[Federal Register: July 21, 2006 (Volume 71, Number 140)]
[Notices]
[Page 41438-41439]
[DOCID:fr21jy06-45]

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ENVIRONMENTAL PROTECTION AGENCY

[OECA-2005-0050; FRL-8201-5]

Agency Information Collection Activities; Submission to OMB for
Review and Approval; Comment Request; NESHAP for Coke Oven Pushing
Quenching and Battery Stacks, EPA ICR Number 1995.03, OMB Control
Number 2060-0521

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: In compliance with the Paperwork Reduction Act (44 U.S.C. 3501
et seq.), this document announces that an Information Collection
Request (ICR) has been forwarded to the Office of Management and Budget
(OMB) for review and approval. This is a request to renew an existing
approved collection. The ICR which is abstracted below describes the
nature of the collection and the estimated burden and cost.

DATES: Additional comments may be submitted on or before August 21,
2006.

ADDRESSES: Submit your comments, referencing docket ID number EPA-OECA-
2005-0050, to (1) EPA online using http://www.regulations.gov (our preferred method), or by e-mail to<EMAIL_ADDRESS>or by mail to:

EPA Docket Center (EPA/DC), Environmental Protection Agency,
Enforcement and Compliance Docket and Information Center, mail code
2201T, 1200 Pennsylvania Avenue, NW., Washington, DC 20460, and (2) OMB
at: Office of Information and Regulatory Affairs, Office of Management
and Budget (OMB), Attention: Desk Officer for EPA, 725 17th Street,
NW., Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Mar[iacute]a Malav[eacute], Compliance
Assessment and Media Programs Division (Mail Code 2223A), Office of
Compliance, Environmental Protection Agency, 1200 Pennsylvania Avenue,
NW., Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax
number:<PHONE_NUMBER>; e-mail address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: EPA has submitted the following ICR to OMB
for review and approval according to the procedures prescribed in 5 CFR
1320.12. On May 6, 2005 (70 FR 24020), EPA sought comments on this ICR
pursuant to 5 CFR 1320.8(d). EPA received no comments. Any additional
comments on this ICR should be submitted to EPA and OMB within 30 days
of this notice.
    EPA has established a public docket for this ICR under docket ID
number EPA-OECA-2005-0050, which is available for public viewing online
at http://www.regulations.gov, in person viewing at the Enforcement and

Compliance Docket in the EPA Docket Center (EPA/DC), EPA West, Room
B102, 1301 Constitution Avenue, NW., Washington, DC. The EPA Docket
Center Public Reading Room is open from 8:30 a.m. to 4:30 p.m., Monday
through Friday, excluding legal holidays. The telephone number for the
Reading Room is<PHONE_NUMBER>, and

the telephone number for the Enforcement and Compliance Docket is (202)
566-1927.
    Use EPA's electronic docket and comment system at http://www.regulations.gov
, to submit or view public comments, access the

index listing of the contents of the docket, and to access those
documents in the docket that are available electronically. Once in the
system, select ``docket search,'' then key in the docket ID number
identified above. Please note that EPA's policy is that public
comments, whether submitted electronically or in paper, will be made
available for public viewing at http://www.regulations.gov, as EPA

receives them and without change, unless the comment contains
copyrighted material, CBI, or other information whose public disclosure
is restricted by statute. For further information about the electronic
docket, go to http://www.regulations.gov.

    Title: NESHAP for Coke Oven Pushing Quenching and Battery Stacks
(40 CFR Part 63, Subpart CCCCC).
    ICR Numbers: EPA ICR Number 1995.03, OMB Control Number 2060-0521.
    ICR Status: This ICR is scheduled to expire on August 31, 2006.
Under OMB regulations, the Agency may continue to conduct or sponsor
the collection of information while this submission is pending at OMB.
An Agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information unless it displays a currently
valid OMB control number. The OMB control numbers for EPA's regulations
in title 40 of the CFR, after appearing in the Federal Register when
approved, are listed in 40 CFR part 9, and displayed either by
publication in the Federal Register or by other appropriate means, such
as on the related collection instrument or form, if applicable. The
display of OMB control numbers in certain EPA regulations is
consolidated in 40 CFR part 9.
    Abstract: The National Emission Standards for Hazardous Air
Pollutants (NESHAP) for Coke Oven Pushing Quenching and Battery Stacks
were proposed on July 3, 2001 (66 FR 35325) and, promulgated on April
14, 2003 (68 FR 18007). The respondents are owners or operators of coke
plants that are major sources of hazardous air pollutant (HAP)
emissions. The national emission standard for hazardous air pollutants
(NESHAP) applies to emissions from pushing, soaking, quenching, and
battery stacks on new and existing coke oven batteries. This
information is being collected to assure compliance with 40 CFR part
63, subpart CCCCC.
    Owners and operators of affected sources are subject to the
monitoring, recordkeeping and reporting requirements of 40 CFR part 63,
subpart A, the General Provisions, unless specified otherwise in the
regulation. This rule requires sources to submit initial notifications,
conduct performance tests if source is using an add-on control device,
and submit periodic compliance reports. In addition, sources are
required to maintain records of the occurrence and duration of any
startup, shutdown, or malfunction in the operation if using an add-on
control device; any period during which the monitoring system is
inoperative; parametric monitoring data; system maintenance and
calibration; and work practices to demonstrate initial and ongoing
compliance with the regulation. Records of such measurements and
actions are to be retained two years on-site of the required total five
years. All reports are sent to the delegated state or local authority.
In the event that there is no such delegated authority, the reports are
sent directly to the EPA regional office.
    Burden Statement: The annual public reporting and recordkeeping
burden for this collection of information is estimated to average 223
hours per response. Burden means the total time, effort, or financial
resources expended by persons to generate, maintain, retain, or
disclose or provide information to or for a Federal agency. This
includes the time needed to review instructions; develop, acquire,
install, and utilize technology and systems for the purposes of
collecting, validating, and verifying information, processing and
maintaining information, and disclosing and providing information;
adjust the existing ways to comply with any previously applicable
instructions and requirements which have subsequently changed; train
personnel to be able to respond to a collection of information; search
data sources; complete and review the collection of information; and
transmit or otherwise disclose the information.
    Respondents/Affected Entities: Owners or operators of coke oven
facilities.
    Estimated Number of Respondents: 19.
    Frequency of Response: On occasion, semiannually, weekly and
initially.
    Estimated Total Annual Hour Burden: 25,208.
    Estimated Total Annual Cost: $169,500, includes O&M costs only.
    Changes in the Estimates: The increase from 2,209 hours to 25,208
hours in the annual labor burden to industry from the most recently
approved ICR is due to adjustments. The increase in burden from the
most recently approved ICR is due to the assumption that all existing
sources are in full compliance with the rule on-going monitoring,
recordkeeping and reporting requirements since the compliance date has
passed. The active ICR burden calculation was based on sources only
complying with the initial rule requirements.
    The increase from $83,000 to $169,500 in the total annualized
capital and operations and maintenance (O&M) costs are due to the
assumption that respondents are in full compliance with the rule on-
going requirements, as mentioned above. Even when there are no capital
and startup costs for this renewal of the ICR, the costs for operation
and maintenance of bag leak detectors and continuous opacity monitors
increased significantly since we are accounting such costs for all
three years of this ICR.

    Dated: July 11, 2006.
Sara Hisel McCoy,
Acting Director, Collection Strategies Division.
[FR Doc. E6-11610 Filed 7-20-06; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register Volume 83, Number 236 (Monday, December 10, 2018)]
[Rules and Regulations]
[Pages 63416-63418]
[FR Doc No: 2018-26607]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket No. USCG-2018-1017]
RIN 1625-AA00

Safety Zone: Winter on the Waterfront Fireworks Display,
Berkeley, CA

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is establishing a temporary safety zone in the
navigable waters of San Francisco Bay near Berkeley Marina in support
of the Winter on the Waterfront Fireworks Display on December 8, 2018.
This safety zone is necessary to protect personnel, vessels, and the
marine environment from the dangers associated with pyrotechnics.
Unauthorized persons or vessels are prohibited from entering into,
transiting through, or remaining in the safety zone without permission
of the Captain of the Port of their designated representative.

DATES: This rule is effective from 3:00 p.m. to 6:45 p.m. on December
8, 2018.

ADDRESSES: Documents mentioned in this preamble are part of docket
USCG-2018-1017. To view documents mentioned in this preamble as being
available in the docket, go to http://www.regulations.gov, type the
docket number in the ``SEARCH'' box and click ``SEARCH.'' Click on Open
Docket Folder on the line associated with this rulemaking.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email Lieutenant Emily Rowan, U.S. Coast Guard Sector San
Francisco; telephone<PHONE_NUMBER> or email at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

APA Administrative Procedure Act
COTP U.S. Coast Guard Captain of the Port
DHS Department of Homeland Security
FR Federal Register
COTP Captain of the Port
NOAA National Oceanic and Atmospheric Administration
NPRM Notice of Proposed Rulemaking
PATCOM U.S. Coast Guard Patrol Commander
U.S.C. United States Code

II. Background Information and Regulatory History

    The Coast Guard is issuing this temporary final rule without prior
notice and opportunity to comment pursuant to authority under section
4(a) of the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This
provision authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency for good cause finds that those
procedures are ``impracticable, unnecessary, or contrary to the public
interest.'' Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good
cause exists for not publishing a notice of proposed rulemaking (NPRM)
with respect to this rule. Since the Coast Guard received notice of
this event on November 7, 2018, notice and comment procedures would be
impracticable in this instance.
    For similar reasons as those stated above, under 5 U.S.C.
553(d)(3), the Coast Guard finds that good cause exists for making this
rule effective less than 30 days after publication in the Federal
Register.

III. Legal Authority and Need for Rule

    The Coast Guard is issuing this rule under authority in 33 U.S.C.
1231. The Captain of the Port (COTP) San Francisco has determined that
potential hazards associated with the Winter on

the Waterfront Fireworks Display on December 8, 2018, will be a safety
concern for anyone within a 100 foot radius of the fireworks barge and
anyone within a 140 foot radius of the fireworks firing site. This rule
is needed to protect spectators, vessels, and other property from
hazards associated with pyrotechnics.

IV. Discussion of the Rule

    This rule establishes a temporary safety zone during the loading,
staging, and transit of the fireworks barge, until after completion of
the fireworks display. During the loading and staging of the
pyrotechnics onto the fireworks barge, scheduled to take place from
3:00 p.m. to 4:00 p.m. on December 8, 2018, at Berkeley Marina Ferry
Dock in Berkeley, CA, the safety zone will encompass the navigable
waters around and under the fireworks barge within a radius of 100
feet.
    The fireworks barge will remain at Berkeley Marina Ferry Dock until
the start of its transit to the display location. Towing of the barge
from Berkeley Marina Ferry Dock to the display location is scheduled to
take place from 4:30 p.m. to 5:00 p.m. on December 8, 2018, where it
will remain until the conclusion of the fireworks display.
    At 5:00 p.m. on December 8, 2018, 30 minutes prior to the
commencement of the two 3-minute fireworks displays, scheduled to start
at 5:30 p.m. and 6:15 p.m., the safety zone will increase in size and
encompass the navigable waters around and under the fireworks barge
within a radius of 140 feet in approximate position 37[deg]51'58'' N,
122[deg]19'11'' W (NAD 83) for the Berkeley Winter on the Waterfront
Fireworks Display. The safety zone shall terminate at 6:45 p.m. on
December 8, 2018.
    The effect of the temporary safety zone is to restrict navigation
in the vicinity of the fireworks loading, staging, transit, and firing
site. Except for persons or vessels authorized by the COTP or the
COTP's designated representative, no person or vessel may enter or
remain in the restricted areas. These regulations are needed to keep
spectators and vessels away from the immediate vicinity of the
fireworks firing sites to ensure the safety of participants,
spectators, and transiting vessels.

V. Regulatory Analyses

    We developed this rule after considering numerous statutes and
executive orders related to rulemaking. Below we summarize our analyses
based on a number of these statutes and Executive orders, and we
discuss First Amendment rights of protestors.

A. Regulatory Planning and Review

    Executive Orders 12866 and 13563 direct agencies to assess the
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits. Executive Order 13771 directs agencies to control
regulatory costs through a budgeting process. This rule has not been
designated a ``significant regulatory action,'' under Executive Order
12866. Accordingly, this rule has not been reviewed by the Office of
Management and Budget (OMB), and pursuant to OMB guidance it is exempt
from the requirements of Executive Order 13771.
    This regulatory action determination is based on the limited
duration and narrowly tailored geographic area of the safety zone.
Although this rule restricts access to the waters encompassed by the
safety zone, the effect of this rule will not be significant because
the local waterway users will be notified via public Notice to Mariners
to ensure the safety zone will result in minimum impact. The entities
most likely to be affected are waterfront facilities, commercial
vessels, and pleasure craft engaged in recreational activities.

B. Impact on Small Entities

    The Regulatory Flexibility Act of 1980 (RFA), 5 U.S.C. 601-612, as
amended, requires federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000. The Coast Guard certifies under 5 U.S.C. 605(b) that this rule
will not have a significant economic impact on a substantial number of
small entities.
    This rule may affect the following entities, some of which may be
small entities: Owners and operators of waterfront facilities,
commercial vessels, and pleasure craft engaged in recreational
activities and sightseeing, if these facilities or vessels are in the
vicinity of the safety zone at times when this zone is being enforced.
This rule will not have a significant economic impact on a substantial
number of small entities for the following reasons: (i) This rule will
encompass only a small portion of the waterway for a limited period of
time, and (ii) the maritime public will be advised in advance of these
safety zones via Notice to Mariners.
    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this rule. If the rule would affect your
small business, organization, or governmental jurisdiction and you have
questions concerning its provisions or options for compliance, please
contact the person listed in the FOR FURTHER INFORMATION CONTACT
section.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

C. Collection of Information

    This rule will not call for a new collection of information under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

D. Federalism and Indian Tribal Governments

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on the States, on the
relationship between the national government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this rule under that Order and have
determined that it is consistent with the fundamental federalism
principles and preemption requirements described in Executive Order
13132.
    Also, this rule does not have tribal implications under Executive
Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it does not have a substantial direct effect on
one or more Indian tribes, on the relationship between the Federal
Government and Indian tribes, or on the distribution of power and
responsibilities between the Federal Government and Indian tribes. If
you believe this rule has implications for federalism or Indian tribes,
please contact the person listed in the FOR FURTHER INFORMATION CONTACT
section above.

E. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this rule will not result in
such expenditure, we do discuss the effects of this rule elsewhere in
this preamble.

F. Environment

    We have analyzed this rule under Department of Homeland Security
Management Directive 023-01 and Commandant Instruction M16475.1D, which
guide the Coast Guard in complying with the National Environmental
Policy Act of 1969 (42 U.S.C. 4321-4370f), and have determined that
this action is one of a category of actions that do not individually or
cumulatively have a significant effect on the human environment. This
rule involves a safety zone of limited size and duration. It is
categorically excluded from further review under Categorical Exclusion
L60(a) of Appendix A, Table 1 of DHS Instruction Manual 023-01-001-01,
Rev. 01. A Record of Environmental Consideration supporting this
determination is available in the docket where indicated under
ADDRESSES.

G. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to contact the person listed in the FOR FURTHER
INFORMATION CONTACT section to coordinate protest activities so that
your message can be received without jeopardizing the safety or
security of people, places or vessels.

List of Subjects in 33 CFR Part 165

    Harbors, Marine safety, Navigation (water), Reporting and
recordkeeping requirements, Security measures, Waterways.

    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority:  33 U.S.C. 1231; 50 U.S.C. 191; 33 CFR 1.05-1, 6.04-
1, 6.04-6, and 160.5; Department of Homeland Security Delegation No.
0170.1

0
2. Add Sec.  165.T11-960 to read as follows:

Sec.  165.T11-960   Safety Zone; Winter on the Waterfront Fireworks
Display, Berkeley, CA

    (a) Location. The following area is a safety zone: All navigable
waters of the San Francisco Bay within 100 feet of the fireworks barge
during loading and staging at Berkeley Marina Ferry Dock, Berkeley, as
well as transit and arrival to the display location. From 3:00 p.m. on
December 8, 2018 until approximately 4:00 p.m. on December 8, 2018, the
fireworks barge will be loading and staged at Berkeley Marina Ferry
Dock. The safety zone will expand to all navigable waters around and
under the firework barge within a radius of 140 feet in approximate
position 37[deg]51'58'' N, 122[deg]19'11'' W (NAD 83) 30 minutes prior
to the start of the two 3-minute fireworks displays, scheduled to begin
at 5:30 p.m. and 6:15 p.m. on December 8, 2018.
    (b) Enforcement period. The zone described in paragraph (a) of this
section will be enforced from 3:00 p.m. on December 8, 2018 until
approximately 6:45 p.m. on December 8, 2018. The Captain of the Port
San Francisco (COTP) will notify the maritime community of periods
during which these zones will be enforced via Notice to Mariners in
accordance with 33 CFR 165.7.
    (c) Definitions. As used in this section, ``designated
representative'' means a Coast Guard Patrol Commander, including a
Coast Guard coxswain, petty officer, or other officer on a Coast Guard
vessel or a Federal, State, or local officer designated by or assisting
the COTP in the enforcement of the safety zone.
    (d) Regulations. (1) Under the general regulations in 33 CFR part
165, subpart C, entering into, transiting through, or anchoring within
this safety zone is prohibited unless authorized by the COTP or the
COTP's designated representative.
    (2) The safety zone is closed to all vessel traffic, except as may
be permitted by the COTP or a designated representative.
    (3) Vessel operators desiring to enter or operate within the safety
zone must contact the COTP or a designated representative to obtain
permission to do so. Vessel operators given permission to enter or
operate in the safety zone must comply with all directions given to
them by the COTP or a designated representative. Persons and vessels
may request permission to enter the safety zones on VHF-23A or through
the 24-hour Command Center at telephone<PHONE_NUMBER>.

    Dated: November 29, 2018.
Anthony J. Ceraolo,
Captain, U.S. Coast Guard, Captain of the Port, San Francisco.
[FR Doc. 2018-26607 Filed 12-7-18; 8:45 am]
 BILLING CODE 9110-04-P


[Federal Register Volume 87, Number 48 (Friday, March 11, 2022)]
[Notices]
[Pages 14051-14053]
[FR Doc No: 2022-05145]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94368; File No. SR-EMERALD-2022-09]

Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the MIAX Emerald Fee Schedule To Amend the Excessive Quoting Fee

March 7, 2022.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on February 24, 2022, MIAX Emerald, LLC (``MIAX Emerald'' or
``Exchange''), filed with the Securities and Exchange Commission
(``Commission'') a 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

    The Exchange is filing a proposal to amend the MIAX Emerald Fee
Schedule (the ``Fee Schedule'') to amend Section 1)c), Excessive
Quoting Fee, to increase in the inbound quote limit.
    The text of the proposed rule change is available on the Exchange's
website at http://www.miaxoptions.com/rule-filings/emerald, at MIAX's
principal office, 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 Section 1)c), Excessive Quoting Fee,
to increase the inbound quote limit for the Excessive Quoting Fee. The
Exchange does not propose to amend the fee amount or how the quotes are
counted. The proposed rule change is immediately effective as of
February 24, 2022.
Background
    On February 22, 2021, the Exchange filed its proposal to amend the
Fee Schedule to adopt the Excessive Quoting Fee.\3\ The Exchange
adopted the Excessive Quoting Fee as a result of a significant upgrade
to the MIAX Emerald System's \4\ network architecture, based on
customer demand, which resulted in the Exchange's network environment
becoming more transparent and deterministic. Pursuant to the Excessive
Quoting Fee, the Exchange will assess a fee of $10,000 per day to any
Market Maker \5\ that exceeds 2.5 billion inbound quotes \6\ sent to
the Exchange on that particular day. In counting the total number of
quotes for the purposes of the Excessive Quoting Fee, the Exchange
excludes messages that are generated as a result of sending a mass
purge message to the Exchange. The 2.5 billion inbound quote limit for
the Excessive Quoting Fee resets each trading day.
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    \3\ See Securities Exchange Act Release No. 91406 (March 24,
2021), 86 FR 16795 (March 31, 2021) (SR-EMERALD-2021-10) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend the MIAX Emerald Fee Schedule To Adopt an Excessive Quoting
Fee).
    \4\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
    \5\ The term ``Market Maker'' refers to ``Lead Market Maker''
(``LMM''), ``Primary Lead Market Maker'' (``PLMM'') and ``Registered
Market Maker'' (``RMM''), collectively. See the Definitions Section
of the Fee Schedule and Exchange Rule 100.
    \6\ The term ``quote'' or ``quotation'' means a bid or offer
entered by a Market Maker that is firm and may update the Market
Maker's previous quote, if any. The Rules of the Exchange provide
for the use of different types of quotes, including Standard quotes
and eQuotes, as more fully described in Rule 517. A Market Maker
may, at times, choose to have multiple types of quotes active in an
individual option. See the Definitions Section of the Fee Schedule.
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Proposal
    The Exchange now proposes to amend the Excessive Quoting Fee to
increase the inbound quote limit before the Exchange will assess the
Excessive Quoting Fee. In particular, the Exchange proposes to increase
the inbound quote limit from 2.5 billion to 3.5 billion for inbound
quotes sent to the Exchange on a particular trading day. In counting
the total number of quotes for the purposes of the Excessive Quoting
Fee, the Exchange will continue to exclude messages that are generated
as a result of sending a mass purge message to the Exchange and the
proposed 3.5 billion inbound quote limit will continue to reset each
trading day.
    The purpose of the proposed change is to continue to ensure that
Market Makers do not over utilize the Exchange's System by sending
excessive quotes to the Exchange, to the detriment of all other Members
of the Exchange, while balancing the interests of Market Makers sending
quotes to the System in light of the recent significant increase in
market volatility. Market Makers that send an excessive number of
quotes to the Exchange on any particular day have the potential
residual effect of exhausting System resources, bandwidth, and
capacity. In turn, this may create latency and impact other Members'
and non-Members' ability to send messages to the Exchange and receive
timely executions. The Exchange believes that due to significant
increases in market volatility, it is appropriate to increase the
inbound quote limit for Market Markers.
    The Exchange's high performance network provides unparalleled
system throughput and the capacity to handle approximately 38 million
messages per second. On an average day, the Exchange handles over
approximately 11 billion total messages. These billions of messages per
day consume the Exchange's resources, particularly storage
capabilities. The combination of (i) Member quoting behavior, (ii)
increased volatility in the marketplace, and (iii) increased number of
options products quoted on the Exchange has a significant impact on the
total number of quotes sent each trading day, resulting in additional
storage capacity. The Exchange believes this proposal will continue to
reduce the potential for market participants to engage in excessive
quoting behavior that would require the Exchange to increase its
storage capacity and will encourage quotes to be made in good faith,
while balancing the interests of Market Makers facing increased market
volatility in recent days.
    Recognizing that orders and executions often occur in large
numbers, the purpose of this proposal is to continue to focus on
activity that is truly disproportionate while fairly allocating costs.
The proposal

contemplates that a Market Maker would have to exceed the high
threshold of 3.5 billion inbound quotes before that Market Maker would
be charged the proposed fee on that particular trading day. The
Exchange believes that it is in the interests of all Members and market
participants who access the Exchange to not allow other market
participants to exhaust System resources, but to encourage efficient
usage of network capacity.
    The Exchange notes that this concept is not new or novel.\7\ The
Exchange's proposal is not intended to raise revenue; rather, it is
intended to encourage efficient quoting behavior so that market
participants do not exhaust System resources while balancing the
increase in quotes as a result of current market volatility.
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    \7\ See Securities Exchange Act Release No. 60117 (June 16,
2009), 74 FR 30190 (June 24, 2009) (SR-AMEX-2009-25) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Amending
the Schedule of Fees and Charges for Exchange Services by Adding a
Ratio Threshold Fee); 64655 (June 13, 2011), 76 FR 35495 (June 17,
2011) (SR-AMEX-2011-37) (Notice of Filing and Immediate
Effectiveness of Proposed Rule Change Amending the NYSE Amex Options
Fee Schedule To Establish a New Fee Designed To Encourage Efficient
Use of Bandwidth by ATP Firms and To Rename a Related Existing Fee);
53522 (March 20, 2006), 71 FR 14975 (March 24, 2006) (SR-ISE-2006-
09) (Notice of Filing and Immediate Effectiveness of Proposed Rule
Change and Amendment No. 1 Thereto Relating to Session/API Fees);
55941 (June 21, 2007), 72 FR 35535 (June 28, 2007) (SR-ISE-2007-36)
(Notice of Filing and Immediate Effectiveness of a Proposed Rule
Change as Modified by Amendment No. 1 Thereto Relating to API Fees);
84963 (December 26, 2018), 84 FR 830 (January 31, 2019) (SR-CboeBZX-
2018-095) (Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend the BZX Equities Fee Schedule).
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    The Exchange believes the proposal will continue to protect the
integrity of the MIAX Emerald market and benefit all market
participants of MIAX Emerald by ensuring that the Exchange's System is
not overloaded from excessive quotes being sent to it each day. The
Exchange notes that it provides Market Makers with daily reports, free
of charge, which detail their quoting activity in order for those firms
to be fully aware of the number of quotes they are sending to the
Exchange. This allows firms to monitor if their quoting behavior is
approaching the proposed 3.5 billion inbound quote limit.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Fee Schedule
is consistent with Section 6(b) of the Act \8\ in general, and furthers
the objectives of Section 6(b)(4) of the Act \9\ in particular, in that
it is an equitable allocation of reasonable dues, fees, and other
charges among its Members and issuers and other persons using its
facilities. The Exchange also believes the proposal furthers the
objectives of Section 6(b)(5) of the Act \10\ in that it is designed to
promote just and equitable principles of trade, remove impediments to
and perfect the mechanism of a free and open market and a national
market system, and, in general protects investors and the public
interest and is not designed to permit unfair discrimination between
customers, issuers, brokers and dealers.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(4).
    \10\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that its proposal is designed to promote just
and equitable principles of trade, 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 and is not
designed to permit unfair discrimination between customers, issuers,
brokers and dealers because it will continue to encourage efficient
utilization of the Exchange's highly deterministic and transparent
network architecture. The Exchange also believes the proposal will
balance the interests of Market Makers sending quotes to the Exchange
in light of extreme market volatility. The Exchange believes that
unfettered usage of System capacity and network resource consumption
can have a detrimental effect on all market participants who are
potentially compelled to send quote messages to the Exchange on an
unlimited basis, to the detriment of all other market participants who
access and use the Exchange. Further, the proposed increase to the
inbound quote limit will apply equally to all Market Makers who send
quotes to the Exchange in excess of 3.5 billion inbound quotes on any
particular trading day.
    The Exchange believes that the proposal is not unfairly
discriminatory due to the substantial quote limit that the proposal
contemplates before the Excessive Quoting Fee is applied, as well as
the normal Market Maker quote traffic that the Exchange has experienced
since it began operations in March of 2019 and in light of recent
extreme market volatility that has resulted in above average number of
quotes being sent to the Exchange. The Exchange does not anticipate
that any Market Maker will exceed the proposed 3.5 billion inbound
quote limit and become subject to the proposed fee.
    The Exchange further believes that its proposal is reasonable,
equitably allocated and not unfairly discriminatory because it is not
intended to raise revenue for the Exchange; rather, it is intended to
ensure that Market Makers are using their quoting methodologies in the
most efficient manner possible in light of the Exchange's highly
deterministic and transparent infrastructure and in light of the recent
increase in market volatility, resulting in more quotes being sent to
the Exchange. The Exchange believes that the proposed increased quote
limit is reasonable, equitably allocated and not unfairly
discriminatory because this proposal will continue to reduce the
potential for market participants to engage in excessive quoting
behavior that would require the Exchange to increase its storage
capacity and will continue to encourage quotes to be made in good
faith. The Exchange notes that other exchanges have implemented similar
fees and capacity type-limits in order to deter their firms from over-
utilizing their trading systems and exhausting system resources, while
encouraging the efficient usage of system resources.\11\
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    \11\ See supra note 7.
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    The Exchange therefore believes that the proposed increased inbound
quote limit for the Excessive Quoting Fee appropriately reflects the
benefits to different firms of being able to send quotes into the
Exchange's System and facilitates the Commission's goal of ensuring
that critical market infrastructure has ``levels of capacity,
integrity, resiliency, availability, and security adequate to maintain
their operational capability and promote the maintenance of fair and
orderly markets.'' \12\
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    \12\ See Securities Exchange Act Release No. 73639 (November 19,
2014), 79 FR 72251 (December 5, 2014) (File No. S7-01-13)
(Regulation SCI Adopting Release).
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    The Exchange will continue to review the quoting behavior of all
firms on a regular basis to ensure that the inbound quote limit remains
significantly higher than the average firm quoting behavior, while
taking into account varying market conditions. The Exchange will
continue to regularly monitor prevailing market conditions to ensure
that the inbound quote limit is sufficiently flexible and could not
inadvertently result in higher than anticipated fees being charged to
firms that are providing liquidity in volatile, high volume markets.
The Exchange does not want to discourage such liquidity provision and
believes that it should be able to adjust the inbound quote limit on a
monthly basis if need be.

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 not necessary or appropriate in
furtherance of the purposes of the Act.
Intra-Market Competition
    The Exchange believes that the proposal does not put any market
participants at a relative disadvantage compared to other market
participants because the proposed increased quote limit will apply
equally to all Market Makers who send quotes to the Exchange in excess
of 3.5 billion inbound quotes on any particular trading day. The
Exchange also believes that the proposed change neither favors nor
penalizes one or more categories of market participants in a manner
that would impose an undue burden on competition. Rather, the proposal
seeks to benefit all market participants by encouraging the efficient
utilization of the Exchange's highly deterministic and transparent
network architecture while taking into account increased market
volatility that may impact the number of quotes being sent to the
Exchange by Market Makers. The Exchange does not anticipate that any
Market Maker will exceed the proposed 3.5 billion inbound quote limit
and become subject to the proposed fee. Accordingly, the Exchange
believes that the proposed Excessive Quoting Fee does not favor certain
categories of market participants in a manner that would impose a
burden on competition.
Inter-Market Competition
    The Exchange believes the proposal does not place an undue burden
on competition on other self-regulatory organizations that is not
necessary or appropriate because of the availability of numerous
substitute options exchanges. There are 15 other options exchanges
where market participants can become members and send quotes if they
deem the 3.5 billion inbound quote limit to be too restrictive for
their quoting behavior. In addition, the Exchange does not believe the
proposal will impose any burden on inter-market competition as the
proposal does not address any competitive issues; rather, it is
intended to protect all market participants of MIAX Emerald by ensuring
that the Exchange's System is not overloaded from excessive quotes
being sent to it each day.

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

    Written comments were neither solicited nor received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\13\ and Rule 19b-4(f)(2) \14\ 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 shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
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    \13\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \14\ 17 CFR 240.19b-4(f)(2).
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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-EMERALD-2022-09 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-EMERALD-2022-09. 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-EMERALD-2022-09 and should be submitted
on or before April 1, 2022.

    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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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-05145 Filed 3-10-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 111 (Thursday, June 9, 2022)]
[Notices]
[Page 35273]
[FR Doc No: 2022-12402]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95037; File No. SR-BOX-2022-08]

Self-Regulatory Organizations; BOX Exchange LLC.; Notice of
Designation of Longer Period for Commission Action on Proposed Rule
Change To Amend Rule 12140 (Imposition of Fines for Minor Rule
Violations) To Expand the List of Violations Eligible for Disposition
Under the Exchange's Minor Rule Violation Plan and Update the Fine
Schedule Applicable to Certain Minor Rule Violations

June 3, 2022.
    On March 31, 2022, BOX Exchange LLC (the ``Exchange'') filed with
the Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\
and Rule 19b-4 thereunder,\2\ a proposed rule change to amend Rule
12140 (Imposition of Fines for Minor Rule Violations), to expand the
list of violations eligible for disposition under the Exchange's Minor
Rule Violation Plan (``MRVP'') and update the fine schedule applicable
to minor rule violations related to certain rule violations. The
proposed rule change was published for comment in the Federal Register
on April 21, 2022.\3\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 94729 (April 15,
2022), 87 FR 23893. The Commission has received one comment on the
proposal which does not relate to the substance of the proposed rule
change. The comment letter is available at https://www.sec.gov/comments/sr-box-2022-08/srbox202208.htm.
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    Section 19(b)(2) of the Act \4\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day for this filing is June 5, 2022. The Commission is extending
this 45-day time period.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission finds that it is appropriate to designate a longer
period within which to take action on the proposed rule change so that
it has sufficient time to consider the proposed rule change.
Accordingly, pursuant to Section 19(b)(2) of the Act,\5\ the Commission
designates July 20, 2022, as the date by which the Commission shall
either approve or disapprove, or institute proceedings to determine
whether to disapprove, the proposed rule change (File No. SR-BOX-2022-
08).
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    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-12402 Filed 6-8-22; 8:45 am]
BILLING CODE 8011-01-P