[Federal Register: July 24, 2009 (Volume 74, Number 141)]
[Notices]
[Page 36787-36790]
[DOCID:fr24jy09-146]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60330; File No. SR-FINRA-2009-044]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing of Proposed Rule Change To Adopt
FINRA Rules 2262 (Disclosure of Control Relationship With Issuer), 2269
(Disclosure of Participation or Interest in Primary or Secondary
Distribution) and 5260 (Prohibition on Transactions, Publication of
Quotations, or Publication of Indications of Interest During Trading
Halts) in the Consolidated FINRA Rulebook

July 17, 2009.
    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 29, 2009, Financial Industry Regulatory Authority, Inc.
(``FINRA'') (f/k/a National Association of Securities Dealers, Inc.
(``NASD'')) filed with the Securities and Exchange Commission (``SEC''
or ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by FINRA. 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    FINRA is proposing to adopt without material change NASD Rules 2240
(Disclosure of Control Relationship with Issuer), 2250 (Disclosure of
Participation or Interest in Primary or Secondary Distribution) and
3340 (Prohibition on Transactions, Publication of Quotations, or
Publication of Indications of Interest During Trading Halts) as FINRA
rules in the Consolidated FINRA Rulebook and to delete NYSE Rules
312(f)(1) through 312(f)(3) and 321.24. The proposed rule change would
renumber NASD Rules 2240, 2250 and 3340 as FINRA Rules 2262, 2269 and
5260, respectively, in the Consolidated FINRA Rulebook.
    The text of the proposed rule change is available on FINRA's Web
site at http://www.finra.org, at the principal office of FINRA 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, FINRA 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. FINRA 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
    As part of the process of developing a new consolidated rulebook
(``Consolidated FINRA Rulebook''),\3\ FINRA is proposing to adopt
without material change NASD Rules 2240 (Disclosure of Control
Relationship with Issuer), 2250 (Disclosure of Participation or
Interest in Primary or Secondary Distribution) and 3340 (Prohibition on
Transactions, Publication of Quotations, or Publication of Indications
of Interest During Trading Halts) as FINRA rules in the Consolidated
FINRA Rulebook and to delete NYSE Rules 312(f)(1) through 312(f)(3) and
321.24. The proposed rule change would renumber NASD Rules 2240, 2250
and 3340 as FINRA Rules 2262, 2269 and 5260, respectively, in the
Consolidated FINRA Rulebook.
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    \3\ The current FINRA rulebook consists of: (1) FINRA Rules; (2)
NASD Rules; and (3) rules incorporated from NYSE (``Incorporated
NYSE Rules'') (together, the NASD Rules and Incorporated NYSE Rules
are referred to as the ``Transitional Rulebook''). While the NASD
Rules generally apply to all FINRA members, the Incorporated NYSE
Rules apply only to those members of FINRA that are also members of
the NYSE (``Dual Members''). The FINRA Rules apply to all FINRA
member firms, unless such rules have a more limited application by
their terms. For more information about the rulebook consolidation
process, see FINRA Information Notice, March 12, 2008 (Rulebook
Consolidation Process).
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(A) Proposed FINRA Rules 2262 and 2269
(1) Background
    Both NASD and NYSE Rules \4\ address disclosures or notifications
that member firms must provide to customers in connection with certain
securities transactions.
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    \4\ For convenience, the Incorporated NYSE Rules are referred to
as the ``NYSE Rules.''
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    NASD Rules 2240 and 2250 set forth requirements that apply to
transactions with or for a customer in any market.\5\ In short:
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    \5\ NASD Rules 2240 and 2250 (formerly designated, respectively,
as Sections 13 and 14 of the Rules of Fair Practice) were adopted in
1939 as part of FINRA's original rulebook. See Certificate of
Incorporation and By-Laws, Rules of Fair Practice and Code of
Procedure for Handling Trade Practice Complaints of National
Association of Securities Dealers, Inc. (August 8, 1939). The
requirements of NASD Rules 2240 and 2250 duplicate almost word-for-
word SEA Rules 15c1-5 (Disclosure of Control) and 15c1-6 (Disclosure
of Interest in Distributions), respectively. See Securities Exchange
Act Release No. 1330 (August 4, 1937) (``Release No. 1330'').
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     Disclosure of control relationship: NASD Rule 2240
provides that a member controlled by, controlling, or under common
control with the issuer of any security must, before entering into any
contract with or for a customer for the purchase or sale of such
security, disclose to the customer the existence of such control; if
such disclosure is not made in writing, it must be supplemented by
written disclosure at or before the completion of the transaction; \6\
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    \6\ SEA Rule 15c1-5 defines ``manipulative, deceptive, or other
fraudulent device or contrivance,'' as used in Section 15(c)(1) of
the Exchange Act, to include failure to provide the required
disclosure. Section 15(c)(1) provides, in part, that no broker or
dealer ``shall make use of the mails or any means or instrumentality
of interstate commerce to effect any transaction in, or to induce or
attempt to induce the purchase or sale of, any security * * *
otherwise than on a national securities exchange of which it is a
member * * * by means of any manipulative, deceptive, or other
fraudulent device or contrivance.'' See also Release No. 1330.
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     Disclosure of participation or interest in distribution:
Rule 2250 provides that if a member is acting as a broker for a
customer, or is acting for both the customer and some other person, or
is acting as a dealer and receives or has promise of receiving a fee
from a customer for advising the customer with respect to securities,
then the member must, at or before the completion of any transaction
for or with the customer in any security in the primary or secondary
distribution of which the member is participating or is otherwise
financially interested, give the customer written notification of the
existence of such participation or interest.\7\
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    \7\ Under SEA Rule 15c1-6, like Rule 15c1-5, failure to provide
the required notification is a fraudulent act. Rule 15c1-6, like
Rule 15c1-5, is limited by the scope of Section 15(c)(1) of the
Exchange Act. See supra note 6.
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    NYSE Rules 312(f)(2) and 321.24 address disclosures or
notifications to customers in somewhat different fashion than NASD
Rules 2240 and 2250:
     NYSE Rule 312(f)(2) is similar to NASD Rule 2240, except
that Rule 312(f)(2)'s requirement to disclose the control relationship
between the issuer and the member is triggered in the context of making
a recommendation to a customer. Specifically, Rule 312(f)(2) requires
that any member organization that makes any recommendation of any
equity or non-investment grade debt security issued by any person
controlled by or under common control with such member organization
(other than a Material Associated Person \8\) must promptly disclose to
the customer the existence and nature of such control at the time of
recommendation and, if the disclosure is not made in writing, must
provide it in writing prior to the completion of the transaction; \9\
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    \8\ The indicia for determining status as a Material Associated
Person are set forth in SEA Rule 17h-1T(a)(2). See NYSE Rule
312(f)(1).
    \9\ Note that NYSE Rules 312(f)(1), (f)(2) and (f)(3) were,
prior to revisions adopted in 2006, combined together as former Rule
312(f). NYSE Rule 312(f)(1) prohibits member organizations, after
completion of a distribution, from effecting any transaction (except
on an unsolicited basis) for the account of any customer in the
equity or non-investment grade debt of the member organization
itself, any parent entity, or any Material Associated Person. Rule
312(f)(3), among other things, requires a member corporation with
publicly held securities outstanding to obtain the NYSE's approval
to acquire such securities for its own account or the account of any
corporation controlling, controlled by or under common control with
the member corporation. The rule provides that the NYSE will approve
such acquisition unless it determines that such action will impair
the financial responsibility or operational capability of the member
corporation. For further discussion of NYSE Rule 312(f), see NYSE
Information Memo 06-65 (September 11, 2006).
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     NYSE Rule 321.24, like NASD Rule 2250, requires disclosure
of interest in securities, except that the provisions of Rule 321.24
apply in contexts involving securities underwritten, distributed or
sold by a subsidiary of the member. Specifically, Rule 321.24 requires
that, in connection with any transactions which the member or member
organization may have had with its customers, or any recommendation
which the member or member organization may make to its customers,
involving securities underwritten, distributed or sold by the
subsidiary, full disclosure must be made by the member or member
organization to its customers of the interest of the subsidiary in the
securities at that time.
(2) Proposal
    FINRA proposes to transfer NASD Rules 2240 and 2250 unchanged into
the Consolidated FINRA Rulebook. Though the substantive requirements of
both rules are duplicated, almost word-for-word, in SEA Rules 15c1-5
and 15c1-6, the two NASD rules provide broad protection to customers
because their scope extends to transactions with or for a customer in
any market, not just over-the-counter transactions.

    FINRA proposes to repeal NYSE Rules 312(f)(1) through (f)(3) and
321.24 because the purposes they serve are addressed by proposed FINRA
Rules 2262 and 2269, other existing or proposed FINRA rules, and SEC
rules. With respect to NYSE Rule 312(f)(1), FINRA notes that making a
recommendation or effecting a transaction such as set forth in the rule
raises concerns that are within the purview of current anti-
manipulation rules (e.g., FINRA Rule 2020 and SEA Rule 10b-5). Further,
FINRA notes that customers would be protected by the disclosure that
the proposed rules require with respect to the conflicts of interest
that the NYSE rule addresses. Moreover, members must comply with
FINRA's suitability rule when recommending securities transactions to
their customers. With respect to NYSE Rule 312(f)(2), FINRA notes that
the proposed FINRA rules would operate to protect customers without
regard to whether a member recommends a security to a customer. With
respect to NYSE Rule 312(f)(3), FINRA believes that the customer
protections provided by the proposed rules and the anti-manipulation
rules, in combination, would render the NYSE rule redundant. Further,
FINRA maintains a set of rules specifically addressing financial
responsibility requirements for members and is separately proposing to
adopt consolidated financial responsibility rules.\10\ Lastly, with
respect to NYSE Rule 321.24, FINRA notes that the disclosure required
by the proposed FINRA rules is not limited to situations involving
securities underwritten, distributed or sold by a member's subsidiary.
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    \10\ See, e.g., Securities Exchange Act Release No. 59273
(January 22, 2009), 74 FR 4992 (January 28, 2009) (Notice of Filing
File No. SR-FINRA-2008-067).
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(B) Proposed FINRA Rule 5260
(1) Background
    NASD Rule 3340 prohibits members from, directly or indirectly,
effecting transactions or publishing quotations or indications of
interest (``IOIs'') in (1) any security with respect to which a trading
halt is in effect; or (2) any security future when there is a
regulatory trading halt in effect with respect to the underlying
security.
    The trading and quoting conduct prohibited by Rule 3340 is
triggered only when a trading halt is in effect. The rule also provides
that, in the event that FINRA halts over-the-counter trading and
quoting in NMS stocks because the Alternative Display Facility
(``ADF'') or a Trade Reporting Facility (``TRF'') is unable to transmit
real-time information to the applicable Securities Information
Processor, members are not prohibited from trading through other
markets for which trading is not halted.
    NASD Rule 3340 was originally approved by the SEC in 1988.\11\ The
rule was subsequently amended in 2001, 2002, 2003 and 2006. The 2001
amendments expressly prohibited members from publishing quotations and
IOIs during a trading halt (the rule in its form prior to the 2001
amendments prohibited members from effecting a transaction but did not
expressly address quotations and IOIs).\12\ The 2002 and 2006
amendments to Rule 3340 provided that, if the ADF or a TRF were unable
to transmit real-time information to the applicable Securities
Information Processor, members would not be prohibited from trading
through other markets for which trading is not halted.\13\ The 2003
amendments to the rule added a provision to prohibit member firms,
including Alternate Trading Systems (``ATSs''), from trading or
publishing quotes or IOIs in any security future when a regulatory
trading halt is in effect with respect to the underlying security.
Specifically, Rule 3340 was amended to apply to a future for a single
security when a regulatory trading halt is in effect for the underlying
security or a future on a narrow-based securities index when a
regulatory trading halt is in effect for one or more underlying
securities that constitute 50% or more of the market capitalization of
the index.\14\
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    \11\ NASD Rule 3340 was originally adopted as Section 42 of
Article III of the Rules of Fair Practice.
    \12\ See Securities Exchange Act Release No. 44390 (June 5,
2001), 66 FR 31262 (June 11, 2001) (Order Approving File No. SR-
NASD-2000-33).
    \13\ See Securities Exchange Act Release No.46249 (July 24,
2002), 67 FR 49822 (July 31, 2002) (Order Approving File No. SR-
NASD-2002-97) (approving the 2002 amendments to NASD Rule 3340);
Securities Exchange Act Release No. 54084 (June 30, 2006), 71 FR
38935 (July 10, 2006) (Order Approving File No. SR-NASD-2005-087)
(approving the 2006 amendments to NASD Rule 3340).
    \14\ See Securities Exchange Act Release No. 47259 (January 27,
2003), 68 FR 5319 (February 3, 2003) (Order Approving File No. SR-
NASD-2001-047).
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    In 2002, FINRA published a set of frequently asked questions in
response to members' requests for guidance on the application of NASD
Rule 3340 to particular scenarios.\15\
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    \15\ See NASD Notice to Members 02-82 (December 2002)
(Frequently Asked Questions Relating to Trading Halts).
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    (2) Proposal
    FINRA believes that Rule 3340 is well understood by its members and
has proven effective. Accordingly, FINRA proposes that the rule be
transferred without material change into the Consolidated FINRA
Rulebook as FINRA Rule 5260.\16\
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    \16\ On December 30, 2008, FINRA filed with the SEC a proposed
rule change to amend NASD Rule 3340 to create a limited exception to
permit members to route unsolicited customer orders for execution
outside the United States while a trading halt is in effect in the
United States. See SR-FINRA-2008-069. Assuming Commission approval
of this proposed rule change prior to Commission approval of SR-
FINRA-2008-069, FINRA will amend SR-FINRA-2008-069, as necessary, to
reflect such approval. Similarly, in the event the Commission
approves SR-FINRA-2008-069 prior to approval of this proposed rule
change, FINRA will amend this proposed rule change, as necessary, to
reflect such approval.
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    FINRA will announce the implementation date of the proposed rule
change in a Regulatory Notice to be published no later than 90 days
following Commission approval.
2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\17\ which requires, among
other things, that FINRA rules must 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. FINRA believes that the proposed rule change would
further the purposes of the Act because, as part of the Consolidated
FINRA Rulebook, the proposed rule change will protect investors and the
public interest by addressing disclosures or notifications in
connection with certain securities transactions and by addressing
certain trading and quoting conduct when a trading halt is in effect.
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    \17\ 15 U.S.C. 78o-3(b)(6).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    FINRA does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.

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

    Written comments were neither solicited nor received.

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

    Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or

(ii) as to which the self-regulatory organization consents, the
Commission will:
    (A) By order approve 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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-FINRA-2009-044 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-FINRA-2009-044. 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 inspection
and copying 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 such filing also will be available for
inspection and copying at the principal office of FINRA. 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-FINRA-2009-044 and should be
submitted on or before August 14, 2009.

    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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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-17633 Filed 7-23-09; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 77, Number 65 (Wednesday, April 4, 2012)]
[Notices]
[Pages 20380-20381]
[FR Doc No: 2012-8029]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER12-1320-000]

Desert View Power, Inc.; Supplemental Notice That Initial Market-
Based Rate Filing Includes Request for Blanket Section 204
Authorization

    This is a supplemental notice in the above-referenced proceeding of
Desert View Power, Inc.'s application for market-based rate authority,
with an accompanying rate tariff, noting that such application includes
a request for blanket authorization, under 18 CFR

part 34, of future issuances of securities and assumptions of
liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE., Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is April 17, 2012.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426.
    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive email notification
when a document is added to a subscribed docket(s). For assistance with
any FERC Online service, please email<EMAIL_ADDRESS>or
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

    Dated: March 28, 2012.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2012-8029 Filed 4-3-12; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: April 6, 2010 (Volume 75, Number 65)]
[Notices]
[Page 17418-17423]
[DOCID:fr06ap10-67]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2010-N-0004]

Memorandum of Understanding Between the Food and Drug
Administration, United States Department of Health and Human Services
and the National Alliance for Hispanic Health

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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SUMMARY: The Food and Drug Administration (FDA) is providing notice of
a memorandum of understanding (MOU) between the Food and Drug
Administration, U.S. Department of Health and Human Services and the
National Alliance for Hispanic Health. The purpose of the MOU is to
establish the terms for collaboration to enhance the diversity pool of
candidates and to promote shared interests in increasing science and
public health internship opportunities for socio-economically
disadvantaged students.

DATES: The agreement became effective January 21, 2010.

FOR FURTHER INFORMATION CONTACT: Mary C. Hitch, Senior Policy Advisor,
Office of External Relations, Food and Drug Administration, 5600
Fishers Lane, rm. 15A07, Rockville, MD 20857,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: In accordance with 21 CFR 20.108(c), which
states that all written agreements and MOUs between FDA and others
shall be published in the Federal Register, the agency is publishing
notice of this MOU.

    Dated: March 29, 2010.
Leslie Kux,
Acting Assistant Commissioner for Policy.
BILLING CODE 4160-01-S

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[GRAPHIC] [TIFF OMITTED] TN06AP10.011

[FR Doc. 2010-7673 Filed 4-5-10; 8:45 am]
BILLING CODE 4160-01-C


[Federal Register Volume 81, Number 154 (Wednesday, August 10, 2016)]
[Notices]
[Pages 52887-52889]
[FR Doc No: 2016-18970]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2016-0002]

Changes in Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Final notice.

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SUMMARY: New or modified Base (1-percent annual chance) Flood
Elevations (BFEs), base flood depths, Special Flood Hazard Area (SFHA)
boundaries or zone designations, and/or regulatory floodways
(hereinafter referred to as flood hazard determinations) as shown on
the indicated Letter of Map Revision (LOMR) for each of the communities
listed in the table below are finalized. Each LOMR revises the Flood
Insurance Rate Maps (FIRMs), and in some cases the Flood Insurance
Study (FIS) reports, currently in effect for the listed communities.
The flood hazard determinations modified by each LOMR will be used to
calculate flood insurance premium rates for new buildings and their
contents.

DATES: The effective date for each LOMR is indicated in the table
below.

ADDRESSES: Each LOMR is available for inspection at both the respective
Community Map Repository address listed in the table below and online
through the FEMA Map Service Center at www.msc.fema.gov.

FOR FURTHER INFORMATION CONTACT: Rick Sacbibit, Chief, Engineering
Services Branch, Federal Insurance and Mitigation Administration, FEMA,
400 C Street SW., Washington, DC 20472,<PHONE_NUMBER>, or (email)
<EMAIL_ADDRESS>or visit the FEMA Map Information
eXchange (FMIX) online at www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: The Federal Emergency Management Agency
(FEMA) makes the final flood hazard determinations as shown in the
LOMRs for each community listed in the table below. Notice of these
modified flood hazard determinations has been published in newspapers
of local circulation and 90 days have elapsed since that publication.
The Deputy Associate Administrator for Insurance and Mitigation has
resolved any appeals resulting from this notification.
    The modified flood hazard determinations are made pursuant to
section 206 of the Flood Disaster Protection Act of 1973, 42 U.S.C.
4105, and are in accordance with the National Flood Insurance Act of
1968, 42 U.S.C. 4001 et seq., and with 44 CFR part 65.
    For rating purposes, the currently effective community number is
shown and must be used for all new policies and renewals.
    The new or modified flood hazard information is the basis for the
floodplain management measures that the community is required either to
adopt or to show evidence of being already in effect in order to remain
qualified for participation in the National Flood Insurance Program
(NFIP).
    This new or modified flood hazard information, together with the
floodplain management criteria required by 44 CFR 60.3, are the minimum
that are required. They should not be construed to mean that the
community must change any existing ordinances that are more stringent
in their floodplain management requirements. The community may at any
time enact stricter requirements of its own or pursuant to policies
established by other Federal, State, or regional entities.
    This new or modified flood hazard determinations are used to meet
the floodplain management requirements of the NFIP and also are used to
calculate the appropriate flood insurance premium rates for new
buildings, and for the contents in those buildings. The changes in
flood hazard determinations are in accordance with 44 CFR 65.4.
    Interested lessees and owners of real property are encouraged to
review the final flood hazard information available at the address
cited below for each community or online through the FEMA Map Service
Center at www.msc.fema.gov.

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

    Dated: August 2, 2016.
Roy E. Wright,
Deputy Associate Administrator for Insurance and Mitigation, Department
of Homeland Security, Federal Emergency Management Agency.

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                                                           Chief executive officer of      Community map            Effective date of         Community
         State and county           Location and case No.           community                repository                modification              No.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Colorado:                           City of Aurora (15-08- The Honorable Steve Hogan,  City Hall, 15151 East  Jun. 10, 2016................       080002
Arapahoe (FEMA Docket No.: B-1611)   1386P).                Mayor, City of Aurora,      Alameda Parkway,
                                                            15151 East Alameda          Aurora, CO 80012.
                                                            Parkway, Aurora, CO 80012.
    Arapahoe (FEMA Docket No.: B-   Unincorporated areas   The Honorable Nancy N.      Arapahoe County        May 26, 2016.................       080011
     1607).                          of Arapahoe County     Sharpe, Chair, Arapahoe     Public Works
                                     (15-08-1087P).         County Board of             Department, 6924
                                                            Commissioners, 5334 South   South Lima Street,
                                                            Prince Street, Littleton,   Littleton, CO 80122.
                                                            CO 80120.
    Routt (FEMA Docket No.: B-      City of Steamboat      The Honorable Walter        Planning and Zoning    May 31, 2016.................       080159
     1607).                          Springs (15-08-        Magill, President, City     Department, P.O. Box
                                     0994P).                of Steamboat Springs        775088, Steamboat
                                                            Council, P.O. Box 775088,   Springs, CO 80477.
                                                            Steamboat Springs, CO
                                                            80477.
Connecticut: Hartford (FEMA Docket  Town of Simsbury (15-  The Honorable Lisa L.       Town Hall, 933         Jun. 3, 2016.................       090035
 No.: B-1611).                       01-2526P).             Heavner, First Selectman,   Hopmeadow Street,
                                                            Town of Simsbury, 933       Simsbury, CT 06070.
                                                            Hopmeadow Street,
                                                            Simsbury, CT 06070.
Florida:                            City of Pompano Beach  The Honorable Lamar         Building Inspections   May 27, 2016.................       120055
Broward (FEMA Docket No.: B-1607)    (15-04-6416P).         Fisher, Mayor, City of      Department, 100 West
                                                            Pompano Beach, 100 West     Atlantic Boulevard,
                                                            Atlantic Boulevard,         Pompano Beach, FL
                                                            Pompano Beach, FL 33060.    33060.
    Collier (FEMA Docket No.: B-    City of Marco Island   The Honorable Bob Brown,    Growth Management      May 31, 2016.................       120426
     1611).                          (15-04-5962P).         Chairman, City of Marco     Department, 50 Bald
                                                            Island Council, 50 Bald     Eagle Drive, Marco
                                                            Eagle Drive, Marco          Island, FL 34145.
                                                            Island, FL 34145.
    Collier (FEMA Docket No.: B-    City of Naples (16-04- The Honorable John Sorey    Building Department,   Jun. 9, 2016.................       125130
     1611).                          1431P).                III, Mayor, City of         295 Riverside
                                                            Naples, 735 8th Street      Circle, Naples, FL
                                                            South, Naples, FL 34102.    34102.

    Hardee (FEMA Docket No.: B-     City of Wauchula (14-  The Honorable Richard       Administration         May 27, 2016.................       120105
     1607).                          04-9451P).             Keith Nadaskay, Jr.,        Building, 126 South
                                                            Mayor, City of Wauchula,    7th Avenue,
                                                            126 South 7th Avenue,       Wauchula, FL 33873.
                                                            Wauchula, FL 33873.
    Hardee (FEMA Docket No.: B-     Unincorporated areas   The Honorable Rick Knight,  Hardee County,         May 27, 2016.................       120103
     1607).                          of Hardee County (14-  Chairman, Hardee County     Planning and
                                     04-9451P).             Board of Commissioners,     Development
                                                            412 West Orange Street,     Department, 110
                                                            Room 103, Wauchula, FL      South 9th Avenue,
                                                            33873.                      Wauchula, FL 33873.
    Levy (FEMA Docket No.: B-1607)  City of Cedar Key (15- The Honorable Heath Davis,  Building Department,   May 27, 2016.................       120373
                                     04-4427P).             Mayor, City of Cedar Key,   490 2nd Street,
                                                            490 2nd Street, Cedar       Cedar Key, FL 32625.
                                                            Key, FL 32625.
    Miami-Dade (FEMA Docket No.: B- City of Sunny Isles    The Honorable George        Building Department,   Jun. 2, 2016.................       120688
     1607).                          Beach (15-04-4049P).   ``Bud'' Scholl, Mayor,      18070 Collins
                                                            City of Sunny Isles         Avenue, Sunny Isles
                                                            Beach, 18070 Collins        Beach, FL 33160.
                                                            Avenue, Sunny Isles
                                                            Beach, FL 33160.
    Miami-Dade (FEMA Docket No.: B- City of Sunny Isles    The Honorable George        Building Department,   Jun. 10, 2016................       120688
     1611).                          Beach (15-04-7678P).   ``Bud'' Scholl, Mayor,      18070 Collins
                                                            City of Sunny Isles         Avenue, Sunny Isles
                                                            Beach, 18070 Collins        Beach, FL 33160.
                                                            Avenue, Sunny Isles
                                                            Beach, FL 33160.
    Monroe (FEMA Docket No.: B-     Village of Islamorada  The Honorable Deb Gillis,   Planning and           Jun. 1, 2016.................       120424
     1611).                          (16-04-1346P).         Mayor, Village of           Development
                                                            Islamorada, 86800           Department, 86800
                                                            Overseas Highway,           Overseas Highway,
                                                            Islamorada, FL 33036.       Islamorada, FL 33036.
    Monroe (FEMA Docket No.: B-     Unincorporated areas   The Honorable Heather       Monroe County          Jun. 2, 2016.................       125129
     1611).                          of Monroe County (16-  Carruthers, Mayor, Monroe   Department of
                                     04-0087P).             County Board of             Planning and
                                                            Commissioners, 500          Environmental
                                                            Whitehead Street, Suite     Resources, 2798
                                                            102, Key West, FL 33040.    Overseas Highway,
                                                                                Marathon, FL 33050.
    Orange (FEMA Docket No.: B-     City of Orlando (16-   The Honorable Buddy W.      Public Works           May 31, 2016.................       120186
     1607).                          04-0720P).             Dyer, Mayor, City of        Department, 400
                                                            Orlando, P.O. Box 4990,     South Orange Avenue,
                                                            Orlando, FL 32802.          8th Floor, Orlando,
                                                                                FL 32801.
    St. Johns (FEMA Docket No.: B-  Unincorporated areas   The Honorable Jeb Smith,    St. Johns County,      May 31, 2016.................       125147
     1611).                          of St. Johns County    Chairman, St. Johns         Building Services
                                     (16-04-0826P).         County Board of             Division, 4040 Lewis
                                                            Commissioners, 500 San      Speedway, St.
                                                            Sebastian View, St.         Augustine, FL 32084.
                                                            Augustine, FL 32084.
Georgia: Coweta (FEMA Docket No.:   City of Newnan (16-04- The Honorable Keith Brady,  Public Works           Jun. 3, 2016.................       130062
 B-1607).                            0314P).                Mayor, City of Newnan, 25   Department, 25
                                                            LaGrange Street, Newnan,    LaGrange Street,
                                                            GA 30263.                   Newnan, GA 30263.
Kentucky:                           City of Glasgow (15-   The Honorable Dick Doty,    Public Works           Jun. 3, 2016.................       210007
Barren (FEMA Docket No.: B-1607)     04-9280P).             Mayor, City of Glasgow,     Department, 310 West
                                                            126 East Public Square,     Front Street,
                                                            Glasgow, KY 42141.          Glasgow, KY 42141.
    Barren (FEMA Docket No.: B-     Unincorporated areas   The Honorable Michael       Barren County          Jun. 3, 2016.................       210334
     1607).                          of Barren County (15-  Hale, Barren County Judge   Government Center,
                                     04-9280P).             Executive, 117 North        117 North Public
                                                            Public Square, Suite 3A,    Square, Glasgow, KY
                                                            Glasgow, KY 42141.          42141.
    Boyd (FEMA Docket No.: B-1607)  Unincorporated areas   The Honorable Steve         Boyd County            May 27, 2016.................       210016
                                     of Boyd County (15-    Towler, Boyd County         Floodplain and Code
                                     04-9647P).             Judge, P.O. Box 423,        Enforcement
                                                            Catlettsburg, KY 41129.     Department, 2800
                                                                                Louisa Street,
                                                                                Catlettsburg, KY
                                                                                41129.
New Mexico:                         City of Albuquerque    The Honorable Richard J.    Planning Department,   May 31, 2016.................       350002
Bernalillo (FEMA Docket No.: B-      (15-06-0643P).         Berry, Mayor, City of       600 2nd Street
 1607)                                                      Albuquerque, P.O. Box       Northwest,
                                                            1293, Albuquerque, NM,      Albuquerque, NM
                                                            87103.                      87102.
    Bernalillo (FEMA Docket No.: B- Unincorporated areas   The Honorable Maggie Hart   Bernalillo County      Jun. 10, 2016................       350001
     1611).                          of Bernalillo County   Stebbins, Chair,            Public Works
                                     (15-06-1772P).         Bernalillo County Board     Division, 2400
                                                            of Commissioners, 1 Civic   Broadway Boulevard
                                                            Plaza Northwest,            Southeast,
                                                            Albuquerque, NM 87102.      Albuquerque, NM
                                                                                87102.
Tennessee: Hamilton (FEMA Docket    City of Chattanooga    The Honorable Andy Berke,   Planning Department,   Jun. 6, 2016.................       470072
 No.: B-1628).                       (15-04-9959P).         Mayor, City of              1250 Market Street,
                                                            Chattanooga, 101 East       Chattanooga, TN
                                                            11th Street, Chattanooga,   37402.
                                                            TN 37402.
Texas:                              City of Allen (15-06-  The Honorable Stephen       Engineering            Jun. 10, 2016................       480259
Collin (FEMA Docket No.: B-1611)     3685P).                Terrell, Mayor, City of     Department, 305
                                                            Allen, 305 Century          Century Parkway,
                                                            Parkway, 1st Floor,         Allen, TX 75013.
                                                            Allen, TX 75013.
    Denton (FEMA Docket No.: B-     City of Frisco (15-06- The Honorable Maher Maso,   Engineering Services   May 31, 2016.................       480134
     1607).                          4148P).                Mayor, City of Frisco,      Department, 6101
                                                            6101 Frisco Square          Frisco Square
                                                            Boulevard, Frisco, TX       Boulevard, Frisco,
                                                            75034.                      TX 75034.
    Denton (FEMA Docket No.: B-     Town of Little Elm     The Honorable David         Development Services   May 31, 2016.................       481152
     1607).                          (15-06-4148P).         Hillock, Mayor, Town of     Department, 100 West
                                                            Little Elm, 100 West        Eldorado Parkway,
                                                            Eldorado Parkway, Little    Little Elm, TX 75068.
                                                            Elm, TX 75068.
    El Paso (FEMA Docket No.: B-    City of El Paso (15-   The Honorable Oscar         Land Development       Jun. 9, 2016.................       480214
     1611).                          06-0864P).             Leeser, Mayor, City of El   Department, 801
                                                            Paso, 300 North Campbell    Texas Avenue, El
                                                            Street, El Paso, TX 79901.  Paso, TX 79901.
    Grayson (FEMA Docket No.: B-    City of Denison (15-   The Honorable Jared         City Hall, 500 West    Jun. 8, 2016.................       480259
     1611).                          06-2276P).             Johnson, Mayor, City of     Chestnut Street,
                                                            Denison, P.O. Box 347,      Denison, TX 75020.
                                                            Denison, TX 75021.
    Grayson (FEMA Docket No.: B-    Unincorporated areas   The Honorable Bill Magers,  Grayson County         Jun. 8, 2016.................       480829
     1611).                          of Grayson County      Grayson County Judge, 100   Development Services
                                     (15-06-2276P).         West Houston Street,        Department, 100 West
                                                            Sherman, TX 75090.          Houston Street,
                                                                                Sherman, TX 75090.

    Tarrant (FEMA Docket No.: B-    City of Fort Worth     The Honorable Betsy Price,  City Hall, 1000        May 31, 2016.................       480596
     1607).                          (15-06-0830P).         Mayor, City of Fort         Throckmorton Street,
                                                            Worth, 1000 Throckmorton    Fort Worth, TX 76102.
                                                            Street, Fort Worth, TX
                                                            76102.
    Travis (FEMA Docket No.: B-     City of Pflugerville   The Honorable Jeff          Development Services   Jun. 3, 2016.................       481028
     1611).                          (15-06-3658P).         Coleman, Mayor, City of     Department, 201-B
                                                            Pflugerville, P.O. Box      East Pecan Street,
                                                            589, Pflugerville, TX       Pflugerville, TX
                                                            78660.                      78691.
    Travis (FEMA Docket No.: B-     Unincorporated areas   The Honorable Sarah         Travis County          Jun. 3, 2016.................       481026
     1611).                          of Travis County (15-  Eckhardt, Travis County     Engineering
                                     06-3658P).             Judge, P.O. Box 1748,       Department, 700
                                                            Austin, TX 78767.           Lavaca Street,
                                                                                Austin, TX 78767.
Virginia:                           Unincorporated areas   The Honorable Steve A.      Chesterfield County    Jun. 10, 2016................       510035
Chesterfield (FEMA Docket No.: B-    of Chesterfield        Elswick, Chairman,          Department of
 1611)                               County (15-03-2769P).  Chesterfield County Board   Environmental
                                                            of Supervisors, P.O. Box    Engineering, 9800
                                                            40, Chesterfield, VA        Government Center
                                                            23832.                      Parkway,
                                                                                Chesterfield, VA
                                                                                23832.
    Fauquier (FEMA Docket No.: B-   Unincorporated areas   The Honorable Chester W.    Fauquier County        Jun. 9, 2016.................       510055
     1611).                          of Fauquier County     Stribling, Chairman,        Department of
                                     (15-03-0741P).         Fauquier County Board of    Community
                                                            Supervisors, 10 Hotel       Development, Zoning
                                                            Street, Suite 208,          and Development
                                                            Warrenton, VA 20186.        Services, 29 Ashby
                                                                                Street, Suite 310,
                                                                                Warrenton, VA 20186.
    Mecklenburg (FEMA Docket, No.:  Unincorporated areas   The Honorable Glenn E.      Mecklenburg County     May 26, 2016.................       510189
     B-1607).                        of Mecklenburg         Barbour, Chairman,          Zoning Department,
                                     County (15-03-1485P).  Mecklenburg County Board    P.O. Box 307,
                                                            of Supervisors, P.O. Box    Boydton, VA 23917.
                                                            729, South Hill, VA 23970.
--------------------------------------------------------------------------------------------------------------------------------------------------------

[FR Doc. 2016-18970 Filed 8-9-16; 8:45 am]
 BILLING CODE 9110-12-P


[Federal Register Volume 77, Number 218 (Friday, November 9, 2012)]
[Notices]
[Pages 67419-67420]
[FR Doc No: 2012-27362]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68156; File No. SR-NYSEMKT-2012-57]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Amend the NYSE
Amex Options Fee Schedule To Remove Dividend Spreads From the List of
Strategy Executions for Which Fee Caps Apply

November 5, 2012.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act''),\2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on October 24, 2012, NYSE MKT LLC (the ``Exchange'' or
``NYSE MKT'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \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 to amend the NYSE Amex Options Fee Schedule
(``Fee Schedule'') to remove dividend spreads from the list of strategy
executions for which fee caps apply. The text of the proposed rule
change is available on the Exchange's Web site at www.nyse.com, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend its Fee Schedule to remove dividend
spreads from the list of strategy executions for which fee caps apply.
The proposed fee change will be operative on November 1, 2012.
    Under the Exchange's current Fee Schedule, there is a $750 cap on
transaction fees for strategy executions involving (a) reversals and
conversions,\4\ (b) dividend spreads,\5\ (c) box spreads,\6\ (d) short
stock interest spreads,\7\ (e) merger spreads,\8\ and (f) jelly
rolls\9\ (``Strategy Executions''). The cap applies to each Strategy
Execution executed on the same trading day in the same option class.
Transaction fees for Strategy Executions are further capped at $25,000
per month per initiating firm. Manual Broker Dealer and Firm
Proprietary Strategy trades that do not reach the $750 cap are billed
at $0.25 per contract.\10\
---------------------------------------------------------------------------

    \4\ A ``reversal'' is established by combining a short security
position with a short put and a long call position that shares the
same strike and expiration. A ``conversion'' is established by
combining a long position in the underlying security with a long put
and a short call position that shares the same strike and
expiration.
    \5\ A ``dividend spread'' is defined as transactions done to
achieve a dividend arbitrage involving the purchase, sale and
exercise of in-the-money options of the same class, executed prior
to the date on which the underlying stock goes ex-dividend.
    \6\ A ``box spread'' is defined as transactions involving a long
call option and a short put option at one strike, combined with a
short call option and long put at a different strike, to create
synthetic long and synthetic short stock positions, respectively.
    \7\ A ``short stock interest spread'' is defined as transactions
done to achieve a short stock interest arbitrage involving the
purchase, sale and exercise of in-the-money options of the same
class.
    \8\ A ``merger spread'' is defined as transactions done to
achieve a merger arbitrage involving the purchase, sale and exercise
of options of the same class and expiration date, each executed
prior to the date on which shareholders of record are required to
elect their respective form of consideration, i.e., cash or stock.
    \9\ A ``jelly roll'' is created by entering into two separate
positions simultaneously. One position involves buying a put and
selling a call with the same strike price and expiration. The second
position involves selling a put and buying a call, with the same
strike price, but with a different expiration from the first
position.
    \10\ All Royalty fees associated with Strategy Executions on
Index and Exchange Traded Funds are passed through to trading
participants on the Strategy Executions on a pro-rata basis. These
Royalty fees are not included in the calculation of the $750 per
trade cap or the $25,000 per month strategy fee cap. FLEX Option
trades also are not eligible for strategy treatment. In addition,
any qualifying Strategy Execution executed as a Qualified Contingent
Cross order is ineligible for the fee caps.
---------------------------------------------------------------------------

    The Exchange proposes to remove dividend spreads from the list of
Strategy Executions that are subject to the fee caps. The fee caps may
provide an incentive to engage in the Strategy Executions. The Exchange
has determined that it does not wish to continue to provide an
incentive via its Fee Schedule to engage in dividend spread trading
because this strategy may encourage high volumes of trading of certain
securities near the ex-dividend date and present operational risks to
market participants with respect to clearing, exercise, and assignment
or other issues that may prevent the market participant from the timely
exercise of call options and collecting the dividend owed. As such, the
Exchange proposes to remove dividend spreads from the Strategy
Executions fee caps.
    The Exchange also proposes to specify that, as a result of removing
dividend spreads from the list of Strategy Executions that are subject
to the fee caps, the type of execution that the Exchange currently
considers to be a dividend spread \11\ would no longer be excluded when
determining whether certain other caps and thresholds that exclude
Strategy Executions have been satisfied, as described in the Fee
Schedule. This would apply to (i) the $350,000 cap and the volume
threshold of 3,500,000 contracts described in endnote 5 in the Fee
Schedule (ii) the $100,000 fee cap described in endnote 6 of the Fee
Schedule, (iii) the 75% volume threshold related to Market Maker ATP
fees, (iv) the 120,000 average daily volume (``ADV'') threshold related
to Customer Electronic ADV Tiers, and (v) the 120,000 and 200,000
volume thresholds described in endnote 17 of the Fee Schedule as well
as the rebate referenced therein.\12\ Currently, all Strategy
Executions, including dividend spreads, are excluded from these fee
caps and volume thresholds. However, because dividend spreads would no
longer be considered a Strategy Execution for purposes of billing on
the Exchange, the caps and thresholds would no longer exclude such
executions. However, the Exchange does not anticipate that this would
result in a significant amount of such executions occurring on the
Exchange. In this regard, the Exchange believes that the elimination of
the $750 fee cap would eliminate the incentive for market participants
to effect such executions on the Exchange.
---------------------------------------------------------------------------

    \11\ See supra note 5.
    \12\ The Exchange proposes to remove references to dividend
spreads from endnotes 5 and 6.
---------------------------------------------------------------------------

    The proposed change is not otherwise intended to address any other
matter, and the Exchange is not aware of any significant problem that
the affected

market participants would have in complying with the proposed
change.\13\
---------------------------------------------------------------------------

    \13\ The Exchange is proposing a minor non-substantive change to
the Fee Schedule to correct the grammar of the existing text
therein.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Securities Exchange Act of 1934 (the
``Act''),\14\ in general, and furthers the objectives of Section
6(b)(4) of the Act,\15\ in particular, because it provides for the
equitable allocation of reasonable dues, fees, and other charges among
its members, issuers and other persons using its facilities and does
not unfairly discriminate between customers, issuers, brokers, or
dealers.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange believes that the proposed change is reasonable
because the fee caps may provide an incentive to engage in dividend
spreads and the Exchange has determined that it no longer wishes to
offer any potential incentive via its Fee Schedule in light of the
operational risks that dividend spreads may present. The Exchange also
believes that the proposed change is equitable and not unfairly
discriminatory because it would apply equally to all market
participants and because the remaining Strategy Executions that would
continue to be subject to the fee caps do not present the same type of
potential operational risks.
    Furthermore, it is reasonable to specify that the type of execution
that the Exchange currently considers to be a dividend spread \16\
would no longer be excluded from the fee caps and volume thresholds
described in the Fee Schedule. Specifically, because dividend spreads
would no longer be considered a Strategy Execution for purposes of
billing on the Exchange, the fee caps and volume thresholds would no
longer exclude such executions. However, the Exchange does not
anticipate that this would result in a significant amount of such
executions occurring on the Exchange. In this regard, the Exchange
believes that the elimination of the $750 fee cap would eliminate the
incentive for market participants to effect such executions on the
Exchange. This would also be equitable and not unfairly discriminatory
because it would not differentiate between any particular market
participants when determining whether the fee caps and volume
thresholds have been reached with respect to the inclusion of the type
of execution that the Exchange currently considers to be a dividend
spread.
---------------------------------------------------------------------------

    \16\ See supra note 5.
---------------------------------------------------------------------------

    The Exchange notes that it operates in a highly competitive market
in which market participants can readily favor competing venues. In
such an environment, the Exchange must continually review, and consider
adjusting, its fees and credits to remain competitive with other
exchanges. For the reasons described above, the Exchange believes that
the proposed rule change reflects this competitive environment.

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.

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

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

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \17\ of the Act and subparagraph (f)(2) of Rule
19b-4 \18\ thereunder, because it establishes a due, fee, or other
charge imposed by the NYSE MKT.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78s(b)(3)(A).
    \18\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

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

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-NYSEMKT-2012-57 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-NYSEMKT-2012-57. 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 20549-1090, on official business days between the hours of 10:00
a.m. and 3:00 p.m. Copies of the filing will also be available for
inspection and copying at the NYSE's principal office and on its
Internet Web site at www.nyse.com. 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-NYSEMKT-2012-57 and should be submitted on or before
November 30, 2012.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------

    \19\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-27362 Filed 11-8-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: July 9, 2009 (Volume 74, Number 130)]
[Notices]
[Page 32989-32990]
[DOCID:fr09jy09-123]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60210; File No. SR-Phlx-2009-53]

Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
the Extension of a Pilot Program Relating to Fees Applicable to ``P''
and ``P/A'' Orders

July 1, 2009.
    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 June 29, 2009, NASDAQ OMX PHLX, Inc. (``Phlx'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the 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

    The Exchange proposes to extend for a one-year period until July
31, 2010, a pilot program relating to transaction fees applicable to
the execution of Principal Acting as Agent Orders (``P/A Orders'') \3\
and Principal Orders (``P Orders'') \4\ sent to the Exchange via the
Intermarket Option Linkage (``Linkage'') under the Plan for the Purpose
of Creating and Operating an Intermarket Option Linkage (the
``Plan'').\5\ The current pilot plan is scheduled to expire July 31,
2009.\6\
---------------------------------------------------------------------------

    \3\ A P/A order is an order for the principal account of a
specialist (or equivalent entity on another participant exchange
that is authorized to represent public customer orders), reflecting
the terms of a related unexecuted Public Customer order for which
the specialist is acting as agent. See Exchange Rule 1083(k)(i).
    \4\ A Principal Order is an order for the principal account of
an Eligible Market Maker and is not a P/A Order. See Exchange Rule
1083(k)(ii).
    \5\ See Securities Exchange Act Release Nos. 44482 (July [sic]
27, 2001), 66 FR 35470 (July 5, 2001) (Amendment to Plan to Conform
to the Requirements of Securities Exchange Act Rule 11Acl-7); 43573
(November 16, 2000), 65 FR 70851 (November 28, 2000) (Notice [sic]
of Phlx Joining the Plan); and 43086 (July 28, 2000), 65 FR 48023
(August 4, 2000) (Approval of the Plan).
    \6\ See Securities Exchange Act Release No. 58144 (July 11,
2008), 73 FR 41394 (July 18, 2008) (SR-Phlx-2008-49).
---------------------------------------------------------------------------

    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqomxphlx.cchwallstreet.com/NASDAQOMXPHLX/
Filings/, 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 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 those statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant parts of such
statements.

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

1. Purpose
    The purpose of the proposed rule change is to extend the current
pilot program for one year, through July 31, 2010. No substantive
changes are being made to the pilot as it currently operates other than
to extend the pilot through July 31, 2010.
    Currently, the Exchange charges $0.45 per option contract for P
Orders sent to the Exchange and $0.30 per option contract for P/A
Orders.\7\
---------------------------------------------------------------------------

    \7\ In May 2009, the Exchange increased its transaction fees for
P/A Orders from $0.15 per option contract to $0.30 per option
contract, and for P Orders from $0.25 per option contract to $0.45
per contract. The fee increase was made part of the current pilot
program, which is scheduled to expire July 31, 2009. See Securities
Exchange Act Release No. 59891 (May 8, 2009), 74 FR 22990 (May 15,
2009) (SR-Phlx-2009-24).
---------------------------------------------------------------------------

    By extending the current pilot program, the Exchange should remain
competitive with other exchanges that charge fees for P Orders and P/A
Orders. Consistent with current practice, the Exchange will charge the
clearing member organization of the sender of P Orders and P/A Orders.
Also, consistent with current practice, the Exchange will not charge
for the execution of Satisfaction Orders sent through Linkage.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
Section 6(b) of the Act,\8\ in general, and furthers the objectives of
Section 6(b)(4) \9\ of the Act in particular, in that it is designed to
provide for the equitable allocation of reasonable dues, fees, and
other charges among Exchange members and other persons using its
facilities. The Exchange believes that its proposal to extend the pilot
program relating to transaction fees for Linkage P and P/A Orders
provides for the equitable allocation of reasonable dues, fees, and
other charges among its members by charging the same fees to all such
members using the Exchange's facilities for transaction services
relating to Linkage P Orders, and by charging the same fees to all such
members using the Exchange's facilities for transaction services
relating to Linkage P/A Orders.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

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.

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

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

    Because the foregoing proposed rule change: (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 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, it has become effective pursuant to Section
19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6) thereunder.\11\
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the self-regulatory organization to submit to the
Commission written notice of its intent to file the proposed rule
change, along with a brief description and text of the proposed rule
change, at least five business days prior to the date of filing of
the proposed rule change, or such shorter time as designated by the
Commission. The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the

Commission may summarily abrogate 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-Phlx-2009-53 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-Phlx-2009-53. 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 inspection and
copying 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 such 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-Phlx-2009-53 and should be
submitted on or before July 30, 2009.
---------------------------------------------------------------------------

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

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-16178 Filed 7-8-09; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 88, Number 137 (Wednesday, July 19, 2023)]
[Notices]
[Pages 46369-46370]
[FR Doc No: 2023-15298]

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

DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

[Docket Number FRA-2018-0045]

Petition for Extension of Waiver of Compliance

    Under part 211 of title 49 Code of Federal Regulations (CFR), this
document provides the public notice that on May 4, 2023, Burlington
Junction Railway (BJRY) petitioned the Federal Railroad Administration
(FRA) for an extension of a waiver of compliance from certain
provisions of the Federal railroad safety regulations contained at 49
CFR part 223 (Safety Glazing Standards--Locomotives, Passenger Cars and
Cabooses). The relevant Docket Number is FRA-2018-0045.
    Specifically, BJRY requests relief from Sec.  223.11(a),
Requirements for Existing Locomotives, for one locomotive, BJRY 3236,
for operation on BJRY in Burlington, Iowa. In support of its petition,
BJRY provided documentation

from the City of Burlington, Iowa, Police Department and costs of FRA-
approved glazing on the locomotive.
    A copy of the petition, as well as any written communications
concerning the petition, is available for review online at
www.regulations.gov.
    Interested parties are invited to participate in these proceedings
by submitting written views, data, or comments. FRA does not anticipate
scheduling a public hearing in connection with these proceedings since
the facts do not appear to warrant a hearing. If any interested party
desires an opportunity for oral comment and a public hearing, they
should notify FRA, in writing, before the end of the comment period and
specify the basis for their request.
    All communications concerning these proceedings should identify the
appropriate docket number and may be submitted at https://www.regulations.gov. Follow the online instructions for submitting
comments.
    Communications received by September 18, 2023 will be considered by
FRA before final action is taken. Comments received after that date
will be considered if practicable. Anyone can search the electronic
form of any written communications and comments received into any of
our dockets by the name of the individual submitting the comment (or
signing the document, if submitted on behalf of an association,
business, labor union, etc.). Under 5 U.S.C. 553(c), the U.S.
Department of Transportation (DOT) solicits comments from the public to
better inform its processes. DOT posts these comments, without edit,
including any personal information the commenter provides, to
www.regulations.gov, as described in the system of records notice (DOT/
ALL-14 FDMS), which can be reviewed at https://www.transportation.gov/privacy. See also https://www.regulations.gov/privacy-notice for the
privacy notice of regulations.gov.

    Issued in Washington, DC.
John Karl Alexy,
Associate Administrator for Railroad Safety, Chief Safety Officer.
[FR Doc. 2023-15298 Filed 7-18-23; 8:45 am]
BILLING CODE 4910-06-P


[Federal Register Volume 76, Number 121 (Thursday, June 23, 2011)]
[Notices]
[Pages 36945-36947]
[FR Doc No: 2011-15670]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64699; File No. SR-CBOE-2011-056]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change To Adopt the Selection Specifications and Content Outline
for the Proprietary Traders Examination Program (Series 56)

June 17, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934, 15 U.S.C. 78s(b)(1), notice is hereby given that on June 16,
2011, Chicago Board Options Exchange, Incorporated (``CBOE'' or the
``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 CBOE. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.

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

    Pursuant to the provisions of Section 19(b)(1) of the Securities
Exchange Act of 1934 (the ``Act''),\1\ the Exchange is filing with the
Commission the content outline and selection specifications for the
Proprietary Traders Qualification Examination (``Series 56'') program.
CBOE is not proposing any textual changes to the Rules of CBOE. The
text of the proposed rule change is available on the Exchange's Web
site (http://www.cboe.org/legal), at the Exchange's Office of the
Secretary and at the Commission.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------

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

    In its filing with the Commission, CBOE 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. CBOE 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, Proposed Rule Change

1. Purpose
    Pursuant to Rule 15b7-1,\2\ promulgated under the Exchange Act,\3\
``No registered broker or dealer shall effect any transaction in * * *
any security unless any natural person associated with such broker or
dealer who effects or is involved in effecting such transaction is
registered or approved in accordance with the standards of training,
experience, competence, and other qualification standards * * *
established by the rules of any national securities exchange * * *''
CBOE Rule 3.6A sets forth the requirements for registration and
qualification of individual Trading Permit Holders and individual
associated persons. Specifically, CBOE Rule 3.6A provides that
individual Trading Permit Holders and individual associated persons
that are ``engaged or to be engaged in the securities business of a
Trading Permit Holder or TPH organization shall be registered with the
Exchange in the category of registration appropriate to the function to
be performed as prescribed by the Exchange.'' Further, Rule 3.6A
requires, among other things, that an individual Trading Permit Holder
or individual associated person submit an application for registration
and pass the appropriate qualification examination before the
registration can become effective.
---------------------------------------------------------------------------

    \2\ 17 C.F.R. [sic] 240.15b7-1.
    \3\ 15 U.S.C. 78a et seq.
---------------------------------------------------------------------------

    In accordance with Interpretation and Policy .06 to Rule 3.6A,
those individuals shall be considered to be ``engaged in the securities
business of a Trading Permit Holder or TPH organization'' and subject
to the registration requirements and successful completion of Series 56
if (i) the individual Trading Permit Holder or associated person
conducts proprietary trading, acts as a market-maker, effects
transactions on behalf of a broker-dealer account, supervises or
monitors proprietary trading, market-making or brokerage activities on
behalf of the broker-dealer, supervises or conducts training for those
engaged in proprietary trading, market-making or brokerage activities
on behalf of a broker-dealer account; or (ii) the individual Trading
Permit Holder or associated person engages in the management of any
individual Trading Permit Holder or individual associated person
identified in (i) above as an officer, partner or director.\4\
---------------------------------------------------------------------------

    \4\ In accordance with Rule 3.6A, an individual Trading Permit
Holder or individual associated person that is engaged in the
supervision or monitoring of proprietary trading, market-making or
brokerage activities and/or that is engaged in the supervision or
training of those engaged in proprietary trading, market-making or
brokerage activities with respect to those activities will be
subject to heightened qualification requirements, as prescribed by
the Exchange.
---------------------------------------------------------------------------

    The Series 56 examination tests a candidate's knowledge of
proprietary trading generally and the industry rules applicable to
trading of equity securities and listed options contracts. The Series
56 examination covers, among other things, recordkeeping and recording
requirements, types and characteristics of securities and investments,
trading practices and display execution and trading systems. While the
examination is primarily dedicated to topics related to proprietary
trading, the Series 56 examination also covers a few general concepts
relating to customers.\5\
---------------------------------------------------------------------------

    \5\ The Commission notes that proprietary trading firms do not
have customers.
---------------------------------------------------------------------------

    The Series 56 examination program is shared by CBOE and the
following Self-Regulatory Organizations (``SROs''): Boston Options
Exchange; C2 Options Exchange, Incorporated; Chicago Stock Exchange,
Incorporated; International Securities Exchange, LLC; NASDAQ OMX, BX;
NASDAQ OMX, PHLX; NASDAQ Stock Market LLC; National Stock Exchange,
Incorporated; New York Stock Exchange, LLC; NYSE AMEX, Incorporated;
and NYSE ARCA, Incorporated.
    Upon request by the SROs referenced above, FINRA staff convened a
committee of industry representatives, CBOE staff and staff from the
other SROs referenced above, to develop the criteria for the Series 56
examination program. As a result, CBOE is proposing to set forth the
content of the examination. The qualification examination consists of
100 multiple choice questions. Candidates will have 150 minutes to
complete the exam. The content outline describes the following topical
sections comprising the examination: Personnel, Business Conduct and
Recordkeeping and Reporting Requirements, 9 questions; Markets, Market
Participants, Exchanges, and Self Regulatory Organizations, 8
questions; Types and Characteristics of Securities and Investments, 20
questions; Trading Practices and Prohibited Acts, 50

questions; and Display, Execution and Trading Systems, 13 questions.
Representatives from the applicable self-regulatory organizations shall
meet on a periodic basis to evaluate and, as necessary, update, the
Series 56 examination program.
    CBOE understands that the other applicable SROs will also file with
the Commission similar filings regarding the Series 56 examination
program. CBOE proposes to implement the Series 56 examination program
upon availability in WebCRD. The Exchange shall announce all relevant
dates with respect to the Series 56 examination program through a
Regulatory Circular. The selection specifications for the Series 56
examination, which CBOE has submitted under separate cover to the
Commission with a request for confidential treatment pursuant to the
Commission's confidential treatment procedures under the Freedom of
Information Act,\6\ describe additional confidential information
regarding the examination.
---------------------------------------------------------------------------

    \6\ 17 C.F.R. [sic] 200.83.
---------------------------------------------------------------------------

    As noted in Item 2 of this filing, CBOE is filing the proposed rule
change for immediate effectiveness. CBOE will announce the
implementation date of the proposed rule change in a Regulatory
Circular. The implementation date of the proposed rule change will
coincide with a new release of the WebCRD.\7\
---------------------------------------------------------------------------

    \7\ See Securities Exchange Act Release No. 63314 (November 12,
2010), 75 FR 70957 (November 19, 2010) (SR-CBOE-2010-084).
---------------------------------------------------------------------------

2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Act,\8\ in general, and furthers the objectives of Section 6(b)(1) \9\
of the Act in particular, in that it is designed to enforce compliance
by Exchange members and persons associated with its members with the
rules of the Exchange. The Exchange also believes the proposed rule
change furthers the objectives of Section 6(c)(3) \10\ of the Act,
which authorizes CBOE to prescribe standards of training, experience
and competence for persons associated with CBOE members, in that this
filing comprises the content outline and relevant specifications for
the Series 56 examination program. CBOE believes the Series 56
examination program establishes the appropriate qualifications for an
individual Trading Permit Holder and individual associated person that
is required to register as a Proprietary Trader under Exchange Rule
3.6A, including, but not limited to, Market-Makers, proprietary traders
and individuals effecting transactions on behalf of other broker-
dealers. The Series 56 addresses industry topics that establish the
foundation for the regulatory and procedural knowledge necessary for
individuals required to register as a Proprietary Trader. CBOE will
continue to educate its Trading Permit Holders and nominees of
requirements that are unique to CBOE through its Trading Permit Holder
orientation program.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(1).
    \10\ 15 U.S.C. 78f(c)(3).
---------------------------------------------------------------------------

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

    CBOE does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of purposes of the Act.

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

    Because the foregoing proposed rule does not (i) Significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; and (iii) become operative for
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, provided that the self-regulatory
organization has given the Commission written notice of its intent to
file the proposed rule change at least five business days prior to the
date of filing of the proposed rule change or such shorter time as
designated by the Commission, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act\11\ and Rule 19b-
4(f)(6) thereunder.\12\
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 C.F.R. [sic] 240.19b-4(f)(6).
---------------------------------------------------------------------------

    The Commission believes it is consistent with the protection of
investors and the public interest to waive the 30-day operative delay.
The Series 56 exam will be available as of June 20, 2011, so waiver of
the 30-day operative delay will enable associated persons of CBOE firms
to take the exam as soon as it becomes available. For these reasons,
the Commission hereby waives the 30-day operative delay.\13\
---------------------------------------------------------------------------

    \13\ 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. 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.

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-CBOE-2011-056 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.

All submissions should refer to File Number SR-CBOE-2011-056. 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 such filing also will be available for
inspection and

copying at the principal office of CBOE. 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-2011-056 and should be submitted on
or before July 14, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------

    \14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-15670 Filed 6-22-11; 8:45 am]
BILLING CODE 8011-01-P