[Federal Register Volume 80, Number 38 (Thursday, February 26, 2015)]
[Notices]
[Pages 10549-10551]
[FR Doc No: 2015-03958]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74335; File No. SR-ISE-2015-07]

Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Extend the Limit Up-Limit Down Obvious Error Pilot

February 20, 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 19, 2015, the International Securities Exchange, LLC
(the ``Exchange'' or the ``ISE'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change as
described in Items I and II below, which Items have been prepared by
the self-regulatory organization. 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 the
Substance of the Proposed Rule Change

    The ISE proposes to extend a pilot program under Rule 703A(d) that
suspends Rule 720 regarding obvious errors during Limit and Straddle
States in securities that underlie options traded on the Exchange. The
text of the proposed rule change is available on the Exchange's Web
site (http://www.ise.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 these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
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
    On April 5, 2013,\3\ the Commission approved a proposed rule change
designed to address certain issues related to the Plan to Address
Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS
under the Act (the ``Limit Up-Limit Down Plan'' or the ``Plan'').\4\
The rules adopted in that filing established a one year pilot program
to exclude transactions executed during a Limit State \5\ or Straddle
State \6\ from the obvious error provisions of Rule 720. On April 4,
2014 the Exchange filed to extend this pilot program to its current end
date of February 20, 2015.\7\ The purpose of this filing is to extend
the effectiveness of the pilot program to coincide with the proposed
extension of the Limit Up-Limit Down Plan to October 23, 2015.\8\
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    \3\ See Securities Exchange Act Release No. 69329 (April 5,
2013), 78 FR 21657 (April 11, 2014) (SR-ISE-2013-22) (Approval
Order); 69110 (March 11, 2013) 78 FR 16726 (March 18, 2013) (SR-ISE-
2013-22) (Notice of Filing).
    \4\ See Securities Exchange Act Release No. 67091 (May 31,
2012), 77 FR 33498 (June 6, 2012) (the ``Limit Up-Limit Down
Release'').
    \5\ The term ``Limit State'' means the condition when the
national best bid or national best offer for an underlying security
equals an applicable price band, as determined by the primary
listing exchange for the underlying security. See Rule 703A.
    \6\ The term ``Straddle State'' means the condition when the
national best bid or national best offer for an underlying security
is non-executable, as determined by the primary listing exchange for
the underlying security, but the security is not in a Limit State.
See Rule 703A.
    \7\ See Securities Exchange Act Release No. 71884 (April 7,
2014), 79 FR 20269 (April 11, 2014) (SR-ISE-2014-22).
    \8\ See Exchange Act Release No. 74110 (January 21, 2015), 80 FR
4321 (January 27, 2015) (Eighth Amendment to the Limit-Up Limit-Down
Plan).
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    The Exchange believes the benefits to market participants from this
provision should continue on a pilot basis. The Exchange continues to
believe that adding certainty to the execution of orders in Limit or
Straddle States will encourage market participants to continue to
provide liquidity to the Exchange, and, thus, promote a fair and
orderly market during these periods. Barring this provision, the
obvious error provisions of Rule 720 would likely apply in many
instances during Limit and Straddle States. The Exchange believes that
continuing the pilot will protect against any unanticipated
consequences in the options markets during a Limit or Straddle State.
Thus, the Exchange believes that the protections of current rule should
continue while the industry gains further experience operating the
Plan.
    In connection with this proposed extension, each month the Exchange
shall provide to the Commission, and the public, a dataset containing
the data for each Straddle and Limit State in optionable stocks that
had at least one trade on the Exchange. For each trade on the Exchange,
the Exchange will provide (a) the stock symbol, option symbol, time at
the start of the Straddle or Limit State, an indicator for whether it
is a Straddle or Limit State, and (b) for the trades on the Exchange,
the executed volume, time-weighted quoted bid-ask spread, time-weighted
average quoted depth at the bid, time-weighted average quoted depth at
the offer, high execution price, low execution price, number of trades
for which a request for review for error was received during Straddle
and Limit States, an indicator variable for whether those options
outlined above have a price change exceeding 30% during the underlying
stock's Limit or Straddle State compared to the last available option
price as reported by OPRA before the start of the Limit or Straddle
State (1 if observe 30% and 0 otherwise), and another indicator
variable for whether the option price within five minutes of the
underlying stock leaving the Limit or Straddle State (or halt if
applicable) is 30% away from the price before the start of the Limit or
Straddle State.
    In addition, the Exchange will provide to the Commission, and the
public, no later than May 29, 2015, assessments relating to the impact
of the operation of the obvious error rules during Limit and Straddle
States including: (1) An evaluation of the statistical and economic
impact of Limit and Straddle States on liquidity and market quality in
the options markets, and (2) an assessment of whether the lack of
obvious error rules in effect during the Straddle and Limit States are
problematic.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with the
requirements of the Act and the rules and regulations thereunder that
are applicable to a national securities exchange, and, in particular,
with the requirements of Section 6(b) of the Act.\9\ In particular, the
proposal is consistent

with Section 6(b)(5) of the Act,\10\ because it is designed to promote
just and equitable principles of trade, 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.
Additionally, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \11\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
    \11\ Id.
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    In particular, the Exchange further believes that it is necessary
and appropriate in the interest of promoting fair and orderly markets
to exclude transactions executed during a Limit or Straddle State from
certain aspects of Rule 720. The Exchange believes the application of
the current rule will be impracticable given the lack of a reliable
national best bid or offer in the options market during Limit and
Straddle States, and that the resulting actions (i.e., nullified trades
or adjusted prices) may not be appropriate given market conditions.
Extension of this pilot would ensure that limit orders that are filled
during a Limit or Straddle State would have certainty of execution in a
manner that promotes just and equitable principles of trade, removes
impediments to, and perfects the mechanism of a free and open market
and a national market system. Thus, the Exchange believes that the
protections of the pilot should continue while the industry gains
further experience operating the Plan.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Specifically, the Exchange
believes that, by extending the expiration of the pilot, the proposed
rule change will allow for further analysis of the pilot and a
determination of how the pilot shall be structured in the future. In
doing so, the proposed rule change will also serve to promote
regulatory clarity and consistency, thereby reducing burdens on the
marketplace and facilitating investor protection.

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

    Because the proposed rule change does not (i) significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate if consistent with the protection of investors
and the public interest, the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b-
4(f)(6)(iii) thereunder.\13\
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    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(6)(iii). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the 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.
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    The Exchange has asked the Commission to waive the 30-day operative
delay so that the proposal may become operative immediately upon
filing. The Commission believes that waiving the 30-day operative delay
is consistent with the protection of investors and the public interest,
as it will allow the obvious error pilot program to continue
uninterrupted while the industry gains further experience operating
under the Plan, and avoid any investor confusion that could result from
a temporary interruption in the pilot program. For this reason, the
Commission designates the proposed rule change to be operative upon
filing.\14\
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    \14\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or 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-ISE-2015-07 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-ISE-2015-07. 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 such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-ISE-2015-07, and should be
submitted on or before March 19, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-03958 Filed 2-25-15; 8:45 am]
BILLING CODE 8011-01-P


exposure to any fixed income securities referenced in derivatives
shall be calculated based on the mark-to-market value or exposure of
such derivatives.
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    The Fund will not meet the equity requirements in Nasdaq Rule
5735(b)(1)(A) with respect to Non-Convertible Preferred Securities,
Work Out Securities and Equity-Related Warrants, but will satisfy these
requirements with respect to the ETFs in which the Fund will
invest.\85\ In order to reflect this deviation, the Exchange proposes
that (i) the Fund's investments in equity securities other than Non-
Convertible Preferred Securities, Work Out Securities and Equity-
Related Warrants shall comply with the equity requirements in Nasdaq
Rule 5735(b)(1)(A) \86\ and (ii) the weight of Non-Convertible
Preferred Securities, Equity-Related Warrants and Work Out Securities
in the Fund's portfolio shall together not exceed 30% of the Fund's net
assets. The Exchange believes that these alternative limitations are
appropriate in light of the fact that the Non-Convertible Preferred
Securities, Equity-Related Warrants and Work Out Securities are
providing debt-oriented exposures or are received in connection with
the Fund's previous investment in Debt or fixed income securities, and
all of the other equity securities held by the Fund will comply with
the requirements of Nasdaq Rule 5735(b)(1)(A).
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    \85\ Nasdaq Rule 5735(b)(1)(A)(i)(e) generally requires the U.S.
equity securities to be listed on a national securities exchange.
The Exchange notes that shares of Money Market Funds are not
considered equity securities for the purposes of Nasdaq Rule
5735(b)(1)(A), and that there is no limitation on the percentage of
the Fund's portfolio invested in shares of Money Market Funds, in
accordance with Nasdaq Rule 5735(b)(1)(C)(i).
    \86\ These other equities will consist of ETFs (including money
market ETFs) that provide exposure to fixed income securities and
Debt. The weight of such ETFs in the Fund's portfolio shall not be
limited.
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    The Fund will not meet the requirement in Nasdaq Rule 5735(b)(1)(E)
that no more than 20% of the assets in the Fund's portfolio may be
invested in over-the-counter derivatives. The Fund proposes that no
limit be placed on Interest Rate and Currency Derivatives, which are
necessary and appropriate to allow the Manager and Sub-Advisers to risk
manage the Fund, but that the weight of all other OTC Derivatives
(e.g., credit default swaps) be limited to 10% of the net assets in the
Fund's portfolio. For purposes of this 10% limit on OTC Derivatives,
the weight of such OTC Derivatives will be calculated based on the
mark-to-market value or exposure of such OTC Derivatives. The Exchange
believes that this alternative requirement, which is generally
consistent with the requirement in a previous filing for the listing of
an ETF approved by the Commission,\87\ is appropriate in light of the
fact that Interest Rate and Currency Derivatives are among the most
liquid investment instruments (including not only derivatives but also
securities) in the market \88\ (and are even more liquid than most non-
government or government-guaranteed securities). Based on the data
compiled by the Sub-Adviser in respect to its liquidity policy, these
derivatives are among the most liquid investments traded. In addition,

most Interest Rate Derivatives traded by the Fund are centrally cleared
by regulated clearing firms, and Interest Rate and Currency Derivatives
are subject to trade reporting,\89\ and other robust regulation.\90\
Given the size of the trading market and the regulatory oversight of
the markets, the Exchange believes that Interest Rate and Currency
Derivatives are not readily subject to manipulation. The Exchange also
believes that allowing the Fund to risk manage its portfolio through
the use of Interest Rate and Currency Derivatives without limit is
necessary to allow the Fund to achieve its investment objective and
protect investors.
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    \87\ See Securities Exchange Act Release No. 80657 (May 11,
2017), 82 FR 22702 (May 17, 2017) (SR-NYSEArca-2017-09) (approving
up to 50% of the fund's assets (calculated on the basis of aggregate
gross notional value) to be invested in over-the-counter derivatives
that are used to reduce currency, interest rate, or credit risk
arising from the fund's investments, including forwards, over-the-
counter options, and over-the-counter swaps).
    \88\ Trading in foreign exchange markets averaged $5.1 trillion
per day in April 2016, and 67% of this trading activity was in
derivatives contracts such as currency or foreign exchange forwards,
options and swaps (with the other 33% consisting of spot
transactions). See Bank for International Settlements, Triennal
Central Bank Survey, Foreign Exchange Turnover in April 2016,
available at http://www.bis.org/publ/rpfx16fx.pdf (accessed November
2017). Trading in OTC interest rate derivatives averaged $2.7
trillion per day in April 2016. See Bank for International
Settlements, Triennal Central Bank Survey, OTC Interest Rate
Derivatives Turnover in April 2016, available at http://www.bis.org/publ/rpfx16ir.pdf (accessed November 2017).
    \89\ Transactions in Interest Rate and Currency Derivatives are
required to be reported to a swap data repository, and transactions
in Interest Rate Derivatives and certain Currency Derivatives (i.e.,
Currency Derivatives that are not excluded from the definition of a
``swap'', as described below) are also publicly reported pursuant to
rules issued by the Commodity Futures Trading Commission (``CFTC'').
See 17 CFR parts 43, 45 and 46. Pursuant to Section 1(a)(47)(E) of
the CEA and a related determination by the Department of the
Treasury, physically-settled Currency Derivatives that meet the
definition of ``foreign exchange forwards'' or ``foreign exchange
swaps'' under Sections 1a(24)-(25) of the CEA that are entered into
between eligible contract participants (as defined in the CEA)
(``Excluded Currency Derivatives'') are excluded from the definition
of a ``swap'' under the CEA. See Determination of Foreign Exchange
Swaps and Foreign Exchange Forwards Under the Commodity Exchange
Act, 77 FR 69694 (Nov. 20, 2012). However, as noted above,
transactions in such Excluded Currency Derivatives are required to
be reported to a swap data repository, but they are not subject to
the public reporting requirements.
    \90\ Interest Rate Derivatives and Currency Derivatives other
than Excluded Currency Derivatives are comprehensively regulated as
swaps under the CEA and regulations issued thereunder by the CFTC
and other federal financial regulators. See, e.g., 17 CFR part 23
(capital and margin requirements for swap dealers, business conduct
standards for swap dealers, and swap documentation requirements); 17
CFR part 50 (clearing requirements for swaps). While Excluded
Currency Derivatives are not subject to all swap regulations, they
are subject to the ``business conduct standards'' adopted by the
CFTC pursuant to the CEA. See Section 1(a)(47)(E) of the CEA;
Determination of Foreign Exchange Swaps and Foreign Exchange
Forwards Under the Commodity Exchange Act, 77 FR 69694 (Nov. 20,
2012).
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    The Fund will not comply with the requirement in Nasdaq Rule
5735(b)(1)(D)(i) that at least 90% of the weight of the Fund's holdings
in futures, exchange-traded options, and listed swaps shall, on both an
initial and continuing basis, consist of futures, options, and swaps
for which the Exchange may obtain information via the ISG from other
members or affiliates of the ISG, or for which the principal market is
a market with which the Exchange has a comprehensive surveillance
sharing agreement. Instead, the Exchange proposes that no more than 10%
of the net assets of the Fund will be invested in Exchange-Traded
Derivatives whose principal market is not a member of ISG or is a
market with which the Exchange does not have a comprehensive
surveillance sharing agreement.\91\ The Exchange believes that this
alternative limitation is appropriate because the overall limit on
Exchange-Traded Derivatives whose principal market is not a member of
ISG or is a market with which the Exchange does not have a
comprehensive surveillance sharing agreement will still be low relative
to the overall size of the Fund.
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    \91\ For purposes of this 10% limit, the weight of such
Exchange-Traded Derivatives will be calculated based on the mark-to-
market value or exposure of such Exchange-Traded Derivatives.
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    The Fund will not meet the requirement in Nasdaq Rule
5735(b)(1)(D)(ii) that the aggregate gross notional value of listed
derivatives based on any five or fewer underlying reference assets
shall not exceed 65% of the weight of the Fund's portfolio (including
gross notional exposures), and the aggregate gross notional value of
listed derivatives based on any single underlying reference asset shall
not exceed 30% of the weight of the Fund's portfolio (including gross
notional exposures) because the Fund may maintain significant positions
in Eurodollar and G-7 Sovereign Futures and Options. The Manager has
indicated that obtaining exposure to these investments through futures
contracts is often the most cost efficient method to achieve such
exposure. The Exchange notes that Eurodollar and G-7 Sovereign Futures
and Options are highly liquid investments \92\ and are not subject to
the same concentration risks as Exchange-Traded Derivatives referencing
other assets because of such liquidity. Further, the Exchange notes
that the significantly diminished risk of Treasury Securities is
reflected in their exclusion from the concentration requirements
applicable to fixed income securities in Nasdaq Rule 5735(b)(1)(B)(ii).
The Exchange proposes that the Fund will comply with the concentration
requirements in Nasdaq Rule 5735(b)(1)(D)(ii) except with respect to
the Fund's investment in Eurodollar and G-7 Sovereign Futures and
Options.\93\ The Exchange believes that this alternative limitation is
appropriate to provide the Fund with sufficient flexibility and because
of the highly liquid and transparent nature of

Eurodollar and G-7 Sovereign Futures and Options. Further, as described
above, the G-7 Sovereign Futures and Options in which the Fund invests
will be listed on an exchange that is an ISG member or an exchange with
which the Exchange has a comprehensive surveillance sharing agreement.
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    \92\ See CME Group, Interest Rate Futures Liquidity Metrics
Reach New Highs (October 6, 2017), available at http://www.cmegroup.com/education/interest-rates-liquidity-metrics-reach-new-highs.html (accessed November 2017) (providing statistics
regarding liquidity and open interest in futures and options on
Eurodollars and Treasury Securities, including that during the first
three quarters of 2017, Eurodollar futures and options traded
through CME Group had an average daily open interest of
approximately 53 million contracts and futures and options on
Treasury Securities had an average daily open interest of
approximately 15 million contracts); The Montreal Exchange,
Statistics for Interest Rate Derivatives, Index Derivatives and
Equity Derivatives (September 2017), available at https://www.m-x.ca/f_stat_en/1709_stats_en.pdf (accessed November 2017) (providing
statistics regarding liquidity and open interest in futures and
options on Canadian sovereign debt, including that, as of September
2017, the open interest in futures and options on Canadian sovereign
debt traded on The Montreal Exchange was approximately 560,000
contracts); Eurex Exchange, Benchmark Fixed Income Derivatives,
available at https://www.eurexchange.com/blob/115654/4c51e4b8bc77355475b3b6f46afc0ef1/data/factsheet_eurex_benchmark_fixed_income_derivatives.pdf (accessed
November 2017) (providing statistics regarding liquidity and open
interest in futures and options on German sovereign debt, including
that, as of July 2015, the open interest in futures on German
sovereign debt traded on Eurex was approximately 3,000,000 contracts
and the open interest in options on German sovereign debt futures
traded on Eurex was approximately 3,000,000 contracts); Eurex
Exchange, Eurex Exchange Euro-BTP Futures, Italian Government Bond
Futures, available at http://www.eurexchange.com/blob/115624/6a1281939d15ddbab960af40da6f11dc/data/factsheet_eurex_euro_btp_futures_on_italian_government_bonds.pdf
(accessed November 2017) (providing statistics regarding liquidity
and open interest in futures on Italian sovereign debt, including
that the open interest peaks in 2017 for futures on long-term and
short-term Italian sovereign debt traded on Eurex was approximately
450,000 and 270,000 contracts, respectively); Eurex Exchange, Euro-
OAT Derivatives, French Government Bond Futures and Options,
available at http://www.eurexchange.com/blob/115652/48198ec577f7b3b0ac44d4c5a39ed0de/data/factsheet_eurex_euro_oat_futures_on_french_government_bonds.pdf
(accessed November 2017) (providing statistics regarding liquidity
and open interest in futures on French sovereign debt, including
that, as of July 2017, the open interest in futures on long-term
French sovereign debt traded on Eurex was approximately 600,000
contracts); Intercontinental Exchange, Gilt Futures Overview,
available at https://www.theice.com/publicdocs/futures/Gilt_Futures_Overview.pdf (accessed November 2017) (providing
statistics regarding liquidity and open interest in futures on
British sovereign debt, including that, as of the third quarter of
2014, the open interest in futures on long-term British sovereign
debt traded on the Intercontinental Exchange was approximately
400,000 contracts); Osaka Exchange, Japanese Government Bond Futures
& Options, available at http://www.jpx.co.jp/english/derivatives/products/jgb/jgb-futures/tvdivq0000003n94-att/JGB_FUT_OP_E.pdf
(accessed November 2017) (providing statistics regarding liquidity
and open interest in futures and options on Japanese sovereign debt,
including that as of July 2016, the open interest in futures on 10-
year Japanese sovereign debt traded on the Osaka Exchange was
approximately 80,000 contracts). The Exchange also notes that the
Commission has previously granted exemptions under the Act to
facilitate the trading of futures on sovereign debt issued by each
of the Group of Seven countries (among other countries) and that
such exemptions were based in part on the Commission's assessment of
the sufficiency of the credit ratings and liquidity of such
sovereign debt. See 17 CFR 240.3a12-8; Securities Exchange Act
Release No. 41453 (May 26, 1999), 64 FR 29550 (June 2, 1999).
    \93\ For purposes of this requirement, the weight of the
applicable derivatives will be calculated based on the mark-to-
market value or exposure of such derivatives.
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    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that the Exchange will obtain a representation from the issuer of the
Shares that the NAV per Share will be calculated daily every day that
the Fund is traded, and that the NAV and the Disclosed Portfolio will
be made available to all market participants at the same time. In
addition, a large amount of information will be publicly available
regarding the Fund and the Shares, thereby promoting market
transparency.
    Moreover, the Intraday Indicative Value, available on the Nasdaq
Information LLC proprietary index data service, will be widely
disseminated by one or more major market data vendors at least every 15
seconds during the Exchange's Regular Market Session. On each Business
Day, before commencement of trading in the Shares in the Regular Market
Session on the Exchange, the Fund will disclose on its website the
Disclosed Portfolio of the Fund that will form the basis for the Fund's
calculation of NAV at the end of the Business Day. Information
regarding market price and trading volume of the Shares will be
conditionally available on a real-time basis throughout the day on
brokers' computer screens and other electronic services. Quotation and
last sale information for the Shares will be available via Nasdaq
proprietary quote and trade services, as well as in accordance with the
Unlisted Trading Privileges and the CTA plans for the Shares and for
the following U.S. securities, to the extent they are exchange-listed:
Work Out Securities, Non-Convertible Preferred Securities, Equity-
Related Warrants, convertible fixed income securities and ETFs. Price
information for U.S. exchange-listed options will be available via the
Options Price Reporting Authority and for other U.S. exchange-listed
derivative instruments will be available from the applicable listing
exchange and from major market data vendors. Price information for
restricted securities, including Regulation S and Rule 144A
instruments, will be available from major market data vendors, broker-
dealers and trading platforms. Money Market Funds are typically priced
once each Business Day and their prices will be available through the
applicable fund's website or from major market data vendors.
    For exchange-listed securities (including foreign exchange-listed
securities), equities traded in the over-the-counter market (including
Work Out Securities, Non-Convertible Preferred Securities and ETFs),
Exchange-Traded Derivatives, OTC Derivatives, Debt and fixed income
securities (including convertible fixed income securities), warrants on
fixed income securities and Equity-Related Warrants, intraday price
quotations will generally be available from broker-dealers and trading
platforms (as applicable). Price information will also be available
from feeds from market data vendors, published or other public sources,
or online information services for exchange-listed securities
(including foreign exchange-listed securities), equities traded in the
over-the-counter market (including Work Out Securities, Non-Convertible
Preferred Securities and ETFs), Exchange-Traded Derivatives, Debt and
fixed income securities, warrants on fixed income securities and
Equity-Related Warrants. Additionally, TRACE will be a source of price
information for corporate bonds, privately-issued securities, MBS and
ABS, to the extent transactions in such securities are reported to
TRACE.\94\ Intraday and other price information related to U.S.
government securities, Money Market Funds, and other cash equivalents
that are traded over-the-counter also will be available through
subscription services, such as Bloomberg, Markit and Thomson Reuters,
which can be accessed by APs and other investors. EMMA will be a source
of price information for municipal bonds. Pricing for repurchase
transactions and reverse repurchase agreements entered into by the Fund
are not publicly reported. Prices are determined by negotiation at the
time of entry with counterparty brokers, dealers and banks.
---------------------------------------------------------------------------

    \94\ Broker-dealers that are FINRA member firms have an
obligation to report transactions in specified debt securities to
TRACE to the extent required under applicable FINRA rules.
Generally, such debt securities will have at issuance a maturity
that exceeds one calendar year. For fixed income securities that are
not reported to TRACE, (i) intraday price quotations will generally
be available from broker-dealers and trading platforms (as
applicable) and (ii) price information will be available from market
data vendors, as described above.
---------------------------------------------------------------------------

    The Fund's website will include a form of the prospectus for the
Fund and additional data relating to NAV and other applicable
quantitative information. Moreover, prior to the commencement of
trading, the Exchange will inform its members in an Information
Circular of the special characteristics and risks associated with
trading the Shares. Trading in the Shares of the Fund will be halted
under the conditions specified in Nasdaq Rules 4120 and 4121 or because
of market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable, and trading in the Shares will
be subject to Nasdaq Rule 5735(d)(2)(D), which sets forth circumstances
under which Shares of the Fund may be halted. In addition, as noted
above, investors will have ready access to information regarding the
Fund's holdings, the Intraday Indicative Value, the Disclosed
Portfolio, and quotation and last sale information for the Shares.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
an additional type of actively-managed ETF that will enhance
competition among market participants, to the benefit of investors and
the marketplace.
    For the above reasons, Nasdaq believes the proposed rule change is
consistent with the requirements of Section 6(b)(5) of the Act.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange believes that
the proposed rule change will facilitate the listing and trading of an
additional type of actively-managed ETF that will enhance competition
among market participants, to the benefit of investors and the
marketplace.

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

    No written comments were either solicited or received.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission shall: (a) By order approve
or disapprove such proposed rule change,

or (b) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NASDAQ-2017-128 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-NASDAQ-2017-128. 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-NASDAQ-2017-128 and should be submitted
on or before January 30, 2018.
---------------------------------------------------------------------------

    \95\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\95\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-00161 Filed 1-8-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 34 (Thursday, February 20, 2014)]
[Notices]
[Pages 9736-9737]
[FR Doc No: 2014-03647]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER14-1302-000]

Seminole Retail Energy Services, LLC; Supplemental Notice That
Initial Market-Based Rate Filing Includes Request for Blanket Section
204 Authorization

    This is a supplemental notice in the above-referenced proceeding of
Seminole Retail Energy Services, L.L.C.'s application for market-based
rate authority, with an accompanying rate tariff, noting that such
application includes a request for blanket authorization, under 18 CFR
part 34, of future issuances of securities and assumptions of
liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE., Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is March 4, 2014.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with Internet
access

who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
5 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426.
    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive email notification
when a document is added to a subscribed docket(s). For assistance with
any FERC Online service, please email<EMAIL_ADDRESS>or
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

    Dated: February 12, 2014.
Kimberly D. Bose,
Secretary.
[FR Doc. 2014-03647 Filed 2-19-14; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 197 (Wednesday, October 12, 2011)]
[Proposed Rules]
[Pages 63251-63252]
[FR Doc No: 2011-26314]

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

40 CFR Parts 52 and 97

[EPA-HQ-OAR-2009-0491; FRL-9478-6]
RIN 2060-AR22

Revisions to Federal Implementation Plans To Reduce Interstate
Transport of Fine Particulate Matter and Ozone

AGENCY: Environmental Protection Agency (EPA).

ACTION: Announcement of public hearing.

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SUMMARY: EPA is announcing that a public hearing will be held on
October 28, 2011, for the proposed rule, ``Revisions to the Federal
Implementation Plans to Reduce Interstate Transport of Fine Particulate
Matter and Ozone'', which was signed on October 6, 2011 and posted on
EPA's website on October 6, 2011. The hearing will be held, as provided
in this notice and in the proposed rule, if requested, and will take
place in Washington, DC.

DATES: The public hearing, if requested, will be held on October 28,
2011. To request a hearing, please contact the person listed in the
following FOR FURTHER INFORMATION CONTACT section by October 19, 2011.

ADDRESSES: The public hearing, if requested by October 19, 2011, will
be held in Room 152 at EPA offices, 1310 L Street, NW., Washington, DC
20005 beginning at 9 a.m. and continuing until 5 p.m. if necessary. The
EPA Web site for the rulemaking, which includes the proposal and
information about the public hearing, can be found at http://www.epa.gov/crossstaterule. If no request is made by October 19, 2011,
no hearing will be held. An announcement that a hearing was not
requested and so will not be held will be made on EPA's Web site
referenced above.

FOR FURTHER INFORMATION CONTACT: If you would like to present oral
testimony at the public hearing, if held, please contact Ms. Gabrielle
Stevens, Clean Air Markets Division, Office of Atmospheric Programs,
Mail Code 6204J, Environmental Protection Agency, 1200 Pennsylvania
Avenue, NW., Washington DC 20460, telephone number<PHONE_NUMBER>, e-
mail address<EMAIL_ADDRESS>(preferred method for
registering), no later than 2 business days prior to the public hearing
if timely request for a hearing has been made. The last day to register
will be October 26, 2011. If using e-mail, please provide the following
information: Name, affiliation, address, e-mail address, and telephone
and fax numbers.
    Questions concerning the proposed rule should be addressed to Ms.
Gabrielle Stevens, Clean Air Markets Division, Office of Atmospheric
Programs, Mail Code 6204J, Environmental Protection Agency, 1200
Pennsylvania Avenue, NW., Washington DC 20460, telephone number (202)
343-9252, e-mail address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The public hearing is to provide the public
with an opportunity to present oral comments regarding proposed
revisions to EPA's Final Transport Rule (Federal Implementation Plans:
Interstate Transport of Fine Particulate Matter and Ozone and
Correction of SIP Approvals). EPA is proposing to amend the assurance
penalty provisions of the rule to make them effective beginning January
1, 2014. EPA is also proposing, or seeking comment on, revisions to
address discrepancies in unit-specific modeling assumptions that affect
proper calculation of Transport Rule state budgets, new unit set-
asides, Indian

country new unit set-asides, and assurance levels as follows: (1)
Revise an error in Michigan's annual NOX budget to account
for an erroneously assumed selective catalytic reduction (SCR) emission
control device at one unit; (2) revise an error in Nebraska's annual
NOX budget to account for an erroneously assumed SCR
emission control device at one unit; (3) revise an error in the Texas
SO2 budget to account for erroneously assumed flue gas
desulphurization (FGD, or scrubber) emission control devices at three
units and revised assumptions regarding flue gas treatment in existing
scrubbers at seven units; (4) revise an error in the Arkansas ozone-
season new unit set-aside to account for erroneously omitted projected
emissions from one new unit; (5) revise an error in the Texas new unit
set-aside to account for erroneously omitted projected emissions for
SO2, ozone-season NOX, and annual NOX;
(6) revise New Jersey's ozone-season NOX, annual
NOX and annual SO2 budgets to account for an
erroneously assumed scrubber and selective catalytic reduction emission
control device at one unit and generation required for reliability
purposes at six units, (7) revise Wisconsin's annual SO2 and
annual NOX budgets to account for an erroneously assumed FGD
and SCR device at two units, and (8) revise New York's annual
SO2, annual NOX, and ozone season NOX
budgets based on required operational constraints likely to necessitate
non-economic generation at ten units; (9) revise Louisiana's ozone
season NOX budget taking into account operational
constraints likely to necessitate non-economic generation at twelve
units; (10) revise Mississippi's ozone season NOX budget
taking into account operational constraints likely to necessitate non-
economic generation at four units; (11) revise Texas's annual
NOX and ozone season NOX budgets based on
operational constraints likely to necessitate non-economic generation
at seven units; and (12) revise Florida's ozone-season NOX
budget taking into account the unavailability of a previously operating
nuclear unit. EPA is also proposing to add an additional limit on the
allocation of allowances to units covered by certain consent decrees.
In addition, EPA is proposing to correct technical errors in the rule
text.
    Public hearing: The proposal for which EPA will hold the public
hearing, if requested, is available at http://www.epa.gov/crossstaterule and also in the docket identified below. The public
hearing, if requested, will provide interested parties the opportunity
to present data, views, or arguments concerning the proposal. EPA may
ask clarifying questions during the oral presentations, but will not
respond to the presentations at that time. Written statements and
supporting information submitted during the comment period will be
considered with the same weight as any oral comments and supporting
information presented at the public hearing. Written comments on the
proposed rule must be postmarked November 14, 2011 unless a public
hearing is requested in which event comments must be received on or
before November 28, 2011.
    Commenters should notify Ms. Stevens if they will need specific
equipment or if there are other special needs related to providing
comments at the hearing. EPA will provide equipment for commenters to
show overhead slides or make computerized slide presentations if we
receive special requests in advance. Oral testimony will be limited to
5 minutes for each commenter. EPA encourages commenters to provide EPA
with a copy of their oral testimony electronically (via e-mail or CD)
or in hard copy form.
    The hearing schedule, including lists of speakers, will be posted
on EPA's Web site http://www.epa.gov/crossstaterule. Verbatim
transcripts of the hearing and written statements will be included in
the docket for the rulemaking. Written statements (duplicate copies
preferred) should be submitted to Docket ID No. EPA-HQ-2009-0491, at
the address posted on EPA's webpage referenced above. Interested
parties are strongly urged to monitor and consult the referenced Web
site regarding the scheduled hearing.
    EPA will make every effort to follow the schedule as closely as
possible on the day of the hearing; however, please plan for the
hearing to run either ahead of schedule or behind schedule.

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

    EPA has established a docket for the proposed rule ``Revisions to
the Federal Implementation Plans to Reduce Interstate Transport of Fine
Particulate Matter and Ozone'' under Docket ID No. EPA-HQ-OAR-2009-0491
(available at http://www.regulations.gov).
    As stated previously, the proposed rule was signed on October 6,
2011 and is available at http://www.epa.gov/crossstaterule and in the
above-cited docket.

    Dated: October 6, 2011.
Elizabeth Craig,
Acting Director, Office of Atmospheric Programs.
[FR Doc. 2011-26314 Filed 10-11-11; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 88, Number 221 (Friday, November 17, 2023)]
[Notices]
[Pages 80379-80380]
[FR Doc No: 2023-25443]

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DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

[Docket Number FRA-2011-0009]

Petition for Extension of Waiver of Compliance

    Under part 211 of title 49 Code of Federal Regulations (CFR), this
document provides the public notice that on October 4, 2023, Nevada
Northern Railway (NNRX) petitioned the Federal Railroad Administration
(FRA) to extend a waiver of compliance from certain provisions of the
Federal railroad safety regulations contained at 49 CFR parts 215
(Railroad Freight Car Safety Standards) and 224 (Reflectorization of
Rail Freight Rolling Stock). FRA assigned the petition Docket Number
FRA-2011-0009.
    Specifically, NNRX requests to extend its existing special approval
pursuant to 49 CFR 215.203, Restricted cars, for a total of 13 cars (NN
3, NN 22, NN 23, NN 100, NN 1021, NN 1023, NN 1024, NN 1025, WSOR 102,
WSOR 128, WSOR 134, WSOR 158, and WSOR 159) that are more than 50 years
from the date of original construction. NNRX also seeks relief from
Sec.  215.303, Stenciling of restricted cars, and Sec.  224.101,
General requirements, to operate the cars in tourist/excursion service.
In support of its request, NNRX states that the cars

will be used as mobile storage and in occasional tourist photographic
events. NNRX explains the relief will ``maintain the historic integrity
of this [non-insular tourist] railroad'' and that ``the cars always
remain on [NNRX] track.''
    A copy of the petition, as well as any written communications
concerning the petition, is available for review online at
www.regulations.gov.
    Interested parties are invited to participate in these proceedings
by submitting written views, data, or comments. FRA does not anticipate
scheduling a public hearing in connection with these proceedings since
the facts do not appear to warrant a hearing. If any interested party
desires an opportunity for oral comment and a public hearing, they
should notify FRA, in writing, before the end of the comment period and
specify the basis for their request.
    All communications concerning these proceedings should identify the
appropriate docket number and may be submitted at www.regulations.gov.
Follow the online instructions for submitting comments.
    Communications received by January 16, 2024 will be considered by
FRA before final action is taken. Comments received after that date
will be considered if practicable. Anyone can search the electronic
form of any written communications and comments received into any of
our dockets by the name of the individual submitting the comment (or
signing the document, if submitted on behalf of an association,
business, labor union, etc.). Under 5 U.S.C. 553(c), the U.S.
Department of Transportation (DOT) solicits comments from the public to
better inform its processes. DOT posts these comments, without edit,
including any personal information the commenter provides, to
www.regulations.gov, as described in the system of records notice (DOT/
ALL-14 FDMS), which can be reviewed at https://www.transportation.gov/privacy. See also https://www.regulations.gov/privacy-notice for the
privacy notice of regulations.gov.

    Issued in Washington, DC.
John Karl Alexy,
Associate Administrator for Railroad Safety, Chief Safety Officer.
[FR Doc. 2023-25443 Filed 11-16-23; 8:45 am]
BILLING CODE 4910-06-P


[Federal Register: October 24, 2005 (Volume 70, Number 204)]
[Notices]
[Page 61478]
[DOCID:fr24oc05-87]

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SECURITIES AND EXCHANGE COMMISSION

[Release Nos. 33-8628; 34-52629, File No. 265-23]

 Advisory Committee on Smaller Public Companies

AGENCY: Securities and Exchange Commission.

ACTION: Time change for meeting of SEC Advisory Committee on Smaller
Public Companies.

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

    The Securities and Exchange Commission Advisory Committee on
Smaller Public Companies is providing notice that it is changing the
start time of its public meeting on Monday, October 24, 2005, from 9
a.m. to 9:30 a.m. This meeting will be held in Multi-Purpose Room L006
of the Commission's headquarters, 100 F Street, NE., Washington, DC
20549. The start time for the second day of this meeting Tuesday,
October 25, 2005, will remain 9 a.m.

FOR FURTHER INFORMATION CONTACT: Kevin M. O'Neill, Special Counsel, at
(202) 551-3260, Office of Small Business Policy, Division of
Corporation Finance, Securities and Exchange Commission, 100 F Street,
NE., Washington, DC 20549-3628.

SUPPLEMENTARY INFORMATION: In accordance with Section 10(a) of the
Federal Advisory Committee Act, 5 U.S.C. App. 1, 10(a), and the
regulations thereunder, Gerald J. Laporte, Designated Federal Officer
of the Committee, has ordered publication of this notice.

    Dated: October 18, 2005.
Jonathan G. Katz,
Committee Management Officer.
 [FR Doc. E5-5861 Filed 10-21-05; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 82, Number 155 (Monday, August 14, 2017)]
[Notices]
[Page 37977]
[FR Doc No: 2017-17056]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Twelfth RTCA SC-229 406 MHz ELT Joint Plenary With EUROCAE WG-98

AGENCY: Federal Aviation Administration (FAA), U.S. Department of
Transportation (DOT).

ACTION: Twelfth RTCA SC-229 406 MHz ELT Joint Plenary with EUROCAE WG-
98.

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

SUMMARY: The FAA is issuing this notice to advise the public of the
Twelfth RTCA SC-229 406 MHz ELT Plenary held jointly with EUROCAE WG-
98. SC-229 is a subcommittee to RTCA.

DATES: The meeting will be held September 5-8, 2017 from 9:00 a.m.-5:00
p.m.

ADDRESSES: The meeting will be held at: EUROCAE Facilities, Triangle,
9-23 rue Paul Lafargue, 93200 Saint-Denis, France.

FOR FURTHER INFORMATION CONTACT: Rebecca Morrison at<EMAIL_ADDRESS>or<PHONE_NUMBER>, or The RTCA Secretariat, 1150 18th Street NW., Suite
910, Washington, DC 20036, or by telephone at<PHONE_NUMBER>, fax at
(202) 833-9434, or Web site at http://www.rtca.org.

SUPPLEMENTARY INFORMATION: Pursuant to section 10(a)(2) of the Federal
Advisory Committee Act (Pub. L. 92-463, 5 U.S.C., App.), notice is
hereby given for a meeting of the Twelfth RTCA SC-229 406 MHz ELT Joint
Plenary with EUROCAE WG-98. The agenda will include the following:

Tuesday September 5, 2017, 9:00 a.m.-5:00 p.m

1. Welcome/Introductions/Administrative Remarks
2. Agenda Overview and Approval
3. Minutes Washington D.C. Meeting Review and Approval
4. Review Action Items From Washington D.C. Meeting
5. Industry Coordination and Presentations
6. Week's Plan
7. Working Group of the Whole Meeting (Rest of the Day)

Wednesday September 6, 2017, 9:00 a.m.-5:00 p.m.

1. Working Group of the Whole Meeting

Thursday September 7, 2017, 9:00 a.m.-5:00 p.m.

1. Working Group of the Whole Meeting

Friday September 8, 2017, 9:00 a.m.-4:00 p.m.

1. Working Group of the Whole Meeting
2. Industry Coordination and Presentations (if any)
3. Work Plan
4. Discuss a Motion To Begin Open Consultation/Final Review and Comment
on the ED-62A/DO-204A Document To Become Revision B
5. Other Business
6. Adjourn

    Attendance is open to the interested public but limited to space
availability. With the approval of the chairman, members of the public
may present oral statements at the meeting. Persons wishing to present
statements or obtain information should contact the person listed in
the FOR FURTHER INFORMATION CONTACT section. Members of the public may
present a written statement to the committee at any time.

    Issued in Washington, DC on August 8, 2017.
Mohannad Dawoud,
Management & Program Analyst, Partnership Contracts Branch, ANG-A17,
NextGen, Procurement Services Division, Federal Aviation
Administration.
[FR Doc. 2017-17056 Filed 8-11-17; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register Volume 84, Number 202 (Friday, October 18, 2019)]
[Notices]
[Pages 55949-55950]
[FR Doc No: 2019-22794]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER20-78-000]

San Jacinto Wind II, LLC; Supplemental Notice That Initial
Market-Based Rate Filing Includes Request for Blanket Section 204
Authorization

    This is a supplemental notice in the above-referenced proceeding of
San Jacinto Wind II, LLC's application for market-based rate authority,
with an accompanying rate tariff, noting that such application includes
a request for blanket authorization, under 18 CFR part 34, of future
issuances of securities and assumptions of liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE, Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is October 31, 2019.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
5 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE, Washington, DC 20426.

    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for electronic review in the
Commission's Public Reference Room in Washington, DC. There is an
eSubscription link on the website that enables subscribers to receive
email notification when a document is added to a subscribed docket(s).
For assistance with any FERC Online service, please email
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.

    Dated: October 11, 2019.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2019-22794 Filed 10-17-19; 8:45 am]
BILLING CODE 6717-01-P


Docket Index Table of Contents
A.	U.S. EPA Rulemakings, Guidance Documents, Informational Memoranda, Technical Support Documents, Memoranda to File, and Data Analysis Documents	1
B.	State Plans, Rules, Support Documents, Reports, and Correspondence	4
C.	Additional Documents for Proposed Rulemaking	10
D.	Notice of Proposed Rulemaking	10
E.	Public Comments and Related Documents	10
F.	Additional Documents Considered for Final Rulemaking	11
G.	Notice of Final Rulemaking	11

U.S. EPA Rulemakings, Guidance Documents, Informational Memoranda, Technical Support Documents, Memoranda to File, and Data Analysis Documents
Rulemakings
57 FR 13498, State Implementation Plans; General Preamble for the Implementation of Title I of the Clean Air Act Amendments of 1990 ("General Preamble"), Final rule (April 16, 1992).
57 FR 18070, State Implementation Plans; General Preamble for the Implementation of Title I of the Clean Air Act Amendments of 1990; Supplemental ("General Preamble Supplement"), Final rule (April 28, 1992).
59 FR 41998, State Implementation Plans for Serious PM-10 Nonattainment Areas, and Attainment Date Waivers for PM-10 Nonattainment Areas Generally; Addendum to the General Preamble for the Implementation of Title I of the Clean Air Act Amendments of 1990 ("General Preamble Addendum"), Final rule (August 16, 1994).
62 FR 38652, National Ambient Air Quality Standards for Particulate Matter; Final rule (July 18, 1997).
69 FR 40004, Transportation Conformity Rule Amendments for the New 8-hour Ozone and PM2.5 National Ambient Air Quality Standards and Miscellaneous Revisions for Existing Areas; Transportation Conformity Rule Amendments: Response to Court Decision and Additional Rule Changes; Final rule (July 1, 2004).
70 FR 944, Air Quality Designations and Classification for the Fine Particles (PM2.5) National Ambient Air Quality Standards; Final rule (January 5, 2005).
70 FR 24280, Transportation Conformity Rule Amendments for the New PM2.5 National Ambient Air Quality Standard: PM2.5 Precursors; Final rule (May 6, 2005).
70 FR 31354, Transportation Conformity Rule Amendments for the New PM2.5 National Ambient Air Quality Standard: PM2.5 Precursors; Final rule; correction (June 1, 2005).
71 FR 61144, National Ambient Air Quality Standards for Particulate Matter; Final rule (October 17, 2006).
72 FR 20586, Clean Air Fine Particle Implementation Rule; Final rule (April 25, 2007).
75 FR 26653, Approval and Promulgation of Air Quality Implementation Plans; Reformulated Gasoline and Diesel Fuels; California; Final rule (May 12, 2010).
76 FR 6328, Official Release of the January 2011 AP-42 Method for Estimating Re-Entrained Road Dust from Paved Roads; Announcement of Availability (February 4, 2011). More information available at: https://www.epa.gov/air-emissions-factors-and-quantification/ap-42-compilation-air-emissions-factors.
76 FR 69896, Approval and Promulgation of Implementation Plans; California; 2008 San Joaquin Valley PM2.5 Plan and 2007 State Strategy; Final rule (November 9, 2011).
77 FR 20308, Approval and Promulgation of Implementation Plans; California Air Resources Board -- In-Use Heavy-Duty Diesel-Fueled Truck and Bus Regulation, and Drayage Truck Regulation; Final rule (April 4, 2012).
78 FR 3086, National Ambient Air Quality Standards for Particulate Matter; Final rule (January 15, 2013).
79 FR 31566, Identification of Nonattainment Classification and Deadlines for Submission of State Implementation Plan (SIP) Provisions for the 1997 Fine Particle (PM2.5) National Ambient Air Quality Standard (NAAQS) and 2006 PM2.5 NAAQS; Final rule (June 2, 2014).
80 FR 18528, Designation of Areas for Air Quality Planning Purposes; California; San Joaquin Valley; Reclassification as Serious Nonattainment for the 1997 PM2.5 Standards, Final rule (April 7, 2015).
80 FR 77337, Official Release of EMFAC2014 Motor Vehicle Emission Factor Model for Use in the State of California; Notice of availability (December 14, 2015).
81 FR 6936, Approval and Disapproval of California Air Plan; San Joaquin Valley Serious Area Plan and Attainment Date Extension for the 1997 PM2.5 NAAQS, Proposed rule (February 9, 2016).
81 FR 39424, Approval and Promulgation of Implementation Plans; California; California Mobile Source Regulations; Final rule (June 16, 2016).
81 FR 58010, Implementation of the National Ambient Air Quality Standards (NAAQS) for Fine Particulate Matter (PM2.5): State Implementation Plan (SIP) Requirements; Final rule ("PM2.5 SIP Requirements Rule") (August 24, 2016). Also available at: https://www.regulations.gov/document?D=EPA-HQ-OAR-2013-0691-0126.
81 FR 69396, Denial of Request for Extension of Attainment Date for 1997 PM2.5 NAAQS; California; San Joaquin Valley Serious Nonattainment Area; Final rule (October 6, 2016).
81 FR 84481, Findings of Failure to Attain the 1997 PM2.5 Standards; California; San Joaquin Valley, Final rule (November 23, 2016).
82 FR 14446, Approval and Promulgation of Implementation Plans; California; California Mobile Source Regulations; Direct final rule (March 21, 2017).
83 FR 23232, Approval and Promulgation of Implementation Plans; California; California Mobile Source Regulations; Final rule (May 18, 2018).
83 FR 62720, Findings of Failure To Submit Complete State Implementation Plans Required for the 1997, 2006, and 2012 PM2.5 NAAQS; California; San Joaquin Valley; Final rule (December 6, 2018).
84 FR 3302, Clean Air Plans; 2008 8-Hour Ozone Nonattainment Area Requirements; San Joaquin Valley, California; Final rule (February 12, 2019).
84 FR 41717, Official Release of EMFAC2017 Motor Vehicle Emission Factor Model for Use in the State of California; Notice of availability (August 15, 2019).
84 FR 52005, Approval of Air Quality Implementation Plans; California; South Coast Air Basin; 1-Hour and 8-Hour Ozone Nonattainment Area Requirements; Final rule (October 1, 2019).
85 FR 1131, Air Plan Approval; California; San Joaquin Valley Unified Air Pollution Control District; Proposed rule (January 9, 2020).
85 FR 44192, Clean Air Plans; 2006 Fine Particulate Matter Nonattainment Area Requirements; San Joaquin Valley, California; Final rule (July 22, 2020).
85 FR 44206, Air Plan Approval; California; San Joaquin Valley Unified Air Pollution Control District; Final rule (July 22, 2020).
Guidance Documents and Informational Memoranda
EPA, "Air Quality Criteria for Particulate Matter," EPA 600/P-99/002aF.Vol I, October 2004. Available at: https://cfpub.epa.gov/si/si_public_record_report.cfm?Lab=NCEA&dirEntryId=87903.
EPA, "Air Quality Criteria for Particulate Matter," EPA 600/P-99/002bF/Vol. II, October 2004. Available at: https://cfpub.epa.gov/si/si_public_record_report.cfm?Lab=NCEA&dirEntryId=87903.
Memorandum dated June 28, 2011, from Tyler Fox, Air Quality Modeling Group, OAQPS, EPA, to Regional Air Program Managers, EPA, Subject: "Update to the 24 Hour PM2.5 NAAQS Modeled Attainment Test," ("Modeling Guidance Update").
"Regulatory Impact Analysis for the Final Revisions to the National Ambient Air Quality Standards for Particulate Matter," EPA/452/R-12-005, EPA, December 2012. Available at https://www3.epa.gov/ttn/naaqs/standards/pm/s_pm_2007_ria.html.
Memorandum dated November 17, 2016, from Stephen D. Page, Director, OAQPS, to Regional Air Division Directors, Regions 1-10, including "PM2.5 Precursor Demonstration Guidance, Draft for Public Review and Comments," EPA-454/P-16-001, November 17, 2016. Available at: https://www.epa.gov/pm-pollution/pm25-precursor-demonstration-guidance.
"Emissions Inventory Guidance for Implementation of Ozone and Particulate Matter National Ambient Air Quality Standards (NAAQS) and Regional Haze Regulations," EPA-454/B-17-002, May 2017. Available at https://www.epa.gov/air-emissions-inventories/air-emissions-inventory-guidance-implementation-ozone-and-particulate.
Memorandum dated November 29, 2018, from Richard Wayland, Director, Air Quality Assessment Division, OAQPS to Regional Air Division Directors, Regions 1 - 10, "Modeling Guidance for Demonstrating Air Quality Goals for Ozone, PM2.5, and Regional Haze," EPA-454/R-18-009, November 2018. Available at: https://www.epa.gov/scram/state-implementation-plan-sip-attainment-demonstration-guidance.
Memorandum dated May 30, 2019, from Scott Mathias, Acting Director, Air Quality Policy Division and Richard Wayland, Director, Air Quality Assessment Division, OAQPS, to Regional Air Division Directors, Regions 1-10, including "PM2.5 Precursor Demonstration Guidance," EPA-454/R-19-004, May 2019. Available at: https://www.epa.gov/pm-pollution/pm25-precursor-demonstration-guidance.
Technical Support Documents, Memoranda to File, and Data Analysis Documents
"Technical Support Document, EPA Evaluation of PM2.5 Precursor Demonstration, San Joaquin Valley PM2.5 Plan for the 2006 PM2.5 NAAQS," EPA Region IX, February 2020.
Letter dated June 24, 2020, from Elizabeth J. Adams, Director, Air and Radiation Division, EPA Region IX, to Richard W. Corey, Executive Officer, CARB, Subject: "Re: Completeness Finding for State Implementation Plan (SIP) Submissions for San Joaquin Valley for the 1997, 2006, and 2012 Fine Particulate Matter (PM2.5) National Ambient Air Quality Standards (NAAQS) and Termination of Clean Air Act (CAA) Sanction Clocks."
Letter dated October 26, 2020, from Gwen Yoshimura, Manager, EPA Region 9, Air Quality Analysis Office, to Jon Klassen, Director of Strategies and Incentives, SJVUAPCD.
Letter dated November 5, 2020, from Gwen Yoshimura, Manager, EPA Region 9, Air Quality Analysis Office, to Ravi Ramalingam, Chief, Consumer Products and Air Quality Assessment Branch, CARB.
Letter dated February 15, 2021, from Deborah Jordan, Acting Regional Administrator, EPA Region IX, to Richard W. Corey, Executive Officer, CARB, with enclosure titled "EPA Evaluation of 2017 Quantitative Milestone Report."
EPA Air Quality System Air Monitoring Program (AMP) 480 Design Value Report for 2020, June 15, 2021.
State Plans, Rules, Support Documents, Reports, and Correspondence
State Implementation Plan Submissions Addressed by this Rulemaking
Letter dated November 16, 2018, from Kurt Karperos, Deputy Executive Officer, CARB to Mike Stoker, Regional Administrator, EPA Region IX, including attachments (transmitting the "Supplement to the 2016 State Strategy for the State Implementation Plan," adopted by CARB on October 25, 2018 ("Valley State SIP Strategy")). This SIP submission was re-transmitted to the EPA on May 9, 2019 as Attachment A to the "2018 Plan for the 1997, 2006, and 2012 PM2.5 Standards," described below.
CARB, "Notice of Public Meeting to Consider the San Joaquin Valley Supplement to the 2016 State Strategy for the State Implementation Plan," September 21, 2018.
CARB Resolution 18-49, "San Joaquin Valley Supplement to the 2016 State Strategy for the State Implementation Plan," October 25, 2018.
J&K Court Reporting, LLC, "Meeting, State of California Air Resources Board," October 25, 2018 (transcript of CARB's public hearing).
CARB, "Board Meeting Comments Log," November 2, 2018.
CARB, Compilation of written comments, November 2, 2018.
CARB, "Completeness Checklist for SIP Revision, California State Implementation Plan, San Joaquin Valley Supplement to the 2016 State Strategy for the State Implementation Plan (Valley State SIP Strategy)."
Letter dated May 9, 2019, from Richard Corey, Executive Officer, CARB, to Mike Stoker, Regional Administrator, EPA Region 9, including attachments (transmitting the "2018 Plan for the 1997, 2006, and 2012 PM2.5 Standards," adopted by the SJVUAPCD on November 15, 2018, and by CARB on January 24, 2019 ("2018 PM2.5 Plan"). This SIP submission was transmitted to the EPA on May 10, 2019 via the EPA's "State Plan Electronic Collection System" (SPECS) and incorporates by reference the Valley State SIP Strategy as adopted by CARB on October 25, 2018 and submitted to the EPA on November 16, 2018.
2018 PM2.5 Plan, "2018 Plan for the 1997, 2006, and 2012 PM2.5 Standards", November 15, 2018.
CARB, Attachment A ("Clarifying information for the San Joaquin Valley 2018 Plan regarding model sensitivity related to ammonia and ammonia controls").
SJVUAPCD, "Notice of Public Hearing for Adoption of Proposed 2018 PM2.5 Plan for the 1997, 2006, and 2012 Standards," October 16, 2018.
SJVUAPCD Governing Board Resolution 18-11-16, "Adopting the [SJVUAPCD] 2018 Plan for the 1997, 2006, and 2012 PM2.5 Standards," November 15, 2018.
SJVUAPCD Letter dated November 15, 2018, from Jonathan Klassen, Director of Strategies and Incentives, SJVUAPCD to Richard Corey, Executive Officer, CARB.
CARB, "Notice of Public Meeting to Consider the 2018 PM2.5 State Implementation Plan for the San Joaquin Valley," December 21, 2018.
CARB's "Staff Report, Review of the San Joaquin Valley 2018 Plan for the 1997, 2006, and 2012 PM2.5 Standards," release date December 21, 2018 ("CARB Staff Report").
CARB Resolution 19-1, "2018 PM2.5 State Implementation Plan for the San Joaquin Valley," January 24, 2019.
J&K Court Reporting, LLC, "Meeting, State of California Air Resources Board," January 24, 2019 (transcript of CARB's public hearing).
CARB, "Board Meeting Comments Log," March 29, 2019, and compilation of written comments.
CARB, "Completeness Checklist for SIP Revision, California State Implementation Plan, 2018 Plan for the 1997, 2006, and 2012 PM2.5 Standards (2018 Plan)."
CARB, Letter dated December 11, 2019 from Richard Corey, Executive Officer, CARB to Mike Stoker, Regional Administrator, EPA Region IX.
Letter dated July 19, 2019 from Richard W. Corey, Executive Officer, CARB, to Mike Stoker, Regional Administrator, EPA Region 9.
SJVUAPCD Rule 4901, Wood Burning Fireplaces and Wood Burning Heaters, Amended June 20, 2019.
SJVUAPCD Governing Board Resolution 19-06-22, "Adopt Proposed Amendments to Rule 4901 (Wood Burning Fireplaces and Wood Burning Heaters," June 20, 2019.
SJVUAPCD, Letter dated July 1, 2019 from Jonathan Klassen, Director of Strategies and Incentives, SJVUAPCD, to Carol Sutkus, Manager, Rule Evaluations Section, CARB, Subject: "RE: Rule Action Package for Rule 4901 (Wood Burning Fireplaces and Wood Burning Heaters."
SJVUAPCD Governing Board Staff Report, "Item Number 13: Adopt Proposed Amendments to the District's Residential Wood Burning Emission Reduction Strategy."
SJVUAPCD and CARB, "Appendix H, RFP, Quantitative Milestones, and Contingency" (revised), submitted to the EPA via SPECS on February 11, 2020.
 Additional State Documents
CARB, "Revised Proposed 2016 State Strategy for the State Implementation Plan" ("2016 State Strategy"), March 7, 2017.
CARB Resolution 17-7, "2016 State Strategy for the State Implementation Plan," March 23, 2017.
Letter dated October 23, 2017, from Richard W. Corey Executive Officer, CARB, to Alexis Strauss, Acting Regional Administrator, EPA Region 9.
Letter dated December 20, 2018 from Richard W. Corey, Executive Officer, CARB, to Michael Stoker, Regional Administrator, EPA Region IX, including attachment.
CARB and SJVUAPCD, "2017 Quantitative Milestone Report for the 1997 and 2006 NAAQS," November 20, 2018 ("2017 QM Report").
Email dated June 20, 2019, from Jeremy Avise, CARB, to Scott Bohning, EPA Region IX, Subject: "RE: SJV model disbenefit from SOX reduction," with embedded attachment ("CARB's June 2019 Precursor Clarification").
Email dated September 19, 2019, from Jeremy Avise, CARB, to Scott Bohning, EPA Region IX, Subject: "FW: SJV species responses," with embedded attachments ("CARB's September 2019 Precursor Clarification").
Email dated October 18, 2019, from Laura Carr, CARB to Scott Bohning, Jeanhee Hong, and Rory Mays, EPA Region IX, Subject: "Clarifying information on ammonia," with embedded attachment "Clarifying Information on Ammonia" ("CARB's October 2019 Precursor Clarification").
Letter dated March 19, 2021, from Richard W. Corey, Executive Officer, CARB, to Deborah Jordan, Acting Regional Administrator, EPA Region 9, transmitting CARB Executive Order S-21-004.
CARB Executive Order S-21-004, "Withdrawal from SIP Consideration of the State Implementation Plan Attainment Contingency Measures for the San Joaquin Valley 15 ug/m3 Annual PM2.5 Standard," March 19, 2021.
Email dated April 19, 2021, from Laura Carr, CARB, to Rory Mays, EPA Region IX, Subject: "Ammonia update," with attachment "Update on Ammonia in the San Joaquin Valley" ("CARB's April 19, 2021 Precursor Clarification").
Email dated April 26, 2021, from Laura Carr, CARB, to Scott Bohning, EPA Region IX, Subject: "RE: Ammonia update," with attachment "Ammonia in San Joaquin Valley" ("CARB's April 26, 2021 Precursor Clarification").

Additional Documents for Proposed Rulemaking
Court Decisions
Assoc. of Irritated Residents v. EPA, 423 F.3d 989 (9th Cir. 2005).
Natural Resources Defense Council v. EPA, 706 F.3d 428 (D.C. Cir. 2013).
Bahr v. EPA, 836 F.3d 1218, 1235-1237 (9th Cir. 2016).

Other Documents
"Deriving Information on Surface conditions from COlumn and VERtically Resolved Observations Relevant to Air Quality," NASA, available at: https://www.nasa.gov/mission_pages/discover-aq/index.html.

Notice of Proposed Rulemaking
86 FR 38652, Partial Approval and Partial Disapproval of Air Quality Implementation Plans; California; San Joaquin Valley Serious Area and Section 189(d) Plan for Attainment of the 1997 Annual PM2.5 NAAQS; Proposed rule (July 22, 2021).
Partial Approval and Partial Disapproval of Air Quality Implementation Plans; California; San Joaquin Valley Serious Area and Section 189(d) Plan for Attainment of the 1997 Annual PM2.5 NAAQS; Proposed rule (pre-publication copy, signed July 12, 2021).

Public Comments and Related Documents
<RESERVED>

Additional Documents Considered for Final Rulemaking
<RESERVED>

Notice of Final Rulemaking
<RESERVED>


[Federal Register Volume 88, Number 12 (Thursday, January 19, 2023)]
[Notices]
[Pages 3444-3446]
[FR Doc No: 2023-00908]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96644; File No. SR-CBOE-2023-002]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the Exchange's Fee Schedule To Reflect Adjustments to the Financial
Industry Regulatory Authority, Inc. General Registration Fees,
Fingerprinting Fees, and Continuing Education Fees

January 12, 2023.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on January 3, 2023, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the

proposed rule change from interested persons.
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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

    Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend the Exchange's Fee Schedule (``Fee Schedule'') to reflect
adjustments to the Financial Industry Regulatory Authority, Inc.
(``FINRA'') General Registration Fees, Fingerprinting Fees, and
Continuing Education Fees. The text of the proposed rule change is
provided in Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend its Fee Schedule regarding
Regulatory Fees to reflect updates to the FINRA Disclosure Processing
Fee, Annual System Processing Fee, Fingerprint Processing Fees, and
Continuing Education Fees.\3\ The applicable fees are collected and
retained by FINRA via Web CRD \4\ for the registration of associated
persons of Exchange Trading Permit Holder (``TPH'') organizations that
are not FINRA members (``Non-FINRA members''). The Exchange is merely
listing these fees on its Fee Schedule and does not collect or retain
the fees.
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    \3\ See Securities Exchange Act Releases No. 34-90176 (October
14, 2020), 85 FR 66592 (October 20, 2020) (SR-FINRA-2020-032)
(Notice of Filing and Immediate Effectiveness of a Proposed Rule
Change to Adjust FINRA Fees to Provide Sustainable Funding for
FINRA's Regulatory Mission); and 93928 (January 7, 2022), 87 FR 2193
(January 13, 2022) (SR-FINRA-2021-034) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change to Amend Section 4
of Schedule A to the FINRA By-Laws Relating to the Continuing
Education Fees).
    \4\ FINRA operates Web CRD, the central licensing and
registration system for the U.S. securities industry. FINRA uses Web
CRD to maintain the qualification, employment, and disciplinary
histories of registered associated persons of broker-dealers.
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    Specifically, the Exchange proposes to amend: (1) the $110 fee for
the additional processing of each initial or amended Form U-4, Form U-
5, Form BD and amendments that include the initial reporting,
amendment, certification, or one or more disclosure events or
proceedings to $155; (2) the $45 FINRA Annual System Processing Fee
assessed only during Renewals to $70; \5\ and (3) the current $55 per
continuing education exam fee to $18 per exam. These amendments are
being made in accordance with a FINRA rule change and a FINRA amendment
to its By-Laws to adjust these fees.\6\
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    \5\ This fee change will not be effective until January 2, 2024.
    \6\ Supra note 3.
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    The Exchange also proposes to amend the following Fingerprint Fees:
(1) the $29.50 Initial Submission (Electronic) fee to $31.25; \7\ (2)
the $15 Second Submission (Electronic) Fingerprint Processing Fee to
$20; (3) the $29.50 Third Submission (Electronic) fee to $31.25; \8\
(4) the $44.50 Initial Submission (Paper) fee to $41.25; \9\ and (5)
the $44.50 Third Submission (Paper) fee to $41.25.\10\ Specifically,
today, the FBI fingerprint charge is $11.25 \11\ and the FINRA
electronic Fingerprint Fee will increase from $15 to $20 in 2023.\12\
While FINRA did not amend the paper Fingerprint Fee, previously the FBI
fee was reduced from $14.50 to $11.25.\13\ The paper Fingerprint Fees
are not currently reflecting the amount assessed by FINRA. The
amendment to the paper Fingerprint Fees will conform these fees with
those of FINRA.
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    \7\ This fee includes a $20.00 FINRA fee and $11.25 FBI fee. See
https://www.finra.org/registration-exams-ce/classic-crd/fingerprints/fingerprint-fees.
    \8\ This fee includes a $20.00 FINRA fee and $11.25 FBI fee. See
https://www.finra.org/registration-exams-ce/classic-crd/fingerprints/fingerprint-fees.
    \9\ This fee includes a $30.00 FINRA fee and a $11.25 FBI fee.
See https://www.finra.org/registration-exams-ce/classic-crd/fingerprints/fingerprint-fees.
    \10\ This fee includes a $30.00 FINRA fee and a $11.25 FBI fee.
See https://www.finra.org/registration-exams-ce/classic-crd/fingerprints/fingerprint-fees.
    \11\ See Securities Exchange Act Release No. 34-67247 (June 25,
2012), 77 FR 38866 (June 29, 2012) (SR-FINRA-2012-030) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change to Amend
Sections 4 and 6 of Schedule A to the FINRA By-Laws Regarding Fees
Relating to the Central Registration Depository) (``2012 Rule
Change'').
    \12\ Supra note 3.
    \13\ See 2012 Rule Change at note 11. The FBI does not charge
its fee on a second fingerprint transaction when it identifies the
first set of fingerprints as illegible for the same individual.
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    The FINRA Web CRD Fees are user-based, and there is no distinction
in the cost incurred by FINRA if the user is a FINRA-member itself,
associated with a FINRA-member organization, or a Non-FINRA member.
Accordingly, the proposed fees mirror those currently assessed by
FINRA.\14\
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    \14\ Supra note 3.
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\15\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \16\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \17\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. All similarly situated FINRA-Member organizations
are subject to the same fee structure, and all must use the CRD system
for registration and disclosure.
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    \15\ 15 U.S.C. 78f(b).
    \16\ 15 U.S.C. 78f(b)(5).
    \17\ Id.
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    The Exchange believes the proposed changes to the FINRA Disclosure
Processing Fee, Annual System Processing Fee, Fingerprint Fees, and
continuing education fee are reasonable because they are identical to
the fee changes adopted by FINRA for use of the Web CRD system for
disclosure, registration, and continuing education of associated
persons of FINRA Members and their associated persons.\18\ The costs
are borne by FINRA when a non-FINRA member uses Web CRD for these
purposes. Thus, the Exchange's Fee Schedule will reflect the current

rates that will be assessed by FINRA as of January 2, 2023 and January
2, 2024, as applicable, for use of Web CRD by any Trading Permit
Holders that are not also FINRA members for the additional processing
of each initial or amended Form U4, Form U5 or Form BD, (Electronic)
Fingerprint Processing, registration, and continuing education. The
Exchange believes the proposed fee changes are equitable and not
unfairly discriminatory, because the Exchange will not be collecting or
retaining these fees, and therefore, the Exchange will not be in a
position to apply them in an inequitable or unfairly discriminatory
manner.
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    \18\ Supra note 3.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange believes that
its proposal will not impose an undue burden on competition because the
Exchange will not be collecting or retaining these fees, therefore, the
Exchange will not be in a position to apply them in an inequitable or
unfairly discriminatory manner. The proposal will reflect the fees that
will be assessed by FINRA to all market participants (FINRA and non-
FINRA members) for these uses of Web CRD.

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

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

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \19\ and paragraph (f) of Rule 19b-4 \20\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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    \19\ 15 U.S.C. 78s(b)(3)(A).
    \20\ 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 protected]. Please
include File Number SR-CBOE-2023-002 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CBOE-2023-002. 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-CBOE-2023-002 and should be submitted on
or before February 9, 2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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    \21\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-00908 Filed 1-18-23; 8:45 am]
BILLING CODE 8011-01-P