[Federal Register Volume 79, Number 55 (Friday, March 21, 2014)]
[Notices]
[Pages 15742-15743]
[FR Doc No: 2014-05680]

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ENVIRONMENTAL PROTECTION AGENCY

 [EPA-HQ-OPP-2009-1017; FRL-9905-49]

Methiocarb, Lambda-Cyhalothrin, Permethrin and Prodiamine;
Cancellation Order for Pesticide Registrations and Amendments To
Terminate Certain Uses

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: This notice announces EPA's order for the amendments to
terminate uses, voluntarily requested by the registrants and accepted
by the Agency, of products containing methiocarb, lambda-cyhalothrin
and prodiamine, pursuant to the Federal Insecticide, Fungicide, and
Rodenticide Act (FIFRA). This cancellation order follows a November 29,
2013 Federal Register Notice of Receipt of Requests from the
registrants listed in Table 2 of Unit II. to voluntarily amend to
terminate uses of these product registrations. These are not the last
products containing these pesticides registered for use in the United
States. In the November 29, 2013 notice, EPA indicated that it would
issue an order implementing the amendments to terminate uses, unless
the Agency received substantive comments within the 30 day comment
period that would merit its further review of these requests, or unless
the registrants withdrew their requests. The Agency did not receive any
comments on the notice. Further, the registrants did not withdraw their
requests. Accordingly, EPA hereby issues in this notice a cancellation
order granting the requested amendments to terminate uses. Any
distribution, sale, or use of the products subject to this cancellation
order is permitted only in accordance with the terms of this order,
including any existing stocks provisions. In addition, for pertinent
information relating to the permethrin product name Farnam Purge Plus
Insecticide as published in the November 29, 2013 notice, see Unit II.
of this notice.

DATES: The amendments are effective March 21, 2014.

FOR FURTHER INFORMATION CONTACT: John W. Pates, Jr., Pesticide Re-
Evaluation Division (7508P), Office of Pesticide Programs,
Environmental Protection Agency, 1200 Pennsylvania Ave. NW.,
Washington, DC 20460-0001; telephone number:<PHONE_NUMBER>; email
address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this action apply to me?

    This action is directed to the public in general, and may be of
interest to a wide range of stakeholders including environmental, human
health, and agricultural advocates; the chemical industry; pesticide
users; and members of the public interested in the sale, distribution,
or use of pesticides. Since others also may be interested, the Agency
has not attempted to describe all the specific entities that may be
affected by this action.

B. How can I get copies of this document and other related information?

    The docket for this action, identified by docket identification
(ID) number EPA-HQ-OPP-2009-1017 is available at http://www.regulations.gov or at the Office of Pesticide Programs Regulatory
Public Docket (OPP Docket) in the Environmental Protection Agency
Docket Center (EPA/DC), EPA West Bldg., Rm. 3334, 1301 Constitution
Ave. NW., Washington, DC 20460-0001. The Public Reading Room is open
from 8:30 a.m. to 4:30 p.m., Monday through Friday, excluding legal
holidays. The telephone number for the Public Reading Room is (202)
566-1744, and the telephone number for the OPP Docket is (703) 305-
5805. Please review the visitor instructions and additional information
about the docket available at http://www.epa.gov/dockets.

II. What action is the agency taking?

    This notice announces the amendments to delete uses, as requested
by registrants, of products registered under FIFRA section 3. These
registrations are listed in sequence by registration number in Table 1
of this unit. In addition, pesticide registration number<PHONE_NUMBER>9
and its contents has been removed from the listing in Table 1. EPA
inadvertently listed the permethrin product name Farnam Purge Plus
Insecticide for pesticide registration number<PHONE_NUMBER>9 in the
Federal Register of November 29, 2013 (78 FR 71609) (FRL 9902-77).
Therefore, this action excludes pesticide registration number 000270-
00279 from cancellation at this time. EPA will reissue pesticide
product number<PHONE_NUMBER>9 for voluntary cancellation in a future
Federal Register notice.

      Table 1--Methiocarb, Lambda-Cyhalothrin and Prodiamine Product Registration Amendments to Delete Uses
----------------------------------------------------------------------------------------------------------------
     EPA Registration number                  Product name                           Uses deleted
----------------------------------------------------------------------------------------------------------------
010163-00230.....................  Mesurol Technical Insecticide....  Domestic outdoor and nonresidential turf
                                                                       uses.
066222-00089.....................  Prodiamine 65 WG Herbicide.......  Drainage ditch uses.
081927-00036.....................  Alligare Prodiamine 65 WG          Weed Control on drainage ditches in CA and
                                    Herbicide.                         AZ.
081927-00049.....................  Alligare Prodiamine 4L...........  Weed Control on drainage ditches in CA and
                                                                       AZ.
088541-00001.....................  Willowood Lambda-Cyhalothrin       Indoor and outdoor residential uses.
                                    Technical.
----------------------------------------------------------------------------------------------------------------

    Table 2 of this unit includes the names and addresses of record for
all registrants of the products in Table 1 of this unit, in sequence by
EPA company number. This number corresponds to the first part of the
EPA registration numbers of the products listed in Table 1.

                                    Table 2--Registrants of Amended Products
----------------------------------------------------------------------------------------------------------------
               EPA Company No.                                     Company name and address
----------------------------------------------------------------------------------------------------------------
010163......................................  Gowan Company, P.O. Box 5569, Yuma, AZ 85366.
66222.......................................  Makhteshim Agan of North America, Inc., 3120 Highwoods Blvd.,
                                               Suite 100, Raleigh, NC 27604.
81927.......................................  Alligare, LLC, Agent: Pyxis Regulatory Consulting, Inc., 4110
                                               136th St. NW., Gig Harbor, WA 98332.
88541.......................................  Willowood Lambda Cyhalothrin, LLC, Agent: Wagner Regulatory
                                               Associates, P.O. Box 640, Hockessin, DE 19707-0640.
----------------------------------------------------------------------------------------------------------------

III. Summary of Public Comments Received and Agency Response to
Comments

    During the public comment period provided, EPA received no comments
in response to the November 29, 2013 Federal Register notice announcing
the Agency's receipt of the requests for voluntary amendments to delete
uses of products listed in Table 1 of Unit II.

 IV. Cancellation Order

    Pursuant to FIFRA section 6(f), EPA hereby approves the requested
amendments to terminate uses of methiocarb, lambda-cyhalothrin and
prodiamine registrations identified in Table 1 of Unit II. Accordingly,
the Agency hereby orders that the product registrations identified in
Table 1 of Unit II. are amended to terminate the affected uses. The
effective date of the amendments that are subject of this notice is
March 21, 2014. Any distribution, sale, or use of existing stocks of
the products identified in Table 1 of Unit II. in a manner inconsistent
with any of the provisions for disposition of existing stocks set forth
in Unit VI. will be a violation of FIFRA.

V. What is the agency's authority for taking this action?

    Section 6(f)(1) of FIFRA provides that a registrant of a pesticide
product may at any time request that any of its pesticide registrations
be canceled or amended to terminate one or more uses. FIFRA further
provides that, before acting on the request, EPA must publish a notice
of receipt of any such request in the Federal Register. Thereafter,
following the public comment period, the EPA Administrator may approve
such a request. The notice of receipt for this action was published for
comment on November 29, 2013. The comment period closed on December 30,
2013.

VI. Provisions for Disposition of Existing Stocks

    Existing stocks are those stocks of registered pesticide products
which are currently in the United States and which were packaged,
labeled, and released for shipment prior to the effective date of the
action. The existing stocks provision for the products subject to this
order is as follows.
    Now that EPA has approved product labels reflecting the requested
amendments to delete uses, registrants are permitted to sell or
distribute products listed in Table 1 of Unit II. under the previously
approved labeling until September 21, 2015, a period of 18 months after
publication of the cancellation order in this Federal Register, unless
other restrictions have been imposed. Thereafter, registrants will be
prohibited from selling or distributing the products whose labels
include the deleted uses identified in Table 1 of Unit II., except for
export consistent with FIFRA section 17 or for proper disposal.
    Persons other than the registrant may sell, distribute, or use
existing stocks of products whose labels include the deleted uses until
supplies are exhausted, provided that such sale, distribution, or use
is consistent with the terms of the previously approved labeling on, or
that accompanied, the deleted uses.

List of Subjects

    Environmental protection, Pesticides and pests.

    Dated: March 5, 2014.
Richard P. Keigwin, Jr.,
Director, Pesticide Re-Evaluation Division, Office of Pesticide
Programs.
[FR Doc. 2014-05680 Filed 3-20-14; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 85, Number 134 (Monday, July 13, 2020)]
[Notices]
[Pages 42022-42023]
[FR Doc No: 2020-15064]

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DEPARTMENT OF LABOR

Occupational Safety and Health Administration

[Docket No. OSHA-2009-0026]

Bureau Veritas Consumer Products Services, Inc.: Request for
Renewal of Recognition

AGENCY: Occupational Safety and Health Administration (OSHA), Labor.

ACTION: Notice.

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SUMMARY: In this notice, OSHA announces the application of Bureau
Veritas Consumer Products Services, Inc. requesting renewal of
recognition as a Nationally Recognized Testing Laboratory (NRTL).

DATES: Submit comments, information, and documents in response to this
notice, or requests for an extension of time to make a submission, on
or before July 28, 2020.

ADDRESSES: Submit comments by any of the following methods:
    Electronically: You may submit comments and attachments
electronically at: https://www.regulations.gov, which is the Federal
eRulemaking Portal. Follow the instructions online for submitting
comments.
    Facsimile: If your comments, including attachments, are not longer
than 10 pages, you may fax them to the OSHA Docket Office at (202) 693-
1648.
    Mail, hand delivery, express mail, messenger, or courier service:
When using this method, you must submit a copy of your comments and
attachments to the OSHA Docket Office, Docket No. OSHA-2009-0026,
Occupational Safety and Health Administration, U.S. Department of
Labor, Room N-3653, 200 Constitution Avenue NW, Washington, DC 20210.
Deliveries (hand, express mail, messenger, and courier service) are
accepted during the Docket Office's normal business hours, 10:00 a.m.
to 3:00 p.m., ET.
    Instructions: All submissions must include the agency name and the
OSHA docket number (OSHA-2009-0026). OSHA places comments and other
materials, including any personal information, in the public docket
without revision, and these materials will be available online at
http://www.regulations.gov. Therefore, the agency cautions commenters
about submitting statements they do not want made available to the
public, or submitting comments that contain personal information
(either about themselves or others) such as Social Security numbers,
birth dates, and medical data.
    Docket: To read or download comments or other material in the
docket, go to https://www.regulations.gov or the OSHA Docket Office at
the above address. All documents in the docket (including this Federal
Register notice) are listed in the https://www.regulations.gov index;
however, some information (e.g., copyrighted material) is not publicly
available to read or download through the website. All submissions,
including copyrighted material, are available for inspection at the
OSHA Docket Office. Contact the OSHA Docket Office for assistance in
locating docket submissions.
    Extension of comment period: Submit requests for an extension of
the comment period on or before July 28, 2020 to the Office of
Technical Programs and Coordination Activities, Directorate of
Technical Support and Emergency Management, Occupational Safety and
Health Administration, U.S. Department of Labor, 200 Constitution
Avenue NW, Room N-3653, Washington, DC 20210, or by fax to (202) 693-
1644.

FOR FURTHER INFORMATION CONTACT: Information regarding this notice is
available from the following sources:
    Press inquiries: Contact Mr. Frank Meilinger, Director, OSHA Office
of Communications, U.S. Department of Labor, telephone:<PHONE_NUMBER>;
email<EMAIL_ADDRESS>    General and technical information: Contact Mr. Kevin Robinson,
Director, Office of Technical Programs and Coordination Activities,
Directorate of Technical Support and Emergency Management, Occupational
Safety and Health Administration, U.S. Department of Labor, phone:
(202) 693-2110 or email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Background

    OSHA recognition of a NRTL signifies that the organization meets
the requirements in Sec.  1910.7 of title 29, Code of Federal
Regulations (29 CFR 1910.7). Recognition is an acknowledgment that the
organization can perform independent safety testing and certification
of the specific products covered within its scope of recognition and is
not a delegation or grant of government authority. As a result of
recognition, employers may use products properly approved by the NRTL
to meet OSHA standards that require testing and certification. OSHA
maintains an informational web page for each NRTL that details its
scope of recognition available at http://www.osha.gov/dts/otpca/nrtl/index.html.
    The agency processes applications by a NRTL for renewal of
recognition following requirements in appendix A to 29 CFR 1910.7. OSHA
conducts renewals in accordance with the procedures in 29 CFR 1910.7,
appendix A, paragraph II.C. In accordance with these procedures, NRTLs
would submit a renewal request to OSHA, not less than nine months or no
more than one year, before the expiration date of its current
recognition. A request would include a request for renewal and any
additional information the NRTL wishes to submit to demonstrate its
continued compliance with the terms of its recognition and 29 CFR
1910.7. If OSHA has not conducted an on-site assessment of the NRTL's
headquarters and any key sites within the past 18-24 months, it will
schedule the necessary on-site assessments prior to the expiration date
of the NRTL's recognition. Upon review of the submitted material and,
as necessary, the successful completion of the on-site assessment, OSHA
announces its preliminary decision to grant or deny renewal in the
Federal Register and solicit comments from the public. OSHA then
publishes a final Federal Register notice responding to any comments
and renewing the NRTL's recognition for a period of five years, or
denying the renewal of recognition.
    Bureau Veritas Consumer Products Services, Inc. (BVCPS) initially
received OSHA recognition as a NRTL on May 8, 2000 (65 FR 26637), for a
five-year period ending on January 25, 2007. Renewal of this
recognition was granted on April 22, 2014, for a five year period
ending on April 22, 2019. BVCPS submitted a timely request for renewal,
dated May 25, 2018 (OSHA-2009-0026-0082), and retains its recognition
pending OSHA's final decision in this renewal process. The current
address of

the BVCPS facility recognized by OSHA and included as part of the
renewal request is:
    1. Bureau Veritas Consumer Products Services, Inc. (BVCPS),
Littleton Distribution Center, One Distribution Center Circle, Suite
#1, Littleton, Massachusetts 01460.

II. Notice of Preliminary Finding

    OSHA is providing notice that BVCPS is applying for renewal of its
recognition as a NRTL. This renewal covers BVCPS's existing NRTL scope
of recognition. OSHA evaluated BVCPS's application for renewal and
preliminarily determined that BVCPS can continue to meet the
requirements prescribed by 29 CFR 1910.7 for recognition. Accordingly,
OSHA is making a determination that it does not need to conduct an
additional on-site review of BVCPS's facilities based on its
evaluations of BVCPS's application and all other available information.
This information includes OSHA audits of BVCPS recognized NRTL site
during this recognition period, and the satisfactory resolution of non-
conformances with the requirements of 29 CFR 1910.7. This preliminary
finding does not constitute an interim or temporary approval of the
request.
    OSHA welcomes public comment as to whether BVCPS meets the
requirements of 29 CFR 1910.7 for renewal of their recognition as a
NRTL. Comments should consist of pertinent written documents and
exhibits. Commenters needing more time to comment must submit a request
in writing, stating the reasons for the request. OSHA must receive the
written request for an extension by the due date for comments. OSHA
will limit any extension to 30 days unless the requester justifies a
longer period. OSHA may deny a request for an extension if it is not
adequately justified. To obtain or review copies of the publicly
available information in BVCPS's application and other pertinent
documents (including exhibits), as well as all submitted comments,
contact the Docket Office at the address listed above. These materials
also are available online at http://www.regulations.gov under Docket
No. OSHA-2009-0026.
    The NRTL program staff will review all comments to the docket
submitted in a timely manner and, after addressing the issues raised by
these comments, will make a recommendation to the Assistant Secretary
on whether to grant BVCPS's application for renewal. The Assistant
Secretary will make the final decision on granting the application and,
in making this decision, may undertake other proceedings prescribed in
appendix A to 29 CFR 1910.7.
    OSHA will publish a public notice of this final decision in the
Federal Register.

III. Authority and Signature

    Loren Sweatt, Principal Deputy Assistant Secretary of Labor for
Occupational Safety and Health, U.S. Department of Labor, Washington,
DC 20210, authorized the preparation of this notice. Accordingly, the
agency is issuing this notice pursuant to Section 8(g)(2) of the
Occupational Safety and Health Act of 1970 (29 U.S.C. 657(g)(2)),
Secretary of Labor's Order No. 1-2012 (77 FR 3912, Jan. 25, 2012), and
29 CFR 1910.7.

    Signed at Washington, DC, on July 7, 2020.
Loren Sweatt,
Principal Deputy Assistant Secretary of Labor for Occupational Safety
and Health.
[FR Doc. 2020-15064 Filed 7-10-20; 8:45 am]
BILLING CODE 4510-26-P


ASTM Solid Fuel Appliance Test Methods

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oo ASTM E2779 - 10 Standard Test Method for Determining Particulate Matter Emissions from Pellet Heaters
oo ASTM E2780 - 10 Standard Test Method for Determining Particulate Matter Emissions from Wood Heaters
oo ASTM E2817 - 11 Standard Test Method for Test Fueling Masonry Heaters
oo ASTM E2618 - 09 Standard Test Method for Measurement of Particulate Emissions and Heating Efficiency of Outdoor Solid Fuel Fired Hydronic Heating Appliances
oo ASTM E2618 Partial Thermal Storage Hydronic Heater Annex  - Work in Progress
oo ASTM E2558 - 09 Standard Test Method for Determining Particulate Matter Emissions from Fires in Wood Burning Fireplaces


[Federal Register Volume 79, Number 17 (Monday, January 27, 2014)]
[Notices]
[Pages 4366-4371]
[FR Doc No: 2014-01424]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71360; File No. SR-NYSE-2014-02]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing of Proposed Rule Change Amending Supplementary
Material .20 to Rule 103 Which Sets Forth Net Liquid Assets
Requirements for Member Organizations That Operate as Designated Market
Maker Units

January 21, 2014.
    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 January 6, 2014, the New York Stock Exchange LLC (the
``Exchange'' or ``NYSE'') 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\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend Supplementary Material .20 to Rule
103 (``Rule 103.20''), which sets forth net liquid assets requirements
for member organizations that operate as Designated Market Maker
(``DMM'') units (``DMM units''). 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 Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

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

1. Purpose
    The Exchange proposes to amend Rule 103.20, which sets forth net
liquid assets requirements for member organizations that operate as DMM
units.\3\ Specifically, the Exchange proposes to change the types of
financial assets and resources that would count toward meeting the net
liquid assets requirement without reducing the level of the overall
requirement and reorganize and add detail to the rule so that it is
easier to understand.
---------------------------------------------------------------------------

    \3\ Pursuant to Rule 2(j), a DMM unit is defined as a member
organization or unit within a member organization that has been
approved to act as a DMM unit under Rule 98. Pursuant to Rule 2(i),
a DMM is defined as an individual member, officer, partner, employee
or associated person of a DMM unit who is approved by the Exchange
to act in the capacity of a DMM. All references to rules herein are
to NYSE rules, unless otherwise noted.
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Current Rule
    Under Rule 103.20, the Exchange imposes a net liquid assets
requirement on each DMM unit subject to Rule 104 that typically far
exceeds the minimum net capital requirement applicable to a broker-
dealer under Commission Rule 15c3-1 (``SEC Net Capital Rule'').\4\ The
purpose of the Exchange's requirement is to reasonably assure that each
DMM unit maintains sufficient liquidity to carry out its obligation to
maintain an orderly market in its assigned securities in times of
market stress. The Exchange established the formula for the current net
liquid assets requirement in July 2011, which results in the aggregate
net

liquid assets of all DMM units equaling at least $125 million.\5\
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    \4\ 17 CFR 240.15c3-1.
    \5\ See Securities Exchange Act Release No. 64918 (July 19,
2011), 76 FR 44390 (July 25, 2011) (SR-NYSE-2011-35).
---------------------------------------------------------------------------

    Under current Rule 103.20, each DMM unit must maintain or have
allocated to it net liquid assets that are the greater of (1) $1
million or (2) $125,000 for each one-tenth of one percent (0.1%) of
Exchange transaction dollar volume \6\ in its registered securities
exclusive of Exchange Traded Funds (``ETFs''), plus $500,000 for each
ETF, plus a market risk add-on of the average of the prior 20 business
days' securities haircuts on its DMM dealer's positions computed
pursuant to paragraph (c)(2)(vi), exclusive of paragraph (N), under the
SEC Net Capital Rule. If the DMM unit is registered in ETFs, then it
must maintain the greater of $500,000 for each ETF or $1 million. A DMM
unit must inform NYSE Regulation immediately whenever the DMM unit is
unable to comply with these requirements.
---------------------------------------------------------------------------

    \6\ The term ``Exchange transaction dollar volume'' means the
most recent Statistical Data, calculated and provided by the NYSE on
a monthly basis.
---------------------------------------------------------------------------

    The term ``net liquid assets'' is defined as excess net capital
computed in accordance with the SEC Net Capital Rule and Rule 325, with
the following adjustments:
    (1) Additions for haircuts and undue concentration charges taken
pursuant to Section (c)(2)(vi)(M) of the SEC Net Capital Rule on
registered securities in dealer accounts;
    (2) Deductions for clearing organization deposits; and
    (3) Deductions for any cash surrender value of life insurance
policies allowable under the SEC Net Capital Rule.
    If two or more DMM units are associated with each other and deal
for the same DMM unit account, then the capital requirement of Rule
103.20 applies to such DMM units as one unit, rather than to each DMM
unit individually. Any joint account must be approved by NYSE
Regulation.
    Notwithstanding Rule 98, the DMM unit's net liquid assets needed to
meet the requirements of Rule 103.20 must be dedicated exclusively to
DMM dealer activities and must not be used for any other purpose
without the express written consent of NYSE Regulation.
    Solely for the purpose of maintaining a fair and orderly market,
NYSE Regulation may, for a period not to exceed five business days,
allow a DMM unit to continue to operate despite such DMM unit's
noncompliance with the provisions of the minimum requirements of Rule
103.20.
Developments Since July 2011 Rule Implementation
    A determination of whether Rule 103.20 is appropriately calibrated
such that it is consistent with the overall level of DMM unit risk
involves consideration and assessment of many factors, including legal
and regulatory developments, market fragmentation, DMM unit end-of-day
inventory positions and position duration, and the use of technology to
manage market volatility. Since July 2011, the Exchange has continued
to regularly assess these factors.
    With respect to legal and regulatory developments, the Exchange
states that the allocation of capital by market participants has become
much more disciplined and stringent following passage of the Dodd-Frank
Wall Street Reform and Consumer Protection Act \7\ and in light of the
impending U.S. implementation of the Basel III regulatory capital
reforms from the Basel Committee on Banking Supervision.\8\ DMMs
frequently are established in segregated units where capital cannot be
leveraged across other business activities, as it can in other
traditional market making businesses. The Exchange notes that overall
DMM unit risk levels have continued to decline due to, among other
things, implementation of marketwide volatility controls (e.g., Limit
Up/Limit Down price controls),\9\ enhanced technology resulting in
reduced trading latency levels, clearing organization risk control
enhancements, tighter percentage triggers on marketwide circuit
breakers,\10\ pre-trade risk controls (i.e., SEC Rule 15c3-5,\11\ the
``Market Access Rule''), and clearly defined Clearly Erroneous
Execution parameters and processes.\12\ These initiatives have
contributed to reducing the potential for significant and/or rapid
movements in the market and help DMM units in satisfying their
obligation to maintain an orderly market in assigned securities in
times of market stress. The Exchange also recently filed to adopt
optional ``kill switch'' mechanisms to reduce systemic risk for member
organizations, which is a market-wide initiative that has been
discussed among several U.S. equity exchanges.\13\
---------------------------------------------------------------------------

    \7\ Public Law 111-203, 124 Stat. 1376 (2010).
    \8\ See 78 FR 62018 (October 11, 2013) (Adoption of Regulatory
Capital Rules by the Office of the Comptroller of the Currency and
the Federal Reserve Board: Regulatory Capital, Implementation of
Basel III, Capital Adequacy, Transition Provisions, Prompt
Corrective Action, Standardized Approach for Risk-weighted Assets,
Market Discipline and Disclosure Requirements, Advanced Approaches
Risk-Based Capital Rule, and Market Risk Capital Rule).
    \9\ See, e.g., Securities Exchange Act Release No. 70530
(September 26, 2013), 78 FR 60937 (October 2, 2013) (File No. 4-
631).
    \10\ See Rule 80B.
    \11\ 17 CFR 240.15c3-5.
    \12\ See Rule 128.
    \13\ See Securities Exchange Act Release No. 71164 (December 20,
2013), 78 FR 79044 (December 27, 2013) (SR-NYSE-2013-80).
---------------------------------------------------------------------------

    With respect to market fragmentation, the Exchange notes that both
the overall consolidated Tape A volume as well as the Exchange's
average daily volume of shares traded have declined approximately 30%
since 2010, therefore resulting in less trading both market-wide and at
the Exchange in the securities assigned to DMMs.
    As a result of this decline in marketplace volume and other
factors, the regular need for capital to fund end-of-day position
inventories has also declined. For example, the average value of DMM
units' end-of-day position inventories decreased by over 50% since the
last time the Exchange filed to amend the DMM net capital requirements.
As a result, the need to keep dedicated capital in the DMM unit is
inefficient and this proposal, as described below, would provide for
the ability to utilize capital in a more efficient manner. This
decrease in inventories also indicates that DMM units are carrying
significantly less overnight risk. Moreover, the duration of a position
is also much shorter than it was in years past, which has further
contributed to reducing overall DMM risk. Speed is a key tool for
managing risk, and the Exchange's focus on reducing round-trip order
execution times has helped DMM units reduce exposure time and better
manage their risks, while allowing them to offer better, more
competitively-priced quotes. The Exchange's round trip for marketable
order executions has declined from several hundred milliseconds in Q4
2010 to less than 1 millisecond in Q4 2013, based on an average of the
medians.
    Finally, as the Exchange's marketplace has become more electronic,
DMM units have also increased their utilization of technology to reduce
risk exposure, in particular by using algorithms to adjust prices
quickly in response to market dynamics. In this regard, rapidly
incorporating market information into quotes provides better pricing
for investors, better risk control mechanisms for DMM units and
therefore a marketplace with greater stability and resilience, all of
which the Exchange believes contributes to reducing DMM unit risk.

Proposed Rule Change
    In light of these developments, the Exchange believes that it is
now appropriate to amend the rule to expand the types of financial
assets and resources permitted to be used to meet the net liquid assets
requirement without changing the aggregate level of net liquid assets
maintained by all DMM units. The Exchange notes that the proposed rule
change is designed to promote a more efficient use of capital. The
Exchange believes that the current structure may act as a barrier to
entry for potential new DMM units because market makers and traders on
other U.S. equity exchanges are not subject to any additional net
capital requirements beyond the minimum net capital required by the SEC
Net Capital Rule. Providing a broader range of alternatives for meeting
the net liquid assets requirement would reduce that barrier to entry
and reduce the inefficient use of capital. The Exchange also believes
that Rule 103.20 should be revised and reorganized in a manner that
would make it clearer and easier to understand.
    Proposed Rule 103.20(a) would contain new text setting forth
definitions. The term ``Net Liquid Assets'' would be redefined to mean
the sum of (A) ``Excess Net Capital'' and (B) ``Liquidity'' dedicated
to the DMM unit.\14\ The term ``Excess Net Capital'' would have the
same meaning as the term excess net capital as computed in accordance
with the SEC Net Capital Rule. This would mean the amount identified as
item number 3770 of SEC Form X-17A-5 (``FOCUS Report''), except for DMM
units that compute net capital under the alternative standard, for
which it would mean item number 3910 of the FOCUS Report. The additions
to and deletions from net liquid assets under current Rule
103.20(a)(iv)(A)-(C) as described above would no longer apply.
---------------------------------------------------------------------------

    \14\ The capitalized, defined terms used in the proposed rule
change would have the specific meanings proposed herein. Non-
capitalized forms of the terms (e.g., liquidity instead of
Liquidity) would have the general industry meaning. The Exchange
proposes to amend the title of Rule 103.20 to be ``DMM Financial
Requirements,'' instead of the current ``DMM Capital Requirements''
title, to reflect the proposed alternatives to capital when
determining Net Liquid Assets.
---------------------------------------------------------------------------

    Liquidity would be defined to mean undrawn or actual borrowings
that are dedicated to the DMM unit's business, including:
    (A) Undrawn committed lines of credit from a bank, as defined in
Section 3(a)(6) of the Act; \15\
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78c(a)(6).
---------------------------------------------------------------------------

    (B) undrawn committed lines of credit from an affiliate of the DMM
unit or from the member organization of which the DMM unit is a part;
and
    (C) actual borrowings after the effective date of the rule that (i)
have been used to purchase DMM unit securities, U.S. Treasury
securities, or reverse repurchase agreements collateralized by U.S.
Treasury securities, or (ii) are held as cash.\16\
---------------------------------------------------------------------------

    \16\ If a DMM utilizes an undrawn committed line of credit after
the effective date of the rule to make such purchases, the amount of
the credit line would continue to count toward Liquidity. Any
reduction in the value of purchased securities would be reflected in
Excess Net Capital.
---------------------------------------------------------------------------

    Proposed Rule 103.20(b)(1) would set forth the minimum Net Liquid
Assets requirement. The proposed rule change draws from the text of
current Rules 103.20(a) and (b), but reorders the text using the new
definitions proposed above to make it easier to understand. As noted
above, the aggregate level of Net Liquid Assets of $125 million would
not change, but the permitted components of Net Liquid Assets and
proportions thereof would change. Thus, proposed Rule 103.20(b)(1)
would provide that each DMM unit must at all times maintain or have
allocated to it minimum Net Liquid Assets equal to the greater of (i)
$1 million or (ii) $125,000 for every 0.1% of Exchange Transaction
Dollar Volume \17\ in each of the DMM unit's registered securities. The
market risk add-on requirement under current Rule 103.20(b)(i)(B) as
described above would no longer apply.
---------------------------------------------------------------------------

    \17\ The meaning of Exchange Transaction Dollar Volume would not
change, but it would become a defined term for purposes of Rule
103.20. See, e.g., current Rule 103.20(b)(iii), proposed Rule
103.20(a)(4) and supra note 6.
---------------------------------------------------------------------------

    Under the proposed rule change, there would no longer be a separate
financial requirement for ETFs,\18\ thus harmonizing the financial
requirements applicable to ETFs with those applicable to other
securities. Although the Exchange does not currently list or trade any
ETFs or other exchange traded products (``ETPs''), future business
developments could result in an expansion of products traded on the
Exchange to include them. Under the current rule, if a DMM unit were
assigned a significant number of ETFs, the net liquid assets
requirements for those ETFs would significantly exceed the net liquid
assets requirements applicable to an equal number of other securities.
The Exchange believes that ETFs and ETPs should be subject to the same
requirements as other securities.\19\
---------------------------------------------------------------------------

    \18\ See current Rules 103.20(a)(ii) and (b)(i)(A).
    \19\ The Exchange further notes that the current ETF financial
requirements date back to a time when the overall financial
requirements for specialists (predecessors to DMM units) were
significantly higher, and have not been modernized to account for a
changing micro and macro market structure, despite decreases in the
financial requirements applicable to other securities. See
Securities Exchange Act Release No. 54205 (July 25, 2006), 71 FR
43260 (July 31, 2006) (SR-NYSE-2005-38).
---------------------------------------------------------------------------

    Under proposed Rule 103.20(b)(2), the portion of a DMM unit's Net
Liquid Assets that is derived from Excess Net Capital must at all times
equal or exceed 40% of a DMM unit's total Net Liquid Assets
requirement. Excess Net Capital that is allocated to the DMM unit must
be dedicated exclusively to the DMM unit's activities and may not be
used by other business units within, or for any other purpose of, the
member organization. This is designed to reasonably assure that DMM
units maintain sufficient levels of Excess Net Capital and that their
Net Liquid Assets are not overly weighted with borrowings or credit
lines.
    Proposed Rule 103.20(b)(3) would be substantially the same as
current Rule 103.20(a)(v). The proposed rule would provide that if two
or more DMM units were associated with each other and deal for the same
joint DMM unit account, the Net Liquid Assets requirements enumerated
in proposed Rule 103.20 would apply to such DMM units treated as one
unit, rather than to each DMM unit individually, and any joint account
involving two or more DMM units would be required to be approved in
writing by NYSE Regulation or its designee.
    Under proposed Rule 103.20(b)(4), all Liquidity would be required
to be subject to a written agreement that provided for a commitment
period of not less than 30 calendar days and, once borrowed, an initial
repayment term of not less than 30 calendar days, and an unconditional,
irrevocable commitment with no material adverse change or other
limiting clauses, other than provisions to accelerate the commitment
period to 30 calendar days. Such written agreement must be made
available to the Exchange upon request.
    Under proposed Rule 103.20(b)(5), all Liquidity provided via a
commitment to a DMM unit from an affiliate, or to a DMM unit from the
member organization of which the DMM unit is a part, would be required
to be included in a comprehensive liquidity plan prepared by the
affiliate or the member organization, as the case may be, that provided
for stress testing of the overall Liquidity of all entities that rely
on such Liquidity, including the DMM unit, and the plan must show
excess Liquidity for a period of at least 30 calendar days beyond the
date that the DMM unit is relying on Liquidity for its Net Liquid
Assets computation. The DMM unit would be required to arrange for the

affiliate(s), or the member organization of which the DMM unit is a
part, to submit liquidity plans to the Exchange or its designee upon
request.
    The requirement that DMM units notify the Exchange if they are
unable to satisfy the requirements of Rule 103.20 would be moved from
current Rule 103.20(a)(iii) to proposed Rule 103.20(c), titled
``Notification Requirements,'' and further revised. Proposed Rule
103.20(c)(1) would specify that a DMM unit must immediately notify the
Exchange when (A) the DMM unit's Net Liquid Assets fall below the
minimum requirements; (B) the percentage of Net Liquid Assets derived
from the DMM unit's Excess Net Capital falls below 40% of the total Net
Liquid Assets requirement; (C) Liquidity has a commitment term of less
than 30 calendar days from the date of the DMM unit's Net Liquid Assets
computation; (D) the DMM unit is not in compliance with one or more
terms of its loan or commitment agreements relating to its DMM
activities; or (E) the repayment date of any actual borrowing is 30
days or less. The Exchange would also maintain the current provision
under Rule 103.20(c) that provides the Exchange with the flexibility to
allow a DMM unit to continue to operate as such for a limited period of
time despite not meeting certain requirements of Rule 103.20.
Specifically, proposed Rule 103.20(c)(2) would provide that if the
Exchange received notice of a condition under proposed Rule
103.20(c)(1), the Exchange could allow a DMM unit to continue to
operate as such for a period not to exceed five business days from the
date of such notice in order to permit the DMM unit to resolve such
condition. If the DMM unit were granted such a period and timely
resolved the condition requiring notice under paragraph (c)(1), it
could continue to operate as a DMM unit thereafter. The Exchange notes
that regardless of whether a resolution period was granted, the
Exchange retains the discretion to take enforcement action against any
member organization for non-compliance with the Exchange's rules in
appropriate circumstances.
    The Exchange believes that the proposed change would result in DMM
units maintaining a robust level of capital through a means that is
less burdensome for DMM units to satisfy. The Exchange notes that it
would continue to assess DMM unit financial requirements and that the
Financial Industry Regulatory Authority, Inc. (``FINRA''), on behalf of
the Exchange, would monitor DMM unit Net Liquid Assets on a daily
basis.\20\ The Exchange would notify DMM units of the implementation
date of this rule change via a Member Education Bulletin.
---------------------------------------------------------------------------

    \20\ See Rule 0 (describing the regulatory services agreement
between NYSE and FINRA). In particular, FINRA would monitor actual
DMM unit borrowings after the effective date of the proposed rule to
assess whether proceeds have been used to purchase DMM unit
securities, U.S. Treasury securities, or reverse repurchase
agreements collateralized by U.S. Treasury securities, or are held
as cash. This could be accomplished, for example, by comparing the
timing of the borrowings to the timing of a DMM unit's purchases of
the corresponding assets.
---------------------------------------------------------------------------

    The proposed change is not otherwise intended to address any other
issues and the Exchange is not aware of any problems that DMM units
would have in complying with the proposed change.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\21\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\22\ in particular, because it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to, and
perfect the mechanisms of, a free and open market and a national market
system and, in general, to protect investors and the public interest
and because it is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78f(b).
    \22\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed change would remove
impediments to, and perfect the mechanisms of, a free and open market
and a national market system by reducing the burden on DMM units to
maintain inordinate levels of excess net capital. The Exchange believes
that using Liquidity to satisfy a portion of the DMM unit Net Liquid
Assets requirements would be more efficient and less burdensome than
the existing requirements, under which DMM units must generally
maintain materially more net liquid assets than they have historically
needed on a day-to-day basis. When maintained as excess net capital,
these ``excess'' assets cannot be as efficiently utilized. The Exchange
further anticipates that Liquidity would generally be made available to
a DMM unit at a lower cost than additional capital.
    The Exchange believes that using a combination of Excess Net
Capital and Liquidity for purposes of satisfying the DMM unit Net
Liquid Assets requirement would reasonably assure that DMM units have
sufficient liquidity to carry out their obligations to maintain an
orderly market in their assigned securities in times of market stress.
In this regard, the Exchange notes that overall DMM unit risk levels
have continued to decline due to, among other things, implementation of
marketwide volatility controls (e.g., Limit Up/Limit Down price
controls), enhanced technology resulting in reduced trading latency
levels, clearing organization risk control enhancements, tighter
percentage triggers on marketwide circuit breakers, pre-trade risk
controls (i.e., the Market Access Rule), and clearly defined Clearly
Erroneous Execution parameters and processes. These initiatives have
contributed to reducing the potential for significant and/or rapid
movements in the market and provide support to DMM units in satisfying
their obligation to maintain an orderly market in assigned securities
in times of market stress. An initiative to develop a marketwide ``kill
switch'' to reduce systemic risk has also been discussed among several
U.S. equity exchanges. The Exchange further believes that continued
market fragmentation, the decline in the average value of DMM units'
end-of-day position inventories and the shorter duration of positions,
and improved technology to manage market risk also support the proposed
rule change.
    The need for a source of liquid assets could occur during times of
market stress when DMM units need to acquire more and larger positions
at times when their capital levels are largely comprised of DMM unit
positions and their liquidity has been exhausted. While these purchases
and sales of DMM unit positions are generally ``capital neutral,''
absent a significant market movement, to the extent the DMM unit needs
to engage in additional transactions, it could require additional
liquidity to settle these transactions. The Exchange believes that
requiring at least 40% of the Net Liquid Assets requirement to be
satisfied by Excess Net Capital, rather than Liquidity, would be
consistent with the Act and protect investors and the public interest
because it is set at a level that the Exchange believes exceeds the
amount of capital that historical DMM unit losses have required.
Additionally, 40% would be the minimum level of Excess Net Capital to
satisfy the Net Liquid Assets requirement, such that DMM

units would remain able to maintain higher levels of Excess Net Capital
and therefore be less weighted with Liquidity. Also, while the market
risk add-on under current Rule 103.20(b)(i)(B) would no longer apply to
the amount of Excess Net Capital that the DMM unit must maintain,
neither would the additions to net liquid assets allowed for haircuts
and undue concentration charges under current Rule 103.20(a)(iv),
therefore effectively cancelling each other out.
    The Exchange further believes that the proposed change would
protect investors and the public interest by reducing existing barriers
to entry for new DMM units and mitigating the potential loss of
existing DMM units. Stabilizing and increasing the pool of DMM units
with a more efficient financial structure would be beneficial to the
Exchange and would also enhance market quality and thereby support
investor protection and public interest goals.
    The Exchange believes that harmonizing the financial requirements
applicable to ETFs with those applicable to other securities would
remove impediments to, and perfect the mechanisms of, a free and open
market and a national market system by eliminating a potential
disincentive to seeking appointment as a DMM unit in ETFs. Investors
would continue to be protected and the public interest would continue
to be served because DMM units appointed to ETFs would be subject to
the same Net Liquid Assets requirements as DMM units appointed to other
securities, which would reasonably assure maintenance of sufficient
liquidity to carry out DMM unit obligations to maintain an orderly
market in such assigned ETFs in times of market stress. The Exchange
does not believe that there is a basis to conclude that ETFs subject
DMM units to greater risk than other securities. The Exchange therefore
does not believe that there is a need for DMM units to maintain capital
for ETFs or ETPs at levels that are greater than the levels required
for other securities.
    Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.
    For these reasons, the Exchange believes that the proposal is
consistent with the Act.

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

    In accordance with Section 6(b)(8) of the Act,\23\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The proposed change is designed to amend the
structure of DMM unit financial requirements, but not the overall level
thereof. This proposed change in the structure of required DMM unit
capital would eliminate a potential barrier to entry for new DMM units
and thereby promote intramarket competition.
---------------------------------------------------------------------------

    \23\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

    The Exchange notes that market makers and traders on other U.S.
equity exchanges are not subject to financial requirements beyond those
required by the SEC Net Capital Rule. Nonetheless, DMM units have
unique affirmative obligations and the Exchange continues to believe
that it is appropriate that their financial requirements be higher than
other market participants. The proposal would support intermarket
competition by structuring DMM unit financial requirements in a way
that is more manageable for member organizations, including both
existing and potential future DMM units, and would thereby promote
greater interest in seeking DMM unit appointments on the Exchange
rather than as comparable market participants on other markets.
    Finally, 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 the services it offers and the
requirements it imposes to remain competitive with other U.S. equity
exchanges. For the reasons described above, the Exchange believes that
the proposed rule change reflects this competitive environment.

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

    Within 45 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 or disapprove the 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 email to<EMAIL_ADDRESS>Please include
File Number SR-NYSE-2014-02 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-NYSE-2014-02. 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-NYSE-2014-02 and
should be submitted on or before February 18, 2014.
---------------------------------------------------------------------------

    \24\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\24\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-01424 Filed 1-24-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 89 (Tuesday, May 8, 2018)]
[Notices]
[Pages 20904-20906]
[FR Doc No: 2018-09763]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83159; File No. SR-NYSEAMER-2018-16]

Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend the
Certificate of Incorporation of Its Parent Company NYSE Group, Inc.

May 3, 2018.
    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 April 25, 2018, NYSE American LLC (the ``Exchange'' or
``NYSE American'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I
and II below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange proposes to amend Article X of the certificate of
incorporation of its parent company NYSE Group, Inc. (``NYSE Group'')
and make certain technical and conforming changes. The proposed rule
change is available on the Exchange's website at www.nyse.com, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend Article X (Confidential Amendment)
of the Sixth Amended and Restated Certificate of Incorporation of NYSE
Group (``NYSE Group Certificate'') and make certain technical and
conforming changes.
    NYSE Group owns all of the equity interest in the Exchange and its
national securities exchange affiliates, the New York Stock Exchange
LLC (``NYSE LLC''), NYSE Arca, Inc. (``NYSE Arca''), and NYSE National,
Inc. (``NYSE National''). In turn, NYSE Group is a wholly-owned
subsidiary of NYSE Holdings LLC (``NYSE Holdings''), which is wholly
owned by Intercontinental Exchange Holdings, Inc. (``ICE Holdings'').
ICE Holdings is wholly owned by Intercontinental Exchange Inc.
(``ICE'').\4\
---------------------------------------------------------------------------

    \4\ ICE is a publicly traded company listed on the NYSE.
---------------------------------------------------------------------------

    In 2017, the Exchange amended the certificates of incorporation,
bylaws, and operating agreements, as applicable, of ICE, ICE Holdings,
NYSE Holdings and NYSE Group (collectively, the ``Governing
Documents'').\5\ The changes to the Governing Documents included, among
other things, amendments streamlining references to ICE subsidiaries
that either are or control national securities exchanges, deleting
references to other ICE subsidiaries, and amending provisions relating
to confidential information.\6\ As a result of the changes,
``Exchange'' is defined in each Governing Document as a national
securities exchange registered under Section 6 of the Exchange Act \7\
that is directly or indirectly controlled by the relevant entity.\8\
---------------------------------------------------------------------------

    \5\ The Governing Documents are the Fourth Amended and Restated
Certificate of Incorporation of Intercontinental Exchange, Inc.
(``ICE Certificate''); Eighth Amended and Restated Bylaws of
Intercontinental Exchange, Inc. (``ICE Bylaws''); Ninth Amended and
Restated Certificate of Incorporation of Intercontinental Exchange
Holdings, Inc. (``ICE Holdings Certificate''); Sixth Amended and
Restated Bylaws of Intercontinental Exchange Holdings, Inc. (``ICE
Holdings Bylaws''); Ninth Amended and Restated Limited Liability
Company Agreement of NYSE Holdings LLC (``NYSE Holdings Operating
Agreement''); Fourth Amended and Restated Bylaws of NYSE Group, Inc.
(``NYSE Group Bylaws''); and the NYSE Group Certificate.
    \6\ See Securities Exchange Act Release Nos. 82082 (November 15,
2017), 82 FR 55466 (November 21, 2017) (SR-NYSEAmer-2017-29) (notice
of filing and immediate effectiveness of proposed rule change to
amend the governing documents of the Exchange's intermediate parent
companies) (``Holding Companies Release''); and 80752 (May 24,
2017), 82 FR 25018 (May 31, 2017) (SR- NYSE-2017-13; SR-NYSEArca-
2017-29; SR- NYSEMKT-2017-17; SR-NYSENAT-2017-01) (order approving
proposed rule changes to amend the certificate and bylaws of the
exchange's ultimate parent company) (``Parent Company Release'').
    \7\ 15 U.S.C. 78f.
    \8\ See Holding Companies Release, supra note 6, at 55467; ICE
Certificate, Article V, Section A(3)(a); ICE Bylaws, Article III,
Section 3.15; ICE Holdings Certificate, Article V, Section A(1); ICE
Holdings Bylaws, Article III, Section 3.15; NYSE Holdings Operating
Agreement, Article 1, Section 1.1; NYSE Group Bylaws, Article VII,
Article 7.9(b); and NYSE Group Certificate, Article IV, Section
4(b)(1)(A).
---------------------------------------------------------------------------

    In making such changes, lists of specific entities were replaced
with ``Exchange'' or ``Exchanges,'' as applicable.\9\ For example, in
Article XII, clause (b) of the NYSE Group Certificate, ``the boards of
directors of New York Stock Exchange, NYSE Arca, NYSE Arca Equities,
NYSE MKT and NYSE National or the boards of directors of their
successors'' was amended to ``the boards of directors of each
Exchange.'' \10\
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    \9\ See Holding Companies Release, supra note 6, at 55467, and
Parent Company Release, supra note 6, at 25019. Similarly, the terms
``U.S. Regulated Subsidiary,'' ``U.S. Regulated Subsidiaries,''
``Regulated Subsidiary,'' and ``Regulated Subsidiaries'' were
replaced with ``Exchange'' or ``Exchanges,'' as applicable.
    \10\ See Holding Companies Release, supra note 6, note 12.
---------------------------------------------------------------------------

    However, the NYSE Group Certificate retains one list of specific
entities, which it proposes to amend now. Specifically, in the first
sentence of Article X of the NYSE Group Certificate, the Exchange
proposes to replace ``New York Stock Exchange, NYSE Arca, NYSE Arca
Equities, NYSE MKT and NYSE National'' with ``any Exchange, in each
case to the extent that such entities continue to be controlled,
directly or indirectly, by the Corporation''.\11\
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    \11\ The Exchange's affiliates NYSE LLC, NYSE Arca, and NYSE
National have each submitted substantially the same proposed rule
change to propose the changes described herein. See SR-NYSE-2018-18,
SR-NYSEArca-2018-26, and SR-NYSENAT-2018-05.
---------------------------------------------------------------------------

    The proposed change would not have a substantive effect on what
entities the provision covers. As national securities exchanges
registered under Section 6 of the Exchange Act \12\ that are directly
controlled by NYSE Group, each of the NYSE, NYSE Arca, NYSE MKT (now
NYSE American LLC) \13\ and NYSE National are ``Exchanges'' within the

scope of the definition. The reference to NYSE Arca Equities is
obsolete, as it has been merged out of existence.\14\ As a result, the
change is non-substantive.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f.
    \13\ ``NYSE MKT LLC'' changed its name to ``NYSE American LLC''
in 2017. See Securities Exchange Act Release Nos. 80283 (March 21,
2017), 82 FR 15244 (March 27, 2017) (SR-NYSEMKT-2017-14).
    \14\ See Securities Exchange Act Release No. 81419 (August 17,
2017), 82 FR 40044 (August 23, 2017) (SR-NYSEArca-2017-40).
---------------------------------------------------------------------------

    The Exchange notes that the proposed amendment would make the first
sentence of Article X of the NYSE Group Certificate more consistent
with the use of ``Exchange'' throughout the Governing Documents,
particularly in the confidential information provisions of the ICE
Bylaws, the ICE Holdings Bylaws, and the NYSE Holdings Operating
Agreement, all of which have the text ``any Exchange, in each case to
the extent that such entities continue to be controlled, directly or
indirectly, by the'' Corporation or Company, as applicable.\15\
---------------------------------------------------------------------------

    \15\ See ICE Bylaws, Article VIII, Section 8.1; ICE Holdings
Bylaws, Article VIII, Section 8.1; and NYSE Holdings Operating
Agreement, Article XII, Section 12.1. See also Holding Companies
Release, supra note 6, at 55469.
---------------------------------------------------------------------------

    In addition, technical and conforming changes would be made to the
title, recitals, effective time, date and signature line of the NYSE
Group Certificate.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Exchange Act \16\ in general, and with Section
6(b)(1) \17\ in particular, in that it enables the Exchange to be so
organized as to have the capacity to be able to carry out the purposes
of the Exchange Act and to comply, and to enforce compliance by its
exchange members and persons associated with its exchange members, with
the provisions of the Exchange Act, the rules and regulations
thereunder, and the rules of the Exchange.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(1).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change would enable
the Exchange to continue to be so organized as to have the capacity to
carry out the purposes of the Exchange Act and comply and enforce
compliance with the provisions of the Exchange Act by its members and
persons associated with its members, because the proposed change would
add further clarity and transparency to the Exchange's rules without
having a substantive effect on which entities the provision would
cover. As national securities exchanges registered under Section 6 of
the Exchange Act \18\ that are directly controlled by NYSE Group, each
of the NYSE LLC, NYSE Arca, NYSE American and NYSE National fall within
the scope of the definition of ``Exchange.'' In addition, removing the
obsolete reference to NYSE Arca Equities would contribute to the
orderly operation of the Exchange by adding clarity and transparency to
the Exchange's rules. The Exchange believes that the proposed technical
and conforming changes to the title, recitals, effective time, date and
signature line of the NYSE Group Certificate would contribute to the
orderly operation of the Exchange by adding clarity and transparency to
its rules.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78f.
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    Further, the Exchange notes that the Exchange Act definition of
``exchange'' states that ``exchange'' ``includes the market place and
the market facilities maintained by such exchange.'' \19\ Accordingly,
any market places and market facilities maintained by the Exchange
would fall within the definition of ``Exchange'' and therefore would
fall within the scope of Article X of the NYSE Group Certificate.
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    \19\ 15 U.S.C. 78c(a)(1).
---------------------------------------------------------------------------

    For similar reasons, the Exchange also believes that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\20\ in that
it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system and,
in general, to protect investors and the public interest.
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    \20\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule change would remove
impediments to and perfect the mechanism of a free and open market and
a national market system by simplifying and streamlining the Exchange's
rules and removing an obsolete reference, thereby ensuring that market
participants can more easily navigate, understand and comply with its
rules. In this manner, the proposed change would ensure that persons
subject to the Exchange's jurisdiction, regulators, and the investing
public can more easily navigate and understand the NYSE Group
Certificate.
    In addition, the Exchange believes that the proposed rule change
would remove impediments to and perfect the mechanism of a free and
open market and a national market system, because the proposed change
would conform the text of Article X with the use of ``Exchange''
throughout the Governing Documents, generally, and with the
confidential information provisions of the ICE Bylaws, the ICE Holdings
Bylaws, and the NYSE Holdings Operating Agreement, more specifically.
As a result, the Governing Documents would be more consistent and
persons subject to the Exchange's jurisdiction, regulators, and the
investing public could more easily navigate and understand the NYSE
Group Certificate and the other Governing Documents.

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 Exchange Act. The proposed rule
change is not designed to address any competitive issue but rather is
meant to update and streamline the NYSE Group Certificate to make it
more consistent with the use of ``Exchange'' throughout the Governing
Documents and the confidential information provisions in the ICE
Bylaws, the ICE Holdings Bylaws, and the NYSE Holdings Operating
Agreement. The Exchange believes that the proposed rule change will
serve to promote clarity and consistency, thereby reducing burdens on
the marketplace and facilitating investor protection. The proposed rule
change would result in no concentration or other changes of ownership
of exchanges.

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 change does not:
    (i) Significantly affect the protection of investors or the public
interest;
    (ii) impose any significant burden on competition; and
    (iii) become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, it has
become effective pursuant to Section 19(b)(3)(A) of the Act and Rule
19b-4(f)(6) thereunder.\21\
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    \21\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give 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.

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

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NYSEAmer-2018-16 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-NYSEAmer-2018-16. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEAmer-2018-16, and should be
submitted on or before May 29, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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    \22\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-09763 Filed 5-7-18; 8:45 am]
BILLING CODE 8011-01-P


                                        June 12, 2015 Karl Simon, Director  Transportation and Climate Division Office of Transportation & Air Quality U.S. Environmental Protection Agency 1200 Pennsylvania Ave., NW  Washington, D.C. 20460

Dear Director Simon: In support of the petition for approval of a Renewable Fuel Standard (RFS) pathway for cottonseed oil, the National Cottonseed Products Association (NCPA) is submitting this information on the volumes of biomass-based diesel that would likely be produced in the United States if such a pathway were provided.   As discussed over the past several years since we first submitted our petition, it is difficult to estimate the volumes of biomass-based diesel that would be produced from cottonseed oil due to the number of variables involved.  The factors that will impact the volumes produced include the price of cottonseed oil relative the price of other biomass-based diesel feedstocks and the transportation costs to source the cottonseed oil versus that of other feedstocks. Other factors include the price of petroleum diesel and overall biomass-based diesel market and demand factors, such as the final RFS volume requirements, the status of the biodiesel tax credit, and levels of imports of biomass-based diesel, particularly from Argentina where they have the potential to substantially increase their imports to the United States depending on market conditions, transportation costs, and RFS compliance factors.   Based on the information and resources available to us, the NCPA estimates that the volumes of biomass-based diesel that will be produced using cottonseed oil in the near future will be relatively low, ranging from 3 million gallons to 30 million gallons. This view is based on the higher cost of cottonseed oil (see attachment), the lack of biodiesel production facilities co-located with cottonseed oil processing facilities as there are with soy and canola.  A list of cottonseed oil processing facilities is included on the last page.  For perspective, the volumes of biodiesel produced from canola oil in 2013-2014 ranged from approximately 80-130 million gallons and canola oil was typically priced lower than cottonseed oil during this time and there is at least one large biodiesel production facility co-located with a canola crushing facility. Furthermore, rather than provide blanket approval of the NCPA cottonseed petition, EPA has indicated it intends to require individual biodiesel producers to submit a separate, specific petition to obtain approval for the use of cottonseed oil for RFS eligible biomass-based diesel, and this will also likely depress the amount of cottonseed oil biodiesel production.  The NCPA would like to reiterate that the relatively small amount of biodiesel that will likely be produced from cottonseed oil will make it unlikely that any significant indirect effects will occur as a result of EPA approval of a cottonseed oil RFS pathway.  As stated and supported in our initial petition, cottonseed oil is a by-product of cotton and cottonseed and the utilization of cottonseed oil will not drive or significantly impact cotton demand or production.   Again, the NCPA bases our views on the volumes of biomass-based diesel that will be produced from cottonseed oil on the current and estimated near-term price relationships of cottonseed oil and other RFS approved vegetable oil feedstocks, the capacity of biodiesel production facilities that are in close proximity to cottonseed oil processing facilities, and other market, policy and RFS program factors.  We hope that this information is helpful to EPA in its consideration of a cottonseed oil pathway.  If there is additional information or input the NCPA can provide, please let us know.

Sincerely,

Ben Morgan Executive Vice President

Cottonseed Oil Processing Facilities:

  Archer Daniels Midland Company Locations: Valdosta, Georgia; Memphis, TN; Lubbock, TX; Richmond, TX

 Valley Coop Oil Mill (co-located with biodiesel facility with 3 million gallon capacity) Location: Harlingen, TX   Planters Cotton Oil Location: Pine Bluff, AR  Hartsville Oil Mill Location: Darlington, SC  Producers Co-op Oil Mill Location: Oklahoma City, OK  Delta Oil Mill Locations: Jonestown, MS; Greenwood, MS  PYCO Industries, Inc. Location: Lubbock, TX  J. G. Boswell Company Location: Corcoran, CA


UNITED STATES ENVIRONMENTAL PROTECTION AGENCY

NATIONAL VEHICLE AND FUEL EMISSIONS LABORATORY

2000 TRAVERWOOD DRIVE

ANN ARBOR, MI  48105-2498

									     OFFICE OF

									AIR AND RADIATION

July 28, 2016

MEMORANDUM

SUBJECT: Emissions Modeling Files for Glider Analysis

FROM: David Choi

	 Assessment and Standards Division, Office of Transportation and Air
Quality, US EPA

TO:  Greenhouse Gas Emissions Standards and Fuel Efficiency Standards
for Medium- and Heavy-Duty Engines and Vehicles - Phase 2 - Docket
EPA-HQ-OAR-2014-0827

The purpose of this memorandum is to docket the emissions modeling files
used to estimate the emissions impacts of gliders for the Final
Heavy-Duty GHG Phase 2 standards.  The analysis used the same version of
MOVES used to estimate the emissions impacts of the rules, described in
Section VII of the Preamble.  The MOVES codes and databases can be found
in a separate docket, “Runspecs Model Inputs MOVES Code and Database
for HD GHG Phase 2 FRM Emissions Modeling”.  Table 1 lists and
describes the files included in this docket.

Table 1. Descriptions of the files in the docket

Files	Description

Runspecs_inputDBs_for_gliders.zip

“Gliders_defallveh_CY2025_050616.mrs”

MOVES runspecs used to develop the NOx and PM2.5 emission rates for
tractors with glider controls in CY2025 and 2040

“Gliders_defallveh_CY2040_050616.mrs”

“Gliders_MY1998_NOxPM_CY2025_050716.mrs”

MOVES runspecs used to develop the NOx and PM2.5 emission rates for
tractors without glider controls in CY2025 and 2040, assuming gliders
emit at the level equivalent to the engines meeting the MY 1998-2001
standards

“Gliders_MY1998_NOxPM_CY2040_050716.mrs”

“Gliders_def_NOxPM_071816_CY2017.mrs” to
“Gliders_def_NOxPM_071816_CY2047.mrs”

MOVES runspecs used to develop the NOx and PM2.5 emission rates for
tractors with glider controls used to estimate the MY lifetime impacts,
assuming MY lifetime of 30 years

“Gliders_MY1998_NOxPM_071816_CY2017.mrs” to
“Gliders_MY1998_NOxPM_071816_CY2047.mrs”

MOVES runspecs used to develop the NOx and PM2.5 emission rates for
tractors without glider controls used to estimate the MY lifetime
impacts, assuming MY lifetime of 30 years

“20160217_hdghg2frm_alt1a_in”

The user databases specified in the runspecs

“gliderkit_erbat_in”

GliderImpacts.sas	SAS script used to process the MOVES outputs to
generate the NOx and PM2.5 rates and estimate the inventories for both
CY and MY lifetime analyses

GliderImpacts_051216.xlsb	Spreadsheet used to estimate the NOx and PM2.5
inventories for different scenarios in CY2025 and 2040, using the rates
generated from MOVES runs

Gliders - MY lifetime reductions NOx PM.xlsx	Spreadsheet summarizing the
estimated reductions of glider control for a MY2017 glider vehicle over
30 years


[Federal Register: January 12, 2006 (Volume 71, Number 8)]
[Notices]
[Page 2071]
[DOCID:fr12ja06-101]

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SECURITIES AND EXCHANGE COMMISSION

Issuer Delisting; Notice of Application of NiSource Inc., To
Withdraw Its Common Stock, $.01 Par Value, and the Preferred Stock
Purchase Rights, From Listing and Registration on the Chicago Stock
Exchange, Inc. File No. 1-09779

January 6, 2006.
    On December 13, 2005, NiSource Inc., a Delaware corporation
(``Issuer''), filed an application with the Securities and Exchange
Commission (``Commission''), pursuant to section 12(d) of the
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 12d2-2(d)
thereunder,\2\ to withdraw its common stock, $.01 par value, and the
preferred stock purchase rights (collectively ``Securities''), from
listing and registration on the Chicago Stock Exchange, Inc. (``CHX'').
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78l(d).
    \2\ 17 CFR 240.12d2-2(d).
---------------------------------------------------------------------------

    The Board of Directors (``Board'') of the Issuer approved a
resolution on October 25, 2005 to withdraw the Securities from CHX and
the Pacific Exchange, Inc., (``PCX''). The Issuer stated that the
following reasons factored into the Board's decision to withdraw the
Securities from CHX and PCX: (i) the costs and administrative burdens
of complying with both CHX and PCX rules and regulations outweigh the
utility to the Issuer and its shareholders of having the Securities
listed on such exchange; and (ii) the Securities are listed on the New
York Stock Exchange, Inc. (``NYSE'') and will continue to list on NYSE.
    The Issuer stated in its application that it has complied with
applicable rules of CHX by complying with all applicable laws in the
State of Delaware, the state in which the Issuer is incorporated, and
by providing CHX with the required documents governing the withdrawal
of securities from listing and registration on CHX. The Issuer's
application relates solely to the withdrawal of the Securities from
listing on CHX and shall not affect their continued listing on NYSE or
PCX,\3\ or their obligation to be registered under section 12(b) of the
Act.\4\
---------------------------------------------------------------------------

    \3\ On December 13, 2005, the Issuer filed an application with
the Commission to withdraw the Securities from listing and
registration on PCX. Notice of such application will be published
separately.
    \4\ 15 U.S.C. 78l(b).
---------------------------------------------------------------------------

    Any interested person may, on or before February 1, 2006, comment
on the facts bearing upon whether the application has been made in
accordance with the rules of CHX, and what terms, if any, should be
imposed by the Commission for the protection of investors. All comment
letters may be submitted by either of the following methods:

Electronic Comments

     Send an e-mail to<EMAIL_ADDRESS>Please include
the File Number 1-09779 or;

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-9303.

All submissions should refer to File Number 1-09779. This file number
should be included on the subject line if e-mail is used. To help us
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/delist.shtml). Comments are

also available for public inspection and copying in the Commission's
Public Reference Room. All comments received will be posted without
change; we do not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly.
    The Commission, based on the information submitted to it, will
issue an order granting the application after the date mentioned above,
unless the Commission determines to order a hearing on the matter.
---------------------------------------------------------------------------

    \5\ 17 CFR 200.30-3(a)(1).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\5\
Nancy M. Morris,
Secretary.
[FR Doc. E6-213 Filed 1-11-06; 8:45 am]

BILLING CODE 8010-01-P