[Federal Register Volume 85, Number 104 (Friday, May 29, 2020)]
[Notices]
[Pages 32440-32443]
[FR Doc No: 2020-11598]

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DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

[Docket No. FRA-2020-0027-N-9]

Proposed Agency Information Collection Activities; Comment
Request

AGENCY: Federal Railroad Administration (FRA), U.S. Department of
Transportation (DOT).

ACTION: Notice of information collection; request for comment.

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SUMMARY: Under the Paperwork Reduction Act of 1995 (PRA) and its
implementing regulations, FRA seeks approval of the Information
Collection Request (ICR) abstracted below. Before submitting this ICR
to the Office of Management and Budget (OMB) for approval, FRA is
soliciting public comment on specific aspects of the activities
identified below.

DATES: Interested persons are invited to submit comments on or before
July 28, 2020.

ADDRESSES: Submit written comments on the ICR activities by mail to
either: Ms. Qiana Swayne, Information Collection Clearance Officer,
Office of Railroad Policy and Development, Federal Railroad
Administration, 1200 New Jersey Avenue SE, Washington, DC 20590; or Ms.
Kim Toone, Information Collection Clearance Officer, Office of
Administration, Office of Information Technology, Federal Railroad
Administration, 1200 New Jersey Avenue SE, Washington, DC 20590.
Commenters requesting FRA to acknowledge receipt of their respective
comments must include a self-addressed stamped postcard stating,
``Comments on OMB Control Number 2130-0615,'' and should also include
the title of the ICR. Alternatively, comments may be faxed to (202)
493-6216 or<PHONE_NUMBER>, or emailed to Ms. Swayne at
<EMAIL_ADDRESS>or Ms. Toone at 1c5775713248737372795c787368327b736a. Please refer
to the assigned OMB control number in any

correspondence submitted. FRA will summarize comments received in
response to this notice in a subsequent notice and include them in its
information collection submission to OMB for approval.

SUPPLEMENTARY INFORMATION: The PRA, 44 U.S.C. 3501-3520, and its
implementing regulations, 5 CFR part 1320, require Federal agencies to
provide 60-days' notice to the public to allow comment on information
collection activities before seeking OMB approval of the activities.
See 44 U.S.C. 3506, 3507; 5 CFR 1320.8 through 1320.12. Specifically,
FRA invites interested parties to comment on the following ICR
regarding: (1) Whether the information collection activities are
necessary for FRA to properly execute its functions, including whether
the activities will have practical utility; (2) the accuracy of FRA's
estimates of the burden of the information collection activities,
including the validity of the methodology and assumptions used to
determine the estimates; (3) ways for FRA to enhance the quality,
utility, and clarity of the information being collected; and (4) ways
for FRA to minimize the burden of information collection activities on
the public, including the use of automated collection techniques or
other forms of information technology. See 44 U.S.C. 3506(c)(2)(A); 5
CFR 1320.8(d)(1).
    FRA believes that soliciting public comment may reduce the
administrative and paperwork burdens associated with the collection of
information that Federal regulations mandate. In summary, FRA reasons
that comments received will advance three objectives: (1) Reduce
reporting burdens; (2) organize information collection requirements in
a ``user-friendly'' format to improve the use of such information; and
(3) accurately assess the resources expended to retrieve and produce
information requested. See 44 U.S.C. 3501.
    The summary below describes the ICR that FRA will submit for OMB
clearance as the PRA requires:
    Title: Grants Management Requirements for Federal Railroad
Administration. Grant Awards and Cooperative Agreements.
    OMB Control Number: 2130-0615.
    Abstract: FRA solicits grant applications for projects including,
but not limited to, preconstruction planning activities, safety
improvements, congestion relief, improvement of grade crossings, and
rail line relocation, as well as projects that encourage development,
expansion, and upgrades to passenger and freight rail infrastructure
and services. FRA funds projects that meet FRA and government-wide
evaluation standards and align with the DOT Strategic Plan.
    FRA administers award agreements for both construction and non-
construction projects that will result in benefits or other tangible
improvements in rail corridors, service, safety, and technology. These
projects include completion of preliminary engineering, environmental,
research and development, final design, and construction.
    FRA requires systematic and uniform collection and submission of
information, as approved by OMB, to ensure accountability of Federal
assistance provided by FRA. Through this information collection, FRA
will measure Federal award recipients' performance and results,
including expenditures in support of agreed-upon activities and
allowable costs outlined in an FRA Notice of Grant Award. This
information collection includes OMB-required reports and documentation,
as well as additional forms and submissions to compile evidence
relevant to addressing FRA's important policy challenges, promoting
cost-effectiveness in FRA programs, and providing effective oversight
of programmatic and financial performance. FRA issues and manages
awards in compliance with 2 CFR part 200: Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal
Awards. The forms for which FRA is seeking renewal of its current
approval are listed below. All non-research awards are subject to the
application, reporting, closeout, and other processes described in this
notice.
    Form(s): All FRA forms are located at FRA's public website; all SF
forms are located at Grants.gov. FRA forms 30 (FRA Assurance and
Certifications Regarding Lobbying; Debarment, Suspension and Other
Responsibility Matters and Drug-Free Workplace Requirements), 31 (Grant
Adjustment Require Form), 32 (Service Outcome Agreement Annual
Reporting), 33 (Final Performance Report), 34 (Quarterly Progress
Report), 35 (Application Form), 217 (Categorical Exclusion Worksheet),
229 (NIST Manufacturing Extension Partnership Supplier Scouting--FRA
Item Opportunity Synopsis), 251 (Applicant Financial Capability
Questionnaire), and 252 (Payment Summary Spreadsheet). SF forms 270
(Request for Advance or Reimbursement), 424 (Application for Federal
Assistance), 424 A (Budget Information for Non-Construction Programs),
424B (Assurance for Non-Construction Programs), 424C (Budget
Information for Construction Programs), 424D (Assurances for
Construction Programs), 425 (Federal Financial Report), and LLL
(Disclosure of Lobbying Activities).
    Type of Request: Revision of a currently approved collection.
    Affected Public: Generally includes States and local governments
and railroads.
    Frequency of Submission: Varied; on occasion/monthly.
    Reporting Burden:

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                                                                                Average time                    Total annual
              Form name                          Form             Grant activity/process   Total annual     (hours) per    Total annual     dollar cost
                                                                                responses       response      burden hours     equivalent
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Grant Application....................  FRA F 35................  Application............             250              34        8,500.00     $348,415.00
Application for Federal Assistance...  SF 424..................  Application............             250             1.1          275.00       11,272.25
Budget Information for Non-            SF 424A.................  Application............              75               3          225.00        9,222.75
 Construction Programs.
Assurances for Non-Construction        SF 424B.................  Application............              75            0.25           18.75          768.56
 Programs.
Budget Information for Construction    SF 424C.................  Application............             175               3          525.00       21,519.75
 Programs.
Assurances for Construction Programs.  SF 424D.................  Application............             175            0.25           43.75        1,793.31
Disclosure of Lobbying Activities....  SF LLL..................  Application............             250            0.17           42.50        1,742.08
Applicant Financial Capability         FRA F 251...............  Application............             168               2          336.00       13,772.64
 Questionnaire.

FRA Assurances and Certifications      FRA F 30................  Application............             250            0.25           62.50        2,561.88
 Regarding Lobbying; Debarment,
 Suspension and Other Responsibility
 Matters and Drug-Free Workplace
 Requirement.
Federal Financial Report (new          SF 425 New Awards.......  Awards & Maintenance...             500             1.5          750.00       30,742.50
 awardees submit each quarter).
Federal Financial Report (existing     SF 425 Existing Grantees  Awards & Maintenance...             864             1.5        1,296.00       53,123.04
 awardees submit each quarter).
Request for Advance or Reimbursement.  SF 270..................  Awards & Maintenance...             860               1          860.00       35,251.40
Payment Summary Spreadsheet..........  SF 252..................  Awards & Maintenance...             860             0.5          430.00       17,625.70
Quarterly Progress Report (new         FRA F 34 New Awards.....  Awards & Maintenance...             500               2        1,000.00       40,990.00
 awardees submit each quarter).
Quarterly Progress Report (existing    FRA F 34 Existing         Awards & Maintenance...             864               2        1,728.00       70,830.72
 awardees submit each quarter).         Grantees.
Grant Adjustment Request Form........  FRA F 31................  Awards & Maintenance...             212               1          212.00        8,689.88
Service Outcome Agreement (SOA)        FRA F 32................  Awards & Maintenance...              24               1           24.00          983.76
 Annual Reporting.
Certification of Compliance or Non-    Narrative Request.......  Buy America Component..              15               3           45.00        1,844.55
 Compliance with Buy America
 Requirements for Steel, Iron, or
 Manufactured Products being produced
 by Awardee.
Certification of Compliance with Buy   Narrative Request.......  Buy America Component..               1              62           62.00        2,541.38
 America for Rolling Stock.
Waivers--Requests/Applications for     Narrative Request.......  Buy America Component..              15            1200       18,000.00      737,820.00
 Waivers, excluding FRA Form 229
 (narrative request).
NIST Manufacturing Extension           FRA F 229...............  Buy America Component..              15              18          270.00       11,067.30
 Partnership Supplier Scouting--FRA--
 Item Opportunity Synopsis (FRA F
 229).
Awardee Investigations (including FRA  Narrative Request.......  Buy America Component..               3             333          999.00       40,949.01
 initiated investigations).
Awardee direct reply to FRA after      Narrative Request.......  Buy America Component..               2               1            2.00           81.98
 request to conduct investigation of
 bidder/offeror.
Additional Documents to FRA from       Narrative Request.......  Buy America Component..               1               4            4.00          163.96
 Awardee/Investigated Party.
Transmission of Awardee/Bidder/        Narrative Request.......  Buy America Component..               2             0.5            1.00           40.99
 Offeror Reply to Petitioner.
Awardee/Investigated Bidder/Offeror    Narrative Request.......  Buy America Component..               1               8            8.00          327.92
 response to Petitioner Comment.
Written request to FRA for             Narrative Request.......  Buy America Component..               1               4            4.00          163.96
 information bearing on substance of
 investigation which has been
 submitted by petitioner, interested
 parties, or awardees.
Detailed Statement to FRA Regarding    Narrative Request.......  Buy America Component..               1               8            8.00          327.92
 Confidentiality of Previously
 Submitted Information to Agency.
Awardee Determination to make award    Narrative Request.......  Buy America Component..               1              40           40.00        1,639.60
 before resolution of investigation
 one of this sections specified
 reasons.
Notification to FRA by Awardee to      Narrative Request.......  Buy America Component..               1               1            1.00           40.99
 make award during pendency of
 investigation.
Request to FRA for Reconsideration of  Narrative Request.......  Buy America Component..               1              80           80.00        3,279.20
 Initial Decision by Party Involved
 in Investigations.
Pre-Award Audit......................  Narrative Request.......  Buy America Component..               1              33           33.00        1,352.67
Final Contract between Awardee and     Narrative Request.......  Buy America Component..               1              16           16.00          655.84
 Bidder/Offeror.
Post Award Audit.....................  Narrative Request.......  Buy America Component..               1             256          256.00       10,493.44
Rolling Stock Domestic Content         Narrative Request.......  Buy America Component..               1             120          120.00        4,918.80
 Improvement Plans.

Environmental Impact Statement (EIS).  Narrative Request.......  Awards & Maintenance...               2           15552       31,104.00    1,274,952.96
Environmental Assessment (EA)........  Narrative Request.......  Awards & Maintenance...               4            3120       12,480.00      511,555.20
Categorical Exclusion Worksheet......  FRA F 217...............  Awards & Maintenance...              50             156        7,800.00      319,722.00
Final Performance Report.............  FRA F 33................  Closeout...............              79               8          632.00       25,905.68
                                                                                ---------------------------------------------------------------
    Total............................  ........................  .......................        6,551.00       21,078.02       88,293.50    3,619,150.57
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    Total Estimated Annual Burden: 88,293.50 hours.
    Total Estimated Annual Burden Hour Dollar Cost Equivalent:
$3,619,150.57.
    Under 44 U.S.C. 3507(a) and 5 CFR 1320.5(b) and 1320.8(b)(3)(vi),
FRA informs all interested parties that it may not conduct or sponsor,
and a respondent is not required to respond to, a collection of
information unless it displays a currently valid OMB control number.

    Authority: 44 U.S.C. 3501-3520.

Brett A. Jortland,
Deputy Chief Counsel.
[FR Doc. 2020-11598 Filed 5-28-20; 8:45 am]
BILLING CODE 4910-06-P


[Federal Register Volume 85, Number 79 (Thursday, April 23, 2020)]
[Notices]
[Pages 22772-22775]
[FR Doc No: 2020-08589]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88682; File No. SR-NYSEAMER-2020-31]

Self-Regulatory Organizations; NYSE American LLC; Notice of
Filing and Immediate Effectiveness of Proposed Change To Amend the NYSE
American Options Fee Schedule

April 17, 2020.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on April 16, 2020, NYSE American LLC (``NYSE American'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by the self-
regulatory organization. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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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 Substance
of the Proposed Rule Change

    The Exchange proposes to amend the NYSE American Options Fee
Schedule (``Fee Schedule'') to modify the Strategy Execution Fee Cap to
allow the inclusion of certain Qualified Contingent Cross transactions
for the month of April 2020. The Exchange proposes to implement the fee
change effective April 16 2020.\4\ The proposed change is available on
the Exchange's website at www.nyse.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.
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    \4\ The Exchange originally filed to amend the Fee Schedule on
April 1, 2020 (SR-NYSEAMER-2020-27) and withdrew such filing on
April 9, 2020. The Exchange then filed to amend the Fee Schedule on
April 9, 2020 (SR-NYSEAMER-2020-30) and withdrew such filing on
April 16, 2020.
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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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this filing is to amend the Fee Schedule to modify
the Strategy Execution Fee Cap (``Strategy Cap'') to allow the
inclusion of certain Qualified Contingent Cross (``QCC'') transactions
for the month of April 2020, as set forth below. The Exchange proposes
to implement the rule change on April 16 2020.
    Since March 9, 2020, markets worldwide have been experiencing
unprecedented market-wide declines and volatility that has resulted
from the ongoing spread of the novel COVID-19 virus. In addition,
beginning March 16, 2020, to slow the spread of COVID-19 through
social-distancing measures, significant limitations have been placed on
large gatherings throughout the country.\5\ Shortly thereafter, U.S.
options exchanges that operate physical trading floors, such as Cboe,
Inc. and NASDAQ PHLX, announced the temporary closure of such floors as
a precautionary measure to prevent the potential spread of COVID-19.
The Exchange likewise announced the temporary closure of the Trading
Floor, effective March 23, 2020, which meant that Exchange Floor
Brokers could not engage in open outcry trading.
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    \5\ For example, in New York City, which is where the NYSE
Trading Floor is located, public and private schools, universities,
churches, restaurants, bars, movie theaters, and other commercial
establishments where large crowds can gather have been closed.
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    Section I.J. of the Fee Schedule currently provides a Strategy Cap
that limits to $1,000 the daily fees for certain options strategies
execution on the same trading day.\6\ Strategy executions that qualify
for the Strategy Cap are (a) reversals and conversions, (b) box
spreads, (c) short stock interest spreads, (d) merger spreads, and (e)
jelly rolls, which are described in detail in the Fee Schedule.\7\
However, the Strategy Cap specifically excludes from the Cap ``[a]ny
qualifying Strategy Execution executed as a QCC.'' \8\ A QCC is defined
as an originating order to buy or sell at least 1000 contracts that is
identified as being part of a qualified contingent

trade, coupled with a contraside order or orders totaling an equal
number of contracts.\9\ Since reversal and conversions (``RevCons'')
have a stock component, it is possible for a RevCon to also qualify as
a QCC (``RevCon QCCs'').\10\
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    \6\ See Fee Schedule, Section I.J., Strategy Execution Fee Cap,
available here: https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf.
    \7\ See id.
    \8\ See id.
    \9\ See Rule 900.3NY(y) (defining QCC order type).
    \10\ A RevCon refers to two sides of the same trade.
Specifically, the Reversal portion ``is established by combining a
short security position with a short put and a long call position
that shares the same strike and expiration,'' while contra-side
conversion portion ``is established by combining a long position in
the underlying security with a long put and a short call position
that shares the same strike and expiration.'' See Fee Schedule,
Section I.J.a., supra note 6.
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    Currently, RevCon QCCs are not eligible for the Strategy Cap (but
instead are subject to QCC Fees & Credits).\11\ With the temporary
closure of the Trading Floor, Floor Brokers are unable to execute
RevCons in open outcry. However, Floor Brokers are able to execute
RevCon QCCs electronically via the Exchange systems. The Exchange
believes that RevCon QCC volumes would increase on the Exchange if they
qualified for the Strategy Cap. Accordingly, the Exchange proposes to
amend the Fee Schedule to permit the inclusion of RevCon QCC volumes in
the Strategy Cap for the month of April 2020.\12\ Although this
proposed change was prompted by the (temporary) inability of Floor
Brokers to execute RevCon strategies in open outcry, the benefit of
this proposed change would inure to any ATP Holders that opted to
execute a RevCon as a QCC.\13\
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    \11\ See Fee Schedule, Section I.F., QCC Fees & Credits, supra
note 6.
    \12\ See proposed Fee Schedule, Section I.J., Strategy Execution
Fee Cap. The Exchange will re-evaluate the time limitations on this
change (i.e., whether it will need to apply to May) depending upon
how long the Trading Floor remains temporarily closed and would file
a separate proposed rule change if an extension is warranted.
    \13\ The Exchange notes that while all Floor Brokers must be ATP
Holders, not all ATP Holders act as Floor Brokers.
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    Because RevCon QCC volumes would be eligible for the Strategy Cap,
the Exchange proposes to modify the Fee Schedule to make clear that,
for April 2020, the RevCon QCC trades that would be included in the
revised Strategy Cap would not be eligible for the QCC Floor Broker
credit during April 2020, which credit is available only to ATP Holders
acting as Floor Brokers.\14\
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    \14\ See proposed Fee Schedule, Section I.F., QCC Fees &
Credits, n. 1 (providing that ``[the Floor Broker credit will not
apply to any QCC trades that qualify for the Strategy Cap during the
month of April 2020 (per Section I.J.)'').
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    To illustrate the difference in costs under the current and
proposed Fee Schedule, consider the following example where a Floor
Broker executes a RevCon QCC strategy on behalf of a non-Customer that
is not a Specialist or e-Specialist as a QCC Order on the same day:
     A RevCon QCC in DEF comprised of 3,000 call options
against 3,000 put options and 300,000 shares of stock would pay $1,200
in options fees.
     A RevCon QCC in ABC comprised of 1,000 call options
against 1,000 put options and 100,000 shares of stock would pay $400 in
options fees.
    Under the current Fee Schedule, the total fees for these RevCon
QCCs would be $1,600, whereas the proposed change to include these
transactions in the Strategy Cap would limit these total RevCon QCC to
$1,000.
    The Exchange believes the proposed inclusion of RevCon QCCs in the
Strategy Cap, which is available to all ATP Holders, would encourage
ATP Holders (including those acting as Floor Brokers) to execute their
RevCon QCC volume on the Exchange, particularly during the period when
open outcry is unavailable and to continue to increase the number of
such RevCon QCC transactions during the month of April.
    Further, the Exchange's fees are constrained by intermarket
competition, as ATP Holders may direct their order flow to any of the
16 options exchanges, including those with similar Strategy Caps.\15\
Thus, ATP Holders have a choice of where they direct their order flow.
This proposed change--which allows RevCon QCCs executed by an ATP
Holder to be included in the $1,000 daily Strategy Cap for the month of
April 2020--is designed to incent ATP Holders to increase their RevCon
QCC volumes on the Exchange. The Exchange notes that all market
participants stand to benefit from increased volume, which promotes
market depth, facilitates tighter spreads and enhances price discovery,
and may lead to a corresponding increase in order flow from other
market participants.
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    \15\ See e.g., BOX Options Market LLC (``BOX'') fee schedule,
Section II.D (Strategy QOO Order Fee Cap and Rebate). BOX caps fees
for each participant at $1,000 per day for the following strategies
executed on the same trading day: Short stock interest, merger,
reversal, conversion, jelly roll, and box spread strategies. BOX
also caps participant fees at $1,000 for all dividend strategies
executed on the same trading day in the same options class. BOX also
offers a $500 rebate to floor brokers for presenting certain
Strategy QOO Orders on the BOX trading floor, which is applied
``once the $1,000 fee cap for all dividend, short stock interest,
merger, reversal, conversion, jelly roll, and box spread strategies
is met.'' See id. The Exchange does not include dividend strategies
in the Strategy Cap, nor does the Exchange offer a similar rebate.
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    The Exchange cannot predict with certainty whether any ATP Holders
would benefit from this proposed fee change. At present, whether or
when an ATP Holder qualifies for the Strategy Cap varies day-to-day,
month-to-month. That said, the Exchange believes that ATP Holders would
be encouraged to take advantage of the modified Cap. In addition, the
Exchange believes the proposed change is necessary to prevent ATP
Holders from diverting RevCon QCC order flow from the Exchange to a
more economical venue.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\16\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\17\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly discriminate between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78f(b).
    \17\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------

The Proposed Rule Change is Reasonable
    The Exchange operates in a highly competitive market. The
Commission has repeatedly expressed its preference for competition over
regulatory intervention in determining prices, products, and services
in the securities markets. In Regulation NMS, the Commission
highlighted the importance of market forces in determining prices and
SRO revenues and, also, recognized that current regulation of the
market system ``has been remarkably successful in promoting market
competition in its broader forms that are most important to investors
and listed companies.'' \18\
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    \18\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (``Reg NMS
Adopting Release'').
---------------------------------------------------------------------------

    There are currently 16 registered options exchanges competing for
order flow. Based on publicly-available information, and excluding
index-based options, no single exchange currently has more than 16% of
the market share of executed volume of multiply-listed equity and ETF
options trades.\19\ Therefore, no exchange currently possesses
significant pricing power in the execution of multiply-listed equity &
ETF options order flow. More specifically, the Exchange had less than
10% market share of executed volume

of multiply-listed equity & ETF options trades in January 2020.\20\
---------------------------------------------------------------------------

    \19\ The OCC publishes options and futures volume in a variety
of formats, including daily and monthly volume by exchange,
available here: https://www.theocc.com/market-data/volume/default.jsp.
    \20\ Based on OCC data, see id., in 2019, the Exchange's market
share in equity-based options was 9.82% for the month of January
2019 and 8.08% for the month of January 2020.
---------------------------------------------------------------------------

    The Exchange believes that the ever-shifting market share among the
exchanges from month to month demonstrates that market participants can
shift order flow, or discontinue or reduce use of certain categories of
products, in response to fee changes. Accordingly, competitive forces
constrain options exchange transaction fees. Stated otherwise, changes
to exchange transaction fees and credits can have a direct effect on
the ability of an exchange to compete for order flow. The proposed rule
change is a reasonable attempt by the Exchange to increase the depth of
its market and improve its market share relative to its competitors.
The Exchange's fees are constrained by intermarket competition, as ATP
Holders (including those acting as Floor Brokers) may direct their
order flow to any of the 16 options exchanges, including those with
similar Strategy Caps.\21\
---------------------------------------------------------------------------

    \21\ See supra note 15 (regarding BOX's Strategy QOO Order Fee
Cap and Rebate).
---------------------------------------------------------------------------

    The Exchange believes the proposed change to include RevCon QCCs
executed by an ATP Holder in the $1,000 daily Strategy Cap for the
month of April 2020 would encourage ATP Holders to execute their RevCon
QCC volume on the Exchange, particularly during the period when open
outcry is unavailable and to continue to increase the number of such
RevCon QCC transactions during the month of April. Further, the
proposal is designed to encourage ATP Holders to aggregate all Strategy
Executions--including RevCon QCCs--at the Exchange as a primary
execution venue. To the extent that the proposed change attracts more
Strategy Executions to the Exchange, this increased order flow would
continue to make the Exchange a more competitive venue for order
execution. Thus, the Exchange believes the proposed rule change would
improve market quality for all market participants on the Exchange and,
as a consequence, attract more order flow to the Exchange thereby
improving market-wide quality and price discovery.
    Similarly, given the inclusion of RevCon QCC trades in the Strategy
Cap in April 2020, the Exchange proposes that these trades not be
charged the rates for QCC executions. And, because RevCon QCCs would
not be subject to QCC fees, the Exchange believes it is reasonable that
such trades should not receive the corresponding QCC credits, including
the QCC Floor Broker Rebate. This proposed change would also add
transparency and internal consistency making the Fee Schedule easier to
navigate and comprehend.
    The Exchange cannot predict with certainty whether any ATP Holders
would benefit from this proposed fee change. At present, whether or
when an ATP Holder qualifies for the Strategy Cap varies day-to-day,
month-to-month. That said, the Exchange believes that ATP Holders would
be encouraged to take advantage of the modified Cap. In addition, the
Exchange believes the proposed change is necessary to prevent ATP
Holders from diverting RevCon QCC order flow from the Exchange to a
more economical venue.
The Proposed Rule Change Is an Equitable Allocation of Credits and Fees
    The Exchange believes the proposed rule change is an equitable
allocation of its fees and credits. The proposal is based on the amount
and type of business transacted on the Exchange and ATP Holders can opt
to avail themselves of the modified Strategy Cap (i.e., by executing
more RevCon QCC transactions) or not. In addition, the proposal is
designed to encourage ATP Holders to aggregate all Strategy
Executions--including RevCon QCCs--at the Exchange as a primary
execution venue. To the extent that the proposed change attracts more
Strategy Executions to the Exchange, this increased order flow would
continue to make the Exchange a more competitive venue for order
execution. Thus, the Exchange believes the proposed rule change would
improve market quality for all market participants on the Exchange and,
as a consequence, attract more order flow to the Exchange thereby
improving market-wide quality and price discovery.
The Proposed Rule Change Is Not Unfairly Discriminatory
    The Exchange believes it is not unfairly discriminatory to modify
the Strategy Cap because the proposed modification would be available
to all similarly-situated market participants on an equal and non-
discriminatory basis.
    The proposal is based on the amount and type of business transacted
on the Exchange and ATP Holders are not obligated to try to achieve the
Strategy Cap, nor are they obligated to execute RevCon trades as a QCC
order. Rather, the proposal is designed to encourage ATP Holders to
utilize the Exchange as a primary trading venue for Strategy Executions
(if they have not done so previously) or increase volume sent to the
Exchange. To the extent that the proposed change attracts more Strategy
Executions to the Exchange, particularly RevCon QCCs, this increased
order flow would continue to make the Exchange a more competitive venue
for, among other things, order execution. Thus, the Exchange believes
the proposed rule change would improve market quality for all market
participants on the Exchange and, as a consequence, attract more order
flow to the Exchange thereby improving market-wide quality and price
discovery. The resulting increased volume and liquidity would provide
more trading opportunities and tighter spreads to all market
participants and thus would 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.
    Finally, the Exchange believes that it is subject to significant
competitive forces, as described below in the Exchange's statement
regarding the burden on competition.

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

    In accordance with Section 6(b)(8) of the Act, the Exchange does
not believe that the proposed rule change would impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Instead, as discussed above, the Exchange believes
that the proposed changes would encourage the submission of additional
liquidity to a public exchange, thereby promoting market depth, price
discovery and transparency and enhancing order execution opportunities
for all market participants. As a result, the Exchange believes that
the proposed change furthers the Commission's goal in adopting
Regulation NMS of fostering integrated competition among orders, which
promotes ``more efficient pricing of individual stocks for all types of
orders, large and small.'' \22\
---------------------------------------------------------------------------

    \22\ See Reg NMS Adopting Release, supra note 18, at 37499.
---------------------------------------------------------------------------

    Intramarket Competition. The proposed change is designed to attract
additional order flow (particularly RevCon QCC transactions) to the
Exchange. The Exchange believes that the proposed modification to the
Strategy Cap would incent market participants to direct their Strategy
Execution volume to the Exchange. Greater liquidity benefits all market
participants on the Exchange and increased Strategy Executions would

increase opportunities for execution of other trading interest. The
proposed expanded Strategy Cap would be available to all similarly-
situated market participants that incur transaction fees on Strategy
Executions, and, as such, the proposed change would not impose a
disparate burden on competition among market participants on the
Exchange. Moreover, the proposal to modify the Fee Schedule to make
clear that RevCon QCC trades would neither be charged QCC rates nor
receive QCC credits during April 2020, given the inclusion of such
trades in the Strategy Cap, would not pose an undue burden on
competition but would instead add clarity, transparency and internal
consistency to the Fee Schedule regarding the treatment of RevCon QCCs
for April 2020.
    Intermarket Competition. The Exchange operates in a highly
competitive market in which market participants can readily favor one
of the 16 competing option exchanges if they deem fee levels at a
particular venue to be excessive. In such an environment, the Exchange
must continually adjust its fees to remain competitive with other
exchanges and to attract order flow to the Exchange. Based on publicly-
available information, and excluding index-based options, no single
exchange currently has more than 16% of the market share of executed
volume of multiply-listed equity and ETF options trades.\23\ Therefore,
no exchange currently possesses significant pricing power in the
execution of multiply-listed equity & ETF options order flow. More
specifically, in January 2020, the Exchange had less than 10% market
share of executed volume of multiply-listed equity & ETF options
trades.\24\
---------------------------------------------------------------------------

    \23\ See supra note 19.
    \24\ Based on OCC data, supra note 20, the Exchange's market
share in equity-based options was 9.57% for the month of January
2019 and 9.59% for the month of January, 2020.
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change reflects this
competitive environment because it modifies the Exchange's fees in a
manner designed to encourage ATP Holders to direct trading interest
(particularly RevCon QCC transactions) to the Exchange, to provide
liquidity and to attract order flow. To the extent that this purpose is
achieved, all the Exchange's market participants should benefit from
the improved market quality and increased opportunities for price
improvement.
    The Exchange believes that the proposed change could promote
competition between the Exchange and other execution venues, including
those that currently offer similar Strategy Caps, by encouraging
additional orders to be sent to the Exchange for execution.\25\
---------------------------------------------------------------------------

    \25\ See supra note 15 (regarding BOX's Strategy QOO Order Fee
Cap and Rebate).
---------------------------------------------------------------------------

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \26\ of the Act and subparagraph (f)(2) of Rule
19b-4 \27\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
---------------------------------------------------------------------------

    \26\ 15 U.S.C. 78s(b)(3)(A).
    \27\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such 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 under
Section 19(b)(2)(B) \28\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \28\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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-NYSEAMER-2020-31 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEAMER-2020-31. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEAMER-2020-31, and should be
submitted on or before May 14, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
---------------------------------------------------------------------------

    \29\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-08589 Filed 4-22-20; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 57 (Wednesday, March 25, 2015)]
[Notices]
[Page 15784]
[FR Doc No: 2015-06693]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER15-1308-000]

Kingfisher Wind, 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 Kingfisher Wind, LLC's application for market-based rate authority,
with an accompanying rate schedule, 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 April 7, 2015.
    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(s) 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: March 18, 2015.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2015-06693 Filed 3-24-15; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register: March 1, 2006 (Volume 71, Number 40)]
[Notices]
[Page 10570-10571]
[DOCID:fr01mr06-120]

=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

Upon written request, copy available from: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549.

Extension:
    Form N-54C; SEC File No. 270-184; OMB Control No. 3235-0236.

    Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 [44 U.S.C. 3501 et seq.] (the ``Act''), the Securities and
Exchange Commission (the ``Commission'') is soliciting comments on the
collection of information summarized below. The Commission plans to
submit this existing collection of information to the Office of
Management and Budget for extension and approval.
    Form N-54C under the Investment Company Act of 1940 [17 CFR 274.54]
is a notification to the Commission that a company withdraws its
election to be regulated as a business development company. Such a
company only has to file a Form N-54C once.
    It is estimated that approximately 18 respondents per year file
with the Commission a Form N-54C. Form N-54C requires approximately 1
burden hour per response resulting from creating and filing the
information required by the Form. The total burden hours for Form N-54C
would be 18 hours per year in the aggregate. The estimated annual
burden of 18 hours represents an increase of 10 hours over the prior
estimate of 8 hours. The increase in burden hours is attributable to an
increase in the number of respondents from 8 to 18.
    The estimate of average burden hours for Form N54-C is made solely
for the purposes of the Act and is not derived from a comprehensive or
even

representative survey or study of the costs of Commission rules and
forms.
    Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information will
have practical utility; (b) the accuracy of the agency's estimate of
the burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information collected; and (d)
ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication.
    Please direct your written comments to R. Corey Booth, Director/
Chief Information Officer, Office of Information Technology, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549.

    Dated: February 22, 2006.
Nancy M. Morris,
Secretary.
[FR Doc. E6-2850 Filed 2-28-06; 8:45 am]

BILLING CODE 8010-01-P


BEFORE THE

DEPARTMENT OF TRANSPORTATION

OFFICE OF THE SECRETARY

WASHINGTON, D.C.

________________________________________________

90-Day Notice of						)

								)

	REDEMPTION, INC.				)	               Docket 6945

	d/b/a ISLAND AIR SERVICE			)

								)

under 49 U.S.C. § 41734 and 14 C.F.R. 323 of intent	)

to terminate Essential Air Service at 				)

San Juan/Uganik, Alaska					)

________________________________________________)

90-DAY NOTICE OF REDEMPTION, INC.

d/b/a ISLAND AIR SERVICE OF INTENT

TO TERMINATE ESSENTIAL AIR SERVICE

AT SAN JUAN/UGANIK, ALASKA

NOTE:	Objections to this notice of intent to terminate service must be
filed on or before June 9, 2005

Communications with respect to this document should be addressed to:

Robert Stanford

President

Redemption, Inc.

d/b/a Island Air Service

P.O. Box 125

Kodiak, AK  99615

(907) 486-6196 (office)

(907) 486-5529 (fax)

May 20, 2005

BEFORE THE

DEPARTMENT OF TRANSPORTATION

OFFICE OF THE SECRETARY

WASHINGTON, D.C.

________________________________________________

90-Day Notice of						)

								)

	REDEMPTION, INC.				)	               Docket 6945

	d/b/a ISLAND AIR SERVICE			)

								)

under 49 U.S.C. § 41734 and 14 C.F.R. 323 of intent	)

to terminate Essential Air Service at 				)

San Juan/Uganik, Alaska					)

________________________________________________)

90-DAY NOTICE OF REDEMPTION, INC.

d/b/a ISLAND AIR SERVICE OF INTENT

TO TERMINATE ESSENTIAL AIR SERVICE

AT SAN JUAN/UGANIK, ALASKA

Redemption, Inc. d/b/a Island Air Service (“Island Air”) hereby
gives 90-days notice, pursuant to 49 U.S.C. § 41734 and 14 C.F.R. 323,
of its intent to terminate Essential Air Service (“EAS”) at San
Juan/Uganik, Alaska.

In support of this notice, Island Air states as follows:

Island Air’s principal place of business if P.O. Box 125, Kodiak AK,
99615.

Island Air holds a certificate of public convenience and necessity,
authorizing it to engage in scheduled air transportation or persons,
property and mail.

San Juan/Uganik is not served by any other certificated carrier.

Island Air currently provides roundtrip service between Kodiak and San
Juan/Uganik subsidy free as needed with Cessna 206 4-passenger aircraft
or deHavilland Beaver 6-passenger aircraft on-peak and one flight per
week off-peak.

The Department made the most recent EAS determination for San
Juan/Uganik in Order 95-12-4.

Declines in general economic activity and commercial fishing have
reduced the traffic to and from San Juan/Uganik, particularly during the
winter.  Island Air can no longer provide air service to San Juan/Uganik
without substantial subsidy.

WHEREFORE: Redemption, Inc. d/b/a Island Air Service gives 90-days
notice of its intent to terminate all air service to San Juan/Uganik, AK
on or before August 19, 2005.  Island Air also requests waiver of the
provisions of 14 C.F.R. 323 so that it may terminate services as soon as
possible.

Respectfully submitted,

Redemption, Inc. d/b/a Island Air Service

_________________________

Robert Stanford, President

May 20, 2005

CERTIFICATE OF SERVICE

I hereby certify that a copy of the foregoing 90-day notice of
Redemption, Inc. d/b/a Island Air Service to terminate Essential Air
Service at San Juan/Uganik, AK has been served this date upon the
following persons:

Mayor

Village of San Juan/Uganik

Uganik, AK 99615

(by registered mail)

The Honorable Frank Murkowski

Governor

State of Alaska

P.O. Box 110001

Juneau, AK  99811-0001

(by registered mail)

Regional Director, Central Region

Alaska Department of Transportation

4111 Aviation Avenue

P.O. Box 196900

Anchorage, AK  99519-6900

(by registered mail)

William J. Jones, Esq.

Assistant General Counsel

Transportation Division

U.S. Postal Service

475 L’Enfant Plaza West, S.W.

Washington, D.C.  20260

_________________________

Robert Stanford

May 20, 2005