[Federal Register Volume 76, Number 247 (Friday, December 23, 2011)]
[Notices]
[Pages 80364-80366]
[FR Doc No: 2011-32949]

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

ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OECA-2011-0219; FRL-9508-4]

Agency Information Collection Activities; Submission to OMB for
Review and Approval; Comment Request; NSPS for Primary and Secondary
Emissions From Basic Oxygen Furnaces (Renewal)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: In compliance with the Paperwork Reduction Act (44 U.S.C. 3501
et seq.), this document announces that an Information Collection
Request (ICR) has been forwarded to the Office of Management and Budget
(OMB) for review and approval. This is a request to renew an existing
approved collection. The ICR which is abstracted below describes the
nature of the collection and the estimated burden and cost.

DATES: Additional comments may be submitted on or before January 23,
2012.

ADDRESSES: Submit your comments, referencing docket ID number EPA-HQ-
OECA-2011-0219, to: (1) EPA online using www.regulations.gov (our
preferred method), or by email to<EMAIL_ADDRESS>or by mail to:
EPA Docket Center (EPA/DC), Environmental Protection Agency,
Enforcement and Compliance Docket and Information Center, mail code
2822IT, 1200 Pennsylvania Avenue NW., Washington, DC 20460; and (2) OMB
at: Office of Information and Regulatory Affairs,

Office of Management and Budget (OMB), Attention: Desk Officer for EPA,
725 17th Street NW., Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Learia Williams, Monitoring,
Assistance, and Media Programs Division, Office of Compliance, Mail
Code 2223A, Environmental Protection Agency, 1200 Pennsylvania Avenue
NW., Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax
number:<PHONE_NUMBER>; email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: EPA has submitted the following ICR to OMB
for review and approval according to the procedures prescribed in 5 CFR
1320.12. On May 9, 2011 (76 FR 26900), EPA sought comments on this ICR
pursuant to 5 CFR 1320.8(d). EPA received no comments. Any additional
comments on this ICR should be submitted to both EPA and OMB within 30
days of this notice.
    EPA has established a public docket for this ICR under docket ID
number EPA-HQ-OECA-2011-0219, which is available for either public
viewing online at http://www.regulations.gov or in person viewing at
the Enforcement and Compliance Docket in the EPA Docket Center (EPA/
DC), EPA West, Room 3334, 1301 Constitution Avenue NW., Washington, DC
The EPA Docket Center Public Reading Room is open from 8:30 a.m. to
4:30 p.m., Monday through Friday, excluding legal holidays. The
telephone number for the Reading Room is<PHONE_NUMBER>, and the
telephone number for the Enforcement and Compliance Docket is (202)
566-1752.
    Use EPA's electronic docket and comment system at http://www.regulations.gov, to submit or view public comments, access the
index listing of the contents of the docket, and to access those
documents in the docket that are available electronically. Once in the
system, select ``docket search,'' then key in the docket ID number
identified above. Please note that EPA's policy is that public
comments, whether submitted electronically or in paper, will be made
available for public viewing at http://www.regulations.gov as EPA
receives them and without change, unless the comment contains
copyrighted material, Confidential Business Information (CBI), or other
information whose public disclosure is restricted by statute. For
further information about the electronic docket, go to
www.regulations.gov.
    Title: NSPS for Primary and Secondary Emissions from Basic Oxygen
Furnaces (Renewal).
    ICR Numbers: EPA ICR Number 1069.10, OMB Control Number 2060-0029.
    ICR Status: This ICR is scheduled to expire on December 31, 2011.
Under OMB regulations, the Agency may continue to conduct or sponsor
the collection of information while this submission is pending at OMB.
    Abstract: The New Source Performance Standards (NSPS) for Primary
and Secondary Emissions from Basic Oxygen Furnaces (40 CFR part 60,
subparts N and Na) were promulgated on July 25, 1977 and January 2,
1986, respectively, and amended on October 17, 2000. These rules apply
to Basic Oxygen Process Furnaces (BOPFs) in iron and steel plants
commencing construction, modification or reconstruction after June 11,
1973 (NSPS subpart N) and top-blown BOPFs, hot metal transfer stations
or skimming stations for which construction, reconstruction, or
modification commenced after January 20, 1983 (NSPS subpart Na).
    Owners or operators of the affected facilities must make an initial
notification, performance tests, periodic reports, and maintain records
of the occurrence and duration of an affected facility, or any period
during which the monitoring system is inoperative. Reports are required
semiannually at a minimum. These notifications, reports, and records
are essential in determining compliance; and, in general, are required
of all sources subject to NSPS.
    Notifications are to inform the Agency or delegated authority when
a source becomes subject to the standard. The reviewing authority may
then inspect the source to ensure that the pollution control devices
are properly installed and operating and that the standards are being
met. Performance test reports are required as these are the Agency's
records of a sources' initial capability to comply with the emission
standards and to serve as a record of the operating conditions under
which compliance are to be achieved. The information generated by
monitoring, recordkeeping, and reporting requirements described in this
ICR are used by the Agency to ensure that facilities that are affected
by the standard continue to operate the control equipment and achieve
continuous compliance with the regulation.
    All reports are sent to the delegated state or local authority. In
the event that there is no such delegated authority, the reports are
sent directly to the EPA regional office. This information is being
collected to assure compliance with 40 CFR part 60, subpart H, as
authorized in section 112 and 114(a) of the Clean Air Act. The required
information consists of emissions data and other information that have
been determined to be private.
    An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid OMB Control Number. The OMB Control Numbers for the EPA
regulations are listed in 40 CFR part 9 and 48 CFR chapter 15, and are
identified on the form and/or instrument, if applicable.
    Burden Statement: The annual public reporting and recordkeeping
burden for this collection of information is estimated to average 174
hours per response. Burden means the total time, effort, or financial
resources expended by persons to generate, maintain, retain, or
disclose or provide information to or for a Federal agency. This
includes the time needed to review instructions; develop, acquire,
install, and utilize technology and systems for the purposes of
collecting, validating, and verifying information, processing and
maintaining information, and disclosing and providing information;
adjust the existing ways to comply with any previously applicable
instructions and requirements which have subsequently changed; train
personnel to be able to respond to a collection of information; search
data sources; complete and review the collection of information; and
transmit or otherwise disclose the information.
    Respondents/Affected Entities: Primary and secondary emissions from
basic oxygen furnaces.
    Estimated Number of Respondents: 18.
    Frequency of Response: Initially, occasionally, and semiannually.
    Estimated Total Annual Hour Burden: 6,263.
    Estimated Total Annual Cost: $629,183, which includes $599,483 in
labor costs, no capital/startup costs, and $29,700 in operation and
maintenance (O&M) costs.
    Changes in the Estimates: The adjustment increase in burden from
the most recently approved ICR is due to a more accurate estimate of
existing sources. Consultations with the Office of Air Quality Planning
and Standards (OAQPS) and trade associations revealed that there are
approximately eighteen sources subject to the rule, as compared with
the active ICR that shows five sources. There are no new facilities
expected to be constructed over the next three years of this ICR. There
is also an increase in the estimated burden cost as currently
identified in the OMB Inventory of approved Burdens. The increase is
not

due to any program changes. The change in burden cost is due to the use
of the most updated labor rates.
    Because there are no new sources with reporting requirements, no
capital/startup costs are incurred. The only cost that is incurred is
for the O&M of the monitoring equipment.

    Dated: December 16, 2011.
John Moses,
Director, Collection Strategies Division.
[FR Doc. 2011-32949 Filed 12-22-11; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 82, Number 238 (Wednesday, December 13, 2017)]
[Proposed Rules]
[Pages 58572-58575]
[FR Doc No: 2017-26785]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

21 CFR Part 15

[Docket No. FDA-2017-N-6502]

Opioid Policy Steering Committee: Prescribing Intervention--
Exploring a Strategy for Implementation; Public Hearing; Request for
Comments

AGENCY: Food and Drug Administration, HHS.

ACTION: Notification of public hearing; request for comments.

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

SUMMARY: The Food and Drug Administration (FDA, the Agency, or we) is
announcing a public hearing entitled, ``Opioid Policy Steering
Committee: Prescribing Intervention--Exploring a Strategy for
Implementation.'' The purpose of the public hearing is to receive
stakeholder input on how FDA might, under its Risk Evaluation and
Mitigation Strategy (REMS) authority, improve the safe use of opioid
analgesics by curbing overprescribing to decrease the occurrence of new
addictions and limit misuse and abuse of opioid analgesics.

DATES: The public hearing will be held on January 30, 2018, from 8:30
a.m. to 4:30 p.m. The public hearing may be extended or may end early
depending on the level of public participation. Persons seeking to
attend, or to present at, the public hearing must register by January
16, 2018. Electronic or written comments will be accepted after the
public hearing until March 16, 2018. See the SUPPLEMENTARY INFORMATION
section for registration date and information.

ADDRESSES: The public hearing will be held at FDA White Oak Campus,
10903 New Hampshire Ave., Bldg. 31 Conference Center, the Great Room
(Rm. 1503 B and C), Silver Spring, MD 20993-0002. Entrance for public
hearing participants (non-FDA employees) is through Building 1 where
routine security check procedures will be performed. For parking and
security information, please refer to https://www.fda.gov/AboutFDA/WorkingatFDA/BuildingsandFacilities/WhiteOakCampusInformation/ucm241740.htm.
    You may submit comments as follows. Please note that late, untimely
filed comments will not be considered.

Electronic Submissions

    Electronic comments must be submitted on or before March 16, 2018.
The https://www.regulations.gov

electronic filing system will accept comments until midnight Eastern
Time at the end of March 16, 2018. Comments received by mail/hand
delivery/courier (for written/paper submissions) will be considered
timely if they are postmarked, or the delivery service acceptance
receipt is, on or before that date.
     Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. Comments submitted
electronically, including attachments, to https://www.regulations.gov
will be posted to the docket unchanged. Because your comment will be
made public, you are solely responsible for ensuring that your comment
does not include any confidential information that you or a third party
may not wish to be posted, such as medical information, your or anyone
else's Social Security number, or confidential business information,
such as a manufacturing process. Please note that if you include your
name, contact information, or other information that identifies you in
the body of your comments, that information will be posted on https://www.regulations.gov.
     If you want to submit a comment with confidential
information that you do not wish to be made available to the public,
submit the comment as a written/paper submission and in the manner
detailed (see ``Written/Paper Submissions'' and ``Instructions'').

Written/Paper Submissions

    Submit written/paper submissions as follows:
     Mail/Hand delivery/Courier (for written/paper
submissions): Dockets Management Staff (HFA-305), Food and Drug
Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.
     For written/paper comments submitted to the Dockets
Management Staff, FDA will post your comment, as well as any
attachments, except for information submitted, marked and identified,
as confidential, if submitted as detailed in ``Instructions.''
    Instructions: All submissions received must include the Docket No.
FDA-2017-N-6502 for ``Opioid Policy Steering Committee: Prescribing
Intervention--Exploring a Strategy for Implementation; Public Hearing;
Request for Comments.'' Received comments, those filed in a timely
manner (see ADDRESSES), will be placed in the docket and, except for
those submitted as ``Confidential Submissions,'' publicly viewable at
https://www.regulations.gov or at the Dockets Management Staff between
9 a.m. and 4 p.m., Monday through Friday.
     Confidential Submissions--To submit a comment with
confidential information that you do not wish to be made publicly
available, submit your comments only as a written/paper submission. You
should submit two copies total. One copy will include the information
you claim to be confidential with a heading or cover note that states
``THIS DOCUMENT CONTAINS CONFIDENTIAL INFORMATION.'' The Agency will
review this copy, including the claimed confidential information, in
its consideration of comments. The second copy, which will have the
claimed confidential information redacted/blacked out, will be
available for public viewing and posted on https://www.regulations.gov.
Submit both copies to the Dockets Management Staff. If you do not wish
your name and contact information to be made publicly available, you
can provide this information on the cover sheet and not in the body of
your comments and you must identify this information as
``confidential.'' Any information marked as ``confidential'' will not
be disclosed except in accordance with 21 CFR 10.20 and other
applicable disclosure law. For more information about FDA's posting of
comments to public dockets, see 80 FR 56469, September 18, 2015, or
access the information at: https://www.gpo.gov/fdsys/pkg/FR-2015-09-18/pdf/2015-23389.pdf.
    Docket: For access to the docket to read background documents or
the electronic and written/paper comments received, go to https://www.regulations.gov and insert the docket number, found in brackets in
the heading of this document, into the ``Search'' box and follow the
prompts and/or go to the Dockets Management Staff, 5630 Fishers Lane,
Rm. 1061, Rockville, MD 20852.

FOR FURTHER INFORMATION CONTACT: Kathleen Davies, Food and Drug
Administration, 10903 New Hampshire Ave., Bldg. 1, Rm. 2310, Silver
Spring, MD 20993,<PHONE_NUMBER>, [email protected].

SUPPLEMENTARY INFORMATION:

I. Background

    On May 23, 2017, the FDA Commissioner announced the establishment
of an Opioid Policy Steering Committee (Steering Committee) to explore
and develop additional approaches or strategies FDA could consider
using to combat the opioid crisis. Given the unprecedented nature of
the opioid crisis and the role of prescription opioids in the crisis,
the Steering Committee is considering novel ways to reduce the number
of new cases of addiction while continuing to ensure the benefits of
opioid products outweigh their risks.
    Recent studies suggest that prescriptions for opioid analgesics are
frequently dispensed for a number of tablets that exceed those needed
for adequate pain control, particularly for acute pain. The Steering
Committee is considering whether current prescribing patterns are
contributing to the development of new addiction in patients, and
whether the excess unused pills are a gateway to misuse, abuse, and
addiction among family members and others who might have access to the
unused pills. Therefore, the Steering Committee is exploring, by means
of FDA's REMS authorities, the option of facilitating appropriate
prescribing by requiring sponsors to implement a prescriber
intervention at the point when the prescriber determines an opioid
analgesic prescription is necessary for a patient. For example, a REMS
could impact prescribing by requiring that sponsors ensure that
prescribers provide specific documentation for a prescription above a
specified amount, such as a statement that the quantity prescribed is
medically necessary for the patient. The documentation requirement
would not be intended to prevent access for patients in whom chronic
use of opioid analgesics is the most appropriate therapy. Instead, it
would be designed to ensure that prescribers consider whether the
amount prescribed is appropriate for the patient and, if above the
specified amount, document that necessity. The Steering Committee's
view is that one way sponsors could implement this type of prescribing
documentation requirement is through an electronic system at the point
of prescribing (i.e., incorporated into the prescriber's workflow) to
minimize the burden on patient access and on the health care delivery
system. Thus, the Steering Committee is interested in exploring
evidence-based approaches that would encourage electronic prescribing
as a mechanism for the prescriber to provide documentation of a safe-
use condition (e.g., that the quantity prescribed is medically
necessary for the patient) before the drug is dispensed by the
pharmacy. The Steering Committee also seeks input from the public on
alternative REMS models or approaches for consideration.

II. Topics for Discussion at the Public Hearing

    In this public hearing, FDA seeks stakeholder input on new
approaches to promote the safe use of opioid analgesics using FDA's
REMS

authorities. FDA is seeking feedback from a broad group of
stakeholders, both private and public, who are working on the
challenges of improving pain management while addressing the opioid
epidemic. The Agency is also particularly interested in ensuring that
any REMS intervention minimizes the burden on patient access and, to
the extent practicable, on the health care delivery system. Relevant
questions for consideration are provided below.

Prescriber Documentation

    Many REMS programs rely on pharmacies to verify that required safe-
use conditions have been documented prior to dispensing a drug product.
One alternative approach under consideration would require sponsors to
ensure that prescribers follow specific requirements outlined in the
REMS for each opioid analgesic prescription for a quantity above a
specified amount. This approach could involve use of an electronic
system (e.g., electronic prescribing integrated into a prescriber's
workflow) that would require prescribers to specifically document the
medical necessity of the quantity prescribed for a particular patient.
This documentation would be verified before the prescription reaches
the pharmacy. For prescribers who intend to prescribe below the
specified amount, no additional documentation of medical necessity or
electronic prescription would be required.
    1. If a REMS were to specify threshold drug amounts for opioid
analgesic prescriptions above which prescribers would be required to
provide additional documentation of medical necessity, what should the
amounts be and how should they be determined for various clinical
indications? What data are there to support such amounts? What
additional data would be useful?
    2. If such measures were required, how should prescribers be made
aware of them? Within the Agency's statutory REMS authority, how should
the Agency require sponsors to ensure compliance with them? How should
the Agency require sponsors to assess their effect in reducing misuse,
abuse, and new addictions?

Additional REMS Approaches

    Health care providers generally have the capability to access state
prescription drug monitoring program (PDMP) data that include patient
prescription history and prescribing patterns. PDMPs are separately
managed and maintained by the individual states, which may result in
disparate data elements and data sharing challenges. Additionally,
review of PDMP data requires health care providers to access a database
that may not be integrated into their workflow.
    Either in conjunction with, or separate from, the prescriber
intervention approach discussed above, the Steering Committee is
considering whether to require sponsors to create a system that would
leverage a nationwide database to be more effective in helping health
care providers identify potential misuse and abuse (e.g., doctor
shopping) and facilitate safe use of opioid analgesics (e.g., real-time
identification of potential harmful drug-drug combinations). Such an
approach could be integrated into the health care provider's workflow
to minimize burden on the health care system.
    3. The Steering Committee requests input from the public on
whether, in addition to, or in conjunction with the above described
prescriber intervention, and to the extent consistent with its
statutory authority, the Agency should consider requiring sponsors to
create a system that utilizes a nationwide prescription history
database to facilitate safe use of opioid analgesics.
    4. If this approach were adopted, how should the Agency require
sponsors to assess the impact of such requirements?

Additional Considerations

    The Steering Committee acknowledges that the approaches described
above emphasize specific components within the opioid prescribing
pathway and might not address other areas where misuse and abuse may be
occurring. The Steering Committee seeks input from the public on
additional approaches the Agency may consider, within its statutory
authority, to reduce misuse, abuse, and addiction associated with
opioid analgesics.
    5. The proposed Opioid Analgesics REMS includes a Medication Guide
and a Patient Counseling Document to educate patients. It also includes
a Blueprint for Health Care Providers Involved in the Management or
Support of Patients with Pain that contains information on counseling
patients and caregivers about the safe use of opioid analgesics.
Consistent with its statutory authority, should FDA require sponsors to
take additional measures to ensure that health care providers, their
patients, and patient caregivers and family members are educated on
safe storage and disposal and the risks of misuse, abuse, and addiction
associated with opioid analgesics (e.g., a public health campaign
targeted at these groups)?
    6. Should the Agency consider additional measures intended to
improve the safety of patient storage and handling of opioid
analgesics?
    7. How might use of unit-of-use packaging play a role in
encouraging appropriate prescribing of opioid analgesics?
    8. Should the Agency require sponsors to create a mechanism by
which patients could return unused pills, and if so, to whom?

III. Participating in the Public Hearing

    Registration: The FDA Conference Center at White Oak is a Federal
facility with security procedures and limited seating. Attendance will
be free and on a first-come, first-served basis. If you wish to attend,
either in person or by webcast (see Streaming Webcast of the Public
Hearing), and/or present at the hearing, please register for the
hearing and/or make a request for oral presentations or comments at
https://www.eventbrite.com/e/opioid-policy-steering-committee-tickets-39490940466 by January 16, 2018, and provide complete contact
information for each attendee, including name, title, affiliation,
address, email, and telephone.
    FDA will try to accommodate all persons who wish to make a
presentation. Individuals wishing to present should identify the number
of the question, or questions, they wish to address. This will help FDA
organize the presentations. Individuals and organizations with common
interests should consolidate or coordinate their presentations and
request time for a joint presentation. FDA will notify registered
presenters of their scheduled presentation times. Time allotted for
each presentation will depend on the number of individuals who wish to
speak. Once FDA notifies registered presenters of their scheduled
times, they are encouraged to submit an electronic copy of their
presentation (.DOC, .DOCX, .PPT, .PPTX, .XLS, .XLSX, .PDF formats
preferred) to [email protected] on or before January 22,
2018. No commercial or promotional material will be permitted to be
presented or distributed at the public hearing. Persons registered to
make an oral presentation are encouraged to arrive at the hearing room
early and check in at the onsite registration table to confirm their
designated presentation time. An agenda for the hearing and any other
background materials will be made available 3 days before the hearing
at https://www.fda.gov/NewsEvents/MeetingsConferencesWorkshops/ucm583543.htm.

    If you need special accommodations due to a disability, please
contact Kathleen Davies at least 7 days before the hearing.
    Streaming Webcast of the Public Hearing: This public hearing will
also be webcast for those unable to attend in person. To join the
hearing via the webcast, please go to https://collaboration.fda.gov/opsc.
    If you have never attended a Connect Pro event before, test your
connection at https://collaboration.fda.gov/common/help/en/support/meeting_test.htm. To get a quick overview of the Connect Pro program,
visit https://www.adobe.com/go/connectpro_overview. FDA has verified
the website addresses in this document, as of the date this document
publishes in the Federal Register, but websites are subject to change
over time.
    Transcripts: Please be advised that as soon as a transcript of the
public hearing is available, it will be accessible at https://www.regulations.gov. It may be viewed at the Dockets Management Staff
(HFA-305), Food and Drug Administration, 5630 Fishers Lane, Rm. 1061,
Rockville, MD 20852.

IV. Notice of Public Hearing Under 21 CFR Part 15

    The Commissioner of Food and Drugs is announcing that the public
hearing will be held in accordance with part 15 (21 CFR part 15). The
hearing will be conducted by a presiding officer, accompanied by FDA
senior management from the Office of the Commissioner and the relevant
centers/offices. Under Sec.  15.30(f) (21 CFR 15.30(f)), the hearing is
informal and the rules of evidence do not apply. Only the presiding
officer and panel members may question any person during or at the
conclusion of each presentation (Sec.  15.30(e)). Public hearings under
part 15 are subject to FDA's policy and procedures for electronic media
coverage of FDA's public administrative proceedings (21 CFR part 10,
subpart C) (Sec.  10.203(a)). Under Sec.  10.205, representatives of
the electronic media may be permitted, subject to certain limitations,
to videotape, film, or otherwise record FDA's public administrative
proceedings, including presentations by participants. The hearing will
be transcribed as stipulated in Sec.  15.30(b) (see section V). To the
extent that the conditions for the hearing as described in this
document conflict with any provisions set out in part 15, this notice
acts as a waiver of those provisions as specified in Sec.  15.30(h).

    Dated: December 4, 2017.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2017-26785 Filed 12-11-17; 8:45 am]
 BILLING CODE 4164-01-P


[Federal Register Volume 87, Number 158 (Wednesday, August 17, 2022)]
[Notices]
[Pages 50673-50677]
[FR Doc No: 2022-17665]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95475; File No. SR-NYSEARCA-2022-44]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Extending the
Expiration Date of the Temporary Amendments to Rules 10.9261 and
10.9830

August 11, 2022.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that on July 29, 2022, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    The Exchange proposes extending the expiration date of the
temporary amendments to Rules 10.9261 and 10.9830 as set forth in SR-
NYSEArca-2020-85 from July 31, 2022, to October 31, 2022, in conformity
with recent changes by the Financial Industry Regulatory Authority,
Inc. (``FINRA''). The proposed rule change would not make any changes
to the text of NYSE Arca Rules 10.9261 and 10.9830. The proposed rule
change is available on the

Exchange's website at www.nyse.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes extending the expiration date of the
temporary amendments as set forth in SR-NYSEArca-2020-85 \4\ to Rules
10.9261 (Evidence and Procedure in Hearing) and 10.9830 (Hearing) from
July 31, 2022, to October 31, 2022, to harmonize with recent changes by
FINRA to extend the expiration date of the temporary amendments to its
Rules 9261 and 9830. SR-NYSEArca-2020-85 temporarily granted to the
Chief or Deputy Chief Hearing Officer the authority to order that
hearings be conducted by video conference if warranted by public health
risks posed by in-person hearings during the ongoing COVID-19 pandemic.
The proposed rule change would not make any changes to the text of
Exchange Rules 10.9261 and 10.9830.\5\
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 90088 (October 5,
2020), 85 FR 64186 (October 9, 2020) (SR-NYSEArca-2020-85) (``SR-
NYSEArca-2020-85'').
    \5\ The Exchange may submit a separate rule filing to extend the
expiration date of the proposed extension beyond October 31, 2022 if
the Exchange requires additional temporary relief from the rule
requirements identified in SR-NYSEArca-2020-85. The amended NYSE
Arca rules will revert back to their original state at the
conclusion of the temporary relief period and any extension thereof.
---------------------------------------------------------------------------

Background
    In 2019, NYSE Arca adopted disciplinary rules based on the text of
the Rule 8000 and Rule 9000 Series of its affiliate NYSE American LLC
(``NYSE American''), with certain changes. The NYSE American
disciplinary rules are, in turn, substantially the same as the Rule
8000 Series and Rule 9000 Series of FINRA and the New York Stock
Exchange LLC.\6\ The NYSE Arca disciplinary rules were implemented on
May 27, 2019.\7\
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 85639 (April 12,
2019), 84 FR 16346 (April 18, 2019) (SR-NYSEArca-2019-15) (``2019
Notice'').
    \7\ See NYSE Arca Equities RB-19-060 & NYSE Arca Options RB-19-
02 (April 26, 2019).
---------------------------------------------------------------------------

    In adopting disciplinary rules modeled on FINRA's rules, NYSE Arca
adopted the hearing and evidentiary processes set forth in Rule 10.9261
and in Rule 10.9830 for hearings in matters involving temporary and
permanent cease and desist orders under the Rule 10.9800 Series. As
adopted, the text of Rule 10.9261 and Rule 10.9830 are substantially
the same as the FINRA rules with certain modifications.\8\
---------------------------------------------------------------------------

    \8\ See 2019 Notice, 84 FR at 16365 & 16373-4.
---------------------------------------------------------------------------

    In response to the COVID-19 global health crisis and the
corresponding need to restrict in-person activities, on August 31,
2020, FINRA filed with the Commission a proposed rule change for
immediate effectiveness, SR-FINRA-2020-027, which allowed FINRA's
Office of Hearing Officers (``OHO'') to conduct hearings, on a
temporary basis, by video conference, if warranted by the current
COVID-19-related public health risks posed by an in-person hearing.
Among the rules FINRA amended were Rules 9261 and 9830.\9\
---------------------------------------------------------------------------

    \9\ See Securities Exchange Act Release No. 89737 (September 2,
2020), 85 FR 55712 (September 9, 2020) (SR-FINRA-2020-027) (``SR-
FINRA-2020-027'').
---------------------------------------------------------------------------

    Given that that FINRA and OHO administers disciplinary hearings on
the Exchange's behalf, and that the public health concerns addressed by
FINRA's amendments apply equally to Exchange disciplinary hearings, on
September 23, 2020, the Exchange filed to temporarily amend Rule
10.9261 and Rule 10.9830 to permit FINRA to conduct virtual hearings on
its behalf.\10\ In December 2020, FINRA filed a proposed rule change,
SR-FINRA-2020-042, to extend the expiration date of the temporary
amendments in SR-FINRA-2020-027 from December 31, 2020, to April 30,
2021.\11\ On December 22, 2020, the Exchange similarly filed to extend
the temporary amendments to Rule 10.9261 and Rule 10.9830 to April 30,
2021.\12\ On April 1, 2021, FINRA filed a proposed rule change, SR-
FINRA-2021-006, to extend the expiration date of the temporary rule
amendments to, among other rules, FINRA Rule 9261 and 9830 from April
30, 2021, to August 31, 2021.\13\ On April 20, 2021, the Exchange filed
to extend the temporary amendments to Rule 10.9261 and Rule 10.9830 to
August 31, 2021.\14\ On August 13, 2021, FINRA filed a proposed rule
change, SR-FINRA-2021-019, to extend the expiration date of the
temporary amendments to, among other rules, FINRA Rule 9261 and 9830
from August 31, 2021, to December 31, 2021.\15\ On August 27, 2021, the
Exchange filed to extend the temporary amendments to Rule 10.9261 and
Rule 10.9830 to December 31, 2021.\16\ On December 7, 2021, FINRA filed
a proposed rule change, SR-FINRA-2021-031, to extend the expiration
date of the temporary amendments to, among other rules, FINRA Rule 9261
and 9830 from December 31, 2021, to March 31, 2022.\17\ On December 27,
2021, the Exchange filed to extend the temporary amendments to Rule
10.9261 and Rule 10.9830 to March 31, 2022, after which the temporary
amendments will expire absent another proposed rule change filing by
the Exchange.\18\ On March 7, 2022, FINRA filed to extend the
expiration date of the temporary rule amendments to, among other rules,
FINRA Rule 9261 and 9830 from March 31, 2022, to July 31, 2022.\19\ On
March 29, 2022, the Exchange filed to extend the temporary amendments
to Rule 9261 and Rule 9830 to July 31, 2022, after which the temporary
amendments will expire absent another proposed rule change filing by
the Exchange.\20\
---------------------------------------------------------------------------

    \10\ See note 4, supra.
    \11\ See Securities Exchange Act Release No. 90619 (December 9,
2020), 85 FR 81250 (December 15, 2020) (SR-FINRA-2020-042).
    \12\ See Securities Exchange Act Release No. 90820 (December 30,
2020), 86 FR 647 (January 6, 2021) (SR-NYSEArca-2020-116).
    \13\ See Securities Exchange Act Release No. 91495 (April 7,
2021), 86 FR 19306 (April 13, 2021) (SR-FINRA-2021-006).
    \14\ See Securities Exchange Act Release No. 91633 (April 22,
2021), 86 FR 22474 (April 28, 2021) (SR-NYSEArca-2021-27).
    \15\ See Securities Exchange Act Release No. 92685 (August 17,
2021), 86 FR 47169 (August 23, 2021) (SR-FINRA-2021-019).
    \16\ See Securities Exchange Act Release No. 92909 (September 9,
2021), 86 FR 51415 (September 15, 2021) (SR-NYSEArca-2021-76).
    \17\ See Securities Exchange Act Release No. 93758 (December 13,
2021), 86 FR 71695 (December 17, 2021) (SR-FINRA-2021-31).
    \18\ See Securities Exchange Act Release No. 93918 (January 6,
2022), 87 FR 1810 (January 12, 2022) (SR-NYSEArca-2021-107).
    \19\ See Securities Exchange Act Release No. 94430 (March 16,
2022), 87 FR 16262 (March 22, 2022) (SR-FINRA-2022-004).
    \20\ See Securities Exchange Act Release No. 94663 (April 11,
2022), 87 FR 22587 (April 15, 2022) (SR-NYSEARCA-2022-18).
---------------------------------------------------------------------------

    Even though it has been more than two years since the World Health
Organization declared COVID-19 a pandemic, FINRA has determined that
uncertainty still remains around this disease. The continued presence
of COVID-19 variants including the quickly emerging Omicron BA.4 and
BA.5 subvariants, dissimilar vaccination

rates throughout the United States, and the current medium to high
COVID-19 community levels in many states indicate that COVID-19 remains
an active and real public health concern.\21\ Due to the uncertainty
and the lack of a clear timeframe for a sustained and widespread
abatement of COVID-19-related health concerns and corresponding
restrictions,\22\ FINRA believes that there is a continued need for
temporary relief beyond July 31, 2022.\23\ On July 8, 2022, FINRA
accordingly filed to extend the expiration date of the temporary rule
amendments to, among other rules, FINRA Rule 9261 and 9830 from July
31, 2022, to October 31, 2022.\24\
---------------------------------------------------------------------------

    \21\ See Securities Exchange Act Release No. 95281 (July 14,
2022), 87 FR 43335 (July 20, 2022) (SR-FINRA-2022-018) (``SR-FINRA-
2022-018''). FINRA noted that, for example, there has been a notable
upward trend in the number of daily COVID-19 cases in the United
States since April 1, 2022. See https://covid.cdc.gov/covid-data-tracker/#trends_dailycases. In addition, on June 9, 2022, the Biden
Administration announced its operational plan for COVID-19
vaccinations for children under the age of five. See https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/09/fact-sheetbiden-administration-announces-operational-plan-for-covid-19-vaccinations-for-children-under-5/. See SR-FINRA-2022-018, 87 FR
at 43335, n. 6.
    \22\ For instance, FINRA noted that the Centers for Disease
Control and Prevention (``CDC'') recommends that people wear a mask
in public indoor settings in areas with a high COVID-19 community
level regardless of vaccination status or individual risk. See
https://www.cdc.gov/coronavirus/2019-ncov/prevent-getting-sick/about-face-coverings.html. The CDC also recommends that people wear
a mask in indoor areas of public transportation and transportation
hubs to protect themselves and those around them and help keep
travel and public transportation safer for everyone. See https://www.cdc.gov/coronavirus/2019-ncov/travelers/masks-public-transportation.html. Furthermore, numerous states currently have
mask mandates in certain settings, such as healthcare and
correctional facilities. See SR-FINRA-2022-018, 87 FR at 43335, n.
7.
    \23\ See SR-FINRA-2022-018, 87 FR 43335.
    \24\ See SR-FINRA-2022-018, 87 FR at 87 FR 43335-36.
---------------------------------------------------------------------------

Proposed Rule Change
    Consistent with FINRA's recent proposal, the Exchange proposes to
extend the expiration date of the temporary rule amendments to NYSE
Arca Rules 10.9261 and 10.9830 as set forth in SR-NYSEArca-2020-85 from
July 31, 2022, to October 31, 2022.
    As set forth in SR-FINRA-2022-018, even though it has been more
than two years since the World Health Organization declared COVID-19 a
pandemic, uncertainty still remains around this disease. The continued
presence of COVID-19 variants including the quickly emerging Omicron
BA.4 and BA.5 subvariants, dissimilar vaccination rates throughout the
United States, and the current medium to high COVID-19 community levels
in many states indicate that COVID-19 remains an active and real public
health concern.\25\ Due to the uncertainty and the lack of a clear
timeframe for a sustained and widespread abatement of COVID-19-related
health concerns and corresponding restrictions,\26\ FINRA believes that
there is a continued need for temporary relief beyond July 31,
2022.\27\ FINRA accordingly proposed to extend the expiration date of
the temporary rule amendments from July 31, 2022, to October 31, 2022.
---------------------------------------------------------------------------

    \25\ See note 21, supra.
    \26\ See note 22, supra.
    \27\ See SR-FINRA-2022-018, 87 FR at 43337.
---------------------------------------------------------------------------

    The Exchange proposes to similarly extend the expiration date of
the temporary rule amendments to NYSE Arca Rules 10.9261 and 10.9830 as
set forth in SR-NYSEArca-2020-85 from July 31, 2022, to October 31,
2022. The Exchange agrees with FINRA that, even though it has been more
than two years since the World Health Organization declared COVID-19 a
pandemic, uncertainty still remains around this disease. The Exchange
also agrees that, due to the uncertainty and the lack of a clear
timeframe for a sustained and widespread abatement of COVID-19-related
health concerns and corresponding restrictions, for the reasons set
forth in SR-FINRA-2022-018, there is a continued need for this
temporary relief beyond July 31, 2022. The proposed change would permit
OHO to continue to assess, based on critical COVID-19 data and criteria
and the guidance of health and security consultants, whether an in-
person hearing would compromise the health and safety of the hearing
participants such that the hearing should proceed by video conference.
As noted in SR-FINRA-2022-018, in deciding whether to schedule a
hearing by video conference, OHO may consider a variety of other
factors in addition to COVID-19 trends. Similarly, as noted in SR-
FINRA-2022-018, in SR-FINRA-2020-027, FINRA provided a non-exhaustive
list of other factors OHO may take into consideration, including a
hearing participant's individual health concerns and access to the
connectivity and technology necessary to participate in a video
conference hearing.\28\ The Exchange believes that this is a reasonable
procedure to continue to follow for hearings under Rules 10.9261 and
10.9830 chaired by a FINRA employee.
---------------------------------------------------------------------------

    \28\ See SR-FINRA-2022-018, 87 FR at 87 FR 43336, n. 16.
---------------------------------------------------------------------------

    As noted below, the Exchange has filed the proposed rule change for
immediate effectiveness and has requested that the SEC waive the
requirement that the proposed rule change not become operative for 30
days after the date of the filing, so the Exchange can implement the
proposed rule change immediately.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Act,\29\ in general, and furthers the objectives of Section
6(b)(5),\30\ in particular, because it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in 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 designed to provide a fair procedure for
the disciplining of members and persons associated with members,
consistent with Sections 6(b)(7) and 6(d) of the Act.\31\
---------------------------------------------------------------------------

    \29\ 15 U.S.C. 78f(b).
    \30\ 15 U.S.C. 78f(b)(5).
    \31\ 15 U.S.C. 78f(b)(7) & 78f(d).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change supports the
objectives of the Act by providing greater harmonization between
Exchange rules and FINRA rules of similar purpose, resulting in less
burdensome and more efficient regulatory compliance. As such, the
proposed rule change will foster cooperation and coordination with
persons engaged in facilitating transactions in securities and will
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
    The proposed rule change, which extends the expiration date of the
temporary amendments to Exchange rules consistent with FINRA's
extension to its Rules 9261 and 9830 as set forth in SR-FINRA-2022-018,
will permit the Exchange to continue to effectively conduct hearings
during the COVID-19 pandemic. Given the current and frequently changing
COVID-19 conditions and the uncertainty around when those conditions
will see meaningful, widespread and sustained improvement, without this
relief allowing OHO to proceed by video conference, some or all
hearings may have to be postponed. The ability to

conduct hearings by video conference will permit the adjudicatory
functions of the Exchange's disciplinary rules to continue unabated,
thereby avoiding protracted delays. The Exchange believes that this is
especially important in matters where temporary and permanent cease and
desist orders are sought because the proposed rule change would enable
those hearings to continue to proceed without delay, thereby enabling
the Exchange to continue to take immediate action to stop significant,
ongoing customer harm, to the benefit of the investing public.
    As set forth in detail in the SR-NYSEArca-2020-85, the temporary
relief to permit hearings to be conducted via video conference
maintains fair process and will continue to provide fair process
consistent with Sections 6(b)(7) and 6(d) of the Act \32\ while
striking an appropriate balance between providing fair process and
enabling the Exchange to fulfill its statutory obligations to protect
investors and maintain fair and orderly markets while avoiding the
COVID-19-related public health risks for hearing participants. The
Exchange notes that this proposal, like SR-NYSEArca-2020-85, provides
only temporary relief. As proposed, the changes would be in place
through October 31, 2022. As noted in SR-NYSEArca-2020-85 and above,
the amended rules will revert back to their original state at the
conclusion of the temporary relief period and, if applicable, any
extension thereof.
---------------------------------------------------------------------------

    \32\ 15 U.S.C. 78f(b)(7) & 78f(d).
---------------------------------------------------------------------------

    Accordingly, the proposed rule change extending this temporary
relief is in the public interest and consistent with the Act's purpose.

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

    The Exchange does not believe that the proposed temporary rule
change will impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The proposed
rule change is not intended to address competitive issues but is rather
intended solely to extend temporary relief necessitated by the
continued impacts of the COVID-19 pandemic and the related health and
safety risks of conducting in-person activities. The Exchange believes
that the proposed rule change will prevent unnecessary impediments to
critical adjudicatory processes and its ability to fulfill its
statutory obligations to protect investors and maintain fair and
orderly markets that would otherwise result if the temporary amendments
were to expire on July 31, 2022.

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

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

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \33\ and Rule 19b-4(f)(6) thereunder.\34\
Because the proposed rule change does not: (i) significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------

    \33\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \34\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \35\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\36\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Exchange has
indicated that there is a continued need to extend the temporary relief
because the Exchange agrees with FINRA that the COVID-19 related health
concerns necessitating this relief will not meaningfully subside by
July 31, 2022.\37\ The Exchange also states that extending the
temporary relief provided in SR-NYSEArca-2020-85 immediately upon
filing and without a 30-day operative delay will allow the Exchange to
continue critical adjudicatory and review processes so that the
Exchange may continue to operate effectively and meet its critical
investor protection goals, while also protecting the health and safety
of hearing participants.\38\ The Commission also notes that this
proposal extends without change the temporary relief previously
provided by SR-NYSEArca-2020-85.\39\ As proposed, the temporary changes
would be in place through October 31, 2022 and the amended rules will
revert back to their original state at the conclusion of the temporary
relief period and, if applicable, any extension thereof.\40\ For these
reasons, the Commission believes that waiver of the 30-day operative
delay for this proposal is consistent with the protection of investors
and the public interest. Accordingly, the Commission hereby waives the
30-day operative delay and designates the proposal operative upon
filing.\41\
---------------------------------------------------------------------------

    \35\ 17 CFR 240.19b-4(f)(6).
    \36\ 17 CFR 240.19b-4(f)(6)(iii).
    \37\ See supra Item II; see also SR-FINRA-2022-018, 87 FR 43335,
at 43336.
    \38\ See 87 FR 43335, at 43337-38 (noting the same in granting
FINRA's request to waive the 30-day operative delay so that SR-
FINRA-2022-018 would become operative immediately upon filing).
    \39\ See supra note 4.
    \40\ See supra note 5. As noted above, the Exchange states that
if it requires temporary relief from the rule requirements
identified in this proposal beyond October 31, 2022, it may submit a
separate rule filing to extend the effectiveness of the temporary
relief under these rules.
    \41\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule change's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \42\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \42\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NYSEArca-2022-44 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-NYSEArca-2022-44. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEArca-2022-44 and should be submitted
on or before September 7, 2022.
---------------------------------------------------------------------------

    \43\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\43\
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-17665 Filed 8-16-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 170 (Tuesday, September 3, 2013)]
[Notices]
[Pages 54349-54350]
[FR Doc No: 2013-21294]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70263; File No. SR-NSCC-2013-09]

Self-Regulatory Organizations; National Securities Clearing
Corporation; Order Approving Proposed Rule Change Relating to the
Decommissioning of NSCC's Over-the-Counter (OTC) Equity Comparison
Service

August 27, 2013.
    On July 2, 2013, the National Securities Clearing Corporation filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change SR-NSCC-2013-09 pursuant to Section 19(b)(1) of
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4
thereunder.\2\ The proposed rule change was published for comment in
the Federal Register on July 18, 2013.\3\ The Commission did not
receive any comments on the proposed rule change. This order approves
the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 69980 (July 12, 2013),
78 FR 42989 (July 18, 2013) (SR-NSCC-2013-09) (``Notice'').
---------------------------------------------------------------------------

I. Description

    NSCC is amending its rules to decommission the over-the-counter
(``OTC'') Equity Comparison Service and delete two obsolete provisions
in Procedure II, ``Trade Comparison and Recording Service.''

OTC Equity Comparison Service

    Currently, NSCC provides a framework to compare and record
transactions in eligible equity and debt securities executed on
national stock exchanges and in the OTC market, as provided in Rule 7
and Procedure II.\4\ Rule 7 and Procedure II both note that NSCC will
stop providing comparison services once each exchange and/or
marketplace assumes responsibility for trade comparison.\5\ According
to NSCC, all marketplaces interfacing with NSCC have assumed
responsibility for equity comparison and, as a result, NSCC's OTC
Equity Comparison Service receives a nominal amount of over-the-counter
bilateral equity transaction submissions.\6\ Therefore, NSCC is
decommissioning its OTC Equity Comparison Service and amend several
rules to reflect this, as described below.
---------------------------------------------------------------------------

    \4\ See NSCC Rule 7 and Procedure II; See Notice, supra note 3
at 42989-90.
    \5\ See NSCC Rule 7 note 1 and Procedure II note 1.
    \6\ See Notice, supra note 3 at 42990. According to NSCC, during
May 2013, NSCC compared approximately 90 sides (an approximate
average of 45 trades) for equity transactions through its OTC
Comparison service. As of June 24, 2013, NSCC compared a total of 74
sides (37 trades) for the entire month of June 2013 to date. See id.
at note 3.
---------------------------------------------------------------------------

    This change will not impact comparison services with respect to
debt transactions, which are compared through the Real Time Trade
Matching (or ``RTTM'') system, or transactions submitted to the
Obligation Warehouse.\7\
---------------------------------------------------------------------------

    \7\ NSCC provides an Obligation Warehouse service under which
certain transactions may be submitted for comparison that are not
otherwise submitted for processing to NSCC through its other
services. See NSCC Rule 51 and Procedure IIA; Notice, supra note 3
at 42990.
---------------------------------------------------------------------------

    Once the OTC Equity Comparison service is decommissioned,
comparison submissions for equity transactions, other than those
submitted to the Obligation Warehouse, will not be accepted by NSCC and
related output will not be produced.\8\ As a result, upon the effective
date of this proposal, all equity transactions submitted for processing
to NSCC, other than those submitted through the Obligation Warehouse,
must be compared prior to submission (i.e., at the marketplace of
execution or through FINRA/NASDAQ's Automated Comparison Transaction
facility (``ACT'') and submitted to NSCC on a locked-in basis for trade
recording).\9\
---------------------------------------------------------------------------

    \8\ See Notice, supra note 3 at 42990.
    \9\ See id.
---------------------------------------------------------------------------

Changes to Rule 7, Procedure II, Rule 5, Rule 1, Addendum A, and
Addendum K

    To facilitate this proposal, NSCC is amending several rules. NSCC
is amending Rule 7, ``Comparison and Trade Recording Operation,'' and
Procedure II, ``Trade Comparison and Recording Service'' to reflect
changes consistent with the above. These changes also require certain
technical changes including re-numbering footnotes and updating cross-
references.
    NSCC is amending Rule 5, ``General Provisions'' to reflect changes
consistent with the above and to clarify that output issued by NSCC
with respect to transactions either compared by it, or recorded locked-
in transactions, defined as ``Compared Contracts,'' evidence valid,
binding and enforceable compared transactions for purposes of the
Rules.
    NSCC is amending Rule 1, ``Definitions'' to add the definition of
``Compared Contracts'' as described in Rule 5.
    NSCC is amending its fee schedule in Addendum A to delete
references to charges associated with OTC equity comparison.
    NSCC is amending Addendum K to update a cross-reference to reflect
these proposed changes.

Obsolete Provisions in Procedure II

    NSCC also is deleting two obsolete provisions in Procedure II.
First, NSCC is deleting a provision relating to the submission of
municipal securities transactions by members on behalf of non-members
since the function is no longer in use.\10\ Second, NSCC is deleting a
provision relating to potential announcement via Important Notice of
the availability of the comparison service for when-issued corporate
securities. According to NSCC, NSCC has not scheduled to implement a
comparison service for corporate when-

issued securities.\11\ In the event that NSCC proposes to implement
this, NSCC states that it will submit a rule filing to the
Commission.\12\
---------------------------------------------------------------------------

    \10\ See id.
    \11\ See id.
    \12\ See id.
---------------------------------------------------------------------------

    According to NSCC, the effective date of the proposed rule changes
will be announced via an NSCC Important Notice at least 30 days in
advance of its implementation.\13\
---------------------------------------------------------------------------

    \13\ See id.
---------------------------------------------------------------------------

II. Discussion

    Section 19(b)(2)(C) of the Act \14\ directs the Commission to
approve a proposed rule change of a self-regulatory organization if it
finds that such proposed rule change is consistent with the
requirements of the Act and rules and regulations thereunder applicable
to such organization. Section 17A(b)(3)(F) of the Act \15\ requires the
rules of a clearing agency to be designed to, among other things,
promote the prompt and accurate clearance and settlement of securities
transactions, assure the safeguarding of securities and funds which are
in the custody or control of the clearing agency or for which it is
responsible, and protect investors and the public interest. The
Commission finds that NSCC's proposed rule changes are consistent with
these requirements, primarily because, this change promotes transaction
comparison at the point of trade, which increases operational
efficiencies. Further, by deleting two obsolete provisions in Procedure
II, NSCC is ensuring its rules are accurate and reflect its operations.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(2)(C).
    \15\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

III. Conclusion

    On the basis of the foregoing, the Commission finds that the
proposal is consistent with the requirements of the Act and in
particular with the requirements of Section 17A of the Act \16\ and the
rules and regulations thereunder.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that the proposed rule change (SR-NSCC-2013-09) be, and hereby is,
approved.\17\
---------------------------------------------------------------------------

    \17\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

    \18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-21294 Filed 8-30-13; 8:45 am]
BILLING CODE 8011-01-P