[Federal Register Volume 87, Number 205 (Tuesday, October 25, 2022)]
[Notices]
[Page 64505]
[FR Doc No: 2022-23142]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4671-DR; Docket ID FEMA-2022-0001]

Puerto Rico; Amendment No. 10 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of a major disaster declaration
for the Commonwealth of Puerto Rico (FEMA-4671-DR), dated September 21,
2022, and related determinations.

DATES: This amendment was issued October 5, 2022.

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

SUPPLEMENTARY INFORMATION: Notice is hereby given that the incident
period for this disaster is closed effective September 21, 2022.

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

Deanne Criswell,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2022-23142 Filed 10-24-22; 8:45 am]
BILLING CODE 9111-23-P


[Federal Register Volume 76, Number 139 (Wednesday, July 20, 2011)]
[Notices]
[Pages 43364-43366]
[FR Doc No: 2011-18219]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64885; File No. SR-NASDAQ-2011-093]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify Rule 7027 of the NASDAQ Pricing Schedule

July 14, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on July 1, 2011, The NASDAQ Stock Market LLC (the ``Exchange'' or
``NASDAQ'') 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 NASDAQ. 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

    NASDAQ proposes to modify Rule 7027 of its pricing schedule. NASDAQ
will implement the proposed change immediately upon filing. The text of
the proposed rule change is available from NASDAQ's Web site at http://nasdaq.cchwallstreet.com, at NASDAQ's principal office, at the
Commission's Public Reference Room, and at the Commission's Web site at
http://www.sec.gov.

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

    In its filing with the Commission, NASDAQ 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. NASDAQ 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    NASDAQ is amending Rule 7027, which allows affiliated members to
aggregate their activity under certain provisions of NASDAQ's fee
schedule that make fees dependent upon the volume of their activity.
For example, various provisions of Rule 7018 contain pricing tiers,
under which the fees charged to, or rebates received by, members are
dependent upon their share volumes. Affiliated members that might not
qualify for a favorable pricing tier by themselves may be able to
qualify by aggregating their activity.
    Under the rule, a member may request that NASDAQ aggregate its
activity with the activity of its affiliates. A member requesting
aggregation of affiliate activity is required to certify to NASDAQ the
affiliate status of entities whose activity it seeks to aggregate, and
is required to inform NASDAQ immediately of any event that causes an
entity to cease to be an affiliate. In contrast with the common
definition of affiliate, which identifies one entity as an affiliate of
another if it controls it, is controlled by it, or is under common
control with it, Rule 7027 requires that one affiliated member own 100%
of the voting interests in the other, or that they are both under the
common control of a parent that owns 100% of each.
    NASDAQ conducts a review of information regarding the entities, and
reserves the right to request additional information to verify the
affiliate status of an entity. NASDAQ then approves a request unless it
determines that the member's certification is not accurate.\3\ Although
NASDAQ is not changing the process for review and approval, it has
determined that it would promote the clarity of the rule to add text
describing this process.
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    \3\ In the event of an inaccurate certification, NASDAQ would
refer the matter to its regulatory services provider, the Financial
Industry Regulatory Authority (``FINRA''), to investigate whether
the member had violated NASDAQ rules and to take appropriate
disciplinary action.
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    Because NASDAQ's bills are prepared on a monthly basis, recognizing
an affiliation in the middle of a month would require NASDAQ to engage
in a complex proration of members' bills. Accordingly, it has been
NASDAQ's practice to recognize an affiliation request either at the
beginning of the month in which the affiliation occurs or at the
beginning of the following month. NASDAQ believes, however, that the
clarity of the rule would be enhanced by adopting a stated policy with
respect to the timing of recognition of aggregation requests.
Accordingly, NASDAQ is amending the rule by adding a new paragraph
(a)(2). The paragraph stipulates that if two or more members become
affiliated on or prior to the sixteenth day of a month, and submit a
request for aggregation on or prior to the twenty-second day of the
month, an approval of the request by NASDAQ shall be deemed effective
as of the first day of the month. Thus, for example, if one member
acquires another, the acquisition is completed by June 16, and the
members file a request for aggregation by June 22, NASDAQ's approval of
the request would allow the members to aggregate all activity during
June. This would be the case regardless of the time required for NASDAQ
to review and approve the request. However, if members become
affiliated after the sixteenth day of the month, or do not submit a
request for aggregation until after the twenty-second day, the request
would not be recognized until the following month.
    Finally, NASDAQ is replacing references to specific rules
containing fees under which aggregation may occur with a general
reference to ``any provision of the Rule 7000 Series where the charge
assessed, or the credit provided, by NASDAQ depends on the volume of a
member's activity.''
2. Statutory Basis
    NASDAQ believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\4\ in general, and with Section
6(b)(5) of the Act \5\ in particular, in that the proposal is designed
to prevent fraudulent and manipulative acts and practices, to promote
just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest. NASDAQ believes that the
change will result in the adoption of a clear policy with respect to
the meaning, administration, and enforcement of Rule 7027, thereby
promoting members' understanding of the parameters of the rule and the
efficiency of its administration.
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    \4\ 15 U.S.C. 78f.
    \5\ 15 U.S.C. 78f(b)(5).
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    NASDAQ further believes that the proposed rule change is consistent
with Section 6(b)(4) of the Act,\6\ in that it provides for the
equitable allocation of reasonable dues, fees and other charges among
members and issuers and other persons using any facility or system
which NASDAQ operates or controls. All similarly situated members are
subject to the same fee structure, and access to NASDAQ is offered on
fair and non-discriminatory terms. The addition of rule language
stipulating that the timing for recognition of requests for aggregation
is reasonable because it establishes a standard for implementation of
such requests that is easy to administer and that reflects the need for
NASDAQ to review and approve aggregation requests while avoiding the
complexities associated with proration of the bills of members that
affiliate during the course of a month. The provision is equitable
because all members seeking to aggregate their activity are subject to
the same parameters, in accordance with a commonsense standard that
recognizes an affiliation as of the month's beginning closes [sic] in
time to when the affiliation occurs, provided the members submit a
timely filing.
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    \6\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    NASDAQ 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, as amended. Because the market
for order execution and routing is extremely competitive, members may
readily opt to disfavor NASDAQ's execution services if they believe
that alternatives offer them better value. NASDAQ does not believe that
the proposed changes will impair the ability of members or competing
order execution venues to maintain their competitive standing in the
financial markets.

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

    The foregoing rule change has become effective pursuant to Section

19(b)(3)(A)(i) of the Act.\7\ At any time within 60 days of the filing
of the proposed rule change, the Commission summarily may temporarily
suspend such rule change if it appears to the Commission that such
action is necessary or appropriate in the public interest, for the
protection of investors, or otherwise in furtherance of the purposes of
the Act. If the Commission takes such action, the Commission shall
institute proceedings to determine whether the proposed rule should be
approved or disapproved.
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    \7\ 15 U.S.C. 78s(b)(3)(a)(i).
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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-NASDAQ-2011-093 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-NASDAQ-2011-093. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for Web site
viewing and printing in the Commission's Public Reference Room, 100 F
Street, NE., Washington, DC 20549, on official business days between
the hours of 10 a.m. and 3 p.m. Copies of the filing also will be
available for inspection and copying at the principal office of the
Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
NASDAQ-2011-093 and should be submitted on or before August 10, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-18219 Filed 7-19-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 50 (Monday, March 16, 2015)]
[Notices]
[Pages 13647-13650]
[FR Doc No: 2015-05858]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74462; File No. SR-EDGA-2015-13]

Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Related to
Fees for Use of EDGA Exchange, Inc.

March 10, 2015.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on February 26, 2015, EDGA Exchange, Inc. (the ``Exchange'' or
``EDGA'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the Exchange. The
Exchange has designated the proposed rule change as one establishing or
changing a member due, fee, or other charge imposed by the Exchange
under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2)
thereunder,\4\ which renders the proposed rule change effective upon
filing with the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange filed a proposal to amend its fees and rebates
applicable to Members \5\ of the Exchange pursuant to EDGA Rule 15.1(a)
and (c) (``Fee Schedule'') to: (i) Decrease the rebate from $0.00150
per share to $0.00040 per share for orders that yield fee code A, which
routes to the Nasdaq Stock Market LLC (``Nasdaq'') and adds liquidity;
(ii) add new fee code RN, which routes to Nasdaq using the ROOC routing
strategy and adds liquidity; (iii) add a bullet to the General Notes
section regarding the rates that would apply when the New York Stock
Exchange, Inc. (``NYSE'') or NYSE MKT LLC (``NYSE MKT'') declare an
emergency condition under their Rule 49; (iv) add a new pricing tier
called the MidPoint Discretionary Order Add Volume Tier; and (v) amend
footnote 13 regarding how a Member's volume attributed to fee code 5
will be allocated.
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    \5\ The term ``Member'' is defined as ``any registered broker or
dealer, or any person associated with a registered broker or dealer,
that has been admitted to membership in the Exchange. A Member will
have the status of a ``member'' of the Exchange as that term is
defined in Section 3(a)(3) of the Act.'' See Exchange Rule 1.5(n).
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    The text of the proposed rule change is available at the Exchange's
Web site at www.batstrading.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 Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant 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: (i) Decrease the rebate from $0.00150 per
share to $0.00040 per share for orders that yield fee code A, which
routes to Nasdaq and adds liquidity; (ii) add new fee code RN, which
routes to Nasdaq using the ROOC routing strategy and adds liquidity;
(iii) add a bullet to the General Notes section regarding the rates
that would apply when the NYSE or NYSE MKT declare an emergency
condition under their Rule 49; (iv) add a new pricing tier called the
MidPoint Discretionary Order Add Volume Tier; and (v) amend footnote 13
regarding how a Member's volume attributed to fee code 5 will be
allocated.
Fee Code A
    In securities priced at or above $1.00, the Exchange currently
provides a rebate of $0.00150 per share for Members' orders that yield
fee code A, which routes to Nasdaq and adds liquidity. The Exchange
proposes to amend its Fee Schedule to decrease this rebate to $0.00040
per share for Members' orders that yield fee code A. The proposed
change represents a pass through of the rate that BATS Trading, Inc.
(``BATS Trading''), the Exchange's affiliated routing broker-dealer, is
rebated for routing orders in certain symbols to Nasdaq when it does
not qualify for a volume tiered rebate. When BATS Trading routes to
Nasdaq, it is rebated a standard rate of $0.00040 per share for orders
in select symbols (``Nasdaq's Select Symbol Program'').\6\ BATS Trading
will pass through this rate on Nasdaq to the Exchange and the Exchange,
in turn, will pass through this rate to its Members. The Exchange notes
that the proposed change is in response to Nasdaq's January 2015 fee
change where Nasdaq decreased the rebate it provides its customers,
such as BATS Trading, from a rebate of $0.00150 per share to a rebate
of $0.00040 per share for orders in symbols included in Nasdaq's Select
Symbol Program.\7\
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    \6\ The Exchange notes that to the extent BATS Trading does or
does not achieve any volume tiered discount on Nasdaq or routes an
order to Nasdaq in a symbol that is not included in Nasdaq's Select
Symbol Program to receive a rebate of $0.00040 per share, its rate
for Flag A will not change. The Exchange further notes that, due to
billing system limitations that do not allow for separate rates by
tape, it will pass through the lesser rebate of $0.00040 per share
for all Tapes A, B & C securities.
    \7\ See Securities Exchange Act Release No. 73967 (December 30,
2014), 80 FR 594 (January 6, 2015) (SR-Nasdaq-2014-128).
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Fee Code RN
    The Exchange proposes to adopt new fee code RN, which would be
applied to orders routed to Nasdaq using the ROOC routing strategy that
add liquidity. Orders that yield fee code RN will receive a rebate of
$0.00150 per share. The ROOC Routing strategy routes orders to
participate in the opening, re-opening (following a halt, suspension,
or pause), or closing process of a primary listing market (BATS, NYSE,
Nasdaq, NYSE MKT, or NYSE Arca) if received before the opening/re-
opening/closing time of such market. If shares remain unexecuted after
attempting to execute in the opening, re-opening, or closing process,
they are either posted to the EDGA Book, executed, or routed to
destinations on the System routing table. Proposed fee code RN
represents a pass through of the rate that BATS Trading, the Exchange's
affiliated routing broker-dealer, is rebated for routing orders to
Nasdaq in Tape C securities not included in Nasdaq's Select Symbol
Program when it does not qualify for a volume tiered rebate. When BATS
Trading routes to Nasdaq using the ROOC routing strategy, it is rebated
a standard rate of $0.00150 per share for Tape C securities that are
not included in Nasdaq's Select Symbol Program.\8\

BATS Trading will pass through this rate on Nasdaq to the Exchange and
the Exchange, in turn, will pass through this rate to its Members. The
Exchange notes that fee code A above will be applied to all orders
routed to Nasdaq not utilizing the ROOC routing strategy that add
liquidity.
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    \8\ The Exchange notes that to the extent BATS Trading does or
does not achieve any volume tiered discount on Nasdaq or routes an
order to Nasdaq in a symbol that is included in Nasdaq's Select
Symbol Program to receive a rebate of $0.00040 per share, its rate
for Flag RN will not change. The Exchange further notes that, due to
billing system limitations that do not allow for separate rates by
tape, it will pass through the rebate of $0.000150 per share for all
Tapes A, B & C securities that yield fee code RN.
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NYSE and NYSE MKT Rule 49
    The Exchange proposes to add a bullet under the General Notes
section of the Fee Schedule to describe the rates that would apply
where the NYSE or NYSE MKT declare an emergency condition under their
Rule 49. Under NYSE and NYSE MKT Rule 49, the NYSE or NYSE MKT may
invoke their emergency powers during an emergency condition and
designate NYSE Arca, Inc. (``NYSE Arca'') as their backup facility to
receive and process bids and offers and to execute orders on behalf of
the NYSE or NYSE MKT. In such case, the Exchange will route any order
that was intended to be routed to the NYSE or NYSE MKT to NYSE Arca and
the Exchange's System will identify such trades as being executed on
NYSE Arca, not the NYSE or NYSE MKT. Because the executions occurred on
NYSE Arca, NYSE Arca will charge BATS Trading their applicable fee or
rebate, and BATS Trading will pass through that fee or rebate to the
Exchange who would, in turn, pass that rate along to its Members.
Therefore, the Exchange proposes to add a bullet to its Fee Schedule
stating that fee codes applicable to orders routed to NYSE Arca will be
applied to orders routed to the NYSE or NYSE MKT where, pursuant to
NYSE and NYSE MKT Rule 49, the NYSE or NYSE MKT have designated NYSE
Arca as their backup facility to receive and process bids and offers
and to execute orders on behalf of the NYSE or NYSE MKT.
MidPoint Discretionary Order Add Volume Tier
    The Exchange proposes to add a new tier to footnote 4 entitled the
MidPoint Discretionary Order Add Volume Tier. Under the tier, a Member
would qualify for a reduced fee of $0.0003 per share where that Member:
(i) Adds an ADV of at least 0.25% of the TCV including non-displayed
orders that add liquidity; and (ii) adds or removes an ADV of at least
1,500,000 shares yielding fee codes DM or DT. Fee code DM is applied to
Non-Displayed orders that add liquidity using MidPoint Discretionary
orders \9\ and fee code DT is applied to Non-Displayed orders that
remove liquidity using MidPoint Discretionary Orders. Orders that yield
fee code DM or fee code DT are charged a fee of $0.00050 per share. The
addition of the MidPoint Discretionary Order Add Volume Tier is
intended to incentive Members to submit an increased number of MidPoint
Discretionary orders to the Exchange, thereby increasing the liquidity
on the Exchange at the midpoint of the National Best Bid or Offer
(``NBBO'').
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    \9\ See Exchange Rule 11.8(e) for a description of MidPoint
Discretionary orders.
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Footnote 13
    In December 2014, the Exchange added footnote 13 to state that a
Member's monthly volume attributed to fee code 5 will be divided evenly
between the added fee codes and removal fee codes when determining
whether that Member satisfied a certain tier.\10\ At that time, the
Exchange proposed to divide a Member's fee code 5 volume as such
because the Exchange's systems could not delineate orders yielding fee
code 5 that added from those that removed liquidity for purposes of
determining whether a Member satisfied a certain tier.
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    \10\ See Securities Exchange Act Release No. 73781 (December 8,
2014), 79 FR 73925 (December 12, 2014) (SR-EDGA-2014-31).
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    In January 2014, the Exchange and its affiliate, EDGX Exchange,
Inc. (``EDGX'') received approval to effect a merger (the ``Merger'')
of the Exchange's parent company, Direct Edge Holdings LLC, with BATS
Global Markets, Inc., the parent of BATS (together with BATS, EDGA and
EDGX, the ``BGM Affiliated Exchanges'').\11\ In the context of the
Merger, the BGM Affiliated Exchanges migrated EDGX and EDGA onto the
BATS technology platform, which was completed in January 2015. Under
the BATS technology platform, the Exchange is now able to delineate
orders yield fee code 5 that added from those that removed liquidity
for purposes of determining whether a Member satisfies a certain tier.
Therefore, the Exchange proposes to amend footnote 13 to state that a
Member's monthly volume attributed to fee code 5 will be allocated
accordingly between the added fee codes and removal fee codes when
determining whether that Member satisfied a certain tier.
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    \11\ See Securities Exchange Act Release No. 71449 (January 30,
2014), 79 FR 6961 (February 5, 2014) (SR-EDGX-2013-43; SR-EDGA-2013-
34).
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Implementation Date
    The Exchange proposes to implement these amendments to its Fee
Schedule on March 2, 2015.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\12\ in general, and
furthers the objectives of Section 6(b)(4),\13\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its Members and other persons using its
facilities. The Exchange also notes that it operates in a highly-
competitive market in which market participants can readily direct
order flow to competing venues if they deem fee levels at a particular
venue to be excessive. The proposed rule change reflects a competitive
pricing structure designed to incent market participants to direct
their order flow to the Exchange. The Exchange believes that the
proposed rates are equitable and non-discriminatory in that they apply
uniformly to all Members. The Exchange believes the fees and credits
remain competitive with those charged by other venues and therefore
continue to be reasonable and equitably allocated to Members.
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    \12\ 15 U.S.C. 78f.
    \13\ 15 U.S.C. 78f(b)(4).
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Fee Code A
    The Exchange believes that its proposal to decrease the pass
through rebate for Members' orders that yield fee code A from $0.00150
to $0.00040 per share represents an equitable allocation of reasonable
dues, fees, and other charges among Members and other persons using its
facilities. Prior to Nasdaq's Select Symbol Program, Nasdaq provided
BATS Trading a rebate of $0.00150 per share for orders in yielding fee
code A, which BATS Trading passed through to the Exchange and the
Exchange passed through to its Members. In January 2015, Nasdaq
decreased the standard rebate it provides its customers, such as BATS
Trading, from a rebate of $0.00150 per share to a rebate of $0.00040
per share for orders that are routed to Nasdaq in symbols included in
its Select Symbol Program.\14\ Therefore, the Exchange believes that
the proposed change in fee code A from a rebate of $0.00150 per share
to a rebate of $0.00040 per share is equitable and reasonable because
it accounts for the pricing changes on Nasdaq. In addition, the
proposal allows the Exchange to continue to charge its Members a pass-
through rate for orders that are routed to Nasdaq. The Exchange further
notes that, due to billing system limitations that do not allow for
separate rates by security for those included in Nasdaq's Select Symbol

Program, it will pass through the lesser rebate of $0.00040 per share
for all Tapes A, B & C securities routed to Nasdaq. The Exchange notes
that routing through BATS Trading is voluntary. Lastly, the Exchange
also believes that the proposed amendment is non-discriminatory because
it applies uniformly to all Members.
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    \14\ See supra note 6.
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Fee Code RN
    The Exchange believes its proposal to adopt new fee code RN, which
would be applied to orders routed to Nasdaq using the ROOC routing
strategy that add liquidity, represents an equitable allocation of
reasonable dues, fees, and other charges among Members and other
persons using its facilities because the Exchange does not levy
additional fees or offer additional rebates for orders that it routes
to Nasdaq through BATS Trading using the ROOC routing strategy.
Proposed fee code RN represents a pass through of the rate that BATS
Trading, the Exchange's affiliated routing broker-dealer, is rebated
for routing orders to Nasdaq in securities not included in Nasdaq's
Select Symbol Program when it does not qualify for a volume tiered
rebate. When BATS Trading routes to Nasdaq using the ROOC routing
strategy, it is rebated a standard rate of $0.00150 per share for Tape
C securities that are not included in Nasdaq's Select Symbol
Program.\15\ Therefore, the Exchange believes to provide proposed fee
code RN a rebate of $0.00150 per share is equitable and reasonable
because it accounts for pricing on Nasdaq and allows the Exchange to
charge its Members a pass-through rate for orders that are routed to
Nasdaq using the ROOC routing strategy. The Exchange further notes
that, due to billing system limitations that do not allow for separate
rates by security for those included in Nasdaq's Select Symbol Program,
it will pass through the rebate of $0.00150 per share for all Tapes A,
B & C securities routed to Nasdaq yielding fee code RN. The Exchange
notes that routing through BATS Trading is voluntary. Lastly, the
Exchange also believes that the proposed amendment is non-
discriminatory because it applies uniformly to all Members.
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    \15\ See supra note 8.
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NYSE and NYSE MKT Rule 49
    The Exchange believes that adding a bullet under the General Notes
section of the Fee Schedule to describe the rates that would apply
where the NYSE or NYSE MKT declare an emergency condition under their
Rule 49 is reasonable because it is designed to provide greater
transparency to Members by describing which rates would apply in such
circumstances. In the case when NYSE or NYSE MKT invoke their Rule 49,
the Exchange will route any order that was intended for the NYSE or
NYSE MKT to NYSE Arca and the Exchange's System will identify such
trades as being executed on NYSE Arca, not the NYSE or NYSE MKT.
Because the executions occurred on NYSE Arca, NYSE Arca will charge
their applicable fee or rebate. The proposed bullet is intended to make
clear within the Fee Schedule which rate would apply where the NYSE or
NYSE MKT invoke their emergency powers under their Rule 49, thereby
eliminating potential investor confusion, removing impediments to and
perfecting the mechanism of a free and open market and a national
market system, and, in general, protecting investors and the public
interest. The Exchange notes that routing through BATS Trading is
voluntary. Lastly, the Exchange also believes that the proposed
amendment is non-discriminatory because it applies uniformly to all
Members.
MidPoint Discretionary Order Add Volume Tier
    The Exchange believes the proposed MidPoint Discretionary Order Add
Volume Tier represents an equitable allocation of reasonable dues,
fees, and other charges among Members and other persons using its
facilities because it is designed to incentivize Members to increase
their use of MidPoint Discretionary orders on EDGA. MidPoint
Discretionary orders provide liquidity at the midpoint of the NBBO. The
Exchange believes that Members utilizing MidPoint Discretionary orders
that provide liquidity at the midpoint of the NBBO may receive the
benefit of price improvement, and providing a decreased fee for such
orders that meet the tier's qualifications is a reasonable means by
which to encourage the use of such orders. In addition, the Exchange
believes that by encouraging the use of MidPoint Discretionary orders,
Members seeking price improvement would be more motivated to direct
their orders to EDGA because they would have a heightened expectation
of the availability of liquidity at the midpoint of the NBBO. The
Exchange also believes that the proposed addition of the MidPoint
Discretionary Order Add Volume Tier is non-discriminatory because it
will be available to all Members.
Footnote 13
    The Exchange believes proposed footnote 13 stating that a Member's
monthly volume attributed to fee code 5 will be allocated accordingly
between the added fee codes and removal fee codes when determining
whether that Member satisfied a certain tier represents an equitable
allocation of reasonable dues, fees, and other charges. Footnote 13
initially divided a Member's fee code 5 volume as such because fee code
5 includes both added and removed liquidity and the Exchange's systems
could not delineate orders yielding fee code 5 that added from those
that removed liquidity purposes of determining whether a Member
satisfies a certain tier. Under the BATS technology platform, the
Exchange is now able to delineate orders yield fee code 5 that added
from those that removed liquidity for purposes of determining whether a
Member satisfies a certain tier. Therefore, the Exchange believes
amending footnote 13 to state that a Member's monthly volume attributed
to fee code 5 will be allocated accordingly between the added fee codes
and removal fee codes is reasonable because it would provide Members an
accurate understanding of how their orders yielding fee code 5 would be
allocated amongst added and removed volume for purposes of determining
whether they satisfied a certain tier. Lastly, the Exchange also
believes that the proposed amendment is non-discriminatory because it
applies uniformly to all Members.

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

    The Exchange believes its proposed amendments to its Fee Schedule
would not impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
does not believe that the proposed change represents a significant
departure from previous pricing offered by the Exchange or pricing
offered by the Exchange's competitors. Additionally, Members may opt to
disfavor the Exchange's pricing if they believe that alternatives offer
them better value. Accordingly, the Exchange does not believe that the
proposed change will impair the ability of Members or competing venues
to maintain their competitive standing in the financial markets.
Fee Code A
    The Exchange believes that its proposal to pass through a rebate of
$0.00040 per share for Members' orders

that yield fee code A would increase intermarket competition because it
offers customers an alternative means to route to Nasdaq for a similar
rate as entering orders in certain symbols on Nasdaq directly. The
Exchange believes that its proposal would not burden intramarket
competition because the proposed rate would apply uniformly to all
Members.
Fee Code RN
    The Exchange believes that its proposal to add fee code RN for
orders that route to Nasdaq using the ROOC routing strategy and pass
through a rebate of $0.00150 per share to Members would increase
intermarket competition because it offers customers an alternative
means to route orders to Nasdaq to participate in their opening, re-
opening or closing process for a similar rate as entering orders in
certain symbols on Nasdaq directly. The Exchange believes that its
proposal would not burden intramarket competition because the proposed
rate would apply uniformly to all Members.
NYSE and NYSE MKT Rule 49
    The Exchange believes that adding a bullet under the General Notes
section of the Fee Schedule to describe which rates that would apply
where the NYSE or NYSE MKT declare an emergency condition under their
Rule 49 would not affect intermarket nor intramarket competition
because none of these changes are designed to amend any rebate or alter
the manner in which the Exchange calculates rebates. This change is not
designed to have a competitive impact. Rather, it is intended to make
clear to Members and investors within the Fee Schedule which rate would
apply where the NYSE or NYSE MKT invoke their emergency powers under
their Rule 49, thereby eliminating potential investor confusion.
MidPoint Discretionary Order Add Volume Tier
    The Exchange believes that its proposal to adopt a MidPoint
Discretionary Order Add Volume Tier would increase intermarket
competition because it would incentivize Members to send an increased
amount MidPoint Discretionary orders to the Exchange in order to
qualify for the tier's decreased fee. The Exchange believes that its
proposal would neither increase nor decrease intramarket competition
because the MidPoint Discretionary Order Add Volume Tier would apply
uniformly to all Members and the ability of some Members to meet the
tier would only benefit other Members by contributing to increased
liquidity at the midpoint of the NBBO and better market quality at the
Exchange.
Footnote 13
    The Exchange believes that amending footnote 13 to reflect current
system functionality that orders yielding fee code 5 will be allocated
accordingly amongst added fee codes and removal fee codes would
increase intermarket competition because it would encourage Members to
direct their orders to the Exchange because they would have certainty
as to how their orders will be allocated when determining whether that
Member qualified for a certain pricing tier. The Exchange believes that
its proposal would neither increase nor decrease intramarket
competition because the fee code 5 and footnote 13 would continue to
apply uniformly to all Members.

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

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from Members or other interested
parties.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \16\ and paragraph (f) of Rule 19b-4
thereunder.\17\ At any time within 60 days of the filing of the
proposed rule change, the Commission summarily may temporarily suspend
such rule change if it appears to the Commission that such action is
necessary or appropriate in the public interest, for the protection of
investors, or otherwise in furtherance of the purposes of the Act.
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    \16\ 15 U.S.C. 78s(b)(3)(A).
    \17\ 17 CFR 240.19b-4(f).
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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-EDGA-2015-13 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-EDGA-2015-13. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-EDGA-2015-13, and should be
submitted on or before April 6, 2015.

    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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Brent J. Fields,
Secretary.
[FR Doc. 2015-05858 Filed 3-13-15; 8:45 am]
BILLING CODE 8011-01-P