; La Belle, FL; St. Petersburg, FL; Seminole,
FL; Pecan, GA; to INT Pecan 357[deg] and Vienna, GA 300[deg]
radials. From INT Rome, GA, 060[deg] and Volunteer, TN, 197[deg]
radials; Volunteer; London, KY; to Lexington, KY. From Nodine, MN;
to Gopher, MN. The airspace below 2,000 feet MSL outside the United
States is excluded.
* * * * *

V-128 [Amended]

    From York, KY; Charleston, WV; to Casanova, VA.
* * * * *

V-275 [Amended]

    From Dayton, OH; to INT Dayton 007[deg] and Flag City, OH,
313[deg] radials.
* * * * *

V-517 [Amended]

    From Snowbird, TN; INT Snowbird 329[deg] and London, KY,
141[deg] radials; London; INT London 004[deg] and Falmouth, KY,
164[deg] radials; to Falmouth.
* * * * *

Paragraph 6011 United States Area Navigation Routes.

* * * * *

T-315 Brickyard, IN (VHP) to Burlington, VT (BTV) [Amended]

Brickyard, IN (VHP)                             VORTAC                         (Lat. 39[deg]48'53.02'' N, long. 086[deg]22'03.00'' W)
DECEE, IN                                       FIX                            (Lat. 39[deg]18'41.36'' N, long. 085[deg]45'56.84'' W)
JADRO, IN                                       FIX                            (Lat. 39[deg]06'24.58'' N, long. 085[deg]01'30.97'' W)
JIMUR, KY                                       FIX                            (Lat. 39[deg]01'17.62'' N, long. 084[deg]41'02.13'' W)
CALIF, KY                                       FIX                            (Lat. 38[deg]56'01.97'' N, long. 084[deg]18'38.27'' W)
ILILE, OH                                       WP                             (Lat. 38[deg]33'14.45'' N, long. 082[deg]36'07.02'' W)
JARLO, WV                                       WP                             (Lat. 38[deg]20'58.85'' N, long. 081[deg]46'11.68'' W)
SHANE, WV                                       FIX                            (Lat. 37[deg]58'31.15'' N, long. 080[deg]48'24.34'' W)
DBRAH, VA                                       WP                             (Lat. 37[deg]20'34.14'' N, long. 080[deg]04'10.75'' W)
SPNKS, VA                                       WP                             (Lat. 37[deg]17'21.31'' N, long. 079[deg]33'17.14'' W)
KONRD, VA                                       WP                             (Lat. 37[deg]20'39.83'' N, long. 079[deg]01'33.27'' W)
CRUMB, VA                                       FIX                            (Lat. 37[deg]28'09.44'' N, long. 078[deg]08'27.69'' W)
Flat Rock, VA (FAK)                             VORTAC                         (Lat. 37[deg]31'42.63'' N, long. 077[deg]49'41.59'' W)
WAVES, VA                                       WP                             (Lat. 37[deg]35'13.54'' N, long. 077[deg]26'52.03'' W)
TAPPA, VA                                       FIX                            (Lat. 37[deg]58'12.66'' N, long. 076[deg]50'40.62'' W)
COLIN, VA                                       FIX                            (Lat. 38[deg]05'59.23'' N, long. 076[deg]39'50.85'' W)
SHLBK, VA                                       WP                             (Lat. 38[deg]20'16.21'' N, long. 076[deg]26'10.51'' W)
PRNCZ, MD                                       WP                             (Lat. 38[deg]37'38.10'' N, long. 076[deg]05'08.20'' W)
CHOPS, MD                                       WP                             (Lat. 38[deg]45'41.81'' N, long. 075[deg]57'36.18'' W)
COSHA, DE                                       WP                             (Lat. 38[deg]57'57.57'' N, long. 075[deg]30'51.59'' W)
Atlantic City, NJ (ACY)                         VORTAC                         (Lat. 39[deg]27'21.15'' N, long. 074[deg]34'34.73'' W)
PANZE, NJ                                       FIX                            (Lat. 39[deg]40'33.58'' N, long. 074[deg]10'05.45'' W)
DIXIE, NJ                                       FIX                            (Lat. 40[deg]05'57.72'' N, long. 074[deg]09'52.17'' W)
Kennedy, NY (JFK)                               VOR/DME                        (Lat. 40[deg]37'58.40'' N, long. 073[deg]46'17.00'' W)
KEEPM, NY                                       FIX                            (Lat. 40[deg]50'14.77'' N, long. 073[deg]32'42.58'' W)
TRANZ, NY                                       FIX                            (Lat. 40[deg]51'31.95'' N, long. 073[deg]22'30.80'' W)
PUGGS, NY                                       WP                             (Lat. 40[deg]56'27.65'' N, long. 073[deg]13'47.73'' W)
EEGOR, CT                                       WP                             (Lat. 41[deg]09'38.94'' N, long. 073[deg]07'27.66'' W)
Hartford, CT (HFD)                              VOR/DME                        (Lat. 41[deg]38'27.98'' N, long. 072[deg]32'50.70'' W)
DVANY, CT                                       FIX                            (Lat. 41[deg]51'44.56'' N, long. 072[deg]18'11.25'' W)
Gardner, MA (GDM)                               VOR/DME                        (Lat. 42[deg]32'45.32'' N, long. 072[deg]03'29.48'' W)
KEYNN, NH                                       WP                             (Lat. 42[deg]47'39.99'' N, long. 072[deg]17'30.35'' W)
EBERT, VT                                       WP                             (Lat. 43[deg]32'58.08'' N, long. 072[deg]45'42.43'' W)
Burlington, VT (BTV)                            VOR/DME                        (Lat. 44[deg]23'49.58'' N, long. 073[deg]10'57.49'' W)

* * * * *

    Issued in Washington, DC, on November 2, 2023.
Karen L. Chiodini,
Acting Manager, Rules and Regulations Group.
[FR Doc. 2023-24661 Filed 11-8-23; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 77, Number 178 (Thursday, September 13, 2012)]
[Notices]
[Page 56685]
[FR Doc No: C1-2012-21385]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67719; File No. SR-NYSEMKT-2012-40]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change Proposing To Offer
Certain Proprietary Options Data Products

August 23, 2012

Correction

    In notice document 2012-21385, appearing on pages 52767-52769 in
the issue of Thursday, August 30, 2012, make the following correction:
    On page 52767, in the second column, the Release No. and File No.,
which were inadvertently omitted from the document heading, are added
to read as set forth above.

[FR Doc. C1-2012-21385 Filed 9-12-12; 8:45 am]
BILLING CODE 1505-01-D