[Federal Register Volume 76, Number 116 (Thursday, June 16, 2011)]
[Notices]
[Pages 35257-35259]
[FR Doc No: 2011-14894]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64644; File No. SR-CHX-2011-11]

 Self-Regulatory Organizations; Chicago Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Add a Rule Concerning the CHX Book Feed

June 10, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on June 2, 2011, the Chicago Stock Exchange, Inc. (``CHX'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. CHX has filed
this proposal pursuant to Exchange Act Rule 19b-4(f)(6) \3\ which is
effective upon filing with the Commission. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    CHX proposes to add Article 4, Rule 1 (Book Feed) to include an
explicit description of the Exchange's Book Feed information service.
The text of this proposed rule change is available on the Exchange's
Web site at (http://www.chx.com) and in 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 CHX included statements
concerning the purpose of and basis for the proposed rule changes and
discussed any comments it received regarding the proposal. The text of
these statements may be examined at the places specified in Item IV
below. The CHX has prepared summaries, set forth in sections A, B and C
below, of the most significant aspects of such statements.

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

1. Purpose
    The Exchange makes information about display-eligible orders sent
to and trades executed on the Exchange available to Participants and
other interested persons via its Book Feed Service. The purpose of
making this information available is to increase the transparency of
orders and trading activity on the Exchange. The Book Feed service
became effective pursuant to a rule filing made with the Commission in
2007, but the service was not described in the Exchange's rules.\4\ In
order to remove any potential ambiguity about the nature of the
Exchange's technology and communications offerings, we are now

proposing to add language to our rules describing the Book Feed. The
Book Feed service has not changed in any material respect.\5\ Use of
the Book Feed service by any Exchange Participant is entirely optional
and is not required to direct orders to our Matching System for
execution or display.
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    \4\ Securities Exchange Act Release No. 56611 (Oct. 4, 2007), 72
FR 57980 (Oct. 11, 2007).
    \5\ See e-mail, dated June 2, 2011, from David C. Whitcomb, Jr.,
General Counsel and Chief Regulatory Officer, CHX, to Christopher W.
Chow, Special Counsel, Commission.
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    New Article 4, Rule 1 governs the provision by the Exchange of its
Book Feed data service. The CHX Book Feed distributes data regarding
orders received and trades executed by the Matching System, our trading
facility. The Book Feed service supplements the market data provided by
the Exchange through the industry-mandated Securities Information
Processors or SIPs (currently Nasdaq and SIAC). The SIPs collect market
data from each trading center, consolidate it into a unified
transmission, and disseminate it to market participants, including
market data vendors.
    The CHX Book Feed is intended to augment the market data provided
by the SIPs by providing additional detail about orders resident in the
Exchange's Matching System. Unlike SIP data, quotations distributed via
the Book Feed are not aggregated at a particular price point. Instead,
each individual order is separately represented in the Book Feed, even
if there are multiple orders at the same price and on the same side of
the market. Moreover, the Book Feed provides information for all
displayed orders resident in the Matching System, including odd lots
and orders inferior to our top of book.\6\ The Book Feed data includes
basic information about each order, including the size and price of the
order; whether it was an order to buy or sell; its time of receipt; and
the identity of the participant firm that submitted the order.\7\ The
Book Feed also provides for the transmission of last sale data through
the Book Feed in a manner which is substantially similar to that
provided through the SIPs.\8\ Proposed Rule 1 of Article 4 authorizes
the Exchange to provide Book Feed data to a recipient which has entered
into a Book Feed Subscriber agreement with the Exchange and in a form
acceptable to the Exchange.\9\ No market participant is required to
subscribe to the Book Feed service. The Exchange believes that some
market participants will be interested in receiving our Book Feed
transmission since it provides additional information about the orders
residing in the Matching System beyond what is available from the
SIPs.\10\
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    \6\ Undisplayed orders and the undisplayed portions of reserve
size orders are not to be disseminated through the Book Feed;
however, any odd lot orders (which are not expressly identified as
``undisplayed'') are disseminated through the Book Feed.
    \7\ A participant firm can choose, either on a firm-wide or
order-by-order basis, to have its identity kept confidential in the
order information that is distributed in the Book Feed.
    \8\ The Book Feed includes transaction data for all trades
executed in the Matching System, including odd lot transactions,
while the SIP last sale transmissions may not include data on odd
lot executions.
    \9\ The Exchange makes the Book Feed available to any person or
entity which signs our subscriber agreement. It is not necessary to
be an Exchange Participant to be eligible to receive the Book Feed.
    \10\ Within the Exchange's systems, the data that is
disseminated as part of the Book Feed leaves the Matching System
immediately following the best bids, offers and last sales that are
being sent to the SIPs. The Exchange would not use any technology
that is designed to make the Book Feed data available from the
Matching System earlier than the best bids, offers and last sales
are available to the SIPs.
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    Any charges for the Exchange's Book Feed service would be specified
in our Schedule of Fees and Assessments. Currently, the Fee Schedule
provides that the Book Feed shall be available free of charge to
subscribers.\11\ Rule 603(a)(2) for Regulation NMS requires trading
centers to distribute market data ``on terms that are not unreasonably
discriminatory.'' \12\ The policy of the Exchange is to require that
all Book Feed recipients execute a subscriber agreement. This
requirement applies equally to all recipients and therefore the
Exchange believes that its proposal satisfies Rule 603(a)(2) for
Regulation NMS.
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    \11\ The Exchange does not currently plan to charge a fee for
the distribution of this data, but may choose to do so in the
future. Any decision to charge a fee for the Book Feed data would be
reflected in a filing submitted to the Commission as required by
Rule 19b-4 of the Act.
    \12\ 17 CFR 603(a)(2).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act \13\ in general, and furthers the
objectives of Section 6(b)(1) of the Act \14\ in particular, in that it
allows the Exchange to be organized and have the capacity to be able to
carry out the purposes of the Act and to comply, and (subject to any
rule or order of the Commission pursuant to section 17(d) or 19(g)(2)
of the Act) to enforce compliance by its members and persons associated
with such members, with the provisions of the Act, the rules and
regulations thereunder, and the rules of the exchange. As noted above,
the Book Feed service was previously described in a filing with the
Commission in 2007.\15\ By adding a description of the nature of the
Book Feed service to the Exchange's rules, this proposal advances the
purposes of the Exchange Act by providing added clarity about the
nature and extent of certain services offered by the Exchange to its
Participants, and thereby contributing to the ability of our members in
complying with the requirements related to those services.
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    \13\ 15 U.S.C. 78f.
    \14\ 15 U.S.C. 78f(b)(1).
    \15\ See note 4, supra, and accompanying text.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. As noted above, the Exchange
believes that its Book Feed service will compete with the existing
market data products issued by other exchanges and will assist the
Exchange in attracting and retaining order flow. The Exchange further
believes that the added transparency offered by the Book Feed service
will benefit market participants looking to interact with orders
residing in the Matching System or trying to determine the level of
buying or selling interest in a security. The fact that the Exchange
currently distributes market data for no charge also acts as a
competitive force among market data products. As noted above, the Book
Feed service is entirely optional and Participants are not required to
subscribe to it in order to gain access to our marketplace.

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

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \16\ and Rule 19b-4(f)(6) \17\ thereunder in
that it effects a change that: (i) Does not significantly affect the
protection of investors or the public interest; (ii) does not impose
any significant burden on competition; and (iii) by its terms, does not
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest.
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    \16\ 15 U.S.C. 78s(b)(3)(A).
    \17\ 17 CFR 240.19b-4(f)(6).

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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.

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 e-mail to<EMAIL_ADDRESS>Please include
File Number SR-CHX-2011-11 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CHX-2011-11. This file
number should be included on the subject line if e-mail 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 Web site (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 Web site 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
a.m. and 3 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; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-CHX-2011-11 and should be
submitted on or before July 7, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-14894 Filed 6-15-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: November 24, 2010 (Volume 75, Number 226)]
[Notices]
[Page 71718-71719]
[DOCID:fr24no10-111]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID: FEMA-2010-0060]

Agency Information Collection Activities: Proposed Collection;
Comment Request, OMB No. 1660-0011; Debt Collection Financial Statement

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice; 60-day notice and request for comments; revision of a
currently approved information collection; OMB No. 1660-0011; FEMA Form
127-0-1 (formerly FEMA Form 22-13), Debt Collection Financial
Statement.

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SUMMARY: The Federal Emergency Management Agency, as part of its
continuing effort to reduce paperwork and respondent burden, invites
the general public and other Federal agencies to take this opportunity
to comment on a proposed revision of a currently approved information
collection. In accordance with the Paperwork Reduction Act of 1995,
this notice seeks comments concerning the collection of information
related to disaster program accounts and debts receivable.

DATES: Comments must be submitted on or before January 24, 2011.

ADDRESSES: To avoid duplicate submissions to the docket, please use
only one of the following means to submit comments:
    (1) Online. Submit comments at http://www.regulations.gov under
Docket ID FEMA-2010-0060. Follow the instructions for submitting
comments.
    (2) Mail. Submit written comments to Docket Manager, Office of
Chief Counsel, DHS/FEMA, 500 C Street, SW., Room 835, Washington, DC
20472-3100.
    (3) Facsimile. Submit comments to<PHONE_NUMBER>.
    (4) E-mail. Submit comments to<EMAIL_ADDRESS>Include Docket
ID FEMA-2010-0060 in the subject line.
    All submissions received must include the agency name and Docket
ID. Regardless of the method used for submitting comments or material,
all submissions will be posted, without change, to the Federal
eRulemaking Portal at http://www.regulations.gov, and will include any
personal information you provide. Therefore, submitting this
information makes it public. You may wish to read the Privacy Act
notice that is available via the link in the footer of http://
www.regulations.gov.

FOR FURTHER INFORMATION CONTACT: Michael H. Komack, Financial Policy
Specialist, Financial Policy Staff, Office of the Chief Financial
Officer, FEMA,<PHONE_NUMBER>. You may contact the Records Management
Division for copies of the proposed collection of information at
facsimile number<PHONE_NUMBER> or e-mail address: FEMA-Information-
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Under the Debt Collection Improvement Act as
amended (31 U.S.C. 3701, et seq.), the Federal Claims Collection
Standards (31 CFR 901), and DHS regulations (6 CFR 11), the
Administrator of FEMA is: (1) Required to attempt collection of all
debts owed to the United States arising out of activities of FEMA; and
(2) for debts not exceeding $100,000, authorized to compromise such
debts or terminate collection action completely where it appears that
no person is liable for such debt or has the present or prospective
financial ability to pay a significant sum, or that the cost of
collecting such debt is likely to exceed the amount of the recovery (31
U.S.C. 3711(a)(2)).

Collection of Information

    Title: Debt Collection Financial Statement.
    Type of Information Collection: Revision of a currently approved
information collection.
    OMB Number: 1660-0011.
    Form Titles and Numbers: FEMA Form 127-0-1 (formerly FEMA Form 22-
13), Debt Collection Financial Statement.
    Abstract: FEMA may request debtors to provide personal financial
information on FEMA Form 127-0-1 concerning their current financial
position. With this information, FEMA evaluates whether to allow its
debtors to pay their FEMA debts under installment repayment agreements
and if so, under what terms. FEMA also uses this data to determine
whether to compromise, suspend, or completely terminate collection
efforts on respondent's debts. This data is also used to locate the
debtor's assets if the debts are sent for judicial enforcement.
    Affected Public: Individuals or households.
    Estimated Total Annual Burden hours: 1,200 Hours.

                                                       Estimated Annualized Burden Hours and Costs
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                     Number of                                        Total                     Total
                                     Form name/form     Number of    responses      Total       Avg. burden per       annual    Avg. hourly     annual
       Type of  respondent               number        respondents      per       number of      response  (in     burden  (in   wage rate    respondent
                                                                     respondent   responses          hours)           hours)                     cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
Individuals or Households.......  FEMA Form 127-0-1/         1,600            1        1,600  45 minutes.........        1,200       $41.33   $49,596.00
                                   Debt Collection
                                   Financial
                                   Statement.
    Total.......................  ...................        1,600  ...........        1,600  ...................        1,200  ...........    49,596.00
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Estimated Cost: There are no annual operation, maintenance, capital
or start up costs associated with this collection.

Comments

    Comments may be submitted as indicated in the ADDRESSES caption
above. Comments are solicited to (a) evaluate whether the proposed data
collection is necessary for the proper performance of the agency,
including whether the information shall have practical utility; (b)
evaluate the accuracy of the agency's estimate of the burden of the
proposed collection of information, including the validity of the
methodology and assumptions used; (c) enhance the quality, utility, and
clarity of the information to be collected; and (d) minimize the burden
of the collection of information on those who are to respond, including
through the use of appropriate automated, electronic, mechanical, or
other technological collection techniques or other forms of information
technology, e.g., permitting electronic submission of responses.

    Dated: November 16, 2010.
Dr. Lesia M. Banks,
Director, Records Management Division, Mission Support Bureau, Federal
Emergency Management Agency, Department of Homeland Security.
[FR Doc. 2010-29557 Filed 11-23-10; 8:45 am]
BILLING CODE 9110-49-P


[Federal Register Volume 76, Number 32 (Wednesday, February 16, 2011)]
[Notices]
[Pages 9025-9026]
[FR Doc No: 2011-3464]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2011-N-0075]

Agency Information Collection Activities; Proposed Collection;
Comment Request; Good Laboratory Practice Regulations for Nonclinical
Studies

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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SUMMARY: The Food and Drug Administration (FDA) is announcing an
opportunity for public comment on the proposed collection of certain
information by the Agency. Under the Paperwork Reduction Act of 1995
(the PRA), Federal Agencies are required to publish notice in the
Federal Register concerning each proposed collection of information,
including each proposed extension of an existing collection of
information, and to allow 60 days for public comment in response to the
notice. This notice solicits comments on the good laboratory practice
(GLP) for nonclinical laboratory studies regulations.

DATES: Submit either electronic or written comments on the collection
of information by April 18, 2011.

ADDRESSES: Submit electronic comments on the collection of information
to http://www.regulations.gov. Submit written comments on the
collection of information to the Division of Dockets Management (HFA-
305), Food and Drug Administration, 5630 Fishers Lane, rm. 1061,
Rockville, MD 20852. All comments should be identified with the docket
number found in brackets in the heading of this document.

FOR FURTHER INFORMATION CONTACT: Daniel Gittleson, Office of
Information Management, Food and Drug Administration, 1350 Piccard Dr.,
PI50-400B, Rockville, MD 20850,<PHONE_NUMBER>,
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal
Agencies must obtain approval from the Office of Management and Budget
(OMB) for each collection of information they conduct or sponsor.
``Collection of information'' is defined in 44 U.S.C. 3502(3) and 5 CFR
1320.3(c) and includes Agency requests or requirements that members of
the public submit reports, keep records, or provide information to a
third party. Section 3506(c)(2)(A) of the PRA (44 U.S.C. 3506(c)(2)(A))
requires Federal Agencies to provide a 60-day notice in the Federal
Register concerning each proposed collection of information, including
each proposed extension of an existing collection of information,
before submitting the collection to OMB for approval. To comply with
this requirement, FDA is publishing notice of the proposed collection
of information set forth in this document.
    With respect to the following collection of information, FDA
invites comments on these topics: (1) Whether the proposed collection
of information is necessary for the proper performance of FDA's
functions, including whether the information will have practical
utility; (2) the accuracy of FDA's estimate of the burden of the
proposed collection of information, including the validity of the
methodology and assumptions used; (3) ways to enhance the quality,
utility, and clarity of the information to be collected; and (4) ways
to minimize the burden of the collection of information on respondents,
including through the use of automated collection techniques, when
appropriate, and other forms of information technology.

Good Laboratory Practice Regulations for Nonclinical Studies--21 CFR
Part 58 (OMB Control Number 0910-0119)--Extension

    Sections 409, 505, 512, and 515 of the Federal Food, Drug, and
Cosmetic Act (21 U.S.C. 348, 355, 360(b), 360(e)) and related statutes
require manufacturers of food additives, human drugs and biological
products, animal drugs, and medical devices to demonstrate the safety
and utility of their product by submitting applications to FDA for
research or marketing permits. Such applications contain, among other
important items, full reports of all studies done to demonstrate
product safety in man and/or other animals. In order to ensure adequate
quality control for these studies and to provide an adequate degree of
consumer protection, the Agency issued GLP regulations. The regulations
specify minimum standards for the proper conduct of safety testing and
contain sections on facilities, personnel, equipment, standard
operating procedures (SOPs), test and control articles, quality
assurance, protocol and conduct of a safety study, records and reports,
and laboratory disqualification.
    The GLP regulations contain requirements for the reporting of the
results of quality assurance unit inspections, test and control article
characterization, testing of mixtures of test and control articles with
carriers, and an overall interpretation of nonclinical laboratory
studies. The GLP regulations also contain recordkeeping requirements
relating to the conduct of safety studies. Such records include: (1)
Personnel job descriptions and summaries of training and experience;
(2) master schedules, protocols and amendments thereto, inspection
reports, and SOPs; (3) equipment inspection, maintenance, calibration,
and testing records; (4) documentation of feed and water analyses, and
animal treatments; (5) test article accountability records; and (6)
study documentation and raw data.
    The information collected under GLP regulations is generally
gathered by testing facilities routinely engaged in conducting
toxicological studies and is used as part of an application for a
research or marketing permit that is voluntarily submitted to FDA by
persons desiring to market new products. The facilities that collect
this information are typically operated by large entities, e.g.,
contract laboratories, sponsors of FDA-regulated products,
universities, or government agencies. Failure to include the
information in a filing to FDA would mean that Agency scientific
experts could not make a valid determination of product safety. FDA
receives, reviews, and approves hundreds of new product applications
each year based on information received. The recordkeeping requirements
are necessary to document the proper conduct of a safety study, to
assure the quality and integrity of the resulting final report, and to
provide adequate proof of the safety of regulated products. FDA
conducts onsite audits of records and reports during its inspections of
testing laboratories to verify reliability of results submitted in
applications.
    The likely respondents collecting this information are contract
laboratories, sponsors of FDA-regulated products, universities, or
government agencies.
    FDA estimates the burden of this collection of information as
follows:

                                                     Table 1--Estimated Annual Reporting Burden \1\
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                                                                                Annual
                           21 CFR section                               Number of      frequency per     Total annual      Hours per       Total hours
                                                                       respondents        response        responses         response
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58.35(b)(7)........................................................              300            60.25           18,075                1           18,075
58.185.............................................................              300            60.25           18,075            27.65          499,774
                                                                    ------------------------------------------------------------------------------------
    Total..........................................................  ...............  ...............  ...............  ...............         517,849
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\1\ There are no capital costs or operating and maintenance costs associated with this collection of information.

                                                   Table 2--Estimated Annual Recordkeeping Burden \1\
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                                                                                Annual
                           21 CFR section                               Number of      frequency per     Total annual      Hours per       Total hours
                                                                      recordkeepers    recordkeeping       records           record
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58.29(b)...........................................................              300               20            6,000             0.21            1,260
58.35(b)(1)-(b)(6) and (c).........................................              300           270.76           81,228             3.36          272,926
58.63(b) and (c)...................................................              300               60           18,000             0.09            1,620
58.81(a)-(c).......................................................              300            301.8           90,540             0.14           12,676
58.90(c) and (g)...................................................              300             62.7           18,810             0.13            2,445
58.105(a) and (b)..................................................              300                5            1,500             11.8           17,700
58.107(d)..........................................................              300                1              300             4.25            1,275
58.113(a)..........................................................              300            15.33            4,599              6.8           31,273
58.120.............................................................              300            15.38            4,614             32.7          150,878
58.195.............................................................              300            251.5           75,450              3.9          294,255
                                                                    ------------------------------------------------------------------------------------
    Total..........................................................  ...............  ...............  ...............  ...............         786,308
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ There are no capital costs or operating and maintenance costs associated with this collection of information.

    Please note that on January 15, 2008, the FDA Web site transitioned
to the Federal Dockets Management System (FDMS). FDMS is a
Governmentwide, electronic docket management system. Electronic
submissions will be accepted by FDA through FDMS only.

    Dated: February 9, 2011.
Leslie Kux,
Acting Assistant Commissioner for Policy.
[FR Doc. 2011-3464 Filed 2-15-11; 8:45 am]
BILLING CODE 4160-01-P


[Federal Register Volume 80, Number 209 (Thursday, October 29, 2015)]
[Notices]
[Pages 66605-66608]
[FR Doc No: 2015-27517]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76247; File No. SR-CBOE-2015-094]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change Relating To Qualification and Registration of
Trading Permit Holders and Associated Persons

October 23, 2015.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on October 9, 2015, Chicago Board Options Exchange, Incorporated
(the ``Exchange'' or ``CBOE'') 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
Exchange. The Exchange filed the proposal as a ``non-controversial''
proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act
\3\ and Rule 19b-4(f)(6) thereunder.\4\ The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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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 Interpretation and Policy .08 to
Rule 3.6A (Qualifications and Registration of Trading Permit Holders
and Associated Persons) regarding the categories of registration and
respective qualification examinations required for Trading Permit
Holders (``TPHs'') and associated persons that engage in trading
activities on the Exchange. Specifically, the Exchange proposes to
replace the Proprietary Trader registration category and the Series 56
Proprietary Trader registration qualification examination for
Proprietary Traders with the Securities Trader category of registration
and the Series 57 Securities Trader

registration qualification examination for Securities Traders
respectively. The text of the proposed rule change is available on the
Exchange's Web site (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend Interpretation and Policy .08 to
Rule 3.6A (Qualification and Registration of Trading Permit Holders and
Associated Persons) to replace the Proprietary Trader (PT) registration
category and qualification examination (Series 56) with the Securities
Trader (TD) registration category and qualification examination (Series
57). In addition, the Exchange proposes to replace the Proprietary
Trader Principal (TP) registration category with a Securities Trader
Principal (TP) registration category for individual TPHs or associated
person [sic] who either: (i) Supervise or monitor proprietary trading,
market-making and/or brokerage activities for broker-dealers; (ii)
supervise or train those engaged in proprietary trading, market-making
and/or effecting transactions on behalf of a broker-dealer, with
respect to those activities; and/or (iii) are officers, partners or
directors of a TPH or TPH organization, as described in paragraph
(a)(2)(i) of current Interpretation and Policy .08 to Rule 3.6A. The
Exchange also proposes to replace the Proprietary Trader Compliance
Officer (CT) registration category with the Securities Trader
Compliance Officer (CT) registration category for Chief Compliance
Officers (or individuals performing similar functions) of a TPH or TPH
organization. This filing is, in all material respects, based upon SR-
FINRA-2015-017, which was recently approved by the Securities and
Exchange Commission (``SEC'' or ``Commission'').\5\
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    \5\ See Securities Exchange Act Release No. 75783 (August 28,
2015) (Order Approving a Proposed Rule Change to Establish the
Securities Trader and Securities Trader Principal Registration
Categories) (SR-FINRA-2015-017).
---------------------------------------------------------------------------

    Rule 3.6A sets forth various qualification and registration
requirements that individual TPHs and associated persons must satisfy
in order to transact business on the Exchange. Among the qualification
and registration requirements set forth in Rule 3.6A, Interpretation
and Policy .08 provides that individual TPHs and associated persons
that engage in proprietary trading, market-making, or effect
transactions on behalf of a broker-dealer must register and qualify as
a Proprietary Trader in WebCRD.\6\ To qualify as a Proprietary Trader,
individual TPHs and associated persons must either pass the Series 56
Proprietary Trader qualification examination \7\ or Series 7 General
Securities Representative qualification examination.\8\ Several
exchanges, including CBOE currently use the Series 56 examination as a
qualification standard.\9\
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    \6\ WebCRD is a secure registration and licensing system
operated by FINRA and is the central licensing and registration
system for the U.S. securities industry and its regulators. The
system contains the registration records of more than 6,500
registered broker-dealers, and the qualification, employment and
disclosure histories of more than 650,000 active registered
individuals. In addition, Web CRD facilitates the processing and
payment of FINRA registration-related fees such as form filings,
fingerprint submissions, qualification exams and continuing
education sessions.
    \7\ The Series 56 Proprietary Trader Examination is a two hour
and thirty minute exam, consisting of 100 scored multiple-choice
questions. The Series 56 examination is administered by FINRA, but
is not recognized by FINRA as an acceptable qualification
examination for associated persons engaged in securities trading.
Under FINRA rules, associated persons of FINRA members that engage
in over-the-counter securities trading are required to pass the
Series 55 Equity Trader Exam. Nevertheless, as FINRA has recognized,
because the Series 55 and Series 56 are intended to test the core
knowledge required of individuals engaged in trading activities as
well as self-regulatory organization (``SRO'') rules, including
trading rules that are common across all SROs, there is significant
overlap in the content of the Series 55 and Series 56 qualification
examinations.
    \8\ See Interpretation and Policy .08 to Rule 3.6A.
    \9\ See, e.g., BATS Exchange, Inc. (``BATS'') Interpretation and
Policy .01 to Rule 2.5 (Proficiency Examinations); Miami
International Securities Exchange, LLC (``MIAX'') Rule 1302
(Registration of Representatives). See also Interpretation and
Policy .08 to Rule 3.6A.
---------------------------------------------------------------------------

    Interpretation and Policy .08 to Rule 3.6A further requires that
individual TPHs and associated persons with supervisory responsibility
over proprietary trading activities and officers, partners, and
directors of a TPH or TPH organization qualify and register as a
Proprietary Trader Principal. Specifically, under paragraph (a)(2) of
Interpretation and Policy .08 to Rule 3.6A, an individual TPH or
associated person who either: (i) Supervises or monitors proprietary
trading, market-making and/or brokerage activities for broker-dealers;
(ii) supervises or trains those engaged in proprietary trading, market-
making and/or effecting transactions on behalf of a broker-dealer, with
respect to those activities; and/or (iii) is an officer, partner or
director of a TPH or TPH organization must register and qualify as a
Proprietary Trader Principal in WebCRD and satisfy prerequisite [sic]
registration and qualification requirements, including, but not limited
to passing the Series 24 General Securities Principal Examination or an
acceptable alternative qualification examination.\10\ An individual TPH
or associated person who is a Chief Compliance Officer (or performs
similar functions) for a TPH or TPH organization that engages in
proprietary trading, market-making, or effecting transactions on behalf
of a broker-dealer is also required to register and qualify as a
Proprietary Trader Compliance Officer in WebCRD and satisfy the
prerequisite [sic] registration and qualification requirements,
including, but not limited to passing the Series 14 Compliance Official
Examination.\11\
---------------------------------------------------------------------------

    \10\ Under current Interpretation and Policy .08 to Rule 3.6A,
the Series 9 and 10 General Securities Sales Supervisor Examination
and Series 23 General Securities Principal Exam--Sales Supervisor
Module are acceptable alternative qualification examinations to the
Series 24 General Securities Principal Examination. Because the
Series 23 is not available in WebCRD, however, each applicant that
chooses to take the Series 23 module as an alternative to the Series
24 qualification examination must provide documentation of a valid
Series 23 license to the Registration Services Department upon
request for proof of licensure.
    \11\ Under current Interpretation and Policy .08 to Rule 3.6A,
the Series 24 General Securities Principal Examination is considered
an acceptable alternative qualification examination for the Series
14 Compliance Official Examination and registered General Securities
Principals may register as Proprietary Trader Compliance Officers
subject to applicable provisions under the Rules. See Interpretation
and Policy .08(b) to Rule 3.6A.
---------------------------------------------------------------------------

    The Exchange proposes to replace the Series 56 qualification
examination with the Series 57 qualification examination for those
registration categories where the Series 56 is currently an acceptable
qualification standard.\12\ Specifically, with respect to the
Proprietary Trader registration categories identified in Interpretation
and Policy .08 to Rule 3.6A, the Exchange proposes to replace

the Proprietary Trader (PT) registration category with the Securities
Trader (TD) registration category as well as eliminate the current
Series 56 Proprietary Trader Exam prerequisite [sic] and, instead,
include a Series 57 Securities Trader qualification examination in its
place.\13\ The Proprietary Trader Principal and Proprietary Trader
Compliance Officer registration categories would be replaced with the
renamed registration categories of Securities Trader Principal and
Securities Trader Compliance Officer respectively.\14\
---------------------------------------------------------------------------

    \12\ See Interpretation and Policy .08 to Rule 3.6A.
    \13\ Neither the Exchange's current Rules nor the proposed rule
would require that a Proprietary Trader or Securities Trader work
at, or be associated with, a ``proprietary trading firm.'' Rather,
both the current Rules and the proposed rule would require that
individual TPHs and associated persons that engage in proprietary
trading, market-making, or effect transactions on behalf of a
broker-dealer register to qualify and register as a Proprietary
Trader (or Securities Trader) in WebCRD. Whereas the current rule
allows individual TPHs and associated persons to qualify as a
Proprietary Trader by either passing the Series 56 Proprietary
Trader qualification examination or Series 7 General Securities
Representative qualification examination, the proposed rule would
require individual TPHs and associated persons to pass the Series 57
Securities Trader qualification examination in order to qualify as a
Securities Trader after the effective date of the proposed rule
change.
    \14\ As is the case under the current Rules, under the proposed
rule, only individuals qualified and registered as a Proprietary
Trader Principal (Securities Trader Principal) would be permitted to
supervise a Proprietary Trader (Securities Trader).
---------------------------------------------------------------------------

    The Exchange will announce the effective date of the proposed rule
change in a Regulatory Circular. Currently, the Exchange intends for
the effective date to be January 4, 2016. Under the proposed rule,
individual TPHs and associated persons who have passed the Proprietary
Trader (Series 56) qualification examination and who have registered as
Proprietary Trader (PT) [sic] in WebCRD on or before the effective date
of the proposed rule change and individual TPHs and associated persons
who have passed the General Securities Representative (Series 7)
qualification examination and who have registered as Proprietary
Traders (PT) in WebCRD on or before the effective date of the proposed
rule change would be grandfathered as Securities Traders (TDs) without
having to take any additional examinations and without having to take
any other action), provided that the individual TPH's or associated
person's registration has not been revoked by the Exchange as a
disciplinary sanction and no more than two years have passed between
the date that the individual TPH or associated person last registered
as a Proprietary Trader (PT) and the effective date. After the
effective date, an individual TPH or associated person would need to
pass the new Series 57 Securities Trader qualification examination and
register as a Securities Trader in WebCRD.
    In addition, individual TPHs and associated persons who have either
passed the Proprietary Trader (PT) qualification examination or the
General Securities Representative (Series 7) qualification examination
and who have registered as Proprietary Traders (PT) in WebCRD on or
before the effective date of the proposed rule change and who have also
passed the General Securities Principal (Series 24) qualification
examination (or have completed any of the alternative acceptable
qualifications requirements as defined in current Interpretation and
Policy .08(b) to Rule 3.6A) and who have also registered as Proprietary
Trader Principals (TP) in WebCRD on or before the effective date of the
proposed rule change would be eligible to register as Securities Trader
Principals (TPs), provided that the individual TPH's or associated
person's registration has not been revoked by the Exchange as a
disciplinary sanction and no more than two years have passed between
the date that the individual TPH or associated person last registered
as a Proprietary Trader Principal (TP) and the date they register as a
Securities Trader Principal (TP).\15\ After the effective date, a
Securities Trader Principal would need to pass the Securities Trader
(Series 57) qualification examination and the General Securities
Principal (Series 24) qualification examination (or have completed any
of the alternative acceptable qualifications as defined in current
Interpretation and Policy .08(b) to Rule 3.6A) and be registered as
such in order to register as a Securities Trader Principal (TP).\16\
---------------------------------------------------------------------------

    \15\ See Rule 3.6A(e) (Requirement for Examination on Lapse of
Registration).
    \16\ The Exchange also proposes to add text to Interpretation
and Policy .08(b) to Rule 3.6A regarding the supervisory
responsibilities of the Securities Trader Principals, which would
limit Securities Trader Principals' supervisory responsibilities to
supervision of the securities trading functions of TPHs as described
in paragraph (a)(2)(i) of Interpretation and Policy .08 to Rule
3.6A, and the activities of officers, partners, and directors of
TPHs or TPH organizations.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\17\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \18\ requirements that the rules
of an exchange be designed to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
Additionally, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \19\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78f(b).
    \18\ 15 U.S.C. 78f(b)(5).
    \19\ Id.
---------------------------------------------------------------------------

    In particular, the Exchange believes that adoption of the
Securities Trader registration category and Series 57 Securities Trader
qualification examination registration requirement is consistent with
the Act. FINRA has indicated that the Series 57 qualification
examination is being developed in an effort to adopt a more tailored
examination. The Exchange believes that a more tailored qualification
examination for individual TPHs and associated persons engaged in
trading activities is a measure designed to help ensure professionalism
among market participants, prevent fraudulent and manipulative
practices, and promote just and equitable principles of trade. The
Exchange also believes that it is in the interests of investors and the
general public to develop a more tailored qualification examination for
proprietary traders and that a more uniform qualification standard may
help ensure fair and orderly markets. Furthermore, the Exchange
believes that it is in the interests of all market participants to
provide consistent qualification and registration requirements across
markets. The Exchange believes that harmonizing the Exchange's
qualification and registration requirements with those of FINRA and the
other national securities exchanges would further such interests.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange believes that
the proposed rule change relating to Securities Traders, which is, in
all material respects, based upon and substantially similar to, recent
rule changes adopted

by FINRA and which is being filed in conjunction with similar filings
by the other national securities exchanges, will reduce the regulatory
burden placed on market participants engaged in trading activities
across different markets. The Exchange believes that the harmonization
of these registration requirements across the various markets will
reduce burdens on competition by removing impediments to participation
in the national market system and promoting competition among
participants across the multiple national securities exchanges.

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

    The Exchange neither solicited nor received written comments on the
proposed rule change.

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

    Because the foregoing proposed rule change does not:
    A. Significantly affect the protection of investors or the public
interest;
    B. impose any significant burden on competition; and
    C. become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, it has
become effective pursuant to Section 19(b)(3)(A) of the Act \20\ and
Rule 19b-4(f)(6) \21\ thereunder. At any time within 60 days of the
filing of the proposed rule change, the Commission summarily may
temporarily suspend such rule change if it appears to the Commission
that such action is necessary or appropriate in the public interest,
for the protection of investors, or otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission will institute proceedings to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \20\ 15 U.S.C. 78s(b)(3)(A).
    \21\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

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-CBOE-2015-094 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-CBOE-2015-094. 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 Web site (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 Web site 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; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-CBOE-2015-094 and should be
submitted on or before November 19, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
Robert W. Errett,
Deputy Secretary.
---------------------------------------------------------------------------

    \22\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

[FR Doc. 2015-27517 Filed 10-28-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 88, Number 189 (Monday, October 2, 2023)]
[Notices]
[Pages 67852-67855]
[FR Doc No: 2023-21624]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-98532; File No. SR-CboeBZX-2023-063]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Adopt an Alternative to the Minimum
$4 Price Requirement for Companies Seeking To List Tier II Securities
on the Exchange

September 26, 2023.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on September 19, 2023, Cboe BZX Exchange, Inc. (the ``Exchange''
or ``BZX'') 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 Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Cboe BZX Exchange, Inc. (``BZX'' or the ``Exchange'') is filing
with the Securities and Exchange Commission (``Commission'' or ``SEC'')
a proposed rule change to adopt an alternative to the minimum $4 price
requirement for companies seeking to list Tier II securities on the
Exchange.
    The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to adopt an alternative to the minimum $4
price requirement for companies that seek to list Tier II securities on
the Exchange which meet the express exclusion from the definition of a
``penny stock'' contained in Exchange Act Rule 3a51-1(g) (the ``Penny
Stock Rules'').\3\ Such an amendment would allow a Company to list a
Tier II security on the Exchange if it satisfies all existing and
proposed listing standards except for the $4 price requirement.\4\ As
discussed below, the ``net tangible assets and average revenue tests''
proposed herein that satisfies the requirements of Exchange Act Rule
3a51-1(g) are substantively identical to the net tangible assets and
average revenue tests proposed by Nasdaq Stock Market, LLC (``Nasdaq'')
that received Commission approval.\5\
---------------------------------------------------------------------------

    \3\ 17 CFR 240.3a51-1(g).
    \4\ See Rule 14.9(b)(1)(A).
    \5\ See Securities Exchange Act Nos. 66159 (January 13, 2012) 77
FR 3021 (January 20, 2012) (SR-NASDAQ-2012-002) (Notice of Filing of
Proposed Rule Change To Adopt an Alternative to the $4 Initial
Listing Bid Price Requirement for the Nasdaq Capital Market of
Either $2 or $3, if Certain Other Listing Requirements Are Met);
66830 (April 18, 2012) 77 FR 24549 (April 24, 2012) (Notice of
Filing of Amendment No. 1 and Order Granting Accelerated Approval to
Proposed Rule Change, as Modified by Amendment No. 1, To Adopt an
Alternative to the $4 Per Share Initial Listing Bid Price
Requirement for the Nasdaq Capital Market of Either $2 Closing Price
Per Share or $3 Closing Price Per Share, if Certain Other Listing
Requirements are Met).
---------------------------------------------------------------------------

    The Exchange is seeking to make this change to enhance competition
among exchanges for companies with securities priced between $2 and $4.
Rule 3a51-1 \6\ defines a ``penny stock'' as any equity security that
does not satisfy one of the exceptions enumerated in subparagraphs (a)
through (g) under the Rule. If a security is a penny stock, Rules 15g-1
through 15g-9 under the Act \7\ impose certain additional disclosure
and other requirements on brokers and dealers when effecting
transactions in such securities. Exchange-listed securities are not
considered penny stocks because they comply with the requirements of
Rule 3a51-1(a)(2) under the Act,\8\ which excepts from the definition
of penny stock securities registered on national securities exchanges
that have initial listing standards that meet certain requirements,
including a $4 bid price at the time of listing. The Exchange's
listings standards currently include all the requirements to qualify
for the penny stock exception under Exchange Act Rule 3a51-1(a)(2) so
that today, once a security is initially listed on the Exchange, the
Exchange will not be considered a penny stock for so long as it is
listed on the Exchange.
---------------------------------------------------------------------------

    \6\ 17 CFR 240.3a51-1.
    \7\ 17 CFR 240.15g-1.
    \8\ 17 CFR 240.3a51-1(a)(2).
---------------------------------------------------------------------------

    The penny stock rules also exclude from the definition of penny
stock, under a ``grandfather'' provision, securities registered on a
national securities exchange that has been continually registered as
such since April 20, 1992, and has maintained quantitative listing
standards that are substantially similar to or stricter than those
listing standards that were in place on the exchange on January 8,
2004.\9\ NYSE American, LLC (``NYSE American'') meets this standard,
but the Exchange, which was more recently registered as a national
securities exchange, does not. Accordingly, NYSE American's initial
listing price requirements of either $2 or $3 are grandfathered under
this provision.
---------------------------------------------------------------------------

    \9\ See 17 CFR 240.3a51-1(a)(1).
---------------------------------------------------------------------------

    In 2012, Nasdaq received Commission approval for a proposed rule
change that allowed it to adopt an alternative to the $4 bid price
requirement (the ``Nasdaq proposal'').\10\ The Exchange is now
proposing to similarly adopt an alternative to the minimum $4 price
requirement for companies seeking to list Tier II securities on the
Exchange that is substantively identical to the Nasdaq proposal at the
time it was adopted.\11\
---------------------------------------------------------------------------

    \10\ Supra note 5.
    \11\ The Exchange notes that since Nasdaq adopted the
alternative minimum price requirement in 2012, it has adopted
certain other initial listing requirements that differ from the
Exchange's current initial listing requirements. The Exchange is not
proposing to amend its initial listing requirements except for the
proposed alternative minimum price requirement at this time.
Instead, the Exchange is proposing to adopt the proposed alternative
minimum price requirement while its other initial listing standards
are substantively identical to Nasdaq's initial listing standards at
the time the minimum price requirement was approved by the
Commission in 2012.

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

    Under proposed Rule 14.9(b)(1)(A)(ii), companies that maintain a $2
or $3 closing price for at least five consecutive business days prior
to approval would qualify for listing, if among other things, they meet
the net tangible assets or average revenue tests of the alternative
penny stock exclusion set forth in Exchange Act Rule 3a51-1(g) \12\ and
meet all existing listing standards except for the $4 price
requirement. Such a company must instead have a minimum $3 price if it
qualifies under the $5 million equity \13\ or $750,000 net income
alternatives \14\ or a minimum $2 price if it qualifies under the $50
million market value of listed securities alternative.\15\ In addition,
a company qualifying under the proposed standard must have either: (a)
net tangible assets in excess of $2 million, if the issuer has been in
continuous operation for at least three years; or (b) net tangible
assets in excess of $5 million, if the issuer has been in continuous
operation for less than three years; or (c) average revenue of at least
$6 million for the last three years. For this purpose, net tangible
assets or revenue must be demonstrated on the Company's most recently
filed audited financial statements, satisfying the requirements of the
Commission, and which are dated less than 15 months prior to the date
of listing.\16\
---------------------------------------------------------------------------

    \12\ See 17 CFR 240.3a51-1(g). A company seeking to qualify
under only the Market Value of Listed Securities Standard would,
among other things, also be required to maintain for 90 consecutive
trading days the market value of their listed securities at $50
million and the $2 price requirement prior to applying to list under
the alternative standard. See Exchange Rule 14.9(b)(2)(B). Under the
Market Value of Listed Securities Standard, an issuer would need to
meet, among other things: (A) Market value of listed securities of
at least $50 million (current publicly traded issuers must meet this
requirement and the price requirement for 90 consecutive trading
days prior to applying for listing if qualifying to list only under
the market value of listed securities standard); (B) stockholders'
equity of at least $4 million; and (C) market value of publicly held
shares of at least $15 million. The Exchange proposes to revise Rule
14.9(b)(2)(B) in order to make it consistent with the proposal. In
particular, Rule 14.9(b)(2)(B)(i) would be revised to delete the
specific reference to $4 bid price requirement, since an issuer
seeking to initially list its securities under the Market Value of
Listed Securities Standard using the proposed alternative price
requirement would have to maintain a closing price of at least $2
per share for 90 consecutive trading days.
    \13\ See Exchange Rule 14.9(b)(2)(A).
    \14\ See Exchange Rule 14.9(b)(2)(C).
    \15\ See Exchange Rule 14.9(b)(2)(B).
    \16\ The proposed rule adopts the 15-month requirement to assure
consistency with the timing requirements contained in Exchange Act
Rule 3a51-1(g).
---------------------------------------------------------------------------

    As proposed under new interpretation and policy .01(a) to Rule
14.9, an Exchange-listed security could become subject to the penny
stock rules following initial listing if it no longer meets the
tangible assets or average revenue tests of the alternative exclusion,
and does not qualify for another exclusion under the penny stock rules.
Further, unlike securities listed under the Exchange's existing
standards, which have a blanket exclusion from the penny stock rules,
broker-dealers that effect recommended transactions in securities that
originally qualified for listing under the Exchange's alternative price
standard would, among other things, under Exchange Act Rule 3a51-1(g),
need to review current financial statements of the issuer to verify
that it meets the applicable net tangible assets or average revenue
test, have a reasonable basis for believing they remain accurate, and
preserve copies of those financial statements as part of its records.
As provided in proposed Interpretation and Policy .01 to Rule 14.9, in
order to assist brokers' and dealers' compliance with the requirements
of the Penny Stock Rules, the Exchange will monitor companies listed
under the proposed alternative and publish a list of any company that
initially listed under that requirement, which does not then meet the
requirements of Exchange Act Rule 3a51-1(g), described above, or any of
the other exclusions from being a penny stock contained in Rule 3a51-
1.\17\ Such list will be updated on a daily basis.
---------------------------------------------------------------------------

    \17\ The Exchange believes that the other exclusion most likely
to be implicated would be Rule 3a51-1(d), 17 CFR 240.3a51-1(d),
which provides an exclusion from the definition of a penny stock for
a security with a minimum bid price of $5. Note, however, that if a
Company obtains a $4 minimum bid price at a time when it meets all
other initial listing requirements, the Exchange would no longer
consider the company as having listed under the proposed alternative
standard.
---------------------------------------------------------------------------

    If a company initially lists with a bid price below $4 under the
alternative requirement contained in Rule 14.9(b)(1)(A)(ii), but
subsequently achieves a $4 closing price for at least five consecutive
business days and, at the same time, satisfies all other initial
listing criteria, it will no longer be considered as having listed
under the alternative requirement and the Exchange will notify the
Company that it has qualified for listing under the price requirement
contained in Rule 14.9(b)(1)(A)(i).\18\ If a security obtains a $4
closing price, the Exchange will determine whether it meets all other
initial listing requirements for the Tier II securities, including both
the quantitative and qualitative requirements.\19\ If the security
meets all initial listing requirements, it will satisfy the
requirements for the exclusion contained in Rule 3a51-1(a)(2) and no
longer be monitored for compliance with the other exclusions from the
definition of a penny stock. Brokers and dealers are reminded that the
list published by the Exchange is only an aid and that the Penny Stock
Rules impose specific obligations on brokers and dealers with respect
to transactions in penny stocks.
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    \18\ See proposed Interpretation and Policy .01(a) to Rule 14.9.
    \19\ The security will have to meet the $4 bid price requirement
contained in Rule 14.9(b)(1)(A)(i). In addition, Rule 14.9(b)(2)(B)
requires a company qualifying only under the Market Value of Listed
Securities requirement to satisfy that requirement and the price
requirement for 90 consecutive trading days prior to applying for
listing. Such a company will have to achieve a $4 bid price for 90
consecutive trading days and a $4 closing price for five days,
although these periods may overlap.
---------------------------------------------------------------------------

    Proposed Interpretation and Policy .01(b) to Rule 14.9 provides
that the proposed alternative price test will be based on the BZX
Official Closing Price \20\ in the security.\21\
---------------------------------------------------------------------------

    \20\ See BZX Rule 11.23(a)(3). As provided in Exchange Rule
11.23(c)(2)(B), ``[f]or a BZX-listed corporate security, the Closing
Auction price will be the BZX Official Closing Price. In the event
that there is no Closing Auction for a BZX-listed corporate
security, the BZX Official Closing Price will be the price of the
Final Last Sale Eligible Trade. See Exchange Rule 11.23(a)(9) for
the definition of ``Final Last Sale Eligible Trade''.
    \21\ The Exchange notes that the process for determining the BZX
Official Closing Price is similar to the process on Nasdaq for
determining the Nasdaq Official Closing Price. See Nasdaq Rule 4754.
The Exchange notes that pursuant to Nasdaq Rule 4754(b)(5), Nasdaq
may apply auxiliary procedures for the Closing Cross to ensure a
fair and orderly market, where no such provision is available on
BZX.
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    The Exchange also proposes that the required closing price must be
achieved for at least five consecutive business days before approval of
the listing application.\22\ The Exchange may extend the minimum five-
day compliance period required to satisfy these tests based on any fact
or circumstance, including the margin of compliance, the trading
volume, the trend of the security's price, or information or concerns
raised by other regulators concerning the trading of the security. The
Exchange believes that requiring the minimum $2 or $3 closing price to
be maintained for a period of five days (as opposed to one day) should
reduce the risk that some might attempt to manipulate or otherwise
artificially inflate the closing price in order to allow a security to
qualify for listing. In

addition, the Exchange will exercise its discretionary authority to
deny initial listing if there are particular concerns about an issuer,
such as its ability to maintain compliance with continued listing
standards or if there are other public interest concerns.\23\
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    \22\ The Exchange, working with FINRA, will also adopt
surveillance procedures to monitor securities listed under the
proposed alternative as they approach $4. These procedures will be
designed to identify anomalous trading that could be indicative of
potential manipulation of the price.
    \23\ See Exchange Rule 14.2.
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\24\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \25\ requirements that the rules
of an exchange be designed to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \24\ 15 U.S.C. 78f(b).
    \25\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The proposed rule change would adopt a $2 and $3 initial listing
price alternative for Tier II securities listed on the Exchange that is
substantially similar to the requirements of NYSE American and Nasdaq.
Particularly, the proposed rule change would require companies to
satisfy an additional net tangible asset or revenue test, which is
consistent with the requirements for a security to avoid being a penny
stock as set forth in Exchange Act Rule 3a51-1(g).\26\ The proposed
additional net tangible asset or revenue test is also identical to the
existing test on Nasdaq.\27\
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    \26\ 17 CFR 240.3a51-1(g).
    \27\ See Nasdaq Rule 5505(a)(1).
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    As discussed above, broker-dealers that effect recommended
transactions in securities that originally qualified for listing under
the Exchange's alternative standard would among other things, under
Exchange Act Rule 3a51-1(g), need to review current financial
statements of the issuer to verify that it meets the applicable net
tangible assets or average revenue test, have a reasonable basis for
believing they remain accurate, and preserve copies of those financial
statements as part of its records. To facilitate compliance by broker-
dealers, the Exchange has committed to monitor the companies listed
under the alternative price standard and to publish on its website, and
update daily, a list of any such company that no longer meets the net
tangible assets or average revenue tests of the penny stock exclusion,
and which does not satisfy any other penny stock exclusion. The
Exchange also specifically reminds broker-dealers of their obligations
under the penny stock rules. The Exchange believes that, although the
listing of securities that do not have a blanket exclusion from the
penny stock rules and require ongoing monitoring may increase
compliance burdens on broker-dealers, the additional steps proposed by
the Exchange to facilitate compliance should reduce those burdens and
that, on balance, the Exchange's proposal is consistent with the
requirement of Section 6(b)(5) of the Act that the rules of an
exchange, among other things, be designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade and, in general, to protect investors and the
public interest.
    Further, to address concerns about the potential manipulation of
lower priced stocks to meet the initial listing requirements, the
Exchange has proposed to require a company to maintain a $2 or $3
closing price for five consecutive business days prior to approval for
listing, rather than on a single day. The Exchange believes that
requiring the minimum $2 or $3 closing price to be maintained for a
longer period should reduce the risk that some might attempt to
manipulate or otherwise artificially inflate the closing price in order
to allow a security to qualify for listing. In addition, the Exchange
notes that it will exercise its discretionary authority to deny initial
listing if there are particular concerns about an issuer, such as its
ability to maintain compliance with continued listing standards or if
there were other public interest concerns. The Exchange believes these
additional measures, in conjunction with Exchange's surveillance
procedures and pre-listing qualification review, should help reduce the
potential for price manipulation to meet the new initial listing
standards, and in this respect are designed to prevent fraudulent and
manipulative acts and practices consistent with Section 6(b)(5) of the
Act.
    As proposed, if securities listed under the alternative price
listing standard subsequently achieve a $4 closing price over at least
five consecutive business days, and the issuer and the securities
satisfy all other relevant initial listing criteria, then such
securities would no longer be considered as having listed under the
alternative price requirement. The Exchange notes that it has taken
several steps to address whether this provision could provide an
incentive for market participants to manipulate the price of the
security in order to achieve the $4 closing price and no longer be
considered as having listed under the alternative requirement. First,
the Exchange represents that it will conduct a robust, wholesale review
of the issuer's compliance with all applicable initial listing
criteria, including qualitative and quantitative standards, at the time
the $4 closing price is achieved, and will have a reasonable basis to
believe that that price was legitimately, and not manipulatively,
achieved. Secondly, the Exchange represents that it is developing
enhanced surveillance procedures to monitor securities listed under the
alternative price requirement as they approach $4 to identify anomalous
trading that would be indicative of potential price manipulation.
Finally, the proposal requires the $4 closing price to be met over at
least a five consecutive business day period in order to reduce the
potential for price manipulation. The Exchange believes that these
measures should help reduce the potential for price manipulation to
achieve the $4 closing price, and in this respect are designed to
prevent fraudulent and manipulative acts and practices consistent with
Section 6(b)(5) of the Act.
    Section 6(b)(8) of the Act requires that the rules of an exchange
not impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. In addition, Section 11A of the
Act \28\ requires that there be fair competition among exchange markets
to further the public interest and protection of investors. Currently,
both Nasdaq and NYSE American rules allow for companies to list within
a minimum price requirement of $2 or $3. The Exchange's initial listing
requirements are substantively identical to Nasdaq's initial listing
requirements at the time the Nasdaq proposal was approved by the
Commission.\29\ Further, the net tangible assets and average revenue
tests proposed herein are identical to those on Nasdaq. Moreover, the
proposed net tangible assets and average revenue tests satisfy the
requirements of Exchange Act Rule 3a51-1(g). The proposed rule change
would enhance the competition between exchanges, and benefit companies
and their investors, by providing companies with another

listing venue. As such, the proposed rule change is consistent with
Sections 6(b)(8) and 11A.
---------------------------------------------------------------------------

    \28\ 15 U.S.C. 78k-1.
    \29\ Supra note 5.
---------------------------------------------------------------------------

    Finally, as noted above, the proposed rule change would adopt the
identical initial listing price requirement contained in the NYSE
American Company Guide as well as Nasdaq Listing Rules. While the
Exchange acknowledges that Nasdaq has amended its initial listing
requirements as it pertains to unrestricted publicly held shares since
the Commission approved the alternative minimum price requirement, the
Exchange notes that its initial listing standards are substantively
identical to the Nasdaq Capital Market initial listing standards at the
time the alternative minimum price requirement was approved by the
Commission.\30\ As such, the Exchange believes that its listing
requirements would remain substantially similar to those of
``Designated Markets'',\31\ as required for covered securities under
Section 18 of the Securities Act.\32\
---------------------------------------------------------------------------

    \30\ Id.
    \31\ Designated Markets refers to the national securities
exchanges designated by the Commission to have substantially similar
listing standards to those of the ``named markets'' (i.e., NYSE
American and Nasdaq).
    \32\ 15 U.S.C. 77r.
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
    The Exchange believes the proposed rule change will not impose any
unnecessary burden on intramarket competition as all companies seeking
to list Tier II securities on the Exchange would be affected in the
same manner by the proposed change.
    The proposed rule change will expand the competition for the
listing of equity securities as they will enable the Exchange to
compete for the listing of companies that are currently not qualified
for listing on the Exchange but are qualified to list on other national
securities exchanges. To the extent that companies prefer listing on a
market with these proposed listing standards, other exchanges can
choose to adopt similar enhancements to their requirements. As such,
these changes are neither intended to, nor expected to, impose any
burden on competition between exchanges.

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

    The Exchange neither solicited nor received comments on the
proposed rule change.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
    A. by order approve or disapprove such proposed rule change, or
    B. institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
file number SR-CboeBZX-2023-063 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-CboeBZX-2023-063. 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 (https://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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-CboeBZX-2023-063 and should
be submitted on or before October 23, 2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
---------------------------------------------------------------------------

    \33\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-21624 Filed 9-29-23; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 84, Number 211 (Thursday, October 31, 2019)]
[Notices]
[Page 58398]
[FR Doc No: 2019-23824]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4465-DR; Docket ID FEMA-2019-0001]

North Carolina; Major Disaster and Related Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This is a notice of the Presidential declaration of a major
disaster for the State of North Carolina (FEMA-4465-DR), dated October
4, 2019, and related determinations.

DATES: The declaration was issued October 4, 2019.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice is hereby given that, in a letter
dated October 4, 2019, the President issued a major disaster
declaration under the authority of the Robert T. Stafford Disaster
Relief and Emergency Assistance Act, 42 U.S.C. 5121 et seq. (the
``Stafford Act''), as follows:

    I have determined that the damage in certain areas of the State
of North Carolina resulting from Hurricane Dorian during the period
of September 1 to September 9, 2019, is of sufficient severity and
magnitude to warrant a major disaster declaration under the Robert
T. Stafford Disaster Relief and Emergency Assistance Act, 42 U.S.C.
5121 et seq. (the ``Stafford Act''). Therefore, I declare that such
a major disaster exists in the State of North Carolina.
    In order to provide Federal assistance, you are hereby
authorized to allocate from funds available for these purposes such
amounts as you find necessary for Federal disaster assistance and
administrative expenses.
    You are authorized to provide Public Assistance in the
designated areas and Hazard Mitigation throughout the State.
Consistent with the requirement that Federal assistance be
supplemental, any Federal funds provided under the Stafford Act for
Public Assistance and Hazard Mitigation will be limited to 75
percent of the total eligible costs.
    Further, you are authorized to make changes to this declaration
for the approved assistance to the extent allowable under the
Stafford Act.

    The Federal Emergency Management Agency (FEMA) hereby gives notice
that pursuant to the authority vested in the Administrator, under
Executive Order 12148, as amended, Elizabeth Turner, of FEMA is
appointed to act as the Federal Coordinating Officer for this major
disaster.
    The following areas of the State of North Carolina have been
designated as adversely affected by this major disaster:

    Brunswick, Carteret, Craven, Currituck, Dare, Duplin, Hyde,
Jones, New Hanover, Pamlico, Pender, Sampson, Tyrrell, and
Washington Counties for Public Assistance.
    All areas within the State of North Carolina are eligible for
assistance under the Hazard Mitigation Grant Program.

The following Catalog of Federal Domestic Assistance Numbers (CFDA)
are to be used for reporting and drawing funds: 97.030, Community
Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis Counseling;
97.033, Disaster Legal Services; 97.034, Disaster Unemployment
Assistance (DUA); 97.046, Fire Management Assistance Grant; 97.048,
Disaster Housing Assistance to Individuals and Households In
Presidentially Declared Disaster Areas; 97.049, Presidentially
Declared Disaster Assistance--Disaster Housing Operations for
Individuals and Households; 97.050, Presidentially Declared Disaster
Assistance to Individuals and Households--Other Needs; 97.036,
Disaster Grants--Public Assistance (Presidentially Declared
Disasters); 97.039, Hazard Mitigation Grant.

Pete Gaynor,
Acting Administrator, Federal Emergency Management Agency.
[FR Doc. 2019-23824 Filed 10-30-19; 8:45 am]
BILLING CODE 9111-23-P


[Federal Register Volume 80, Number 204 (Thursday, October 22, 2015)]
[Proposed Rules]
[Pages 63935-63936]
[FR Doc No: 2015-26942]

=======================================================================
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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 56

[EPA-HQ-OAR-2014-0616; FRL-9936-11-OAR]
RIN 2060-AS53

Amendments to Regional Consistency Regulations

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule; reopening of comment period.

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SUMMARY: On August 19, 2015, the Environmental Protection Agency (EPA)
proposed revisions to its Regional Consistency regulations. The EPA is
reopening the comment period on the proposed rule that closed on
October 19, 2015. The EPA received a single letter from 16 trade and
business organizations requesting additional time to review and comment
on the proposed rule revisions.

DATES: The public comment period for the proposed rule published in the
Federal Register on August 19, 2015 (80 FR 50250), is being reopened.
Written comments must be received on or before November 3, 2015.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-HQ-
OAR-2014-0616, to the Federal eRulemaking Portal: http://www.regulations.gov. Follow the online instructions for submitting
comments. Once submitted, comments cannot be edited or withdrawn. The
EPA may publish any comment received to its public docket. Do not
submit electronically any information you consider to be Confidential
Business Information (CBI) or other information whose disclosure is
restricted by statute. If you need to include CBI as part of your
comment, please visit http://www.epa.gov/dockets/comments.html for
instructions. Multimedia submissions (audio, video, etc.) must be
accompanied by a written comment. The written comment is considered the
official comment and should include discussion of all points you wish
to make. For additional submission methods, the full EPA public comment
policy, and general guidance on making effective comments, please visit
http://www.epa.gov/dockets/comments.html.

FOR FURTHER INFORMATION CONTACT: For additional information, contact
Greg Nizich, Air Quality Policy Division, Office of Air Quality
Planning and Standards (C504-03), Environmental Protection Agency,
Research Triangle Park, North Carolina 27711; telephone number (919)
541-3078; fax number<PHONE_NUMBER>; email address:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: After considering the request received from
16 trade and business organizations to extend the public comment
period, the EPA has decided to reopen the public comment period until
November 3, 2015. This extension will help ensure that the public has
additional time to review the proposed changes to the existing rule.

    Dated: October 16, 2015.
Mary E. Henigin,
Acting Director, Office of Air Quality Planning and Standards.
[FR Doc. 2015-26942 Filed 10-21-15; 8:45 am]
 BILLING CODE 6560-50-P