[Federal Register Volume 80, Number 248 (Monday, December 28, 2015)]
[Notices]
[Pages 80768-80769]
[FR Doc No: 2015-32613]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OW-2008-0150; FRL 9940-49-OEI]

Information Collection Request Submitted to OMB for Review and
Approval; Comment Request; Establishing No-Discharge Zones (NDZs) Under
Clean Water Act Section 312 (Renewal)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: The Environmental Protection Agency has submitted an
information collection request (ICR), ``Establishing No-Discharge Zones
(NDZs) Under Clean Water Act Sec.  312 (Renewal)'' (EPA ICR No.
1791.07, OMB Control No. 2040-0187) to the Office of Management and
Budget (OMB) for review and approval in accordance with the Paperwork
Reduction Act (44 U.S.C. 3501 et seq.). This is a proposed extension of
the ICR, which is currently approved through December 31, 2015. Public
comments were previously requested via the Federal Register (80 FR
50276) on August 19, 2015 during a 60-day comment period. This notice
allows for an additional 30 days for public comments. A fuller
description of the ICR is given below, including its estimated burden
and cost to the public. An Agency may not conduct or sponsor and a
person is not required to respond to a collection of information unless
it displays a currently valid OMB control number.

DATES: Additional comments may be submitted on or before January 27,
2016.

ADDRESSES: Submit your comments, referencing Docket ID Number EPA-HQ-
OW-2008-0150, to (1) EPA online using www.regulations.gov (our
preferred method), by email to<EMAIL_ADDRESS>or by mail to: EPA
Docket Center, Environmental Protection Agency, Mail Code 28221T, 1200
Pennsylvania Ave., NW., Washington, DC 20460, and (2) OMB via email to
<EMAIL_ADDRESS>Address comments to OMB Desk Officer for
EPA.
    EPA's policy is that all comments received will be included in the
public docket without change including any personal information
provided, unless the comment includes profanity, threats, information
claimed to be Confidential Business Information (CBI) or other
information whose disclosure is restricted by statute.

FOR FURTHER INFORMATION CONTACT: Virginia Fox-Norse, Oceans and Coastal
Protection Division, Office of Wetlands, Oceans and Watersheds,
(4504T), Environmental Protection Agency, 1200 Pennsylvania Ave. NW.,
Washington, DC 20460; telephone number:<PHONE_NUMBER>; email address:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Supporting documents which explain in detail
the information that the EPA will be collecting are available in the
public docket for this ICR. The docket can be viewed online at
www.regulations.gov or in person at the EPA Docket Center, WJC West,
Room 3334, 1301 Constitution Ave. NW., Washington, DC. The telephone
number for the Docket Center is<PHONE_NUMBER>. For additional
information about EPA's public docket, visit www.epa.gov/dockets.
    Abstract: EPA requires the collection of information by states
interested in designating state waters under the Clean Water Act Sec.
312(f) as areas prohibiting the discharge of treated or untreated
sewage from vessels. There are two information collection activities
covered by this ICR:
    (A) Sewage No-discharge Zones: The need for EPA to obtain
information for, or to support, the establishment of no-discharge zones
(NDZs) for vessel sewage in state waters stems from CWA sections
312(f)(3), (f)(4)(A), and (f)(4)(B), and implementing regulations at 40
CFR 140.4. No-discharge zones are established to provide greater
environmental protection of specified state waters from treated and
untreated vessel sewage. This ICR addresses the information
requirements associated with the establishment of NDZs for vessel
sewage.
    (B) UNDS No-discharge Zones: Under section 312(n) of the Clean
Water Act (``Uniform National Discharge Standards

for Vessels of the Armed Forces'' or ``UNDS'') no-discharge zones for
discharges from Armed Forces vessels may be established by either state
prohibition or EPA prohibition following the procedures in 40 CFR part
1700. UNDS also provides that the Governor of any state may petition
EPA and the Secretary of Defense to review any determination or
standard promulgated under the UNDS program if there is significant new
information that could reasonably result in a change to the
determination or standard. This ICR discusses the information that is
required from a state if it decides (1) to establish a NDZ by state
prohibition or (2) to apply for a NDZ by EPA prohibition for the UNDS
discharges for which EPA and DOD have determined that it is not
reasonable or practicable to require a Marine Pollution Control Device
to mitigate adverse effects on the marine environment. 40 CFR 1700.5.
The ICR also discusses the information that is required from a state to
submit a petition for review of EPA and DOD determinations that it is
not reasonable or practicable to require a Marine Pollution Control
Device for a particular UNDS discharge identified at 40 CFR 1700.5.
    Form Numbers: None.
    Respondents/affected entities: States
    Respondent's obligation to respond: The responses to this
collection of information are required to obtain the benefit of a
sewage NDZ (CWA sections 312(f)(3), (f)(4)(A), and (f)(4)(B), and
subsequent regulations at 40 CFR 140.4. The responses to this
collection of information are required to obtain the benefit of an UNDS
NDZ or a review of an UNDS determination or standard (see 33 U.S.C.
1322(n)).
    Estimated number of respondents: 20 (total).
    Frequency of response: One time.
    Total estimated burden: 1,083 hours (per year). Burden is defined
at 5 CFR 1320.03(b).
    Total estimated cost: $54,938 (per year), includes $998 annualized
capital or operation & maintenance costs.
    Changes in the Estimates: There is a decrease of 1,183 hours in the
total estimated respondent burden compared with the ICR currently
approved by OMB. This decrease is due to adjustments to the estimates
reflecting a reduction in expected program activity.

Courtney Kerwin,
Acting Director, Collection Strategies Division.
[FR Doc. 2015-32613 Filed 12-24-15; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 84, Number 225 (Thursday, November 21, 2019)]
[Notices]
[Pages 64363-64368]
[FR Doc No: 2019-25214]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87551; File No. SR-NYSE-2019-58]

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

November 15, 2019.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on November 1, 2019, New York Stock Exchange LLC (``NYSE''
or the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by the self-
regulatory organization. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend its Price List to offer (1) new
tiered credits for member organizations providing additional liquidity
in Non-Displayed Limit Orders across Tapes A, B and C, and (2) new
incremental credits and rebates applicable to certain Designated Market
Makers transactions. The Exchange proposes to implement the fee change
effective November 1, 2019. The proposed rule change is available on
the Exchange's website at www.nyse.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

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

1. Purpose
    The Exchange proposes to amend its Price List to offer (1) new
tiered credits for member organizations providing additional liquidity
in Non-Displayed Limit Orders across Tapes A, B and C, and (2) new
incremental credits and rebates applicable to certain Designated Market
Makers (``DMM'') transactions.
    The proposed change responds to the current competitive environment
by offering additional incentives to member organizations to provide
additional liquidity in Non-Displayed Limit Orders \4\ and to existing
DMMs to increase their quoting at the National Best Bid or Offer
(``NBBO'') in their assigned More Active Securities and Less Active
Securities.\5\
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    \4\ ``Non-Displayed Limit Orders'' in Rule 7.31(d)(2) were
previously known as ``Non-Display Reserve orders.'' The Exchange
proposes to use the new term and replace two outdated references to
``Non-Display Reserve orders'' on the first page of the Price List.
The Exchange also proposes to capitalize the word ``order''
following MPL throughout.
    \5\ ``More Active Securities'' are securities with an average
daily consolidated volume (``Security CADV'') in the previous month
equal to or greater than 1,000,000 shares per month. ``Less Active
Securities'' are securities that have a Security CADV of less than
1,000,000 shares per month in the previous month.
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    The Exchange proposes to implement the fee change effective
November 1, 2019.
Competitive Environment
    The Commission has repeatedly expressed its preference for
competition over regulatory intervention in determining prices,
products, and services in the securities markets. In Regulation NMS,
the Commission highlighted the importance of market forces in
determining prices and SRO revenues and, also, recognized that current
regulation of the market system ``has been remarkably successful in
promoting market competition in its broader forms that are most
important to investors and listed companies.'' \6\
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    \6\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37495, 37499 (June 29, 2005) (S7-10-04) (Final Rule)
(``Regulation NMS'').
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    As the Commission itself recognized, the market for trading
services in NMS stocks has become ``more fragmented and competitive.''
\7\ Indeed, equity trading is currently dispersed across 13
exchanges,\8\ 31 alternative trading systems,\9\ and numerous broker-
dealer internalizers and wholesalers, all competing for order flow.
Based on publicly-available information, no single exchange has more
than 19% market share (whether including or excluding auction
volume).\10\ Therefore, no exchange possesses significant pricing power
in the execution of equity

order flow. More specifically, for the month of September 2019, the
Exchange's market share of intraday trading (i.e., excluding auctions)
in Tapes A, B and C securities was only 9.3%.\11\
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    \7\ See Securities Exchange Act Release No. 51808, 84 FR 5202,
5253 (February 20, 2019) (File No. S7-05-18) (Transaction Fee Pilot
for NMS Stocks Final Rule) (``Transaction Fee Pilot'').
    \8\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, available at http://markets.cboe.com/us/equities/market_share/ . See generally https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html.
    \9\ See FINRA ATS Transparency Data, available at https://otctransparency.finra.org/otctransparency/AtsIssueData. A list of
alternative trading systems registered with the Commission is
available at https://www.sec.gov/foia/docs/atslist.htm.
    \10\ See Cboe Global Markets U.S. Equities Market Volume
Summary, available at http://markets.cboe.com/us/equities/market_share/.
    \11\ See id.
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    The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
move order flow, or discontinue or reduce use of certain categories of
products, in response to fee changes. With respect to non-marketable
order flow that would provide displayed liquidity on an Exchange,
member organizations can choose from any one of the 13 currently
operating registered exchanges to route such order flow. Accordingly,
competitive forces constrain exchange transaction fees that relate to
orders that would provide liquidity on an exchange.
    In response to this competitive environment, the Exchange has
established incentives for its member organizations and DMMs to quote
and trade at specified levels. The proposed fee change is designed to
encourage member organizations to provide additional liquidity to the
Exchange in Non-Displayed Limit Orders and to encourage DMMs to
increase their quoting at the NBBO in their assigned More Active
Securities and Less Active Securities by offering a series of
incremental enhanced credits and rebates, as follows.
Proposed Rule Change
Credits for Non-Displayed Limit Orders
    Member organizations currently receive a Non-Tier Adding Credit for
Non-Displayed Limit Orders when adding liquidity to the Exchange. The
Price List instead reflects that member organizations are not charged.
The Exchange proposes to replace ``No Charge'' in the current Price
List with ``No credit,'' add the phrase ``unless a higher credit
applies,'' and specify the following tiered credits for member
organizations adding liquidity in Non-Displayed Limit Orders.
    The Exchange proposes that a member organization that has Adding
ADV in Non-Displayed Limit Orders that is at least 0.12% of Tapes A, B
and C CADV \12\ combined, excluding any liquidity added by a DMM, would
be eligible for a $0.0010 credit. In addition, the Exchange proposes
that a member organization that has Adding ADV in Non-Displayed Limit
Orders that is at least 0.15% of Tapes A, B and C CADV combined,
excluding any liquidity added by a DMM, would be eligible for a $0.0018
credit.
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    \12\ The terms ``ADV'' and ``CADV'' are defined in footnote * of
the Price List.
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    For example, assume Member Organization B added an average of 7.8
million shares in Non-Displayed Limit Orders in a month where Tapes A,
B and C CADV was 6.5 billion, or 0.12% of Tape A, B and C CADV. Member
Organization B would qualify for the $0.0010 credit. If Member
Organization B instead provided an average of 13 million shares in Non-
Displayed Limit Orders, or 0.20%, Member Organization B would qualify
for the higher $0.0018 credit.
    The purpose of this proposed change is to incentivize member
organizations to increase the liquidity-providing Non-Displayed Limit
Orders in the Tapes A, B and C securities they send to the Exchange,
which would support the quality of price discovery on the Exchange and
provide additional price improvement opportunities for incoming orders.
The Exchange believes that by correlating the amount of the credit to
the level of orders sent by a member organization that add liquidity,
the Exchange's fee structure would incentivize member organizations to
submit more orders that add liquidity to the Exchange, thereby
increasing the potential for price improvement to incoming marketable
orders submitted to the Exchange.
    The Exchange does not know how much order flow member organizations
choose to route to other exchanges or to off-exchange venues. There are
currently no member organizations that could qualify for the proposed
credits based on their current trading profile on the Exchange, but
believes that at least 5 member organizations could qualify for the
tier if they so choose. However, without having a view of member
organization's activity on other exchanges and off-exchange venues, the
Exchange has no way of knowing whether this proposed rule change would
result in any member organization directing orders to the Exchange in
order to qualify for the new tier.
Proposed DMM Credits
    The section of the Exchange's Price List entitled ``Fees and
Credits applicable to Designated Market Makers (``DMMs'')'' sets out
different monthly rebate amounts to DMMs depending on the CADV of the
security and the DMM quoting percentage and size in any month in which
the DMM meets the More Active Securities Quoting Requirement and the
Less Active Securities Quoting Requirement, as well as DMM providing as
a percent of the NYSE's total intraday adding liquidity, as those terms
are defined in the Price List.\13\ The Exchange also provides monthly
rebates to DMMs depending on the Security CADV \14\ and the DMM quoting
percentage.
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    \13\ See notes 15 and 23, infra.
    \14\ The Price List uses ``Security CADV'' to mean the average
daily consolidated volume for the applicable security, and to remove
any confusion with the term ``ADV'' as defined and used elsewhere in
the Price List.
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Incremental Credits for Increased DMM Quoting at the NBBO
More Active Securities
    Currently, DMMs earn a rebate of $0.0027 per share when adding
liquidity, other than MPL Orders, in More Active Securities if the More
Active Security has a stock price of $1.00 or more and the DMM meets
the More Active Securities Quoting Requirement \15\ and has a DMM
Quoted Size \16\ for an applicable month that is at least 5% of the
NYSE Quoted Size, unless the more favorable rates set forth below in
the Price List apply. DMMs electing the optional monthly rebate per
security (``Rebate per Security'') would receive a lower monthly rebate
per share (``Optional Credit'') of $0.0026 per share if the quoting
requirements are met.\17\
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    \15\ The ``More Active Securities Quoting Requirement'' is met
if the More Active Security has a stock price of $1.00 or more and
the DMM quotes at the National Best Bid or Offer (``NBBO'') in the
applicable security at least 10% of the time in the applicable
month. Both ``More Active Securities'' and the ``More Active
Securities Quoting Requirement'' are defined in the current Price
List. The Exchange is not proposing any changes to these
definitions.
    \16\ The ``NYSE Quoted Size'' is calculated by multiplying the
average number of shares quoted on the NYSE at the NBBO by the
percentage of time the NYSE had a quote posted at the NBBO. The
``DMM Quoted Size'' is calculated by multiplying the average number
of shares of the applicable security quoted at the NBBO by the DMM
by the percentage of time during which the DMM quoted at the NBBO.
See Price List, n. 7.
    \17\ The Exchange proposes non-substantive conforming changes to
this section of the Price List. First, the Exchange would add the
missing word ``applies'' following ``set forth below.'' Second, the
Exchange would add the following sentence that appears in the other
sections of the Price List where the term ``NYSE total intraday
adding liquidity'' is used to the end of the section: ``Unless
otherwise stated, the NYSE total intraday adding liquidity will be
totaled monthly and includes all NYSE adding liquidity, excluding
NYSE open and NYSE close volume, by all NYSE participants, including
Supplemental Liquidity Providers, customers, Floor brokers, and
DMMs.''
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    The Exchange proposes that a DMMs that (1) meets the current
requirements would receive an incremental credit of $0.0004 per share
in each eligible DMM assigned More Active Security if the DMM also (2)
increases their quoting at the NBBO by at least 5% over their quoting
at the NBBO in September 2019 (the ``Baseline Month'') in at least 300

assigned securities (to be defined as the ``DMM Additional Quoting
Requirement''). The proposed incremental credit would be available to
DMMs that qualify for the regular credit and those that elect the
Rebate per Security and corresponding Optional Credit.
    Currently, DMMs earn a rebate of $0.0031 per share when adding
liquidity, other than MPL Orders, in More Active Securities if the More
Active Security has a stock price of $1.00 or more and the DMM meets
(1) the More Active Securities Quoting Requirement, (2) has a DMM
Quoted Size for an applicable month that is at least 10% of the NYSE
Quoted Size, and (3) the DMM quotes at the NBBO in the applicable
security at least 20% of the time in the applicable month and for
providing liquidity that is more than 5% of the NYSE's total intraday
adding liquidity in each such security for that month. DMMs electing
the optional Rebate per Security would instead receive an Optional
Credit of $0.0003 per share if the quoting and providing requirements
are met.\18\
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    \18\ In this section of the Price List, the Exchange proposes
two non-substantive changes. In addition to capitalizing ``order''
following MPL, the Exchange would move the sentence describing
calculation and composition of NYSE total intraday adding liquidity
to end of the section and add ``Unless otherwise stated'' to the
beginning the sentence.
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    A DMM that meets (1) these current requirements, and (2) the DMM
Additional Quoting Requirement would receive an incremental credit of
$0.0003 per share in each eligible assigned More Active Security. The
proposed incremental credit would be available to DMMs that qualify for
the regular credit and those that elect the Rebate per Security and
corresponding Optional Credit.
    DMMs currently earn a rebate of $0.0034 per share when adding
liquidity with orders, other than MPL Orders, in More Active Securities
if the More Active Security has a stock price of $1.00 or more and the
DMM meets (1) the More Active Securities Quoting Requirement, (2) has a
DMM Quoted Size for an applicable month that is at least 15% of the
NYSE Quoted Size, for providing liquidity that is more than 15% of the
NYSE's total intraday adding liquidity in each such security for that
month, and (3) the DMMs quotes at the NBBO in the applicable security
at least 30% of the time in the applicable month. DMMs electing the
optional Rebate per Security would instead receive an Optional Credit
of $0.0033 per share if the quoting and providing requirements are
met.\19\
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    \19\ In this section of the Price List, the Exchange proposes
the non-substantive change of moving the sentence describing the
calculation and composition of NYSE total intraday adding liquidity
to end of the section and add ``Unless otherwise stated'' to the
beginning the sentence. In the following section setting forth the
rebate of $0.0035 per share and $0.0034 if electing the Optional
Credit, the Exchange would also add ``Unless otherwise stated'' to
the beginning the same sentence describing calculation and
composition of NYSE total intraday adding liquidity.
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    The Exchange proposes that a DMM that meets (1) these current
requirements, and (2) the DMM Additional Quoting Requirement would
receive an incremental credit of $0.0001 per share in each eligible
assigned More Active Security.\20\ The proposed incremental credit
would be available to DMMs that qualify for the regular credit and
those that elect the Rebate per Security and corresponding Optional
Credit.
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    \20\ No incremental credit for current credit of $0.0035 for
More Active Securities is proposed as that is the highest credit
available.
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    Finally, DMMs currently earn a rebate of $0.0015 per share when
adding liquidity, other than MPL Orders, in More Active Securities if
the More Active Security has a stock price of $1.00 or more and the DMM
does not meet the More Active Securities Quoting in the applicable
month. DMMs electing the optional Rebate per Security would instead
receive an Optional Credit of $0.0012 per share if the quoting
requirements are met.\21\
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    \21\ In this section, the Exchange's non-substantive conforming
change would be to add the sentence describing the calculation and
composition of NYSE total intraday adding liquidity to end of the
section.
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    The Exchange proposes that a DMM that (1) has DMM assigned
securities that did not meet the More Active Securities Quoting
Requirement in the applicable security, and (2) meets the DMM
Additional Quoting Requirement would receive an incremental credit of
$0.0012 per share in each eligible assigned DMM More Active Security.
The proposed incremental credit would be available to DMMs that qualify
for the regular credit and those that elect the Rebate per Security and
corresponding Optional Credit.
Less Active Securities \22\
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    \22\ In this section, the Exchange's non-substantive conforming
change would be to add ``in'' before ``Less Active Securities.''
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    In the case of Less Active Securities, DMMs currently earn a rebate
of $0.0035 per share when adding liquidity with orders, other than MPL
Orders, in Less Active Securities if the Less Active Security has a
stock price of $1.00 or more and the DMM meets the Less Active
Securities Quoting Requirement.\23\ DMMs electing the optional Rebate
per Security would instead receive an Optional Credit of $0.0031 per
share if the quoting requirements are met.
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    \23\ The ``Less Active Securities Quoting Requirement'' is met
when a security has a consolidated ADV of less than 1,000,000 shares
per month in the previous month and a stock price of $1.00 or more,
and the DMM quotes at the NBBO in the applicable security at least
15% of the time in the applicable month.
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    The Exchange proposes that a DMM that meets (1) these current
requirements and (2) the DMM Additional Quoting Requirement will
receive an incremental credit of $0.0010 per share in each eligible
assigned Less Active Security.\24\
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    \24\ No incremental credit for current credit of $0.0045 for
Less Active Securities is proposed as that is the highest credit
available.
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    In addition, DMMs currently earn a rebate of $0.0015 per share when
adding liquidity in shares of Less Active Securities if the Less Active
Security has a stock price of $1.00 or more and the DMM does not meet
the Less Active Securities Quoting Requirement in the applicable
security in the applicable month. DMMs electing the optional Rebate per
Security would instead receive an Optional Credit of $0.0011 per share
if the quoting requirements are met.
    The Exchange proposes that a DMM that (1) has DMM assigned
securities that did not meet the Less Active Securities Quoting
Requirement in the applicable security, and (2) meets the DMM
Additional Quoting Requirement will receive an incremental credit of
$0.0020 per share in each eligible assigned Less Active Security.\25\
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    \25\ If a DMM is assigned a security after the Baseline Month,
the DMM quoting for the Baseline Month would be assigned as 0%. If a
DMM quoted at the NBBO over 95% in the Baseline Month in an assigned
security, that same security would count toward the DMM Additional
Quoting Requirement since the maximum quoting, or 100%, would less
than 5% over the quoting in the Baseline Month.
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    The following example demonstrates how the proposed incremental
credits would operate.
    In the Baseline Month, assume DMM Y has 500 assigned securities,
300 of which are More Active Securities and 200 of which are Less
Active Securities. Further assume that the DMM's quoting at the NBBO
was as follows:
     50% time at the NBBO each in 100 securities in the
Baseline Month, and 60% time at the NBBO each in the billing month for
those same securities;
     20% time at the NBBO each in 250 securities in the
Baseline Month and 40% time at the NBBO each in the

billing month for those same securities; and
     30% time at the NBBO each in 150 securities in the
Baseline Month and 20% time at the NBBO each in the billing month for
those same securities.
    DMM Y would qualify for the DMM Additional Quoting Requirement
since DMM Y had 100 securities that had 10% higher quoting over the
Baseline Month and 250 securities that had 20% higher quoting over the
Baseline Month, for a total of 350 securities, regardless of whether
those securities were More Active or Less Active Securities.
    The other 150 securities with 20% time at the NBBO would not count
towards the requirement since their time at the NBBO was 10% lower, or
less than the 5% increase required.
    Further assume that DMM Y's 300 More Active Securities and 200 Less
Active Securities were eligible for the following credits in the
billing month:
     If 175 of DMM Y's More Active Securities were eligible for
$0.0031 in credits, the DMM Additional Quoting Requirement would
qualify those securities for an additional credit of $0.0003 or
$0.0034, combined.
     If 125 of DMM Y's More Active Securities were eligible for
$0.0035 in credits, the DMM Additional Quoting Requirement would not
qualify those securities for an additional credit since $0.0035 would
be the highest credit.
     If 125 of DMM Y's Less Active Securities were eligible for
$0.0015 in credits, the DMM Additional Quoting Requirement would
qualify those securities for an additional credit of $0.0020 or
$0.0035, combined.
     If 75 of DMM Y's Less Active Securities were eligible for
$0.0045 in credits, the DMM Additional Quoting Requirement would not
qualify those securities for a higher credit since $0.0045 is the
highest credit.
    The proposed rule change is designed to incentivize DMMs to
increase trading volume in their assigned More Active Securities on the
Exchange.
Enhanced DMM Monthly Rebates
    Currently, the Exchange provides additional monthly rebates to DMMs
in addition to the current rate on transactions, prorated to the number
of trading days in a month that a stock is assigned to a DMM, depending
on the Security CADV and the DMM quoting percentage, as follows.
    The monthly rebates payable to DMMs for securities with a Security
CADV of 250,000 up to 1,500,000 shares in the previous month,
applicable in any month in which the DMM meets the Less Active
Securities Quoting Requirement in an applicable security, are as
follows:
     $500 rebate if the DMM quotes at the NBBO 50% of the time
or more in an applicable security.
     $425 rebate if the DMM quotes at the NBBO at least 40% and
up to 50% of the time in an applicable month in an applicable security.
     $350 rebate if the DMM quotes at the NBBO at least 30% and
up to 40% of the time in an applicable month in an applicable security.
     $275 rebate if the DMM quotes at the NBBO at least 20% and
up to 30% of the time in an applicable month in an applicable security.
     $200 rebate if the DMM quotes at the NBBO at least 15% and
up to 20% of the time in an applicable month in an applicable security.
    The monthly rebates payable to DMMs for securities with a Security
CADV of 100,000 up to 250,000 shares in the previous month (regardless
of whether the stock price exceeds $1.00) in any month in which the DMM
meets the Less Active Securities Quoting Requirement, are as follows:
     $450 rebate if the DMM quotes at the NBBO 50% of the time
or more in an applicable security.
     $375 rebate if the DMM quotes at the NBBO at least 40% and
up to 50% of the time in an applicable month in an applicable security.
     $300 rebate if the DMM quotes at the NBBO at least 30% and
up to 40% of the time in an applicable month in an applicable security.
     $225 rebate if the DMM quotes at the NBBO at least 20% and
up to 30% of the time in an applicable month in an applicable security.
     $150 rebate if the DMM quotes at the NBBO at least 15% and
up to 20% of the time in an applicable month in an applicable security.
    Finally, the current monthly rebate payable to DMMs for securities
with a Security CADV of less than 100,000 shares in the previous month
in the previous month (regardless of whether the stock price exceeds
$1.00) in any month in which the DMM meets the Less Active Securities
Quoting Requirement, are as follows:
     $400 rebate if the DMM quotes at the NBBO 50% of the time
or more in an applicable security.
     $325 rebate if the DMM quotes at the NBBO at least 40% and
up to 50% of the time in an applicable month in an applicable security.
     $250 rebate if the DMM quotes at the NBBO at least 30% and
up to 40% of the time in an applicable month in an applicable security.
     $175 rebate if the DMM quotes at the NBBO at least 20% and
up to 30% of the time in an applicable month in an applicable security.
     $100 rebate if the DMM quotes at the NBBO at least 15% and
up to 20% of the time in an applicable month in an applicable security.
    In each case, the Exchange proposes that DMMs meeting the Less
Active Securities Quoting Requirement as well as the DMM Additional
Quoting Requirement in the billing month would qualify for the next
highest monthly rebate in each tier. For example, using DMM Y with 500
assigned securities and qualified for the DMM Additional Quoting
Requirement in the billing month in the previous example, assume DMM Y
had 200 assigned securities with a Security CADV under 1,500,000 shares
as follows:
     125 securities with Security CADV between 250,000 and
1,500,000, that each had a DMM quote at the NBBO of 40%. Those
securities would each receive a rebate for the month of $500, the next
highest rebate over the current $425 rebate.
     75 securities with Security CADV between 100,000 and
250,000, that each had a DMM quote at the NBBO of 20%. Those securities
would each receive a rebate for the month of $300, the next highest
rebate over the current $225 rebate.
DMM Quoting Share
    Currently, the Exchange provides all of the market data quote
revenue (the ``Quoting Share'') received by the Exchange from the
Consolidated Tape Association under the Revenue Allocation Formula of
Regulation NMS with respect to any security that has a Security CADV of
less than 1,500,000 shares in the previous month (regardless of whether
the stock price exceeds $1.00) in any month in which a DMM quotes at
the NBBO at least 20% of the time in the applicable month. If the DMM
quotes at the NBBO at least 15% of the time in the applicable month in
a security that has a Security CADV of less than 1,500,000 shares in
the previous month but quotes less than 20% of the time in the
applicable month, the DMM receives 50% of the Quoting Share.
    The Exchange proposes that DMMs that quote at the NBBO at least 15%
of the time in the applicable month in a security that has a Security
CADV of less than 1,500,000 shares in the previous month but quote less
than 20% of the time in the applicable month and meet the DMM
Additional Quoting Requirement would also receive 100% of the Quoting
Share.
    The proposed change is not otherwise intended to address any other
issues,

and the Exchange is not aware of any significant problems that market
participants would have in complying with the proposed changes.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\26\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\27\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly discriminate between
customers, issuers, brokers or dealers.
---------------------------------------------------------------------------

    \26\ 15 U.S.C. 78f(b).
    \27\ 15 U.S.C. 78f(b)(4) & (5).
---------------------------------------------------------------------------

The Proposed Change Is Reasonable
    The Exchange operates in a highly competitive market. The
Commission has repeatedly expressed its preference for competition over
regulatory intervention in determining prices, products, and services
in the securities markets. Specifically, in Regulation NMS, the
Commission highlighted the importance of market forces in determining
prices and SRO revenues and, also, recognized that current regulation
of the market system ``has been remarkably successful in promoting
market competition in its broader forms that are most important to
investors and listed companies.'' \28\
---------------------------------------------------------------------------

    \28\ See Regulation NMS, 70 FR at 37499.
---------------------------------------------------------------------------

    The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
move order flow, or discontinue or reduce use of certain categories of
products, in response to fee changes. With respect to non-marketable
order flow that would provide displayed liquidity on an Exchange
against which market makers can quote, member organizations can choose
from any one of the 13 currently operating registered exchanges to
route such order flow. Accordingly, competitive forces constrain
exchange fees that relate to providing incentives for market makers to
compete for order flow.
    Given this competitive environment, the proposal represents a
reasonable attempt to attract additional order flow to the Exchange.
The Exchange believes that the proposal to offer tiered credits for
member organizations that add additional liquidity in Non-Displayed
Limit Orders to the Exchange is a reasonable means to improve market
quality, attract additional order flow to a public market, and enhance
execution opportunities for member organizations on the Exchange, to
the benefit of all market participants. Further, the proposal to offer
enhanced credits, rebates, and quoting share to DMMs in order to
increase their quoting at the NBBO in their assigned More Active
Securities and Less Active Securities is a reasonable means to increase
DMM quoting at the NBBO in their assigned securities more frequently,
which could attract additional orders to the Exchange and contribute to
price discovery. In addition, additional liquidity-providing quotes
benefit all market participants because they provide greater execution
opportunities on the Exchange and improve the public quotation. The
proposal would also reward DMMs, who have greater risks and heightened
quoting and other obligations than other market participants.
The Proposal Is an Equitable Allocation of Fees
    The Exchange believes the proposal equitably allocates its fees
among its market participants by fostering liquidity provision and
stability in the marketplace.
    The Exchange believes that the proposed tiered credits for member
organizations adding liquidity in Non-Displayed Limit Orders is
equitable because the proposed credits would create incentives for
adding greater liquidity and providing price improvement. The Exchange
believes the proposed rule change would improve market quality for all
market participants on the Exchange and, as a consequence, attract more
liquidity to the Exchange, thereby improving market-wide quality and
price discovery. The Exchange notes that it currently provides similar
non-tiered and tiered credits for Mid-Point Limit orders of $0.0010,
$0.0020, $0.0025 and $0.00275.
    The Exchange believes that the proposed enhanced credits and
rebates to DMMs is an equitable allocation of fees because it would
reward DMMs for their increased risks and heightened quoting and other
obligations. As such, it is equitable to offer DMMs an incremental
credits for increased quoting at the NBBO in addition to the current
rates.
    The proposed rule change is also equitable because it would apply
equally to all existing and potential DMM firms. The Exchange notes
that 3 of the 5 DMM firms could qualify for the proposed incremental
credits and enhanced rebates. The Exchange believes that the proposal
would provide an equal incentive to all DMMs to increase quoting at the
NBBO in their assigned securities, and that the proposal constitutes an
equitable allocation of fees because all similarly situated DMMs would
be eligible for the same incremental rebates.
The Proposal Is Not Unfairly Discriminatory
    The Exchange believes that the proposal is not unfairly
discriminatory. In the prevailing competitive environment, member
organizations are free to disfavor the Exchange's pricing if they
believe that alternatives offer them better value. The Exchange
believes that offering the proposed credits to member organizations
based on the amount of liquidity provided to the Exchange in Non-
Displayed Limit Orders would provide a further incentive for all member
organizations to provide additional liquidity to the Exchange.
Similarly, the proposed additional credits and enhanced rebates for
DMMs would provide an additional incentive to DMMs to quote and trade
their assigned securities on the Exchange, and will generally allow the
Exchange and DMMs to better compete for order flow, thus enhancing
competition. The Exchange also believes that the requirement that DMMs
increase quoting that is at least 5% over the DMM's quoting in at least
300 DMM assigned securities over the Baseline Month in order to qualify
for the credits is not unfairly discriminatory because it would apply
equally to all DMMs.
    Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
    For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.

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

    In accordance with Section 6(b)(8) of the Act,\29\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the Exchange believes
that the proposed changes would incentivize member organizations to
provide additional liquidity in Non-Displayed Limit Orders to a public
exchange and incentivize DMMs to quote and trade in their DMM assigned
securities, which could attract additional liquidity and contribute to
price discovery. Additional liquidity on a public exchange benefits all
market participants because they provide

greater execution opportunities on the Exchange and improves the public
quotation. As a result, the Exchange believes that the proposed change
furthers the Commission's goal in adopting Regulation NMS of fostering
integrated competition among orders, which promotes ``more efficient
pricing of individual stocks for all types of orders, large and
small.'' \30\
---------------------------------------------------------------------------

    \29\ 15 U.S.C. 78f(b)(8).
    \30\ Regulation NMS, 70 FR at 37498-99.
---------------------------------------------------------------------------

    Intramarket Competition. The proposed change is designed to attract
additional order flow to the Exchange. The Exchange believes that the
proposed credits for member organizations providing liquidity in Non-
Displayed Limit Orders would incentivize all member organizations
submit additional liquidity to the Exchange, contributing to greater
liquidity on the Exchange. Similarly, the proposed incremental credits
and enhanced rebates would continue to incentivize DMMs to quote and
trade at the NBBO more frequently, which could attract additional
liquidity and contribute to price discovery. Greater liquidity benefits
all market participants because it provides greater execution
opportunities on the Exchange. The proposed credits and rebates would
be available to all similarly-situated market participants, and, as
such, the proposed change would not impose a disparate burden on
competition among market participants on the Exchange.
    Intermarket Competition. The Exchange operates in a highly
competitive market in which market participants can readily choose to
send orders to other exchange and off-exchange venues if they deem fee
levels at those other venues to be more favorable. The Exchange notes
that for the month of September 2019, the Exchange's market share of
intraday trading (excluding auctions) in Tapes A, B and C securities
was only 9.3%.\31\ In such an environment, the Exchange must
continually adjust its fees and rebates to remain competitive with
other exchanges and with off-exchange venues. Because competitors are
free to modify their own fees and credits in response, and because
market participants may readily adjust their order routing practices,
the Exchange does not believe its proposed fee change can impose any
burden on intermarket competition.
---------------------------------------------------------------------------

    \31\ See note 11, supra.
---------------------------------------------------------------------------

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

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

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \32\ of the Act and subparagraph (f)(2) of Rule
19b-4 \33\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
---------------------------------------------------------------------------

    \32\ 15 U.S.C. 78s(b)(3)(A).
    \33\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \34\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \34\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSE-2019-58 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSE-2019-58. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSE-2019-58 and should be submitted on
or before December 12, 2019.
---------------------------------------------------------------------------

    \35\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\35\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-25214 Filed 11-20-19; 8:45 am]
 BILLING CODE 8011-01-P


                                 ATTACHMENT E

      DfE Audit Process Guidance for the Safer Product Labeling Program
                                (DRAFT 8/9/12)

DfE has prepared this guidance to assist our qualified third parties in preparing for and conducting desk and on-site audits on DfE-labeled products and partners.  For both desk and on-site audits, the guidance includes the following elements (in list format): Requisite audit materials, audit procedures, and audit follow-up.

                              Desk Audit Process
                 (based on 4/2011 Edition of the DfE Standard)

   I. Materials Required in Advance of Audit

      a. A statement that the ingredients and all claims made regarding the Agency's recognition (e.g., use of the DfE logo) comport with the Partnership Agreement or a DfE-approved amendment to the agreement; of note, this statement must confirm that the ingredients in labeled products are the same as those DfE has reviewed and referenced in the partnership agreement;
      b. List of all ingredients for each recognized product;
      c. Product labels showing use of the DfE logo or mention of DfE recognition;
      d. Product or company literature that uses the DfE logo or mentions DfE recognition;
      e. Private label (including licensed products) (PL) labels and literature that bear the DfE logo;
      f. Summary of implementation activities for any continuous improvement efforts as required by the Partnership Agreement; and
      g. Documentation of education offered to end users of Industrial/Institutional (I/I) products.

   I. Audit Procedures
      1. Request above-listed materials.
      2. For each product, verify that the list of ingredients (including those from third-party suppliers) matches the formulation on record and formulation bills of material (e.g., batch tickets).  Notify DfE of any discrepancies ASAP.
      3. Verify correct use of the DfE logo / program name on labels, literature, and the partner company website.
      4. Request updated PL forms to determine if PL products should be added / removed from list of labeled products. Verify correct use of the DfE logo / program name on PL labels, PL literature, and PL company website(s).  Email any PL discrepancies to the attention of DfE and<EMAIL_ADDRESS>      5. Verify that the "Summary of continuous improvement activities" addresses all ingredients identified as "target for improvement" in the partnership agreement and notify DfE of any unaddressed ingredients.
      6. Verify that education is being offered to the end user of I/I products as described in Section 3.4 of the Standard.

   I. Audit Follow-up and Potential Noncompliance
      1. Send written notice to the partner and DfE with a deadline for addressing the audit issues or correcting the noncompliance, as applicable.
      2. Verify corrective action and send an updated report to DfE (including the root-cause analysis, explanation of corrective action, and preventive action plan) within 30 days of notifying the client  - OR-- Notify DfE that the partner company has not addressed the audit issues or not corrected the noncompliance within the allotted time.
      3. Submit a "Desk Audit Report" that summarizes all items that DfE should be aware of concerning the partner company's audit, including all items that were acceptable as submitted and who performed the desk audit.  Note: if there is a formula issue or problematic ingredient being used, please highlight this information in an email to DfE.

                            On-site Audit Process
                 (based on 4/2011 Edition of the DfE Standard)

   I. Materials Required in Advance of Audit
      a. Production records, batch tickets, bills of lading, certificates of analysis, and any other formulation documentation;
      b. Customer and/or employee complaint file for any potential concerns associated with the manufacture or use of DfE products or ingredients;
      c. Records for cleaning, maintenance, and calibration of manufacturing equipment; and
      d. Supplier qualification records (including test data) for raw materials.

   I. Audit Procedures
      1. In advance of facility visit, request and review the above-listed items. For each product, verify that the list of ingredients (including those from third-party suppliers) matches the formulation on record and formulation bills of material (e.g., batch tickets).  Notify DfE of any discrepancies ASAP.
      2. On-site:
         a. Verify that labeled products are being manufactured with the ingredients agreed to under the partnership (and aligned with trade name/supplier), including at specified use levels, when appropriate;
         b. Verify records for cleaning, maintenance, and calibration of manufacturing equipment (if not done before visit);
         c. Verify that any PL products packaged on-site are identical in formulation to the original recognized product (i.e., no dilution, concentration, no added dyes or fragrances);
         d.  Verify Good Manufacturing Practices (i.e., manufacturing and packaging operations conducted within the scope of an effective quality system (e.g. ISO 9001) and in accordance with defined quality procedures (appropriate to the product type, e.g., cleaning).  Include:
 Production walk-through;
 Review practices for minimizing contamination during measuring, blending, and packaging; and
 Verify bulk containers, transfer equipment, and holding vessels are in good repair.

   I. Audit Follow-up and Potential Noncompliance
      1. Send written notice to the partner and DfE with a deadline for addressing the audit issues or correcting the noncompliance, as applicable.
      2. Verify corrective action and send an updated report to DfE (including the root-cause analysis, explanation of corrective action, and preventive action plan) within 30 days of notifying the client --  OR --  Notify DfE that the partner company has not addressed the audit issues or not corrected the noncompliance within the allotted time.
      3. Submit an "On-site Audit Report" that summarizes all items that DfE should be aware of concerning the partner company's audit, including all items that were acceptable and who performed the audit.  Note: if there is a formula issue or a problematic ingredient being used, please highlight this information in an email to DfE.


Subpart NNNNN were promulgated on April 17, 2003, and amended April 7,
2006.
    The affected entities are subject to the General Provisions of the
NESHAP at 40 CFR part 63, subpart A, and any changes, or additions to
the General Provisions specified at 40 CFR part 63, subpart NNNNN.
    Owners or operators of the affected facilities must submit a one-
time-only of any physical or operational changes, initial performance
tests, and periodic reports and results. Owners or operators are also
required to maintain records of the occurrence and duration of any
startup, shutdown, or malfunction in the operation of an affected
facility, or any period during which the monitoring system is
inoperative. Reports, at a minimum, are required semiannually.
    Burden Statement: The annual public reporting and recordkeeping
burden for this collection of information is estimated to average
approximately 422 hours per response.
    Respondents/Affected Entities: Hydrochloric acid production
facilities.
    Estimated Number of Respondents: 71.
    Frequency of Response: Initially, occasionally and semiannually.
    Estimated Total Annual Hour Burden: 49,319.
    Estimated Total Annual Cost: $248,000, which is comprised of
$26,000 in annualized capital/startup costs and O&M costs of $222,000.
    (52) NESHAP for Secondary Aluminum Production (40 CFR Part 63,
Subpart RRR); Docket ID Number EPA-HQ-OECA-2008-0282; EPA ICR Number
1894.06; OMB Control Number 2060-0433; expiration date September 30,
2009.
    Affected Entities: Entities potentially affected by this action are
the owners or operators of secondary aluminum production facilities.
    Abstract: The National Emission Standards for Hazardous Air
Pollutants (NESHAP) for Secondary Aluminum Production (40 CFR part 63,
subpart RRR) were promulgated on March 23, 2002, and amended on
December 30, 2002.
    The affected entities are subject to the General Provisions of the
NESHAP at 40 CFR part 63, subpart A, and any changes, or additions to
the General Provisions specified at 40 CFR part 63, subpart RRR.
    Owners or operators of the affected facilities must submit a one-
time-only of any physical or operational changes, initial performance
tests, and periodic reports and results. Owners or operators are also
required to maintain records of the occurrence and duration of any
startup, shutdown, or malfunction in the operation of an affected
facility, or any period during which the monitoring system is
inoperative. Reports are also required, at a minimum, semiannually.
    Burden Statement: The annual public reporting and recordkeeping
burden for this collection of information is estimated to average
approximately 29 hours per response.
    Respondents/Affected Entities: Secondary aluminum production
facilities.
    Estimated Number of Respondents: 1,624.
    Frequency of Response: Initially, occasionally and semiannually.
    Estimated Total Annual Hour Burden: 93,725.
    Estimated Total Annual Cost: $226,000 which includes $84,000
annualized Capital Startup cost, and $142,000 annualized O&M costs.
    EPA will consider any comments received and may amend any of the
above ICRs, as appropriate. Then the final ICR packages will be
submitted to OMB for review and approval pursuant to 5 CFR 1320.12. At
that time, EPA will issue one or more Federal Register notices pursuant
to 5 CFR 1320.5(a)(1)(iv) to announce the submission of the ICR(s) to
OMB and the opportunity to submit additional comments to OMB. If you
have any questions about any of the above ICRs or the approval process,
please contact the person listed under FOR FURTHER INFORMATION CONTACT.

    Dated: May 16, 2008.
Lisa Lund,
Acting Director, Office of Compliance.
[FR Doc. E8-12114 Filed 5-29-08; 8:45 am]

BILLING CODE 6560-50-P