[Federal Register Volume 81, Number 157 (Monday, August 15, 2016)]
[Notices]
[Pages 54081-54082]
[FR Doc No: 2016-19331]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER16-2277-000]

Solar Star California XLI, 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
Solar Star California XLI, 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 August 29, 2016.
    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 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 (866)
208-3676 (toll free). For TTY, call<PHONE_NUMBER>.

    Dated: August 8, 2016.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2016-19331 Filed 8-12-16; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 78, Number 26 (Thursday, February 7, 2013)]
[Notices]
[Pages 9081-9083]
[FR Doc No: 2013-02710]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68809; File No. SR-NYSEArca-2013-12]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending NYSE Arca
Equities Rule 7.10, Which Governs Clearly Erroneous Executions,
Extending the Effective Date of the Pilot Until September 30, 2013 and
Adopting New Paragraph (i) to NYSE Arca Equities Rule 7.10 In
Connection With the Upcoming Operation of the Plan To Address
Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS
Under the Act

February 1, 2013.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on January 30, 2013, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 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 Exchange proposes to to [sic] amend NYSE Arca Equities Rule
7.10, which governs clearly erroneous executions, to extend the
effective date of the pilot by which portions of such Rule operate
until September 30, 2013. The pilot is currently scheduled to expire on
February 4, 2013. The Exchange also proposes to adopt new paragraph (i)
to NYSE Arca Equities Rule 7.10 in connection with the upcoming
operation of the Plan to Address Extraordinary Market Volatility
Pursuant to Rule 608 of Regulation NMS under the Act (the ``Limit Up-
Limit Down Plan'' or ``Plan'').\4\ The text of the proposed rule change
is available on the Exchange's Web site at www.nyse.com, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.
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    \4\ See Securities Exchange Act Release No. 67091 (May 31,
2012), 77 FR 33498 (June 6, 2012) (the ``Limit Up-Limit Down
Release'').
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II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

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

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

1. Purpose
    The Exchange proposes to amend NYSE Arca Equities Rule 7.10, which
governs clearly erroneous executions, to extend the effective date of
the pilot by which portions of such Rule operate, until September 30,
2013. The pilot is currently scheduled to expire on February 4,
2013.\5\ The Exchange also proposes to add new paragraph (i) to NYSE
Arca Equities Rule 7.10 in connection with the upcoming implementation
of the Limit Up-Limit Down Plan.
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    \5\ See Securities Exchange Act Release No. 62886 (September 10,
2010), 75 FR 56613 (September 16, 2010) (SR-NYSEArca-2010-58). See
also Securities Exchange Act Release Nos. 63482 (December 9, 2010),
75 FR 78331 (December 15, 2010) (SR-NYSEArca-2010-113); 64234 (April
7, 2011), 76 FR 20399 (April 12, 2011) (SR-NYSEArca-2011-15); 65065
(August 9, 2011), 76 FR 50502 (August 15, 2011) (SR-NYSEArca-2011-
56); 66135 (January 11, 2012), 77 FR 2590 (January 18, 2012) (SR-
NYSEArca-2011-100); and 67566 (August 1, 2012), 77 FR 47142 (August
7, 2012) (SR-NYSEArca-2012-79).
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    On September 10, 2010, the Commission approved, on a pilot basis,
market-wide amendments to exchanges' rules for clearly erroneous
executions to set forth clearer standards and curtail discretion with
respect to breaking erroneous trades. In connection with this pilot
initiative, the Exchange amended NYSE Arca Equities Rule 7.10(c),
(e)(2), (f), and (g). The amendments provide for uniform treatment of
clearly erroneous execution reviews (1) in Multi-Stock Events \6\
involving twenty or more securities, and (2) in the event transactions
occur that result in the issuance of an individual security trading
pause by the primary market and subsequent transactions that occur
before the trading pause is in effect on the Exchange.\7\ The
amendments also eliminated appeals of certain rulings made in
conjunction with other exchanges with respect to clearly erroneous
transactions and limited the Exchange's discretion to deviate from
Numerical Guidelines set forth in the Rule in the event of system
disruptions or malfunctions.
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    \6\ Terms not defined herein are defined in NYSE Arca Equities
Rule 7.10.
    \7\ Separately, the Exchange has proposed to extend the
effective date of the trading pause pilot under NYSE Arca Equities
Rule 7.11, which requires to the Exchange to pause trading in an
individual security listed on the Exchange if the price moves by a
specified percentage as compared to prices of that security in the
preceding five-minute period during a trading day. See Securities
Exchange Act Release No. 68748 (January 28, 2013) (SR-NYSEArca-2012-
02) [sic].
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    If the pilot were not extended, the prior versions of paragraphs
(c), (e)(2), (f), and (g) of NYSE Arca Equities Rule 7.10 would be in
effect, and NYSE Arca would have different rules than other exchanges
and greater discretion in connection with breaking clearly erroneous
transactions. The Exchange believes the benefits to market participants
from the more objective clearly erroneous executions rule should
continue on a pilot basis through September 30, 2013, which is the date
that the Exchange anticipates that the phased implementation of the
Limit Up-Limit Down Plan will be complete. As

explained in further detail below, although the Limit Up-Limit Down
Plan is intended to prevent executions that would need to be nullified
as clearly erroneous, the Exchange believes that certain protections
should be maintained while the industry gains initial experience
operating with the Limit Up-Limit Down Plan, including the provisions
of NYSE Arca Equities Rule 7.10 that currently operate as a pilot.

Proposed Limit Up-Limit Down Provision to NYSE Arca Equities Rule 7.10

    The Exchange proposes to adopt new paragraph (i) to NYSE Arca
Equities Rule 7.10, to provide that the existing provisions of NYSE
Arca Equities Rule 7.10 will continue to apply to all Exchange
transactions, including transactions in securities subject to the Plan,
other than as set forth in proposed paragraph (i). Accordingly, other
than as proposed below, the Exchange proposes to maintain and continue
to apply the Clearly Erroneous Execution standards in the same way that
it does today. Notably, this means that the Exchange might nullify
transactions that occur within the price bands disseminated pursuant to
the Limit Up-Limit Down Plan to the extent such transactions qualify as
clearly erroneous under existing criteria. As an example, assume that a
Tier 1 security pursuant to the Plan has a reference price pursuant to
both the Plan and Rule 7.10 of $100.00. The lower pricing band under
the Plan would be $95.00 and the upper pricing band under the Plan
would be $105.00. An execution could occur on the Exchange in this
security at $96.00, as this is within the Plan's pricing bands.
However, if subjected to review as potentially clearly erroneous, the
Exchange would nullify an execution at $96.00 as clearly erroneous
because it exceeds the 3% threshold that is in place pursuant to Rule
7.10(c)(1) for securities priced above $50.00 (i.e., with a reference
price of $100.00, any transactions at or below $97.00 or above $103.00
could be nullified as clearly erroneous). Accordingly, this proposal
maintains the status quo with respect to reviews of Clearly Erroneous
Executions and the application of objective numerical guidelines by the
Exchange. The proposal does not increase the discretion afforded to the
Exchange in connection with reviews of Clearly Erroneous Executions.
    The Limit Up-Limit Down Plan is designed to prevent executions from
occurring outside of dynamic price bands disseminated to the public by
the single plan processor as defined in the Limit Up-Limit Down
Plan.\8\ The possibility remains the Exchange could experience a
technology or systems problem with respect to the implementation of the
price bands disseminated pursuant to the Plan. To address such
possibilities, the Exchange proposes to adopt language to make clear
that if an Exchange technology or systems issue results in any
transaction occurring outside of the price bands disseminated pursuant
to the Plan, an Officer of the Exchange or senior level employee
designee, acting on his or her own motion or at the request of a third
party, shall review and declare any such trades null and void. Absent
extraordinary circumstances, any such action of the Officer of the
Exchange or other senior level employee designee shall be taken in a
timely fashion, generally within thirty (30) minutes of the detection
of the erroneous transaction. When extraordinary circumstances exist,
any such action of the Officer of the Exchange or other senior level
employee designee must be taken by no later than the start of the Core
Trading Hours \9\ on the trading day following the date on which the
execution(s) under review occurred. Although the Exchange will act as
promptly as possible and the proposed objective standard (i.e., whether
an execution occurred outside the band) should make it feasible to
quickly make a determination, there may be circumstances in which
additional time may be needed for verification of facts or coordination
with outside parties, including the single plan processor responsible
for disseminating the price bands and other market centers.
Accordingly, the Exchange believes it necessary to maintain some
flexibility to make a determination outside of the thirty (30) minute
guideline. In addition, the Exchange proposes that a transaction that
is nullified pursuant to new paragraph (i) would be appealable in
accordance with the provisions of Rule 7.10(e)(2). In addition, the
Exchange proposes to make clear that in the event that a single plan
processor experiences a technology or systems problem that prevents the
dissemination of price bands, the Exchange would make the determination
of whether to nullify transactions based on Rule 7.10(a)-(h).
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    \8\ See Limit Up-Limit Down Release, supra note 4.
    \9\ Core Trading Hours commence at 9:30 a.m. Eastern Time, 6:30
a.m. Pacific Time. See NYSE Arca Equities Rule 1.1(j).
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    The Exchange believes that cancelling trades that occur outside of
the price bands disseminated pursuant to the Plan is consistent with
the purpose and intent of the Plan, as such transactions are not
intended to occur in the first place. If transactions do occur outside
of the price bands and no exception applies--which necessarily would be
caused by a technology or systems issue--then the Exchange believes the
appropriate result is to nullify such transactions.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) \10\ of
the Act, in general, and furthers the objectives of Section 6(b)(5)
\11\ in particular in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system and, in general, to protect investors and the
public interest. The Exchange believes that the pilot program promotes
just and equitable principles of trade in that it promotes transparency
and uniformity across markets concerning review of transactions as
clearly erroneous. More specifically, the Exchange believes that the
extension of the pilot would promote just and equitable principles of
trade because it would help assure that the determination of whether a
clearly erroneous trade has occurred will be based on clear and
objective criteria. Additionally, resolution of the incident will occur
promptly through a transparent process, which the Exchange believes
would protect investors and the public interest. The proposed rule
change would also foster cooperation and coordination with persons
engaged in facilitating transactions in securities and to remove
impediments to, and perfect the mechanism of, a free and open market
and a national market system because it would help assure consistent
results in handling erroneous trades across the U.S. markets, thus
furthering fair and orderly markets, the protection of investors and
the public interest.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
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    Although the Limit Up-Limit Down Plan will be operational during
the same time period as the proposed extended pilot, the Exchange
believes that maintaining the pilot for at least through the phased
implementation of the Plan is operational will help to protect against
unanticipated consequences. To that end, the extension will allow the
Exchange to determine whether NYSE

Arca Equities Rule 7.10 is necessary once the Plan is operational and,
if so, whether improvements can be made. Further, the Exchange believes
it consistent with the protection of investors and the public interest
to adopt objective criteria to nullify transactions that occur outside
of the Plan's price bands when such transactions should not have been
executed but were due to a systems or technology issue.

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. To the contrary, the
Exchange believes that the Financial Industry Regulatory Authority and
other national securities exchanges are also filing similar proposals,
and thus, that the proposal will help to ensure consistent rules across
market centers.

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

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

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

    Because the 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 pilot program to continue uninterrupted, thereby
avoiding the 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.

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-NYSEArca-2013-12 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2013-12. 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 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 offices 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-NYSEArca-2013-12, and should be submitted on or before
February 28, 2013.

    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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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-02710 Filed 2-6-13; 8:45 am]
BILLING CODE 8011-01-P